Registered number
05983660
PSYCHOLOGY CHAMBERS LTD
Filleted Accounts
31 March 2024
PSYCHOLOGY CHAMBERS LTD
Registered number: 05983660
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,771 33,742
Current assets
Debtors 4 112,388 128,995
Cash at bank and in hand 42,274 88,557
154,662 217,552
Creditors: amounts falling due within one year 5 (116,609) (69,170)
Net current assets 38,053 148,382
Total assets less current liabilities 72,824 182,124
Creditors: amounts falling due after more than one year 6 (13,312) (23,311)
Provisions for liabilities (8,693) (6,411)
Net assets 50,819 152,402
Capital and reserves
Called up share capital 100 100
Profit and loss account 50,719 152,302
Shareholders' funds 50,819 152,402
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Sembi
Director
Approved by the board on 13 December 2024
PSYCHOLOGY CHAMBERS LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% per annum reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 103,954
Additions 9,722
At 31 March 2024 113,676
Depreciation
At 1 April 2023 70,212
Charge for the year 8,693
At 31 March 2024 78,905
Net book value
At 31 March 2024 34,771
At 31 March 2023 33,742
4 Debtors 2024 2023
£ £
Trade debtors and prepayments 112,388 128,995
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,924 9,848
Trade creditors and accruals 4,750 4,720
Corporation tax 67,134 50,540
Other taxes and social security costs 27,668 92
Other creditors - directors' loan accounts 7,133 3,970
116,609 69,170
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,312 23,311
7 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
8 Contingent liabilities
There were no contingent liabilities in existence at the year end.
9 Related party transactions
The directors, Mr and Mrs S Sembi, own 100% of the issued ordinary share capital of the company.
10 Other information
PSYCHOLOGY CHAMBERS LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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