Psymplicity IP Ltd - Period Ending 2022-07-31

Psymplicity IP Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Psymplicity IP Ltd

Company Information

Director

Mr J Beider

Registered office

Churchill House 137-139 Brent Street London NW4 4DJ

Registered number

13382857

Accountants

Ripe LLP Chartered Accountants 9A Burroughs Gardens London NW4 4AU

Psymplicity IP Ltd

(Registration number: 13382857)
Balance Sheet as at 31 July 2022

	Note	Year ended 31 July 2022 £	Period ended 31 July 2021 £
Fixed assets
Intangible assets	4	36,000	48,000
Current assets
Debtors	5	100	100
Creditors: Amounts falling due within one year	6	(25,806)	(13,190)
Net current liabilities		(25,706)	(13,090)
Total assets less current liabilities		10,294	34,910
Creditors: Amounts falling due after more than one year	6	(25,000)	(36,000)
Net liabilities		(14,706)	(1,090)
Capital and reserves
Called up share capital	7	100	100
Retained earnings		(14,806)	(1,190)
Shareholders' deficit		(14,706)	(1,090)

Psymplicity IP Ltd

(Registration number: 13382857)
Balance Sheet as at 31 July 2022

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 July 2023
 

......................................... Mr J Beider Director

Psymplicity IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1	General information

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

The address of its registered office is:
Churchill House
137-139 Brent Street
London
NW4 4DJ

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 presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The accounts have been prepared on a going concern basis on the understanding that creditors will continue to support the company for the foreseeable future.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Intellectual Property Rights	5 years on cost

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Psymplicity IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 August 2021	-	48,000	48,000
At 31 July 2022	-	48,000	48,000
Amortisation
Amortisation charge	-	12,000	12,000
At 31 July 2022	-	12,000	12,000
Carrying amount
At 31 July 2022	-	36,000	36,000
At 31 July 2021	-	48,000	48,000

Psymplicity IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

5

Debtors

	Note	Year ended 31 July 2022 £	Period ended 31 July 2021 £
Amounts owed by related parties	8	100	100
		100	100

6

Creditors

Creditors: amounts falling due within one year

	Note	Year ended 31 July 2022 £	Period ended 31 July 2021 £
Due within one year
Trade creditors		217	690
Amounts owed to group undertakings	8	12,869	-
Other creditors		12,720	12,500
		25,806	13,190

Creditors: amounts falling due after more than one year

	Year ended 31 July 2022 £	Period ended 31 July 2021 £
Due after one year
Other creditors	25,000	36,000

Psymplicity IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

7	Share capital

Allotted, called up and fully paid shares

	Year ended 31 July 2022		Period ended 31 July 2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

The Psymplicity Group Limited
(Parent company)
At the balance sheet date, The Psymplicity Group Limited owed £100 (2021: £100) to the company.

Psymplicity Limited
(Group company)
At the balance sheet date, the company owed £12,869 (2021: £-) to Psymplicity Limited.