Practical Warranty Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02367321

Practical Warranty Limited

Filleted Financial Statements

31 December 2024

Practical Warranty Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Practical Warranty Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Current assets

Debtors	6	1,467,613	1,306,077

Creditors: amounts falling due within one year	7	1,364,652	1,205,592
		------------	------------
Net current assets		102,961	100,485
		---------	---------
Total assets less current liabilities		102,961	100,485
		---------	---------
Net assets		102,961	100,485
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	102,959	100,483
	---------	---------
Shareholders funds	102,961	100,485
	---------	---------

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 comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 30 December 2025 , and are signed on behalf of the board by:

Dr A J Furneaux

Director

Company registration number: 02367321

Practical Warranty Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Practical House, 21-23 Little Broom Street, Camp Hill, Birmingham, West Midlands, B12 0EU, United Kingdom.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Tudor Group Holdings Limited as at 30st December 2024 which can be obtained from Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. These exemptions have been applied on the basis that Tudor Group Holdings Limited includes equivalent disclosures for Practical Warranty Limited in its consolidated financial statements prepared in accordance with UK GAAP.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	10% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 January 2024 and 31 December 2024	1,003
	-------
Depreciation
At 1 January 2024 and 31 December 2024	1,003
	-------
Carrying amount
At 31 December 2024	–
	-------
At 31 December 2023	–
	-------

6. Debtors

	2024	2023
	£	£
Trade debtors	68,893	35,689
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,145,816	1,028,854
Other debtors	252,904	241,534
	------------	------------
	1,467,613	1,306,077
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	313,410	329,081
	---------	---------

The debtor owed over one year is group debt and no interest was charged during the year. The discounted element is showed as a distribution to group companies.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	78,191	103,986
Trade creditors	314,726	197,383
Amounts owed to group undertakings and undertakings in which the company has a participating interest	688,544	589,948
Corporation tax	9,585	22,374
Social security and other taxes	20,683	18,241
Other creditors	252,923	273,660
	------------	------------
	1,364,652	1,205,592
	------------	------------

8. Contingent liabilities

The company has a contingent liability of £1,173,741 relating to cross company guarantees for security given to National Westminster Bank plc.

9. Summary audit opinion

The auditor's report dated 30 December 2025 was unqualified .

The senior statutory auditor was Alexander Baker BSc ACA , for and on behalf of Burgess Hodgson Audit Limited .

10. Related party transactions

Related party transactions with group companies have not been disclosed as consolidated accounts are prepared by the parent entity.

11. Controlling party

The immediate parent of the company is Practical Insurance Holdings Limited. Its registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN The ultimate parent and controlling party, and the parent of both the largest and smallest group for which consolidated accounts are available, is Tudor Group Holdings Limited. This company is registered at Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.