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Company No: 07451796 (England and Wales)

SPANLIFE PSYCHOLOGY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

SPANLIFE PSYCHOLOGY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

SPANLIFE PSYCHOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
SPANLIFE PSYCHOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 31.01.2023 31.01.2022
£ £
Fixed assets
Tangible assets 3 0 166
0 166
Current assets
Debtors 4 358 12,833
Cash at bank and in hand 208 0
566 12,833
Creditors: amounts falling due within one year 5 ( 28,179) ( 58,652)
Net current liabilities (27,613) (45,819)
Total assets less current liabilities (27,613) (45,653)
Net liabilities ( 27,613) ( 45,653)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 27,614 ) ( 45,654 )
Total shareholder's deficit ( 27,613) ( 45,653)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Spanlife Psychology Limited (registered number: 07451796) were approved and authorised for issue by the Director. They were signed on its behalf by:

Dr K M A Ayivor-Nygard
Director

20 October 2023

SPANLIFE PSYCHOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
SPANLIFE PSYCHOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spanlife Psychology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 85 Wimpole Street, London, W1G 9RJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2. Employees

31.01.2023 31.01.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2022 4,731 4,731
At 31 January 2023 4,731 4,731
Accumulated depreciation
At 01 February 2022 4,565 4,565
Charge for the financial year 166 166
At 31 January 2023 4,731 4,731
Net book value
At 31 January 2023 0 0
At 31 January 2022 166 166

4. Debtors

31.01.2023 31.01.2022
£ £
Trade debtors 1 112
Corporation tax 357 12,721
358 12,833

5. Creditors: amounts falling due within one year

31.01.2023 31.01.2022
£ £
Bank overdrafts 0 130
Other taxation and social security 0 85
Other creditors 28,179 58,437
28,179 58,652

The company entered in to a debenture which contains fixed and floating charges over all property and undertakings of the company, with Hitachi Capital UK in February 2018 and this remains outstanding as at the year end.