PRACTICAL CFO LIMITED

PRACTICAL CFO LIMITED - Company Information

2019-05-012020-04-302020-04-30false10708105PRACTICAL CFO 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Registered Number
10708105
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 April 2020

PRACTICAL CFO LIMITED

Company Information


Registered Address	4 Clare Corner
	London
	SE9 2AE

PRACTICAL CFO LIMITED

Balance Sheet as at
30 April 2020

	Notes	2020 £	2019 £
Fixed Assets
Tangible assets	3	4,046	2,540
Current Assets
Stocks			334
Debtors	4	68,878	32,296
Cash at bank and on hand		80,757	14,215
Creditors amounts falling due within one year	5	(89,886)	(33,433)
Net current assets (liabilities)		59,749	13,412
Total assets less current liabilities		63,795	15,952
Net assets		63,795	15,952
Capital and reserves
Called up share capital		100	100
Profit and loss account		63,695	15,852
Shareholders' funds		63,795	15,952

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The company is a private company limited by shares and was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 5 May 2020, and are signed on its behalf by:

TOPHAM, Matt
Director
Registered Company No. 10708105

PRACTICAL CFO LIMITED

Notes to the financial statements
for the year ended 30 April 2020

1.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

2.	EMPLOYEE INFORMATION
	The average number of employees during the year was as follows:

		2020		2019
	Number of employees	4		2

3.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 May 19	3,215
	Additions	2,380
	At 30 April 20	5,595
	Depreciation and impairment
	At 01 May 19	675
	Charge for year	874
	At 30 April 20	1,549
	Net book value
	At 30 April 20	4,046
	At 30 April 19	2,540

4.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Trade debtors / trade receivables	68,078	19,751
Other debtors	50	11,345
Prepayments and accrued income	750	1,200
Total	68,878	32,296

5.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2019 £
Trade creditors / trade payables	3,964	8,116
Taxation and social security	55,260	15,286
Other creditors	30,662	9,870
Accrued liabilities and deferred income		161
Total	89,886	33,433