PSYTECH LIMITED
PSYTECH LIMITED
Company No:
PSYTECH LIMITED
Unaudited Financial Statements
For the financial year ended 31 March 2021
For the financial year ended 31 March 2021
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 4 |
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8,850 | 9,912 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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419,540 | 665,024 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 4,858 | 70,179 | ||
Total assets less current liabilities | 13,708 | 80,091 | ||
Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
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The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Psytech Limited (registered number:
Colin Ian Valsler
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Psytech Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is Suite 11, 216 Main Road, Biggin Hill, TN16 3BD, , United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Psytech Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
At the time of approval of the accounts, the UK is facing unprecedented challenges arising from the Covid-19 pandemic. Every decision that the directors are currently making is based upon ensuring that the business comes through this and the directors are confident that the business is currently well placed to continue successfully negotiating these unprecedented challenges.
Foreign currency
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover
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.
Taxation
The tax expense for the period comprises current and deferred 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 corporation 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.
Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets
Plant and machinery - 15% straight line
Computer equipment - 33% straight line
Fixtures, fittings and equipment - 15% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Stocks
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Ordinary share capital
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2. Critical accounting judgements and key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
3. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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4. Tangible assets
Fixtures and fittings | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2020 |
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Additions |
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At 31 March 2021 |
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Accumulated depreciation | |||||
At 01 April 2020 |
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Charge for the financial year |
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At 31 March 2021 |
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Net book value | |||||
At 31 March 2021 |
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At 31 March 2020 |
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5. Stocks
2021 | 2020 | ||
£ | £ | ||
Stocks |
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Work in progress |
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6. Debtors
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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7. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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8. Events after the Balance Sheet date
The directors consider that this will have a detrimental impact on the business during 2021 . The company is intrinsically linked, due to continuing impact the pandemic is having on the aviation and travel industries.
The decisions of the directors at this time are based upon ensuring that business continues whilst at the same time safeguarding the health and wellbeing of its employees, suppliers and customers.
9. Financial commitments, guarantees and contingencies
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £12,720 (2019 - £18,550)