2022-06-012023-05-312023-05-31false11391292PSYCHIC VENTURES 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PSYCHIC VENTURES LTD

Registered Number
11391292
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

PSYCHIC VENTURES LTD
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

GRUNWERG, Adam Robert
MIRANDA, Samuel Broadbent

Registered Address

9 Hartland Road
London
NW1 8DB

Registered Number

11391292 (England and Wales)
PSYCHIC VENTURES LTD
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors46,83526,723
Cash at bank and on hand120,68585,729
127,520112,452
Creditors amounts falling due within one year5(7,208)(20,811)
Net current assets (liabilities)120,31291,641
Total assets less current liabilities120,31291,641
Net assets120,31291,641
Capital and reserves
Called up share capital200,200200,200
Profit and loss account(79,888)(108,559)
Shareholders' funds120,31291,641
The financial statements were approved and authorised for issue by the Board of Directors on 30 April 2024, and are signed on its behalf by:
GRUNWERG, Adam Robert
Director
Registered Company No. 11391292
PSYCHIC VENTURES LTD
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 224,9794,979
At 31 May 234,9794,979
Depreciation and impairment
At 01 June 224,9794,979
At 31 May 234,9794,979
Net book value
At 31 May 23--
At 31 May 22--
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables3,93623,959
Prepayments and accrued income2,8992,764
Total6,83526,723
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2,0637,002
Taxation and social security2,71711,381
Other creditors1,2291,229
Accrued liabilities and deferred income1,1991,199
Total7,20820,811