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COMPANY REGISTRATION NUMBER: 07600897
Practical VAT Solutions Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Practical VAT Solutions Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Creditors: amounts falling due within one year
5
17,967
16,455
--------
--------
Net current liabilities
17,967
16,455
--------
--------
Total assets less current liabilities
( 17,967)
( 16,455)
--------
--------
Net liabilities
( 17,967)
( 16,455)
--------
--------
Practical VAT Solutions Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 17,968)
( 16,456)
--------
--------
Shareholders funds
( 17,967)
( 16,455)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 January 2025 , and are signed on behalf of the board by:
Mrs S Brumpton
Director
Company registration number: 07600897
Practical VAT Solutions Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holly House, 55 Grange Road, West Cowick, Goole, DN14 9EL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The balance sheet as at 30 April 2024 shows that liabilities exceed assets by £17,967. Liabilities include loans from the directors totalling £17,607. The company relies on the continued support of the directors to continue normal trading activities. Such support has been confirmed and will be made available for the foreseeable future and increased where necessary. The accounts are therefore prepared on a going concern basis. The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(d) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
(e) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023 and 30 April 2024
427
427
----
----
Depreciation
At 1 May 2023 and 30 April 2024
427
427
----
----
Carrying amount
At 30 April 2024
----
----
At 30 April 2023
----
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Directors current account
17,607
16,095
Other creditors
360
360
--------
--------
17,967
16,455
--------
--------
6. Related party transactions
During the year the directors made available loans to the company . The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 17,607 (2023: £16,095).