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Registration number: 03418016

Psycle Interactive Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Psycle Interactive Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Psycle Interactive Limited

Company Information

Directors

Mrs D J Fry

Mr A S R Goudge

Mr G M Lepski

Mr A J Fry

Company secretary

Mrs D J Fry

Registered office

Ash House
Ash Parva
Whitchurch
Shropshire
SY13 4DT

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Psycle Interactive Limited

(Registration number: 03418016)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,547

5,669

Investments

5

2,838

2,838

 

13,385

8,507

Current assets

 

Debtors

6

840,268

580,629

Cash at bank and in hand

 

1,212,012

1,324,524

 

2,052,280

1,905,153

Creditors: Amounts falling due within one year

7

(1,109,269)

(752,037)

Net current assets

 

943,011

1,153,116

Total assets less current liabilities

 

956,396

1,161,623

Creditors: Amounts falling due after more than one year

7

(450,000)

(650,000)

Net assets

 

506,396

511,623

Capital and reserves

 

Called up share capital

8

200

200

Capital redemption reserve

72

72

Retained earnings

506,124

511,351

Shareholders' funds

 

506,396

511,623

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Psycle Interactive Limited

(Registration number: 03418016)
Balance Sheet as at 29 February 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

Mr A S R Goudge
Director

Mr G M Lepski
Director

 
     
 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Ash House
Ash Parva
Whitchurch
Shropshire
SY13 4DT

These financial statements were authorised for issue by the Board on 29 November 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group.

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.

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Government grants

Government grants are recognised at fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

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

Computer equipment

50% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 31).

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

98,106

98,106

Additions

21,096

21,096

Disposals

(66,465)

(66,465)

At 29 February 2024

52,737

52,737

Depreciation

At 1 March 2023

92,437

92,437

Charge for the year

16,218

16,218

Eliminated on disposal

(66,465)

(66,465)

At 29 February 2024

42,190

42,190

Carrying amount

At 29 February 2024

10,547

10,547

At 28 February 2023

5,669

5,669

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

2,838

2,838

Subsidiaries

£

Cost or valuation

At 1 March 2023

2,838

At 29 February 2024

2,838

Carrying amount

At 29 February 2024

2,838

At 28 February 2023

2,838

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Psycle Interactive Spain SL

Spain

Ordinary

100%

100%

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

403,709

298,846

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

273,787

273,787

Prepayments

 

8,593

7,996

Other debtors

 

154,179

-

 

840,268

580,629

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

200,000

200,000

Trade creditors

 

154,205

5,237

Taxation and social security

 

158,066

71,335

Accruals and deferred income

 

310,874

368,239

Other creditors

 

286,124

107,226

 

1,109,269

752,037

Creditors include bank loans which are secured of £200,000 (2023 - £200,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

450,000

650,000

Creditors include bank loans which are secured of £450,000 (2023 - £650,000).

 

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

450,000

650,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

200,000

200,000

10

Related party transactions

At the year end a balance of £277,857 (2023 - £100,891) was due to the directors, which is included in Other creditors. These balances are unsecured, interest free and with no fixed terms of repayment.