Psychologists' Protection Services Limit - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC379274 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

PSYCHOLOGISTS' PROTECTION SERVICES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E M Murray

Mrs R A Murray

SECRETARY:

Mr E M Murray

REGISTERED OFFICE:

Lime Tree House

North Castle Street

Alloa

Clackmannanshire

FK10 1EX

REGISTERED NUMBER:

SC379274 (Scotland)

FIXED ASSETS

Intangible assets

4

2,041

-

Tangible assets

5

5,737

5,926

7,778

5,926

CURRENT ASSETS

Debtors

6

1,290

2,137

Cash at bank and in hand

68,374

106,066

69,664

108,203

CREDITORS

Amounts falling due within one year

7

72,329

110,419

NET CURRENT LIABILITIES

(2,665

)

(2,216

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,113

3,710

PROVISIONS FOR LIABILITIES

9

960

913

NET ASSETS

4,153

2,797

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,053

2,697

SHAREHOLDERS' FUNDS

4,153

2,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2023 and were signed on its behalf by:

Mr E M Murray - Director

1.	STATUTORY INFORMATION

Psychologists' Protection Services Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

The financial statements have been prepared on a going concern basis. As at 31 October 2022 the company's net liabilities exceeded net assets by £2,665 (2021: £2,216). The company relies on the continued support of its creditors to finance its working capital requirements.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable in relation to administration and insurance management fees.

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.

The website is being amortised evenly over its estimated useful life of three years.

TANGIBLE FIXED ASSETS

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

Short leasehold

-

25% per annum on cost

Fixtures and fittings

-

25% per annum on cost

Computer equipment

-

20% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

GOVERNMENT GRANTS

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they

relate.

Job Retention Scheme grants relates to staff that have been furloughed due to Covid-19.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

Additions

2,100

At 31 October 2022

2,100

AMORTISATION

Amortisation for year

59

At 31 October 2022

59

NET BOOK VALUE

At 31 October 2022

2,041

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2021

1,740

966

10,087

12,793

Additions

-

746

1,688

2,434

Disposals

-

-

(999

)

(999

)

At 31 October 2022

1,740

1,712

10,776

14,228

DEPRECIATION

At 1 November 2021

622

242

6,003

6,867

Charge for year

435

428

1,760

2,623

Eliminated on disposal

-

-

(999

)

(999

)

At 31 October 2022

1,057

670

6,764

8,491

NET BOOK VALUE

At 31 October 2022

683

1,042

4,012

5,737

At 31 October 2021

1,118

724

4,084

5,926

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,290

2,137

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

3,004

2,294

Taxation and social security

12,321

11,894

Other creditors

57,004

96,231

72,329

110,419

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

2,489

2,280

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

960

913

Deferred

tax

£

Balance at 1 November 2021

913

Charge to Statement of Income and Retained Earnings during year

47

Balance at 31 October 2022

960

10.	RELATED PARTY DISCLOSURES

Included in "Other creditors" is a balance of £28,593 (2021 : £44,873) due to the directors. This loan is interest free and no fixed terms of repayment have been agreed.