Psycle Interactive Limited - Period Ending 2022-02-28

Psycle Interactive Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Psycle Interactive Limited

Company Information

Directors

Mr A S R Goudge Mrs D J Fry Mr A J Fry Mr G M Lepski

Company secretary

Mrs D J Fry

Registered office

Ash House Ash Parva Whitchurch Shropshire SY13 4DT

Accountants

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Psycle Interactive Limited

(Registration number: 03418016)
Balance Sheet as at 28 February 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	13,282	1,951
Investments	5	2,838	2,838
		16,120	4,789
Current assets
Debtors	6	818,461	734,240
Cash at bank and in hand		1,470,125	486,256
		2,288,586	1,220,496
Creditors: Amounts falling due within one year	7	(875,331)	(626,897)
Net current assets		1,413,255	593,599
Total assets less current liabilities		1,429,375	598,388
Creditors: Amounts falling due after more than one year	7	(849,991)	-
Net assets		579,384	598,388
Capital and reserves
Called up share capital	8	200	200
Capital redemption reserve		72	72
Retained earnings		579,112	598,116
Shareholders' funds		579,384	598,388

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Psycle Interactive Limited

(Registration number: 03418016)
Balance Sheet as at 28 February 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2022 and signed on its behalf by:
 

Mr A S R Goudge Director

Mr A J Fry Director

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ash House
Ash Parva
Whitchurch
Shropshire
SY13 4DT

The principal place of business is:
Office Building
Mill Lane
Higher Heath
Whitchurch
Shropshire
SY13 2HF

These financial statements were authorised for issue by the Board on 29 November 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group.

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Government grants

Government grants are recognised at fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	50% straight line

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2021 - 35).

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 March 2021	60,200	60,200
Additions	26,566	26,566
At 28 February 2022	86,766	86,766
Depreciation
At 1 March 2021	58,249	58,249
Charge for the year	15,235	15,235
At 28 February 2022	73,484	73,484
Carrying amount
At 28 February 2022	13,282	13,282
At 28 February 2021	1,951	1,951

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

5	Investments

	2022 £	2021 £
Investments in subsidiaries	2,838	2,838

Subsidiaries	£
Cost or valuation
At 1 March 2021	2,838
At 28 February 2022	2,838
Carrying amount
At 28 February 2022	2,838
At 28 February 2021	2,838

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
Psycle Interactive Spain SL	Spain	Ordinary	100%	100%

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

6

Debtors

	Note	2022 £	2021 £
Trade debtors		280,862	282,810
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	273,787	273,787
Prepayments		9,520	7,532
Other debtors		254,292	170,111
		818,461	734,240

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	9	150,009	-
Trade creditors		12,457	4,775
Taxation and social security		66,321	47,473
Accruals and deferred income		240,027	269,037
Other creditors		406,517	305,612
		875,331	626,897

Creditors include bank loans which are secured of £150,009 (2021 - £nil).

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	9	849,991	-

Creditors include bank loans which are secured of £849,991 (2021 - £nil).

Creditors include bank loans repayable by instalments of £50,000 due after more than five years.

Psycle Interactive Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

9	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	849,991	-

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	150,009	-

10	Related party transactions

At the year end a balance of £400,000 (2021 - £300,000) was due to the directors, which is included in Other creditors. These balances are unsecured, interest free and with no fixed terms of repayment.