Acorah Software Products - Accounts Production 15.0.600 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 SC540982 Dr. Tara Pennington-Twist Dr Tara Pennington-Twist true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC540982 2023-08-31 SC540982 2024-08-31 SC540982 2023-09-01 2024-08-31 SC540982 frs-core:CurrentFinancialInstruments 2024-08-31 SC540982 frs-core:ComputerEquipment 2024-08-31 SC540982 frs-core:ComputerEquipment 2023-09-01 2024-08-31 SC540982 frs-core:ComputerEquipment 2023-08-31 SC540982 frs-core:FurnitureFittings 2024-08-31 SC540982 frs-core:FurnitureFittings 2023-09-01 2024-08-31 SC540982 frs-core:FurnitureFittings 2023-08-31 SC540982 frs-core:PlantMachinery 2024-08-31 SC540982 frs-core:PlantMachinery 2023-09-01 2024-08-31 SC540982 frs-core:PlantMachinery 2023-08-31 SC540982 frs-core:ShareCapital 2024-08-31 SC540982 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 SC540982 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC540982 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 SC540982 frs-bus:SmallEntities 2023-09-01 2024-08-31 SC540982 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 SC540982 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC540982 1 2023-09-01 2024-08-31 SC540982 frs-bus:Director1 2023-09-01 2024-08-31 SC540982 frs-countries:Scotland 2023-09-01 2024-08-31 SC540982 2022-08-31 SC540982 2023-08-31 SC540982 2022-09-01 2023-08-31 SC540982 frs-core:CurrentFinancialInstruments 2023-08-31 SC540982 frs-core:ShareCapital 2023-08-31 SC540982 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: SC540982
Prime Psychology Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Rosslyn Associates Ltd
Chartered Tax Advisers & Accountants
The Walled Garden
South Building
Bush Estate
Midlothian
EH26 0SD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC540982
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,002 2,480
2,002 2,480
CURRENT ASSETS
Debtors 5 11,793 15,056
Cash at bank and in hand 10,758 13,479
22,551 28,535
Creditors: Amounts Falling Due Within One Year 6 (24,083 ) (28,026 )
NET CURRENT ASSETS (LIABILITIES) (1,532 ) 509
TOTAL ASSETS LESS CURRENT LIABILITIES 470 2,989
PROVISIONS FOR LIABILITIES
Deferred Taxation (380 ) (471 )
NET ASSETS 90 2,518
CAPITAL AND RESERVES
Called up share capital 7 5 5
Profit and Loss Account 85 2,513
SHAREHOLDERS' FUNDS 90 2,518
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr. Tara Pennington-Twist
Director
24/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prime Psychology Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC540982 . The registered office is 5 Millar Crescent, Edinburgh, EH10 5HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 394 7,556 899 8,849
Additions 190 - - 190
As at 31 August 2024 584 7,556 899 9,039
Depreciation
As at 1 September 2023 289 5,181 899 6,369
Provided during the period 74 594 - 668
As at 31 August 2024 363 5,775 899 7,037
Net Book Value
As at 31 August 2024 221 1,781 - 2,002
As at 1 September 2023 105 2,375 - 2,480
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Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,793 15,056
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,307 9,858
Other creditors 685 7
Taxation and social security 21,091 18,161
24,083 28,026
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
8. Related Party Transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
9. Ultimate Controlling Party
The company's ultimate controlling party is Dr Tara Pennington-Twist by virtue of her ownership of 100% of the issued share capital in the company.
Page 4