13 false false false false false false false false false false true false false false false false false No description of principal activity 2025-03-01 Sage Accounts Production Advanced 2025 - FRS102_2025 693,494 693,494 69,492 63,478 1,510 64,988 4,504 6,014 xbrli:pure xbrli:shares iso4217:GBP 04897206 2025-03-01 2026-02-28 04897206 2026-02-28 04897206 2025-02-28 04897206 2024-03-01 2025-02-28 04897206 2025-02-28 04897206 2024-02-29 04897206 core:NetGoodwill 2025-03-01 2026-02-28 04897206 bus:Director2 2025-03-01 2026-02-28 04897206 bus:Director4 2025-03-01 2026-02-28 04897206 bus:Director5 2025-03-01 2026-02-28 04897206 core:NetGoodwill 2026-02-28 04897206 core:WithinOneYear 2026-02-28 04897206 core:WithinOneYear 2025-02-28 04897206 core:ShareCapital 2026-02-28 04897206 core:ShareCapital 2025-02-28 04897206 core:RetainedEarningsAccumulatedLosses 2026-02-28 04897206 core:RetainedEarningsAccumulatedLosses 2025-02-28 04897206 bus:Director1 2025-03-01 2026-02-28 04897206 bus:Director3 2025-03-01 2026-02-28 04897206 bus:SmallEntities 2025-03-01 2026-02-28 04897206 bus:AuditExemptWithAccountantsReport 2025-03-01 2026-02-28 04897206 bus:SmallCompaniesRegimeForAccounts 2025-03-01 2026-02-28 04897206 bus:PrivateLimitedCompanyLtd 2025-03-01 2026-02-28 04897206 bus:FullAccounts 2025-03-01 2026-02-28 04897206 core:OfficeEquipment 2025-03-01 2026-02-28 04897206 core:OfficeEquipment 2026-02-28 04897206 core:OfficeEquipment 2025-02-28 04897206 core:KeyManagementIndividualGroup1 2025-03-01 2026-02-28 04897206 core:KeyManagementIndividualGroup1 2026-02-28 04897206 core:KeyManagementIndividualGroup1 2025-02-28
COMPANY REGISTRATION NUMBER: 04897206

Practice Financial Management Limited

Filleted Unaudited Financial Statements

For the year ended

28 February 2026

Practice Financial Management Limited

Statement of Financial Position

28 February 2026

| 2026 | 2025
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 4,504 |  | 6,014

Current assets

Stocks | 2,000 |  | 2,000 |
Debtors | 7 | 110,756 |  | 110,756 |
Cash at bank and in hand | 1,456,445 |  | 1,258,302 |
| ------------- |  | ------------- |
| 1,569,201 |  | 1,371,058 |

Creditors: amounts falling due within one year | 8 | ( 163,780) |  | ( 162,601) |
| ------------- |  | ------------- |
Net current assets |  | 1,405,421 |  | 1,208,457
|  | ------------- |  | -------------
Total assets less current liabilities |  | 1,409,925 |  | 1,214,471
|  | ------------- |  | -------------
Net assets |  | 1,409,925 |  | 1,214,471
|  | ------------- |  | -------------

Capital and reserves

Called up share capital |  | 100 |  | 100
Profit and loss account |  | 1,409,825 |  | 1,214,371
|  | ------------- |  | -------------
Shareholders funds |  | 1,409,925 |  | 1,214,471
|  | ------------- |  | -------------

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 28 February 2026 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 .

Practice Financial Management Limited

Statement of Financial Position (continued)

28 February 2026
These financial statements were approved by the board of directors and authorised for issue on 4 June 2026 , and are signed on behalf of the board by:

J A Fearn | M P Bradshaw
Director | Director

J R Drysdale |
Director |

Company registration number: 04897206

Practice Financial Management Limited

Notes to the Financial Statements

Year ended 28 February 2026
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 62 Skeldergate, York, YO1 6WN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. As a result, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and facilities in place to continue in operational existence for at least 12 months. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition The turnover shown in the profit and loss account represents commissions receivable and fee income invoiced during the period, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. (d) Current and deferred 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 be paid or recovered 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 . (e) Goodwill Positive goodwill arising on acquisitions is capitalised and carried as an asset on the balance sheet. 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.
(f) 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 | - | 5 years 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.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) 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:

| Office Equipment | - | 25% reducing balance

(i) 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 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 .
(j) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(k) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
(l) Defined contribution plans
The company operates a defined pension contribution scheme for the directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2025: 12 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 March 2025 and 28 February 2026 | 693,494
| ----------
Amortisation |
At 1 March 2025 and 28 February 2026 | 693,494
| ----------
Carrying amount |
At 28 February 2026 | –
| ----------
At 28 February 2025 | –
| ----------

6. Tangible assets

| Office equipment | Total
| £ | £
Cost |  |
At 1 March 2025 and 28 February 2026 | 69,492 | 69,492
| -------- | --------
Depreciation |  |
At 1 March 2025 | 63,478 | 63,478
Charge for the year | 1,510 | 1,510
| -------- | --------
At 28 February 2026 | 64,988 | 64,988
| -------- | --------
Carrying amount |  |
At 28 February 2026 | 4,504 | 4,504
| -------- | --------
At 28 February 2025 | 6,014 | 6,014
| -------- | --------

7. Debtors

| 2026 | 2025
| £ | £
Other debtors | 110,756 | 110,756
| ---------- | ----------

8. Creditors: amounts falling due within one year

| 2026 | 2025
| £ | £
Corporation tax | 130,144 | 120,767
Social security and other taxes | 8,064 | 7,347
Directors loan accounts | 10,625 | 10,625
Other creditors | 14,947 | 23,862
| ---------- | ----------
| 163,780 | 162,601
| ---------- | ----------

9. Related party transactions
During the year the directors made available loans to the company. The loans are interest free and repayable on demand . At the year end date the balance due to the directors totalled £ 10,625 (2025 - £ 10,625 ).