Psymplicity Ltd - Period Ending 2017-11-02

Registration number: 07618606

Psymplicity Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 2 November 2017

Ripe LLP
9A Burroughs Gardens
London
NW4 4AU

Psymplicity Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Psymplicity Ltd

Company Information

Director

Mr J Beider

Registered office

9A Burroughs Gardens London NW4 4AU

Accountants

Ripe LLP 9A Burroughs Gardens London NW4 4AU

Page 1

Psymplicity Ltd

(Registration number: 07618606)
Balance Sheet as at 2 November 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	2	63,795	-
Tangible assets	3	29,366	4,445
		93,161	4,445
Current assets
Debtors	4	243,169	41,406
Cash at bank and in hand		21,540	44,164
		264,709	85,570
Creditors: Amounts falling due within one year	5	(247,363)	(98,423)
Net current assets/(liabilities)		17,346	(12,853)
Total assets less current liabilities		110,507	(8,408)
Creditors: Amounts falling due after more than one year	5	(108,716)	(29,792)
Net assets/(liabilities)		1,791	(38,200)
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,691	(38,300)
Total equity		1,791	(38,200)

For the financial year ending 2 November 2017 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 and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Psymplicity Ltd

(Registration number: 07618606)
Balance Sheet as at 2 November 2017

Approved and authorised by the director on 22 December 2017
 

.........................................

Mr J Beider

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Psymplicity Ltd

Notes to the Financial Statements for the Year Ended 2 November 2017

1	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 - 'The Financial Reporting Standard applicable in the UK 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.

Going concern

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

Tangible assets

Tangible assets are stated in the statement of financial position 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	4 years on cost
Furniture & Fixtures	4 years on cost

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
Web development	5 years on cost

Page 4

Psymplicity Ltd

Notes to the Financial Statements for the Year Ended 2 November 2017

Research and development

Research and development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

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.

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.

Page 5

Psymplicity Ltd

Notes to the Financial Statements for the Year Ended 2 November 2017

2	Intangible assets

	Internally generated software development costs  £	Research and development  £	Total £
Cost or valuation
Additions acquired separately	62,323	13,805	76,128
At 2 November 2017	62,323	13,805	76,128
Amortisation
Amortisation charge	12,333	-	12,333
At 2 November 2017	12,333	-	12,333
Carrying amount
At 2 November 2017	49,990	13,805	63,795

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 3 November 2016	5,601	-	5,601
Additions	24,264	6,695	30,959
At 2 November 2017	29,865	6,695	36,560
Depreciation
At 3 November 2016	1,156	-	1,156
Charge for the year	5,759	279	6,038
At 2 November 2017	6,915	279	7,194
Carrying amount
At 2 November 2017	22,950	6,416	29,366
At 2 November 2016	4,445	-	4,445

Page 6

Psymplicity Ltd

Notes to the Financial Statements for the Year Ended 2 November 2017

4

Debtors

	2017 £	2016 £
Trade debtors	95,235	28,466
Other debtors	147,934	12,940
	243,169	41,406

5

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	6	182,799	7,448
Amounts owed to group undertakings and undertakings in which the company has a participating interest		2,000	65,766
Taxation and social security		4,291	1,436
Other creditors		58,273	23,773
		247,363	98,423
Due after one year
Loans and borrowings	6	108,716	29,792

6	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	108,716	29,792

	2017 £	2016 £
Current loans and borrowings
Other borrowings	182,799	7,448

Other borrowings

'Funding Circle' with a carrying amount of £45,574 (2016 - £37,240) is denominated in Pound Sterling with a nominal interest rate of 13.50%. The final instalment is due on 27 September 2018.

The borrowers assets have been pledged as security against the loan.

'LDF' with a carrying amount of £23,144 (2016 - £Nil) is denominated in Pound Sterling with a nominal interest rate of 24.53%. The final instalment is due on 3 February 2022.

The borrowers assets have been pledged as security against the loan.

Page 7

Psymplicity Ltd

Notes to the Financial Statements for the Year Ended 2 November 2017

'1pm UK Limited' with a carrying amount of £27,609 (2016 - £Nil) is denominated in Pound Sterling with a nominal interest rate of 23.64%. The final instalment is due on 18 June 2020.

'IWOCA' with a carrying amount of £41,250 (2016 - £Nil) is denominated in Pound Sterling with a nominal interest rate of 24.53%. The final instalment is due on 24 September 2018.

'Liberis Limited' with a carrying amount of £54,962 (2016 - £Nil) is denominated in Pound Sterling with a nominal interest rate of 'not known'. The final instalment is due on .

'Boost Capital' with a carrying amount of £66,263 (2016 - £Nil) is denominated in Pound Sterling with a nominal interest rate of 29%. The final instalment is due on 14 October 2018.

All of the assets and property owned by the company will be taken as collateral for failing to repay the loan.

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 8