Registered number
12782154
PSY Digital Limited
Unaudited Filleted Accounts
31 July 2023
PSY Digital Limited
Registered number: 12782154
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,604 6,139
Current assets
Debtors 4 62,119 24,539
Cash at bank and in hand 21,857 18,156
83,976 42,695
Creditors: amounts falling due within one year 5 (18,789) (9,433)
Net current assets 65,187 33,262
Total assets less current liabilities 72,791 39,401
Provisions for liabilities (1,445) (1,167)
Net assets 71,346 38,234
Capital and reserves
Called up share capital 1 1
Profit and loss account 71,345 38,233
Shareholder's funds 71,346 38,234
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon MacFadyen
Director
Approved by the board on 17 November 2023
PSY Digital Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the financial currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 9,777
Additions 5,209
Disposals (1,576)
At 31 July 2023 13,410
Depreciation
At 1 August 2022 3,638
Charge for the year 2,682
On disposals (514)
At 31 July 2023 5,806
Net book value
At 31 July 2023 7,604
At 31 July 2022 6,139
4 Debtors 2023 2022
£ £
Trade debtors 2,670 2,425
Other debtors 59,449 22,114
62,119 24,539
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 180 151
Taxation and social security costs 18,609 9,282
18,789 9,433
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest charged at HMRC's official rate, repayable on demand 22,114 75,521 (38,325) 59,310
22,114 75,521 (38,325) 59,310
7 Other information
PSY Digital Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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