2023-09-01 07056620 2024-08-31 07056620 2023-09-01 2024-08-31 07056620 2023-08-31 07056620 2022-09-01 2023-08-31 07056620 uk-core:WithinOneYear 2023-08-31 07056620 uk-core:WithinOneYear 2024-08-31 07056620 uk-core:RetainedEarningsAccumulatedLosses 2024-08-31 07056620 uk-core:RetainedEarningsAccumulatedLosses 2023-08-31 07056620 uk-bus:Director1 2023-09-01 2024-08-31 07056620 uk-core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure 07056620 uk-bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07056620 uk-bus:FRS102 2023-09-01 2024-08-31 07056620 uk-bus:FilletedAccounts 2023-09-01 2024-08-31 07056620 uk-bus:CompanyLimitedByGuarantee 2023-09-01 2024-08-31
Practical Intelligence
Registered Number:07056620
For the year ended 31 August 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 August 2024
Practical Intelligence
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
07056620
As at 31 August 2024
Practical Intelligence
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
10,779
3,632
2
10,779
3,632
Current assets
Inventories
2,500
2,850
3
Trade and other receivables
1,022
1,197
4
49,413
Cash and cash equivalents
40,367
44,414
52,935
Trade and other payables: amounts falling due within one year
(3,562)
(2,188)
5
49,373
42,226
Net current assets
Total assets less current liabilities
53,005
53,005
53,005
Net assets
53,005
Capital and reserves
Retained earnings
53,005
53,005
53,005
53,005
Members' Funds
For the year ended 31 August 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mrs Pamela Brown Director
These financial statements were approved and authorised for issue by the Board on 17 January 2025 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 August 2024
Practical Intelligence
Notes to the Financial Statements
Statutory Information
Practical Intelligence is a private limited company, limited by guarantee, domiciled in England and Wales, registration
number 07056620.
Principal place of business:
Nailsworth Community Workshop
Nailsworth Subscription Rooms, Bath Road
Nailsworth
Gloucestershire
GL6 0HH
Registered address:
Windyridge
Amberley
Stroud
Gloucestershire
GL5 5AA
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act
2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation
of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25% Reducing balance
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to sell.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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5
For the year ended 31 August 2024
Practical Intelligence
Notes to the Financial Statements Continued
2. Property, plant and equipment
Plant and
Machinery
£
Cost or valuation
At 01 September 2023
19,930
10,740
Additions
At 31 August 2024
30,670
Provision for depreciation and impairment
At 01 September 2023
16,298
Charge for year
3,593
At 31 August 2024
19,891
At 31 August 2024
Net book value
10,779
At 31 August 2023
3,632
3. Inventories
2023
2024
£
£
Stocks
2,850
2,500
4. Trade and other receivables
2023
2024
£
£
Other debtors
1,197
1,022
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Other creditors
2,188
3,562
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6
For the year ended 31 August 2024
Practical Intelligence
Notes to the Financial Statements Continued
6. Related party transactions
During the year the company paid tutor fees to Craftworks Partnership of whom two of the directors, Gavin Pond and
Christine Langemeijer are partners. Tutor fees were also paid to Mr Arian Leljak and Mr Richard Pirie. All fees were paid on
normal commercial terms with no amounts outstanding at year end.
The fees paid were as follows:
Craftworks Partnership - £31,437 (2023 - £35,319)
Mr Arian Leljak - £5,545 (2023 - £6,462)
Mr Richard Pirie - £8,814 (2023 - £7,976)
7. Average number of persons employed
During the year the average number of employees was 2 (2023 : 2)
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