Registered number
06185290
Psychology In Mind Ltd
Filleted Accounts
31 March 2025
Psychology In Mind Ltd
Registered number: 06185290
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 62,137 72,902
Current assets
Stocks 12,629 14,354
Debtors 4 67,919 48,269
Cash at bank and in hand 3 332
80,551 62,955
Creditors: amounts falling due within one year 5 (88,894) (71,236)
Net current liabilities (8,343) (8,281)
Total assets less current liabilities 53,794 64,621
Creditors: amounts falling due after more than one year 6 (53,790) (64,603)
Net assets 4 18
Capital and reserves
Called up share capital 1 1
Profit and loss account 3 17
Shareholders' funds 4 18
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.
D Hinder
Director
Approved by the board on 31 July 2025
Psychology In Mind Ltd
Notes to the Accounts
for the year ended 31 March 2025
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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2024 8,870 82,949 91,819
Additions 665 - 665
At 31 March 2025 9,535 82,949 92,484
Depreciation
At 1 April 2024 5,593 13,324 18,917
Charge for the year 986 10,444 11,430
At 31 March 2025 6,579 23,768 30,347
Net book value
At 31 March 2025 2,956 59,181 62,137
At 31 March 2024 3,277 69,625 72,902
4 Debtors 2025 2024
£ £
Trade debtors 13,669 17,443
Other debtors 54,250 30,826
67,919 48,269
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 32,043 22,331
Obligations under finance lease and hire purchase contracts 11,862 11,862
Trade creditors 15 -
Taxation and social security costs 39,312 35,058
Other creditors 5,662 1,985
88,894 71,236
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 11,667 10,617
Obligations under finance lease and hire purchase contracts 42,123 53,986
53,790 64,603
7 Other information
Psychology In Mind Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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