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Registered number: 07356096
The Retail Practice Limited
Financial Statements
For The Year Ended 31 August 2024
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07356096
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,438 -
30,438 -
CURRENT ASSETS
Debtors 5 81,172 80,615
Cash at bank and in hand 448 448
81,620 81,063
Creditors: Amounts Falling Due Within One Year 6 (54,247 ) (45,635 )
NET CURRENT ASSETS (LIABILITIES) 27,373 35,428
TOTAL ASSETS LESS CURRENT LIABILITIES 57,811 35,428
Creditors: Amounts Falling Due After More Than One Year 7 (57,658 ) (30,044 )
NET ASSETS 153 5,384
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 53 5,284
SHAREHOLDERS' FUNDS 153 5,384
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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 M Murray
Director
29/05/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Retail Practice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07356096 . The registered office is 1 Beauchamp Court, Victors Way, Barnet, Hertfordshire, EN5 5TZ.
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 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:
Motor Vehicles 20
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 September 2023 -
Additions 38,048
As at 31 August 2024 38,048
Depreciation
As at 1 September 2023 -
Provided during the period 7,610
As at 31 August 2024 7,610
Net Book Value
As at 31 August 2024 30,438
As at 1 September 2023 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,769 28,315
S455 Tax 9,722 9,722
Hire Purchase Interest(HP) 6,372 -
Director's loan account 9,919 28,709
52,782 66,746
Due after more than one year
Other debtors 28,390 13,869
81,172 80,615
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,616 -
Trade creditors 2,360 6,618
Bank loans and overdrafts 10,120 7,962
Corporation tax 9,961 9,818
Other taxes and social security 2,526 155
VAT 4,219 6,529
Net wages 2,035 2,065
Company Credit Cards 808 808
Capital On Tap- card 11,389 -
Pension Control Account 143 -
Accruals and deferred income 2,050 9,660
Payments on account 2,020 2,020
54,247 45,635
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 32,151 -
Bounce back loans 25,507 30,044
57,658 30,044
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,616 -
Later than one year and not later than five years 32,151 -
38,767 -
38,767 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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