Psycare Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04272280 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

FOR

PSYCARE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Dr D M Forshaw

Dr J J Roscoe

P C Massetti

L V Adams

SECRETARIES:

P C Massetti

P Proctor

REGISTERED OFFICE:

Broad Oak Manor

Broad Oak End

Bramfield Road

Hertford

Hertfordshire

SG14 2JA

REGISTERED NUMBER:

04272280 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

Chartered Accountants

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

2,917,075

2,930,595

CURRENT ASSETS

Debtors

6

809,846

458,100

Cash at bank and in hand

484,584

730,173

1,294,430

1,188,273

CREDITORS

Amounts falling due within one year

7

728,800

812,286

NET CURRENT ASSETS

565,630

375,987

TOTAL ASSETS LESS CURRENT LIABILITIES

3,482,705

3,306,582

CREDITORS

Amounts falling due after more than one year

8

(3,021,079

)

(3,211,600

)

PROVISIONS FOR LIABILITIES

12

(38,000

)

(35,000

)

NET ASSETS

423,626

59,982

CAPITAL AND RESERVES

Called up share capital

13

275

275

Retained earnings

423,351

59,707

SHAREHOLDERS' FUNDS

423,626

59,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 29 March 2019 and were signed on its behalf by:

P C Massetti - Director

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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) Critical judgements in applying the entity's accounting policies

(i) Exemptions on transition to FRS 102

The company has elected to use the previous UK GAAP valuation of property, plant and equipment as the

deemed cost on transition to FRS 102. The items are being depreciated from the date of transition (1May 2014)

in accordance with the company's accounting policies.

b) 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.

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.

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 machinery

4 years

Motor vehicles

4 years

No depreciation is charged on 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.

Foreign currencies

The financial statements are presented in sterling which is also the the functional currency of the company.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the

standard exchange rate ruling for the period.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of

exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date

of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was

determined.

All translation differences are taken to the statement of comprehensive income, except to the extent that they

relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related

translation gain or loss is also recognised in other comprehensive income.

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.

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 85 (2017 - 73 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Land and

Plant and

Motor

building

machinery

vehicles

Totals

£

£

£

£

COST

At 1 July 2017

3,595,945

945,336

23,000

4,564,281

Additions

-

119,977

8,100

128,077

At 30 June 2018

3,595,945

1,065,313

31,100

4,692,358

DEPRECIATION

At 1 July 2017

940,012

675,980

17,694

1,633,686

Charge for year

22,033

115,392

4,172

141,597

At 30 June 2018

962,045

791,372

21,866

1,775,283

NET BOOK VALUE

At 30 June 2018

2,633,900

273,941

9,234

2,917,075

At 30 June 2017

2,655,933

269,356

5,306

2,930,595

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

250,683

185,312

Amounts owed by related undertaking

450,625

66,666

Other debtors

26,607

24,249

Prepayments and accrued income

81,931

181,873

809,846

458,100

Amounts owed by related undertakings are unsecured, interest free, have no fixed date of repayment and are

repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 9)

188,400

188,400

Trade creditors

187,567

115,861

Amounts owed to related undertakings

-

184,279

Tax

197,621

131,337

Social security and other taxes

34,274

35,861

Other creditors

78,419

42,577

Directors' loan accounts

-

60,934

Accrued expenses

42,519

53,037

728,800

812,286

Amounts owed to related undertakings and the directors loan accounts are unsecured, interest free, have no fixed

date of repayment and are repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 9)

3,021,079

3,211,600

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 yrs

2,267,479

2,458,000

In June 2017, the company entered into a new loan facility of £3,400,000 which bears interest at 1.75% per

annum over the base rate. The loan is repayable over fifteen years.

The company used the new facility to repay the previous bank loan with another lender.

9.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans

188,400

188,400

Amounts falling due between two and five years:

Bank loans - 2-5 years

753,600

753,600

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 yrs

2,267,479

2,458,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

3,209,479

3,400,000

The bank loan to the company is secured against the company's freehold properties.

11.	FINANCIAL INSTRUMENTS

2018

2017

£

£

Financial assets that are debt instruments measured at amortised cost

Trade debtors

250,683

185,312

Amounts owed by related undertaking

450,625

66,666

701,308

251,978

2018

2017

£

£

Financial liabilities that are debt instruments measured at amortised cost

Trade creditors

187,567

115,861

Amounts owed to related undertaking

-

184,279

Directors loan account

-

60,934

Accruals

42,519

53,037

Bank loan

3,209,479

3,400,000

3,439,565

3,814,111

12.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

38,000

35,000

Deferred

tax

£

Balance at 1 July 2017

35,000

Provided during year

3,000

Balance at 30 June 2018

38,000

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

27,500

Ordinary

0.01

275

275

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the directors are owed the following by the company:

2018

2017

£

£

D Foreshaw

-

12,967

J Roscoe

-

47,967

-

60,934

15.	RELATED PARTY DISCLOSURES

Mr L V Adams is the controlling shareholder of Nouvita Limited. During the period the company paid expenses

on behalf of Nouvita Ltd and the company lent Nouvita Limited £525,000. During the year Nouvita Limited

charged the company £50,000 for office recharges. At the balance sheet date the company was owed £383,959

in relation to the above.

Mr P Massetti is the controlling shareholder of Old Beech Construction Limited. During the period the company

was charged £36,478 by Old Beech Construction Limited in respect of repairs & contractor management fees. At

the balance sheet date the company owes £19,995 in relation to the above.

Mr L V Adams is the controlling shareholder of Broad Oak Manor Developments Limited. On 30 June 2018,

The company was owed £66,666 by Broad Oak Manor Developments Limited

16.	ULTIMATE CONTROLLING PARTY

The directors consider Mr L V Adams to be the ultimate controlling party.