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Registered number: 12568609
Practical Wisdom Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12568609
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 215 -
215 -
CURRENT ASSETS
Cash at bank and in hand 1,571 -
1,571 -
Creditors: Amounts Falling Due Within One Year 6 (22,385 ) (37,815 )
NET CURRENT ASSETS (LIABILITIES) (20,814 ) (37,815 )
TOTAL ASSETS LESS CURRENT LIABILITIES (20,599 ) (37,815 )
NET LIABILITIES (20,599 ) (37,815 )
Income and Expenditure Account (20,599 ) (37,815 )
MEMBERS' FUNDS (20,599) (37,815)
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Ms H Davies
Director
21 May 2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Practical Wisdom Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 12568609 . The registered office is North Lodge, Hawkesyard, Rugeley, Staffordshire, WS15 1PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33%
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 May 2023 -
Additions 321
As at 30 April 2024 321
Depreciation
As at 1 May 2023 -
Provided during the period 106
As at 30 April 2024 106
Net Book Value
As at 30 April 2024 215
As at 1 May 2023 -
5. Debtors
2024 2023
£ £
Due within one year
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 160 -
Accruals and deferred income 600 360
Director's loan account 21,625 37,455
22,385 37,815
7. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8. Ultimate Controlling Party
The company's ultimate controlling party is Ms H Davies .
9. Going concern
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Total liabilities exceed total assets, however, the company is able to meet its liabilities as they fall due.
8. Status
Practical Wisdom Limited is a company limited by guarantee not having any share capital. At 30 April 2023 there was one member. Each member is obligated to contribute to the company a sum of £1 in the event of the company being wound up whilst they are a member, or within one year after they have ceased to be a member, for payments of debts and liabilities of the company contracted before they cease to be a member, and of the costs, charges and expenses of a winding up and for the adjustments of the rights of the contributors amongst themselves.
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