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COMPANY REGISTRATION NUMBER: 14544389
PSYCHOLOGY SERVICES BHOGAL (PSB) LIMITED
COMPANY LIMITED BY GUARANTEE
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
PSYCHOLOGY SERVICES BHOGAL (PSB) LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
PERIOD FROM 16th DECEMBER 2022 TO 31st MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
PSYCHOLOGY SERVICES BHOGAL (PSB) LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
Note
£
£
FIXED ASSETS
Tangible assets
6
460
CURRENT ASSETS
Work in progress
7
2,975
Cash at bank and in hand
27,344
---------
30,319
CREDITORS: amounts falling due within one year
8
9,729
---------
NET CURRENT ASSETS
20,590
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
21,050
PROVISIONS
Taxation including deferred tax
74
---------
NET ASSETS
20,976
---------
CAPITAL AND RESERVES
Profit and loss account
20,976
---------
MEMBERS FUNDS
20,976
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PSYCHOLOGY SERVICES BHOGAL (PSB) LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
P. S. Bhogal
Director
Company registration number: 14544389
PSYCHOLOGY SERVICES BHOGAL (PSB) LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 16th DECEMBER 2022 TO 31st MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 14 Hiddleston Avenue, Newcastle upon Tyne, NE7 7NJ, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% straight line
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads, based on normal levels of activity. Provision is made for foreseeable profits or losses where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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.
Defined contribution plans
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.
4. COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and as such has no share capital. In the event of winding up the company, the members liability will be limited to £1.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 1 .
6. TANGIBLE ASSETS
Office equipment
£
Cost
At 16th December 2022
Additions
669
----
At 31st March 2024
669
----
Depreciation
At 16th December 2022
Charge for the period
209
----
At 31st March 2024
209
----
Carrying amount
At 31st March 2024
460
----
7. WORK IN PROGRESS
31 Mar 24
£
Work in progress
2,975
-------
8. CREDITORS: amounts falling due within one year
31 Mar 24
£
Accruals
1,200
Corporation tax
4,830
Director loan accounts
3,699
-------
9,729
-------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
31 Mar 24
£
Included in provisions
74
----
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
£
Accelerated capital allowances
74
----
10. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.