Practice Solutions Limited - Period Ending 2016-01-31

Registration number: 03907817

Practice Solutions Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

LHP
Chartered Accountants
Gwynne House
6 Quay Street
Carmarthen
SA31 3JX

Practice Solutions Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Practice Solutions Limited
(Registration number: 03907817)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					10,976			13,721
Current assets
Stocks					57,120			68,360
Debtors					37,543			32,364
Investments					7,500			7,500
Cash at bank and in hand					118,358			84,009
					220,521			192,233
Creditors: Amounts falling due within one year					(125,743)			(96,555)
Net current assets					94,778			95,678
Total assets less current liabilities					105,754			109,399
Creditors: Amounts falling due after more than one year					(3,193)			(6,887)
Net assets					102,561			102,512
Capital and reserves
Called up share capital		3			134			134
Profit and loss account					102,427			102,378
Shareholders' funds					102,561			102,512

For the year ending 31 January 2016 the company was entitled to exemption 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 August 2016 and signed on its behalf by:

.........................................
Mr G E Conlon
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Practice Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	20% reducing balance
Office equipment	20% reducing balance
Motor vehicles	20% reducing balance

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Practice Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		96,355			96,355
At 31 January 2016		96,355			96,355
Depreciation
At 1 February 2015		82,634			82,634
Charge for the year		2,745			2,745
At 31 January 2016		85,379			85,379
Net book value
At 31 January 2016		10,976			10,976
At 31 January 2015		13,721			13,721

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A of £1 each		99			99			99			99
Ordinary B of £1 each		25			25			25			25
Ordinary C of £1 each		10			10			10			10
		134			134			134			134

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr G E Conlon
Directors loan account	(5,391)	-	(5,338)	(5,066)

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