Filleted
Registration number: 03907817

Practice Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Practice Solutions Limited

Company Information

Directors

Mr G E Conlon Mrs S L Day

Company secretary

Mrs F M Conlon

Registered office

Ty Antur Naivigation Park Abercynon Rhondda Cynon Taf CF45 4SN

Practice Solutions Limited

(Registration number: 03907817)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	16,505	20,631
Current assets
Stocks	6	3,364	35,899
Debtors	7	313,871	254,145
Investments	8	7,500	7,500
Cash at bank and in hand		60,306	99,157
		385,041	396,701
Creditors: Amounts falling due within one year	9	(215,192)	(233,400)
Net current assets		169,849	163,301
Total assets less current liabilities		186,354	183,932
Creditors: Amounts falling due after more than one year	9	(40,177)	(38,927)
Net assets		146,177	145,005
Capital and reserves
Called up share capital	10	135	135
Retained earnings		146,042	144,870
Shareholders' funds		146,177	145,005

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2025 and signed on its behalf by:
 

Practice Solutions Limited

(Registration number: 03907817)
Balance Sheet as at 31 March 2025

......................................... Mrs S L Day Director

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ty Antur
Naivigation Park
Abercynon
Rhondda Cynon Taf
CF45 4SN

These financial statements were authorised for issue by the Board on 2 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	20% reducing balance basis
Motor Vehicles	20% reducing balance basis
Office Equipment	20% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2024 - 18).

4	Profit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	4,126	5,158

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	18,417	73,222	59,375	151,014
At 31 March 2025	18,417	73,222	59,375	151,014
Depreciation
At 1 April 2024	18,087	68,555	43,741	130,383
Charge for the year	66	933	3,127	4,126
At 31 March 2025	18,153	69,488	46,868	134,509
Carrying amount
At 31 March 2025	264	3,734	12,507	16,505
At 31 March 2024	330	4,667	15,634	20,631

6

Stocks

	2025 £	2024 £
Work in progress	3,364	35,899

7

Debtors

Current	2025 £	2024 £
Trade debtors	247,242	203,681
Prepayments	482	482
Other debtors	66,147	49,982
	313,871	254,145

8	Current asset investments

	2025 £	2024 £
Other investments	7,500	7,500

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	11	-	10,373
Trade creditors		89,393	97,080
Taxation and social security		90,437	86,497
Other related parties		31,369	31,369
Outstanding defined contribution pension costs		-	6,027
Other creditors		1,375	562
Corporation tax liability		2,618	1,492
		215,192	233,400

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	11	40,177	38,927

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1
Ordinary A of £1 each	99	99	99	99
Ordinary B of £1 each	25	25	25	25
Ordinary C of £1 each	10	10	10	10
	135	135	135	135

11	Loans and borrowings

Non-current loans and borrowings

Practice Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

	2025 £	2024 £
Bank borrowings	40,177	38,927

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	10,373

12	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	At 31 March 2025 £
Mr G E Conlon
Interest free loan repayable on demand	(31,369)	(31,369)
Mrs S L Day
Interest free loan repayable on demand	701	701

2024	At 1 April 2023 £	At 31 March 2024 £
Mr G E Conlon
Interest free loan repayable on demand	(31,369)	(31,369)
Mrs S L Day
Interest free loan repayable on demand	701	701