Practice Financial Management Limited Filleted accounts for Companies House (small and micro)
Practice Financial Management Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04897206
|
|
For the year ended |
|
|
Statement of Financial Position |
2019 |
2018 |
|||
Note |
£ |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
|
|
||
Tangible assets |
6 |
|
|
||
---------- |
---------- |
||||
|
|
||||
Current assets
Stocks |
|
|
|||
Debtors |
7 |
|
|
||
Cash at bank and in hand |
|
|
|||
------------- |
------------- |
||||
|
|
||||
Creditors: amounts falling due within one year |
8 |
(
|
(
|
||
------------- |
------------- |
||||
Net current assets |
|
|
|||
------------- |
------------- |
||||
Total assets less current liabilities |
|
|
|||
------------- |
------------- |
||||
Net assets |
|
|
|||
------------- |
------------- |
||||
Capital and reserves
Called up share capital |
|
|
||
Profit and loss account |
|
|
||
------------- |
------------- |
|||
Shareholders funds |
|
|
||
------------- |
------------- |
|||
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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
.
|
Statement of Financial Position (continued) |
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:
|
|
Director |
Director |
|
|
Director |
Director |
Company registration number:
04897206
|
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
3.
Accounting policies
(a)
Basis of preparation
(f)
Intangible assets
(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 |
- |
|
|
Computer software |
- |
|
|
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
(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 |
- |
|
|
(j)
Impairment of fixed assets
(k)
Stocks
(l)
Financial instruments
(m)
Defined contribution plans
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 |
|
|
|
Additions |
– |
– |
– |
Disposals |
– |
(
|
(
|
---------- |
-------- |
---------- |
|
At 28 February 2019 |
|
– |
|
---------- |
-------- |
---------- |
|
Amortisation |
|||
At 1 March 2018 |
|
|
|
Charge for the year |
|
– |
|
Disposals through business combinations |
– |
(
|
(
|
---------- |
-------- |
---------- |
|
At 28 February 2019 |
|
– |
|
---------- |
-------- |
---------- |
|
Carrying amount |
|||
At 28 February 2019 |
|
– |
|
---------- |
-------- |
---------- |
|
At 28 February 2018 |
|
|
|
---------- |
-------- |
---------- |
|
6.
Tangible assets
Office equipment |
Total |
|
£ |
£ |
|
Cost |
||
At 1 March 2018 |
|
|
Additions |
|
|
-------- |
-------- |
|
At 28 February 2019 |
|
|
-------- |
-------- |
|
Depreciation |
||
At 1 March 2018 |
|
|
Charge for the year |
|
|
-------- |
-------- |
|
At 28 February 2019 |
|
|
-------- |
-------- |
|
Carrying amount |
||
At 28 February 2019 |
|
|
-------- |
-------- |
|
At 28 February 2018 |
|
|
-------- |
-------- |
|
7.
Debtors
2019 |
2018 |
|
£ |
£ |
|
Trade debtors |
|
|
Other debtors |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
8.
Creditors:
amounts falling due within one year
2019 |
2018 |
|
£ |
£ |
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Directors loan accounts |
|
|
Other creditors |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
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 |
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
Later than 5 years |
|
|
|
---------- |
---------- |
||
|
|
||
---------- |
---------- |
||
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
).