Practical Retail Solutions Limited Filleted accounts for Companies House (small and micro)

PRACTICAL RETAIL SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09058202

Practical Retail Solutions Limited

Filleted Unaudited Financial Statements

31 August 2020

Practical Retail Solutions Limited

Statement of Financial Position

31 August 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	138,585	162,578

Current assets

Debtors	5	77,038	220,486
Cash at bank and in hand		189,812	46,736
		---------	---------
		266,850	267,222

Creditors: amounts falling due within one year	6	343,104	376,680
		---------	---------
Net current liabilities		76,254	109,458
		---------	---------
Total assets less current liabilities		62,331	53,120

Creditors: amounts falling due after more than one year	7	–	10,685

Provisions	26,331	30,890
	--------	--------
Net assets	36,000	11,545
	--------	--------

Capital and reserves

Called up share capital	70	70
Capital redemption reserve	35	35
Profit and loss account	35,895	11,440
	--------	--------
Shareholders funds	36,000	11,545
	--------	--------

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 comprehensive income has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Practical Retail Solutions Limited

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 18 February 2021 , and are signed on behalf of the board by:

Mr A Winstanley
Director

Company registration number: 09058202

Practical Retail Solutions Limited

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for assets leased, stated net of discounts and of Value Added Tax.

Taxation

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 pay or recover 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	25% straight line

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 the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2019	359,066	41,093	10,000	91,411	501,570
Additions	7,148	–	–	15,236	22,384
Disposals	–	( 6,162)	–	( 45,574)	( 51,736)
	---------	--------	--------	--------	---------
At 31 August 2020	366,214	34,931	10,000	61,073	472,218
	---------	--------	--------	--------	---------
Depreciation
At 1 September 2019	226,812	30,160	9,499	72,521	338,992
Charge for the year	33,211	1,638	126	11,387	46,362
Disposals	–	( 6,147)	–	( 45,574)	( 51,721)
	---------	--------	--------	--------	---------
At 31 August 2020	260,023	25,651	9,625	38,334	333,633
	---------	--------	--------	--------	---------
Carrying amount
At 31 August 2020	106,191	9,280	375	22,739	138,585
	---------	--------	--------	--------	---------
At 31 August 2019	132,254	10,933	501	18,890	162,578
	---------	--------	--------	--------	---------

5. Debtors

	2020	2019
	£	£
Amounts owed by connected company	57,274	202,578
Other debtors	19,764	17,908
	--------	---------
	77,038	220,486
	--------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	16,407	31,767
Amounts owed to group undertakings and undertakings in which the company has a participating interest	293,468	292,506
Corporation tax	20,885	17,608
Social security and other taxes	5,344	4,469
Other creditors	7,000	30,330
	---------	---------
	343,104	376,680
	---------	---------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	–	10,685
	----	--------