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Company No: 08276291 (England and Wales)

THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

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

THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

BALANCE SHEET

As at 31 July 2024
THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,320 3,413
5,320 3,413
Current assets
Stocks 1,803 1,803
Debtors 4 7,700 8,907
Cash at bank and in hand 22,919 24,414
32,422 35,124
Creditors: amounts falling due within one year 5 ( 17,598) ( 15,806)
Net current assets 14,824 19,318
Total assets less current liabilities 20,144 22,731
Net assets 20,144 22,731
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 20,142 22,729
Total shareholders' funds 20,144 22,731

For the financial year ending 31 July 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 The South West Educational Psychology Practice Ltd (registered number: 08276291) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

Mr D N Perry
Director
THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THE SOUTH WEST EDUCATIONAL PSYCHOLOGY PRACTICE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

The South West Educational Psychology Practice Ltd (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 is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is 21 Heritage Park, Tavistock, Devon, PL19 0BY.

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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Fixtures and fittings 5 years straight line
Tools and equipment 5 years straight line
Office equipment 5 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Fixtures and fittings Tools and equipment Office equipment Total
£ £ £ £
Cost
At 01 August 2023 1,847 9,078 12,438 23,363
Additions 0 1,106 2,674 3,780
At 31 July 2024 1,847 10,184 15,112 27,143
Accumulated depreciation
At 01 August 2023 1,847 8,995 9,108 19,950
Charge for the financial year 0 235 1,638 1,873
At 31 July 2024 1,847 9,230 10,746 21,823
Net book value
At 31 July 2024 0 954 4,366 5,320
At 31 July 2023 0 83 3,330 3,413

4. Debtors

2024 2023
£ £
Trade debtors 7,355 8,907
Prepayments 345 0
7,700 8,907

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other taxation and social security 781 0
Other creditors 16,817 15,806
17,598 15,806

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2