First Psychology Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC304032 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

First Psychology Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Dr E J Gillon

Mrs J Gillon

SECRETARY:

Mrs J Gillon

REGISTERED OFFICE:

5A Coates Crescent

Edinburgh

EH3 7AL

REGISTERED NUMBER:

SC304032 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

10,000

15,000

Property, plant and equipment

5

20,942

18,242

30,942

33,242

CURRENT ASSETS

Debtors

6

50,701

82,226

Cash at bank and in hand

170,033

130,265

220,734

212,491

CREDITORS

Amounts falling due within one year

7

101,016

92,669

NET CURRENT ASSETS

119,718

119,822

TOTAL ASSETS LESS CURRENT LIABILITIES

150,660

153,064

PROVISIONS FOR LIABILITIES

4,000

3,500

NET ASSETS

146,660

149,564

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

146,658

149,562

SHAREHOLDERS' FUNDS

146,660

149,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 June 2018 and were signed on its behalf by:

Dr E J Gillon - Director

1.	STATUTORY INFORMATION

First Psychology Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

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 tax

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

50,000

AMORTISATION

At 1 October 2016

35,000

Amortisation for year

5,000

At 30 September 2017

40,000

NET BOOK VALUE

At 30 September 2017

10,000

At 30 September 2016

15,000

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2016

18,106

16,520

34,626

Additions

5,254

2,060

7,314

At 30 September 2017

23,360

18,580

41,940

DEPRECIATION

At 1 October 2016

9,437

6,947

16,384

Charge for year

1,984

2,630

4,614

At 30 September 2017

11,421

9,577

20,998

NET BOOK VALUE

At 30 September 2017

11,939

9,003

20,942

At 30 September 2016

8,669

9,573

18,242

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade debtors

15,015

50,431

Other debtors

3,185

3,760

Accrued income

7,760

5,669

Prepayments

24,741

22,366

50,701

82,226

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade creditors

28,503

20,314

Tax

21,260

28,067

Social security and other taxes

(491

)

-

Other creditors

42,683

36,087

Directors' current accounts

2,994

1,078

Accruals and deferred income

6,067

7,123

101,016

92,669

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2017 and

30 September 2016:

30/9/17

30/9/16

£

£

Dr E J Gillon

Balance outstanding at start of year

997

547

Amounts advanced

2,017

1,245

Amounts repaid

(2,044

)

(795

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

970

997

Mrs J Gillon

Balance outstanding at start of year

81

-

Amounts advanced

2,117

81

Amounts repaid

(175

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,023

81

9.	FIRST YEAR ADOPTION

The policies applied under the company's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit.