Psychology Hive Ltd 13264333 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Educational psychologist Digita Accounts Production Advanced 6.30.9574.0 true true 13264333 2023-04-01 2024-03-31 13264333 2024-03-31 13264333 bus:OrdinaryShareClass1 2024-03-31 13264333 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13264333 core:FurnitureFittingsToolsEquipment 2024-03-31 13264333 bus:FRS102 2023-04-01 2024-03-31 13264333 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13264333 bus:FullAccounts 2023-04-01 2024-03-31 13264333 bus:RegisteredOffice 2023-04-01 2024-03-31 13264333 bus:Director1 2023-04-01 2024-03-31 13264333 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13264333 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13264333 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13264333 core:OfficeEquipment 2023-04-01 2024-03-31 13264333 core:UKTax 2023-04-01 2024-03-31 13264333 countries:England 2023-04-01 2024-03-31 13264333 2023-03-31 13264333 core:FurnitureFittingsToolsEquipment 2023-03-31 13264333 2022-04-01 2023-03-31 13264333 2023-03-31 13264333 bus:OrdinaryShareClass1 2023-03-31 13264333 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13264333 core:FurnitureFittingsToolsEquipment 2023-03-31 13264333 core:UKTax 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13264333

Psychology Hive Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Psychology Hive Ltd

(Registration number: 13264333)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

199

133

Current assets

 

Cash at bank and in hand

 

10,022

4,710

Creditors: Amounts falling due within one year

8

(4,665)

(2,527)

Net current assets

 

5,357

2,183

Net assets

 

5,556

2,316

Capital and reserves

 

Called up share capital

10

10

Retained earnings

5,546

2,306

Shareholders' funds

 

5,556

2,316

For the financial year ending 31 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 7 August 2024
 

.........................................
Ms Hannah Want
Director

 

Psychology Hive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Freda Close
Gedling
Nottingham
NG4 4GP

These financial statements were authorised for issue by the director on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Psychology Hive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

133

66

 

Psychology Hive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Staff costs

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Other departments

1

1

1

1

5

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

979

979

 

Psychology Hive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

199

199

Additions

199

199

At 31 March 2024

398

398

Depreciation

At 1 April 2023

66

66

Charge for the year

133

133

At 31 March 2024

199

199

Carrying amount

At 31 March 2024

199

199

At 31 March 2023

133

133

7

Cash and cash equivalents

2024
£

2023
£

Cash at bank

10,022

4,710

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

3,385

1,248

Other payables

 

1

-

Accruals

 

300

300

Income tax liability

5

979

979

 

4,665

2,527

9

Share capital

Allotted, called up and fully paid shares

 

Psychology Hive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £100.00 (2023 - £200.00) per ordinary share

 

1,000

 

2,000