COMPANY REGISTRATION NUMBER:
04829242
|
In Practice Financial Management Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
In Practice Financial Management Limited |
|
|
Statement of Financial Position |
|
31 March 2025
Current assets
|
Cash at bank and in hand |
13,863 |
|
233,760 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
118,616 |
|
335,089 |
|
--------- |
|
--------- |
|
Net current liabilities |
|
104,753 |
101,329 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
(
104,753) |
(
101,329) |
|
|
--------- |
--------- |
|
Net liabilities |
|
(
104,753) |
(
101,329) |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
3 |
3 |
|
Profit and loss account |
|
(
104,756) |
(
101,332) |
|
|
--------- |
--------- |
|
Shareholders deficit |
|
(
104,753) |
(
101,329) |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
3 December 2025
, and are signed on behalf of the board by:
Company registration number:
04829242
|
In Practice Financial Management Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 408 Loughborough Road, West Bridgford, Nottingham, NG2 7FD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has ceased trading and has a deficiency of assets at 31st March 2025. The accounts have not been prepared on the going concern basis and the assets have been reduced to their realisable amounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Intangible assets
|
Goodwill |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
100,000 |
|
--------- |
|
Amortisation |
|
|
At 1 April 2024 and 31 March 2025 |
100,000 |
|
--------- |
|
Carrying amount |
|
|
At 31 March 2025 |
– |
|
--------- |
|
At 31 March 2024 |
– |
|
--------- |
|
|
5.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Other creditors |
118,616 |
335,089 |
|
--------- |
--------- |
|
|
|
6.
Directors' advances, credits and guarantees
The amount owed to directors at the year end is £116,276 (2024: £333,169). The directors' loans are interest free and repayable on demand.