Registered number
06056999
Socrates Psychological Services Ltd
Filleted Accounts
31 March 2024
Socrates Psychological Services Ltd
Registered number: 06056999
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 697,482 700,692
Current assets
Stocks 9,000 9,000
Debtors 4 71,467 117,810
Cash at bank and in hand 169,474 78,241
249,941 205,051
Creditors: amounts falling due within one year 5 (191,541) (97,696)
Net current assets 58,400 107,355
Total assets less current liabilities 755,882 808,047
Creditors: amounts falling due after more than one year 6 (205,911) (232,870)
Net assets 549,971 575,177
Capital and reserves
Called up share capital 630 630
Profit and loss account 549,341 574,547
Shareholders' funds 549,971 575,177
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R L McCormick
Director
Approved by the board on 27 June 2024
Socrates Psychological Services Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land & buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 697,482 46,365 743,847
At 31 March 2024 697,482 46,365 743,847
Depreciation
At 1 April 2023 - 43,155 43,155
Charge for the year - 3,210 3,210
At 31 March 2024 - 46,365 46,365
Net book value
At 31 March 2024 697,482 - 697,482
At 31 March 2023 697,482 3,210 700,692
A valuation of the Freehold Building was undetaken by Metcalf Commercial RICS in May 2022, which gave a market value of £750,000.
4 Debtors 2024 2023
£ £
Trade debtors 71,467 117,810
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 32,500 32,500
Fees paid in advance 100,800 -
Directors' loan accounts 2,879 1,379
Taxation and social security costs 18,684 36,557
Other creditors 36,678 27,260
191,541 97,696
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 205,911 232,870
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 102,700 135,200
Secured bank loans 238,411 265,370
The bank loan is secured by a fixed charge on the freehold property at Cote Royd House, Huddersfield
8 Other information
Socrates Psychological Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Cote Royd House
7 Halifax Road
Huddersfield
HD3 3AN
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