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Registered number: 11174930
Practical Retail Solutions Holdings Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Virtual Finance Team Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11174930
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 537,916 349,266
Investments 5 175,793 10,925
713,709 360,191
CURRENT ASSETS
Debtors 6 60,028 28
Cash at bank and in hand 77,756 212,676
137,784 212,704
Creditors: Amounts Falling Due Within One Year 7 (59,566 ) (49,254 )
NET CURRENT ASSETS (LIABILITIES) 78,218 163,450
TOTAL ASSETS LESS CURRENT LIABILITIES 791,927 523,641
Creditors: Amounts Falling Due After More Than One Year 8 (227,711 ) (237,862 )
NET ASSETS 564,216 285,779
CAPITAL AND RESERVES
Called up share capital 9 35 35
Profit and Loss Account 564,181 285,744
SHAREHOLDERS' FUNDS 564,216 285,779
Page 1
Page 2
For the year ending 31 August 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 his 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 Profit and Loss Account.
On behalf of the board
Mr Andrew Winstanley
Director
17th February 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Practical Retail Solutions Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11174930 . The registered office is Practical House, 5 Side Ley, Kegworth, Derby, DE74 2FJ.
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. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Freehold No depreciation charged in the year
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 September 2023 349,266
Additions 188,650
As at 31 August 2024 537,916
Net Book Value
As at 31 August 2024 537,916
As at 1 September 2023 349,266
Page 3
Page 4
5. Investments
Other
£
Cost
As at 1 September 2023 10,925
Additions 164,868
As at 31 August 2024 175,793
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 175,793
As at 1 September 2023 10,925
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 60,028 28
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 108 -
Bank loans and overdrafts 10,000 9,849
Other creditors 49,458 39,405
59,566 49,254
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 227,711 237,862
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 35 35
Page 4