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Registered number: 07717072














JD PRACTICAL LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 JULY 2024

 
JD PRACTICAL LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
JD PRACTICAL LTD
REGISTERED NUMBER:07717072

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,046
3,781

  
5,046
3,781

Current assets
  

Stocks
  
200
200

Debtors: amounts falling due within one year
 5 
3,676
4,161

Cash at bank and in hand
  
32,773
67,956

  
36,649
72,317

Creditors: amounts falling due within one year
 6 
(24,652)
(32,704)

Net current assets
  
 
 
11,997
 
 
39,613

Total assets less current liabilities
  
17,043
43,394

Creditors: amounts falling due after more than one year
 7 
(5,686)
(10,796)

Provisions for liabilities
  

Deferred tax
 9 
(1,009)
(720)

Net assets
  
10,348
31,878


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
10,248
31,778

  
10,348
31,878


Page 1

 
JD PRACTICAL LTD
REGISTERED NUMBER:07717072
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D White
Director

Date: 14 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
JD PRACTICAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

JD Practical Ltd is a limited liability company registered in England and Wales. It's registered office address is at 5 Elstree Gate, Elstree Way,Borehamwood,Hertfordshire WD6 1JD.

The principal activity of the company during the year was that of providing electrical services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied
during the period, exclusive of Value Added Tax and trade discounts.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment

Page 3

 
JD PRACTICAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short term creditors are measured at the transaction price

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
JD PRACTICAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
792
18,642
1,911
6,057
27,402


Additions
-
-
-
2,944
2,944



At 31 July 2024

792
18,642
1,911
9,001
30,346



Depreciation


At 1 August 2023
765
16,153
1,353
5,349
23,620


Charge for the year on owned assets
6
622
139
913
1,680



At 31 July 2024

771
16,775
1,492
6,262
25,300



Net book value



At 31 July 2024
21
1,867
419
2,739
5,046



At 31 July 2023
27
2,488
558
708
3,781


5.


Debtors

2024
2023
£
£


Trade debtors
3,676
4,161


Page 5

 
JD PRACTICAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,113
4,986

Taxation and social security
16,215
24,479

Other creditors
494
439

Accruals and deferred income
2,830
2,800

24,652
32,704



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,686
10,796



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,113
4,986

Amounts falling due 1-2 years

Bank loans
5,242
5,113

Amounts falling due 2-5 years

Bank loans
443
5,685


10,798
15,784


Page 6

 
JD PRACTICAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Deferred taxation




2024


£






At beginning of year
(718)


Charged to profit or loss
(290)



At end of year
(1,008)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,008)
(718)

(1,008)
(718)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 7