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Company No: 02729375 (England and Wales)

PSYCHOLOGICAL CONSULTANCY LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

PSYCHOLOGICAL CONSULTANCY LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

PSYCHOLOGICAL CONSULTANCY LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
PSYCHOLOGICAL CONSULTANCY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS G Hyde
G Trickey
SECRETARY Athenaeum Secretaries Limited
REGISTERED OFFICE 8 Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS
United Kingdom
COMPANY NUMBER 02729375 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
PSYCHOLOGICAL CONSULTANCY LIMITED

BALANCE SHEET

As at 30 June 2024
PSYCHOLOGICAL CONSULTANCY LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 93,353 65,894
93,353 65,894
Current assets
Stocks 4 30,563 12,064
Debtors 5 886,798 998,474
Cash at bank and in hand 6 578,628 682,681
1,495,989 1,693,219
Creditors: amounts falling due within one year 7 ( 634,122) ( 784,896)
Net current assets 861,867 908,323
Total assets less current liabilities 955,220 974,217
Creditors: amounts falling due after more than one year 8 0 ( 34,938)
Net assets 955,220 939,279
Capital and reserves
Called-up share capital 1,010 1,010
Share premium account 730 730
Profit and loss account 953,480 937,539
Total shareholders' funds 955,220 939,279

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Psychological Consultancy Limited (registered number: 02729375) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

G Hyde
Director
G Trickey
Director
PSYCHOLOGICAL CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
PSYCHOLOGICAL CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Psychological Consultancy 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 is 8 Mount Ephraim, Tunbridge Wells, Kent, TN4 8AS, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these 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 Statement of Income and Retained Earnings in the period in which they arise on monetary items.

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. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:

At the date the psychometric testing, consultancy or training course are carried out.

When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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
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.

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 or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line
Computer equipment 4 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 July 2023 154,255 9,189 74,661 238,105
Additions 47,488 557 5,294 53,339
At 30 June 2024 201,743 9,746 79,955 291,444
Accumulated depreciation
At 01 July 2023 102,874 9,045 60,292 172,211
Charge for the financial year 19,771 134 5,975 25,880
At 30 June 2024 122,645 9,179 66,267 198,091
Net book value
At 30 June 2024 79,098 567 13,688 93,353
At 30 June 2023 51,381 144 14,369 65,894
Leased assets included above:
Net book value
At 30 June 2024 30,395 0 0 30,395
At 30 June 2023 40,527 0 0 40,527

4. Stocks

2024 2023
£ £
Stocks 30,563 12,064

5. Debtors

2024 2023
£ £
Trade debtors 375,207 565,939
Prepayments 22,443 22,374
Corporation tax 23,210 23,210
Other debtors 465,938 386,951
886,798 998,474

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 578,628 682,681

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 287,127 433,278
Accruals and deferred income 114,558 85,903
Taxation and social security 186,100 258,390
Obligations under finance leases and hire purchase contracts 34,938 3,331
Other creditors 11,399 3,994
634,122 784,896

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 34,938

Net obligations under hire purchase contracts are secured on the assets themselves.

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Tangible fixed assets 86,252 0

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance brought forward at 1 July 386,951 394,620
Amounts advanced 419,516 336,485
Amounts repaid (340,529) (344,154)
Balance carried forward at 30 June 465,938 386,951

Included within other debtors is a loan to the directors of the company. The loan is interest free and repayable on demand. The movements during the year were as above.