Wilcox Psychological Associates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08007730 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2020

FOR

WILCOX PSYCHOLOGICAL ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H M Y Wilcox

D Wilcox

REGISTERED OFFICE:

55 Raddlebarn Road

Selly Oak

Birmingham

B29 6HQ

REGISTERED NUMBER:

08007730 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

Corner Oak

1 Homer Road

Solihull

B91 3QG

FIXED ASSETS

Intangible assets

4

195,750

274,050

Tangible assets

5

5,059

5,173

200,809

279,223

CURRENT ASSETS

Debtors

6

59,539

83,388

Cash at bank and in hand

86,674

104,334

146,213

187,722

CREDITORS

Amounts falling due within one year

7

548,292

617,039

NET CURRENT LIABILITIES

(402,079

)

(429,317

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(201,270

)

(150,094

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(201,370

)

(150,194

)

(201,270

)

(150,094

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 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 29 March 2021 and were signed on its behalf by:

D Wilcox - Director

1.	STATUTORY INFORMATION

Wilcox Psychological Associates Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

These accounts have been prepared on the going concern basis. There was a net deficiency of assets of £201,270 at the balance sheet date, however the directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

33.33% on cost

Fixtures and fittings

-

15% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

783,000

AMORTISATION

At 1 April 2019

508,950

Charge for year

78,300

At 31 March 2020

587,250

NET BOOK VALUE

At 31 March 2020

195,750

At 31 March 2019

274,050

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2019

8,580

10,620

19,200

Additions

4,012

-

4,012

At 31 March 2020

12,592

10,620

23,212

DEPRECIATION

At 1 April 2019

4,840

9,187

14,027

Charge for year

3,750

376

4,126

At 31 March 2020

8,590

9,563

18,153

NET BOOK VALUE

At 31 March 2020

4,002

1,057

5,059

At 31 March 2019

3,740

1,433

5,173

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

59,364

80,408

Other debtors

175

2,980

59,539

83,388

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

15,374

1,448

Taxation and social security

44,715

64,064

Other creditors

488,203

551,527

548,292

617,039

8.	SECURED DEBTS

Natwest holds a fixed and floating charge over all and any of the assets of the company.

9.	POST BALANCE SHEET EVENTS

The impact of the Covid-19 pandemic continues to affect the economy. The directors have considered the impact of this to the business after discussion with key stakeholders and are satisfied that at the time of approval of the financial statements the company has sufficient resources to be able to continue trading for the foreseeable future.