The Psymplicity Group Limited - Period Ending 2022-07-31

The Psymplicity Group Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 6

The Psymplicity Group Limited

Company Information

Director

Mr J Beider

Registered office

Churchill House 137-139 Brent Street London NW4 4DJ

Registered number

10485279

Accountants

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

The Psymplicity Group Limited

(Registration number: 10485279)
Balance Sheet as at 31 July 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	355,300	217,800
Current assets
Debtors	5	19	-
Cash at bank and in hand		76,806	222
		76,825	222
Creditors: Amounts falling due within one year	6	(103,637)	(16,476)
Net current liabilities		(26,812)	(16,254)
Net assets		328,488	201,546
Capital and reserves
Called up share capital	7	140	139
Share premium reserve		354,960	217,461
Retained earnings		(26,612)	(16,054)
Shareholders' funds		328,488	201,546

The Psymplicity Group Limited

(Registration number: 10485279)
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 31 July 2023
 

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

The Psymplicity Group Limited

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.

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.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group..

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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The Psymplicity Group Limited

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

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.

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	Investments

	2022 £	2021 £
Investments in subsidiaries	355,300	217,800

Subsidiaries	£
Cost or valuation
At 1 August 2021	217,800
Additions	137,500
At 31 July 2022	355,300
Provision
Carrying amount
At 31 July 2022	355,300
At 31 July 2021	217,800

5

Debtors

	2022 £	2021 £
Other debtors	19	-
	19	-

The Psymplicity Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Trade creditors		870	607
Amounts due to related parties	8	37,692	13,569
Other creditors		65,075	2,300
		103,637	16,476

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £0.000019 each	7,378,750	140	7,310,000	139

New shares allotted
On 03/09/2021, 25,000 £0.000019 ordinary shares were issued at £2 per share.
On 30/09/2021, 25,000 £0.000019 ordinary shares were issued at £2 per share.
On 24/10/2021, 3,750 £0.000019 ordinary shares were issued at £2 per share.
On 05/12/2021, 5,000 £0.000019 ordinary shares were issued at £2 per share.
On 06/01/2022, 10,000 £0.000019 ordinary shares were issued at £2 per share.

8	Related party transactions

Psymplicity Ltd
(subsidiary company)

At the balance sheet date, the company owed £37,692 (2021: £13,569) to Psymplicity Ltd.