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Company No: 09124873 (England and Wales)

PSYCHOCANDY 2015 LTD

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

PSYCHOCANDY 2015 LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

PSYCHOCANDY 2015 LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
PSYCHOCANDY 2015 LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,992 1,049
2,992 1,049
Current assets
Debtors 4 389,867 271,188
Cash at bank and in hand 5 104,174 314,650
494,041 585,838
Creditors: amounts falling due within one year 6 ( 95,138) ( 167,569)
Net current assets 398,903 418,269
Total assets less current liabilities 401,895 419,318
Creditors: amounts falling due after more than one year 7 ( 27,500) ( 14,572)
Net assets 374,395 404,746
Capital and reserves
Called-up share capital 2 2
Profit and loss account 374,393 404,744
Total shareholder's funds 374,395 404,746

For the financial year ending 31 July 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 Psychocandy 2015 Ltd (registered number: 09124873) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Reid
Director

30 May 2024

PSYCHOCANDY 2015 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
PSYCHOCANDY 2015 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Psychocandy 2015 Ltd (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 35 Ballards Lane, London, N3 1XW, England, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. 4 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 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 August 2022 9,608 9,608
Additions 3,090 3,090
At 31 July 2023 12,698 12,698
Accumulated depreciation
At 01 August 2022 8,559 8,559
Charge for the financial year 1,147 1,147
At 31 July 2023 9,706 9,706
Net book value
At 31 July 2023 2,992 2,992
At 31 July 2022 1,049 1,049

4. Debtors

2023 2022
£ £
Trade debtors 68,166 15,455
Corporation tax 0 2,254
Other debtors 321,701 253,479
389,867 271,188

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 104,174 314,650

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 32,928
Trade creditors 2,209 104,751
Taxation and social security 4,181 599
Other creditors 78,748 29,291
95,138 167,569

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 27,500 14,572

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Included in other debtors is £14,211 (2022: £3,166) owed by the director. This balance is unsecured and repayable on demand. Interest has been charged at the official rate.