Company Registration No. 11152890 (England and Wales)
PSYCHOLOGY FIRST
CONSULTANTS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PSYCHOLOGY FIRST CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
PSYCHOLOGY FIRST CONSULTANTS LIMITED
Company Registration No. 11152890
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
132,312
4,203
Current assets
Debtors
4
73,822
36,375
Cash at bank and in hand
7,760
13,274
81,582
49,649
Creditors: amounts falling due within one year
5
(67,486)
(47,656)
Net current assets
14,096
1,993
Total assets less current liabilities
146,408
6,196
Creditors: amounts falling due after more than one year
6
(98,268)
Net assets
48,140
6,196
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
48,040
6,096
Total equity
48,140
6,196
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PSYCHOLOGY FIRST CONSULTANTS LIMITED
Company Registration No. 11152890
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 November 2023
L Scott
Director
PSYCHOLOGY FIRST CONSULTANTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100
146
246
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
45,950
45,950
Dividends
-
(40,000)
(40,000)
Balance at 31 March 2022
100
6,096
6,196
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
87,386
87,386
Dividends
-
(45,442)
(45,442)
Balance at 31 March 2023
100
48,040
48,140
PSYCHOLOGY FIRST CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Psychology First Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, England, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for educational and support services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 years straight line
Computers & Equipment
3 years straight line
Motor vehicles
25% Reducing balance
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.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PSYCHOLOGY FIRST CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
PSYCHOLOGY FIRST CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers & Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
1,826
7,635
9,461
Additions
1,449
139,885
141,334
At 31 March 2023
1,826
9,084
139,885
150,795
Depreciation and impairment
At 1 April 2022
680
4,578
5,258
Depreciation charged in the year
548
1,799
10,878
13,225
At 31 March 2023
1,228
6,377
10,878
18,483
Carrying amount
At 31 March 2023
598
2,707
129,007
132,312
At 31 March 2022
1,146
3,057
4,203
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,320
36,375
Corporation tax recoverable
9,502
73,822
36,375
PSYCHOLOGY FIRST CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,050
20,306
Taxation and social security
10,084
Other creditors
37,436
17,266
67,486
47,656
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
98,268
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
At the balance sheet date the company owed £27,223 to the director (2022: £15,364). This loan is interest free and repayable on demand.