Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A R Kitching 25/03/1992 D P Murphy 03/04/2023 C Valsler 19/02/2024 25/03/1992 17 October 2024 The principal activity of the Company during the financial year was business and domestic software development. 02365040 2024-03-31 02365040 bus:Director1 2024-03-31 02365040 bus:Director2 2024-03-31 02365040 bus:Director3 2024-03-31 02365040 2023-03-31 02365040 core:CurrentFinancialInstruments 2024-03-31 02365040 core:CurrentFinancialInstruments 2023-03-31 02365040 core:ShareCapital 2024-03-31 02365040 core:ShareCapital 2023-03-31 02365040 core:RetainedEarningsAccumulatedLosses 2024-03-31 02365040 core:RetainedEarningsAccumulatedLosses 2023-03-31 02365040 core:FurnitureFittings 2023-03-31 02365040 core:OfficeEquipment 2023-03-31 02365040 core:FurnitureFittings 2024-03-31 02365040 core:OfficeEquipment 2024-03-31 02365040 2023-04-01 2024-03-31 02365040 bus:FilletedAccounts 2023-04-01 2024-03-31 02365040 bus:SmallEntities 2023-04-01 2024-03-31 02365040 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02365040 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02365040 bus:Director1 2023-04-01 2024-03-31 02365040 bus:Director2 2023-04-01 2024-03-31 02365040 bus:Director3 2023-04-01 2024-03-31 02365040 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 02365040 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 02365040 2022-04-01 2023-03-31 02365040 core:FurnitureFittings 2023-04-01 2024-03-31 02365040 core:OfficeEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 02365040 (England and Wales)

PSYTECH LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PSYTECH LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PSYTECH LIMITED

BALANCE SHEET

As at 31 March 2024
PSYTECH LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 12,409 6,937
12,409 6,937
Current assets
Stocks 4 7,829 13,000
Debtors 5 34,070 42,404
Cash at bank and in hand 417,860 321,020
459,759 376,424
Creditors: amounts falling due within one year 6 ( 389,196) ( 225,887)
Net current assets 70,563 150,537
Total assets less current liabilities 82,972 157,474
Provision for liabilities ( 3,178) ( 1,735)
Net assets 79,794 155,739
Capital and reserves
Called-up share capital 100 100
Profit and loss account 79,694 155,639
Total shareholder's funds 79,794 155,739

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.

Directors' responsibilities:

The financial statements of Psytech Limited (registered number: 02365040) were approved and authorised for issue by the Board of Directors on 17 October 2024. They were signed on its behalf by:

D P Murphy
Director
PSYTECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PSYTECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Psytech Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is Suite 11, 216 Main Road, Biggin Hill, TN16 3BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Psytech Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery - 15% straight line
Computer equipment - 33% straight line
Fixtures, fittings and equipment - 15% straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixtures and fittings 6.6 years straight line
Office equipment 3.3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their resent location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2023 5,151 45,980 51,131
Additions 0 10,414 10,414
At 31 March 2024 5,151 56,394 61,545
Accumulated depreciation
At 01 April 2023 5,151 39,043 44,194
Charge for the financial year 0 4,942 4,942
At 31 March 2024 5,151 43,985 49,136
Net book value
At 31 March 2024 0 12,409 12,409
At 31 March 2023 0 6,937 6,937

4. Stocks

2024 2023
£ £
Work in progress 7,829 13,000

5. Debtors

2024 2023
£ £
Trade debtors 29,934 39,954
Other debtors 4,136 2,450
34,070 42,404

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,305 1,812
Corporation tax 45,495 65,461
Other taxation and social security 6,502 5,366
Other creditors 332,894 153,248
389,196 225,887

7. Financial commitments

Other financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £3,500).