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COMPANY REGISTRATION NUMBER: 11629065
NJM Psychological Ltd
Unaudited Financial Statements
31 October 2023
NJM Psychological Ltd
Financial Statements
Year Ended 31 October 2023
Contents
Page
Directors' Report
1
Statement of Income and Retained Earnings
2
Statement of Financial Position
3
Notes to the Financial Statements
4
NJM Psychological Ltd
Directors' Report
Year Ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023 .
Incorporation
The company was incorporated on 18th October 2018 and commenced trading on that date.
Directors
The directors who served the company during the year were as follows:
Mrs N Manning
Mr N Manning
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 July 2024 and signed on behalf of the board by:
Mrs N Manning
Mr N Manning
Director
Director
Registered office:
Within Body Matters Gym
Hooley Bridge Mill
Bamford Road
Heywood
OL10 4AG
NJM Psychological Ltd
Statement of Income and Retained Earnings
Year Ended 31 October 2023
2023
2022
Note
£
£
Turnover
78,388
51,432
Cost of sales
1,013
--------
--------
Gross Profit
77,375
51,432
Administrative expenses
42,782
37,993
--------
--------
Operating Profit
34,593
13,439
Interest payable and similar expenses
5
789
750
--------
--------
Profit Before Taxation
33,804
12,689
Tax on profit
6,423
2,465
--------
--------
Profit for the Financial Year and Total Comprehensive Income
27,381
10,224
--------
--------
Dividends paid and payable
( 27,500)
( 10,000)
Retained Earnings/(Losses) at the Start of the Year
127
( 97)
--------
--------
Retained Earnings at the End of the Year
8
127
--------
--------
All the activities of the company are from continuing operations.
NJM Psychological Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Current Assets
Debtors
6
16,568
15,687
Cash at bank and in hand
11,759
13,942
--------
--------
28,327
29,629
Creditors: amounts falling due within one year
7
12,793
8,376
--------
--------
Net Current Assets
15,534
21,253
--------
--------
Total Assets Less Current Liabilities
15,534
21,253
Creditors: amounts falling due after more than one year
8
15,426
21,026
--------
--------
Net Assets
108
227
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
8
127
----
----
Shareholders Funds
108
227
----
----
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mrs N Manning
Mr N Manning
Director
Director
Company registration number: 11629065
NJM Psychological Ltd
Notes to the Financial Statements
Year Ended 31 October 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Within Body Matters Gym, Hooley Bridge Mill, Bamford Road, Heywood, OL10 4AG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Interest Payable and Similar Expenses
2023
2022
£
£
Interest on banks loans and overdrafts
789
750
----
----
6. Debtors
2023
2022
£
£
Trade debtors
7,458
Other debtors
9,110
15,687
--------
--------
16,568
15,687
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,600
5,600
Corporation tax
6,421
2,464
Social security and other taxes
364
Other creditors
408
312
--------
-------
12,793
8,376
--------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,426
21,026
--------
--------
9. Directors' Advances, Credits and Guarantees
During the year, the company loaned money to the 2 Directors. The amount outstanding at the year-end is £9,110 and is on an interest-free basis.
10. Related Party Transactions
During the year, the company paid a dividend of £27,500 ((2022 £10,000) to the Directors.