Company registration number 10866621 (England and Wales)
JANET GRACE NEUROPSYCHIATRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
JANET GRACE NEUROPSYCHIATRY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JANET GRACE NEUROPSYCHIATRY LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,313
431
Investment property
5
208,776
208,776
210,089
209,207
Current assets
Debtors
6
729,327
162,251
Cash at bank and in hand
296,666
622,560
1,025,993
784,811
Creditors: amounts falling due within one year
7
(177,159)
(123,774)
Net current assets
848,834
661,037
Total assets less current liabilities
1,058,923
870,244
Provisions for liabilities
(328)
(108)
Net assets
1,058,595
870,136
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
1,058,593
870,134
Total equity
1,058,595
870,136

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

JANET GRACE NEUROPSYCHIATRY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
07 March 2024
07 March 2024
and are signed on its behalf by:
Dr Janet Grace
Director
Company registration number 10866621 (England and Wales)
JANET GRACE NEUROPSYCHIATRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Janet Grace Neuropsychiatry Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, United Kingdom, NE12 8EG.

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 arises from the provision of neuropsychiatry services and is recognised net of VAT and trade discounts.

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:

Computer equipment
33% straight line
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

JANET GRACE NEUROPSYCHIATRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

JANET GRACE NEUROPSYCHIATRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) paid by the company during the year was:

2023
2022
Total
2
3
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
68,212
61,695
Adjustments in respect of prior periods
-
0
(39)
Total current tax
68,212
61,656
Deferred tax
Origination and reversal of timing differences
220
108
Total tax charge
68,432
61,764
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 August 2022
516
Additions
1,147
At 31 July 2023
1,663
Depreciation
At 1 August 2022
85
Depreciation charged in the year
265
At 31 July 2023
350
Carrying amount
At 31 July 2023
1,313
At 31 July 2022
431
JANET GRACE NEUROPSYCHIATRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
208,776

A valuation at the year end has confirmed that the fair value of the property approximates to its carrying amount.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
251,149
159,644
Other debtors
478,178
2,607
729,327
162,251
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,640
24,365
Corporation tax
68,212
61,695
Other taxation and social security
56,260
33,184
Other creditors
4,047
4,530
177,159
123,774
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1 Ordinary A share of £1 each
1
1
2
2
JANET GRACE NEUROPSYCHIATRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
Amounts due from related parties
£
£
Director
6,790
1,291
Other related party
471,290
1,070

There are no set terms as to repayment of this balance and no interest accruing thereon.

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