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Company No: 05657675 (England and Wales)

CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

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

CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

BALANCE SHEET

As at 31 December 2023
CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 1,723 2,183
Investments 4,590 0
6,313 2,183
Current assets
Debtors 6 30,015 20,881
Cash at bank and in hand 18,625 26,604
48,640 47,485
Creditors: amounts falling due within one year 7 ( 15,453) ( 15,441)
Net current assets 33,187 32,044
Total assets less current liabilities 39,500 34,227
Provision for liabilities ( 431) ( 546)
Net assets 39,069 33,681
Capital and reserves
Called-up share capital 200 200
Profit and loss account 38,869 33,481
Total shareholder's funds 39,069 33,681

For the financial year ending 31 December 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 Carstairs Psychological Associates Limited (registered number: 05657675) were approved and authorised for issue by the Director on 05 March 2024. They were signed on its behalf by:

K S Carstairs
Director
CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CARSTAIRS PSYCHOLOGICAL ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Carstairs Psychological Associates 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 7 Mayfield Road, Bromley, Kent, BR1 2HB, 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.

The functional currency of Carstairs Psychological Associates is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

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.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Goodwill 5 years straight line
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 properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 33 % reducing balance
Office equipment 33 % reducing balance

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.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 88,000 88,000
At 31 December 2023 88,000 88,000
Accumulated amortisation
At 01 January 2023 88,000 88,000
At 31 December 2023 88,000 88,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

5. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 16,040 19,347 35,387
Additions 0 260 260
At 31 December 2023 16,040 19,607 35,647
Accumulated depreciation
At 01 January 2023 14,910 18,294 33,204
Charge for the financial year 373 347 720
At 31 December 2023 15,283 18,641 33,924
Net book value
At 31 December 2023 757 966 1,723
At 31 December 2022 1,130 1,053 2,183

6. Debtors

2023 2022
£ £
Trade debtors 27,547 19,078
Other debtors 2,468 1,803
30,015 20,881

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,607 4,517
Taxation and social security 6,271 3,110
Other creditors 6,575 7,814
15,453 15,441

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Directors Loan Account (4,999) (6,239)