Company Registration No. 01794983 (England and Wales)
THE PSL GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE PSL GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE PSL GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
1,030,280
1,030,280
Current assets
-
-
Creditors: amounts falling due within one year
5
(579,083)
(579,083)
Net current liabilities
(579,083)
(579,083)
Net assets
451,197
451,197
Capital and reserves
Called up share capital
6
84,875
84,875
Share premium account
307,582
307,582
Capital redemption reserve
36,192
36,192
Profit and loss reserves
22,548
22,548
Total equity
451,197
451,197
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
9 August 2022 and are signed on its behalf by:
2022-08-09
G Hollington
Director
Company Registration No. 01794983
THE PSL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
The PSL Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Liverpool Road, Eccles, Manchester, Lancashire, United Kingdom, M30 7RF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
THE PSL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
2
3
Fixed asset investments
2021
2020
£
£
Investments in subsidiaries
1,030,280
1,030,280
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
PSL Freight Limited
Liverpool Road, Eccles, M30 7RF
Ordinary
100.00
Skantrans-PSL Limited
Liverpool Road, Eccles, M30 7RF
Ordinary
100.00
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
579,083
579,083
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
70,985
70,985
70,985
70,985
Ordinary B shares of £3 each
4,630
4,630
13,890
13,890
75,615
75,615
84,875
84,875
The Ordinary A shares and Ordinary B shares in issue have equal voting rights.
THE PSL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Graham Rigby and the auditor was Azets Audit Services.
8
Related party transactions
At the balance sheet date the company owed £579,083 (2020: £579,083) to PSL Freight Limited, its subsidiary entity. The balance is interest free and repayable on demand.
9
Parent company
The ultimate controlling party is Rethmann SE & Co. KG, a company incorporated in Germany.