Practice Financial Management Limited Filleted accounts for Companies House (small and micro)

Practice Financial Management Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 04897206
Practice Financial Management Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2019
Practice Financial Management Limited
Statement of Financial Position
28 February 2019
2019
2018
Note
£
£
£
£
Fixed assets
Intangible assets
5
138,698
291,869
Tangible assets
6
13,132
15,421
----------
----------
151,830
307,290
Current assets
Stocks
2,000
2,000
Debtors
7
161,192
145,152
Cash at bank and in hand
1,010,508
882,046
-------------
-------------
1,173,700
1,029,198
Creditors: amounts falling due within one year
8
( 255,462)
( 244,741)
-------------
-------------
Net current assets
918,238
784,457
-------------
-------------
Total assets less current liabilities
1,070,068
1,091,747
-------------
-------------
Net assets
1,070,068
1,091,747
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,069,968
1,091,647
-------------
-------------
Shareholders funds
1,070,068
1,091,747
-------------
-------------
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 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 2019 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 2019
These financial statements were approved by the board of directors and authorised for issue on 15 November 2019 , and are signed on behalf of the board by:
D R Leaf
J A Fearn
Director
Director
M P Bradshaw
J R Drysdale
Director
Director
Company registration number: 04897206
Practice Financial Management Limited
Notes to the Financial Statements
Year ended 28 February 2019
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) 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. (c) 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 . (d) Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease . (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) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date .
(g) 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
Computer software
-
10 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.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(i) 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
(j) 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.
(k) 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.
(l) 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 .
(m) 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 16 (2018: 17 ).
5. Intangible assets
Goodwill
Computer software
Total
£
£
£
Cost
At 1 March 2018
693,494
16,080
709,574
Additions
Disposals
( 16,080)
( 16,080)
----------
--------
----------
At 28 February 2019
693,494
693,494
----------
--------
----------
Amortisation
At 1 March 2018
416,097
1,608
417,705
Charge for the year
138,699
138,699
Disposals through business combinations
( 1,608)
( 1,608)
----------
--------
----------
At 28 February 2019
554,796
554,796
----------
--------
----------
Carrying amount
At 28 February 2019
138,698
138,698
----------
--------
----------
At 28 February 2018
277,397
14,472
291,869
----------
--------
----------
6. Tangible assets
Office equipment
Total
£
£
Cost
At 1 March 2018
59,017
59,017
Additions
2,095
2,095
--------
--------
At 28 February 2019
61,112
61,112
--------
--------
Depreciation
At 1 March 2018
43,596
43,596
Charge for the year
4,384
4,384
--------
--------
At 28 February 2019
47,980
47,980
--------
--------
Carrying amount
At 28 February 2019
13,132
13,132
--------
--------
At 28 February 2018
15,421
15,421
--------
--------
7. Debtors
2019
2018
£
£
Trade debtors
95,760
95,152
Other debtors
65,432
50,000
----------
----------
161,192
145,152
----------
----------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
217,600
200,100
Social security and other taxes
4,720
8,154
Directors loan accounts
19,428
19,128
Other creditors
13,714
17,359
----------
----------
255,462
244,741
----------
----------
9. Demerger of the trade
As part of an indirect statutory demerger of part of the trade of Practice Financial Management Limited , an in-specie distribution was made to PFM Dental Sales & Valuations Limited, a company owned by the shareholders.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Not later than 1 year
21,000
21,000
Later than 1 year and not later than 5 years
84,000
84,000
Later than 5 years
21,000
42,000
----------
----------
126,000
147,000
----------
----------
11. 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 £ 19,428 (2018 - £ 19,128 ).