Psycare Limited - Accounts to registrar (filleted) - small 23.2.5
Psycare Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 June 2023 |
| for |
| PSYCARE LIMITED |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Contents of the Financial Statements |
| for the year ended 30 June 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| PSYCARE LIMITED |
| Company Information |
| for the year ended 30 June 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & |
| Statutory Auditors |
| 5th Floor |
| Palladium House |
| 1-4 Argyll Street |
| London |
| W1F 7TA |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Statement of Financial Position |
| 30 June 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Capital redemption reserve | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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 |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements |
| for the year ended 30 June 2023 |
| 1. | STATUTORY INFORMATION |
| Psycare Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believed to be reasonable under the circumstances. |
| a) Key accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below; |
| (i) Useful economic life of property plant and equipment |
| The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| Going concern |
| The directors have reviewed the 12-month period cashflows to 30th June 2025. Based on the results of the review the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate. |
| Revenue recognition |
| Revenue is recognised at the fair value of the consideration received or receivable for provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account discounts, settlement discounts and other rebates. |
| The company recognises revenue when the amount of revenue can be measured reliably, and it is probable that future economic benefit will flow to the company. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Property, plant & equipment |
| Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold buildings | 50 years |
| Plant and machinery | 4 years |
| Motor vehicles | 4 years |
| No depreciation is charged on Freehold land |
| The carrying values of property plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| 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 statement of financial position date. |
| Deferred taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Provisions for liabilities and charges |
| Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation and that the amount of obligation can be measured reliably. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme, where the amounts are charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
| a) Basic financial assets |
| Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
| At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| b) Basic financial liabilities and equity |
| Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
| Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year. |
| Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
| Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
| c) Equity instruments |
| The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise of cash at bank and short term deposits with an original maturity date of three months or less. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Land and | Plant and | Motor |
| buildings | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2023 |
| DEPRECIATION |
| At 1 July 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| The companies land and buildings are used as security against the Group's loan facility. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 July 2022 |
| and 30 June 2023 |
| DEPRECIATION |
| At 1 July 2022 |
| Charge for year |
| At 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by fellow subsidiaries | - | 973,175 |
| Other debtors |
| Prepayments and accrued income |
| Trade debtors are stated after provisions for bad debts of £3,754 (2022: £18,185). |
| Amounts owed by fellow subsidiaries are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to parent undertaking |
| Amounts owed to fellow subsidiaries | 4,313 | - |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable on demand. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to parent undertakings |
| Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable by 30 June 2025. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Hire Purchase | 24,965 | 42,601 |
| The company is a subsidiary of Nouvita Healthcare Limited which is part of an unlimited multilateral banking guarantee. At the balance sheet date, the total amount outstanding under the agreement was £9.19m. The company's assets are secured against the group facility. |
| The hire purchase liability is secured against the relevant asset. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 61,500 | 20,500 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2022 |
| Provided during year |
| Balance at 30 June 2023 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | 1 | 225 | 225 |
| 12. | RESERVES |
| The company's retained earnings details are shown in the Statement of Changes in Equity. |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2023 |
| 14. | CONTINGENT LIABILITIES |
| The company is a part of an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £9.19m. |
| 15. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 16. | POST BALANCE SHEET EVENTS |
| No post balance sheet events were identified. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The Company is a wholly owned subsidiary of Nouvita Healthcare Limited. |
| Mr L V Adams is considered to be the ultimate controlling party. |