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REGISTERED NUMBER: 04272280 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

PSYCARE LIMITED

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PSYCARE LIMITED

Company Information
for the year ended 30 June 2024







DIRECTORS: P C Massetti
L V Adams
H Anstey





SECRETARY: P C Massetti





REGISTERED OFFICE: Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA





REGISTERED NUMBER: 04272280 (England and Wales)





AUDITORS: Thorne Lancaster Parker
Chartered Accountants &
Statutory Auditors
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 3,718,468 3,348,021

CURRENT ASSETS
Debtors 6 251,422 349,514
Cash at bank and in hand 693,924 1,272,829
945,346 1,622,343
CREDITORS
Amounts falling due within one year 7 (705,649 ) (848,605 )
NET CURRENT ASSETS 239,697 773,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,958,165

4,121,759

CREDITORS
Amounts falling due after more than one
year

8

(1,740,148

)

(2,520,573

)

PROVISIONS FOR LIABILITIES 10 (63,500 ) (61,500 )
NET ASSETS 2,154,517 1,539,686

CAPITAL AND RESERVES
Called up share capital 11 225 225
Capital redemption reserve 12 50 50
Retained earnings 12 2,154,242 1,539,411
SHAREHOLDERS' FUNDS 2,154,517 1,539,686

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





P C Massetti - Director


PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements
for the year ended 30 June 2024


1. STATUTORY INFORMATION

Psycare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believed to be reasonable under the circumstances.

a) Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below;

(i) Useful economic life of property plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Going concern
The directors have reviewed the 12-month period cashflows to 30th June 2026. Based on the results of the review the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate.

Revenue recognition
Revenue is recognised at the fair value of the consideration received or receivable for provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account discounts, settlement discounts and other rebates.

The company recognises revenue when the amount of revenue can be measured reliably, and it is probable that future economic benefit will flow to the company.

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Property, plant & equipment
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold buildings 50 years
Plant and machinery4 years
Motor vehicles4 years

No depreciation is charged on Freehold land

The carrying values of property plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Provisions for liabilities and charges
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation and that the amount of obligation can be measured reliably.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme, where the amounts are charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments.

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise of cash at bank and short term deposits with an original maturity date of three months or less.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 110 (2023 - 100 ) .

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


5. PROPERTY, PLANT AND EQUIPMENT
Land and Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 4,103,805 1,542,405 120,909 5,767,119
Additions 410,179 143,269 - 553,448
At 30 June 2024 4,513,984 1,685,674 120,909 6,320,567
DEPRECIATION
At 1 July 2023 1,072,111 1,261,865 85,122 2,419,098
Charge for year 28,154 142,234 12,613 183,001
At 30 June 2024 1,100,265 1,404,099 97,735 2,602,099
NET BOOK VALUE
At 30 June 2024 3,413,719 281,575 23,174 3,718,468
At 30 June 2023 3,031,694 280,540 35,787 3,348,021

The companies land and buildings are used as security against the Group's loan facility.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 70,915
DEPRECIATION
At 1 July 2023 38,564
Charge for year 11,050
At 30 June 2024 49,614
NET BOOK VALUE
At 30 June 2024 21,301
At 30 June 2023 32,351

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 195,547 292,877
Other debtors 8,947 9,822
Prepayments and accrued income 46,928 46,815
251,422 349,514

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Trade debtors are stated after provisions for bad debts of £3,754 (2023: £3,754).

Amounts owed by fellow subsidiaries are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 11,353 24,965
Trade creditors 177,217 205,980
Amounts owed to parent undertaking 166,687 353,575
Amounts owed to fellow subsidiaries 10,968 4,313
Tax 216,866 104,855
Social security and other taxes 79,769 57,388
Other creditors 17,417 40,121
Accruals and deferred income 25,372 57,408
705,649 848,605

Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to parent undertakings 1,740,148 2,520,573

Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable after 30 June 2025.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire Purchase 11,353 24,965

The company is a subsidiary of Nouvita Healthcare Limited which is part of an unlimited multilateral banking guarantee. At the balance sheet date, the total amount outstanding under the agreement was £9.01m. The company's assets are secured against the group facility.

The hire purchase liability is secured against the relevant asset.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 63,500 61,500

PSYCARE LIMITED (REGISTERED NUMBER: 04272280)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 61,500
Provided during year 2,000
Balance at 30 June 2024 63,500

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
225 Ordinary 1 225 225

12. RESERVES

The company's retained earnings details are shown in the Statement of Changes in Equity.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Usher (Senior Statutory Auditor)
for and on behalf of Thorne Lancaster Parker

14. CONTINGENT LIABILITIES

The company is a part of an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £9.01m.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. POST BALANCE SHEET EVENTS

No post balance sheet events were identified.

17. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Nouvita Healthcare Limited.

Mr L V Adams is considered to be the ultimate controlling party.