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Registration number: 12054670

Successful Psychology Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2022

 

Successful Psychology Limited

(Registration number: 12054670)
Abridged Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

481

821

Current assets

 

Cash at bank and in hand

 

7,889

5,446

Prepayments and accrued income

 

79

79

Creditors: Amounts falling due within one year

(4,035)

(4,715)

Net current assets

 

3,933

810

Total assets less current liabilities

 

4,414

1,631

Provisions for liabilities

(91)

(156)

Accruals and deferred income

 

(750)

(750)

Net assets

 

3,573

725

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

3,473

625

Shareholders' funds

 

3,573

725

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

 

Successful Psychology Limited

(Registration number: 12054670)
Abridged Balance Sheet as at 30 June 2022

.........................................
Mrs Helen Nation
Director

 

Successful Psychology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
123 North Road
Bourne
Lincolnshire
PE10 9BU

These financial statements were authorised for issue by the Board on 12 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Successful Psychology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Successful Psychology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2021 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

341

355

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2021

1,433

1,433

At 30 June 2022

1,433

1,433

Depreciation

At 1 July 2021

612

612

Charge for the year

340

340

At 30 June 2022

952

952

Carrying amount

At 30 June 2022

481

481

At 30 June 2021

821

821

6

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

 

Successful Psychology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £850.00 (2021 - £120.00) per ordinary share

 

8,500

 

12,000