ACCOUNTS - Final Accounts preparation

Cash and cash equivalents

PRACTICAL RISK MANAGEMENT LIMITED - Company Information

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Registered number: 04174613

PRACTICAL RISK MANAGEMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2019

PRACTICAL RISK MANAGEMENT LIMITED

REGISTERED NUMBER: 04174613

BALANCE SHEET

AS AT 30 JUNE 2019

	30 June	31 December
	2019	2017
Note	£	£

Fixed assets
Tangible assets	5		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	6	30,639		28,391
Cash at bank and in hand	7	1,968		6,149
		32,607		34,540
Creditors: amounts falling due within one year	8	(2,249)		(4,182)
Net current assets			30,358		30,358
Total assets less current liabilities			30,359		30,359

Net assets			30,359		30,359

Capital and reserves
Called up share capital	1,111	1,111
Profit and loss account	29,248	29,248
	30,359	30,359

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2020.

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PRACTICAL RISK MANAGEMENT LIMITED

REGISTERED NUMBER: 04174613

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2019

L Bushell

Director

The notes on pages 3 to 7 form part of these financial statements.

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PRACTICAL RISK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

1.	General information

The company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 04174613. The Company's registered office is Floor 8 Lyndon House, Hagley Road, Birmingham, United Kingdom, B16 8PE.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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PRACTICAL RISK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Employees

The average monthly number of employees, including directors, during the period was 0 (2017 - 0).

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PRACTICAL RISK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2018	30,000
	At 30 June 2019	30,000
	Amortisation
	At 1 January 2018	30,000
	At 30 June 2019	30,000
	Net book value
	At 30 June 2019	-
	At 31 December 2017	-

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PRACTICAL RISK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2018	9,394
	At 30 June 2019	9,394
	Depreciation
	At 1 January 2018	9,393
	At 30 June 2019	9,393
	Net book value
	At 30 June 2019	1
	At 31 December 2017	1

Debtors

					30 June	31 December
					2019	2017
					£	£


Trade debtors	4,329	6,059
Amounts owed by group undertakings	21,342	16,466
Other debtors	4,968	5,866
	30,639	28,391

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PRACTICAL RISK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

Cash at bank and in hand	1,968	6,149
	1,968	6,149

Trade creditors	-	1,931
Amounts owed to group undertakings	1,200	1,200
Accruals and deferred income	1,049	1,051
	2,249	4,182

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