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REGISTERED NUMBER: 11258512 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

PSYCHO PEACOCK LIMITED

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 7


PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 100,221 117,807

CURRENT ASSETS
Stocks 62,858 35,393
Debtors 6 1,321,823 741,258
Cash at bank and in hand 18,685 420
1,403,366 777,071
CREDITORS
Amounts falling due within one year 7 (707,028 ) (760,481 )
NET CURRENT ASSETS 696,338 16,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

796,559

134,397

PROVISIONS FOR LIABILITIES (3,761 ) (2,034 )
NET ASSETS 792,798 132,363

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 792,698 132,263
792,798 132,363

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





S J Green - Director


PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

PSYCHO PEACOCK LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11258512

Registered office: Engels House, Victoria Mills
Weaste Trading Estate
Liverpool Street
Salford
Greater Manchester
M5 5HD

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Going concern
The accounts have been prepared on the going concern basis. The directors believe this to be
appropriate as they have expressed their willingness to support the business for the foreseeable future.

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold improvements - straight line over the life of the lease
Computer equipment - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 15 ) .

5. TANGIBLE FIXED ASSETS
Leasehold Computer
improvements equipment Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 159,591 15,043 174,634
DEPRECIATION
At 1 December 2022 49,920 6,907 56,827
Charge for year 15,959 1,627 17,586
At 30 November 2023 65,879 8,534 74,413
NET BOOK VALUE
At 30 November 2023 93,712 6,509 100,221
At 30 November 2022 109,671 8,136 117,807

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 294,817 373,192
Amounts owed by group undertakings 942,811 333,968
Prepayments and accrued income 84,195 34,098
1,321,823 741,258

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts - 43,267
Trade creditors 326,434 344,566
Amounts owed to group undertakings 28,833 71,361
Tax 203,441 110,143
Social security and other taxes 19,180 (1,308 )
VAT 77,114 146,329
Other creditors 5,127 19,485
Accruals and deferred income 46,899 26,638
707,028 760,481

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.23 30.11.22
£    £   
Within one year 100,000 100,000
Between one and five years 391,667 400,000
In more than five years - 91,667
491,667 591,667

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. POST BALANCE SHEET EVENTS

In August 2024, Psycho Peacock Limited completed a full management buyout. This strategic move marks a significant step in the overall strategy post covid and has underpinned the company's next phase of growth and continued market leadership. Through strategic investments, focused recruitment, the company has preserved and grown jobs, secured and expanded its service offerings and stock, and strengthened its leadership.The business plans to continue and strengthen this strategy under this new ownership team.

12. ULTIMATE PARENT UNDERTAKING

The ultimate parent company is Livexpo Holdings Limited, a company registered in England and Wales.

PSYCHO PEACOCK LIMITED (REGISTERED NUMBER: 11258512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


13. GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be
appropriate as they have expressed their willingness to support the business for the foreseeable future.