Presentation Solutions Limited
Unaudited Financial Statements
For the year ended 31 March 2023
For Filing with Registrar
Company Registration No. 05334920 (England and Wales)
Presentation Solutions Limited
Company Information
Directors
D Constantinou
K Constantinou
D Sandeman
Secretary
D Constantinou
Company number
05334920
Registered office
Chapter House
33 London Road
Reigate
Surrey
RH2 9HZ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Presentation Solutions Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
93,805
117,182
Investments
4
5,125
5,125
98,930
122,307
Current assets
Debtors
5
161,748
167,785
Cash at bank and in hand
1,303,654
1,006,012
1,465,402
1,173,797
Creditors: amounts falling due within one year
6
(661,251)
(608,702)
Net current assets
804,151
565,095
Total assets less current liabilities
903,081
687,402
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
902,881
687,202
Total equity
903,081
687,402
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 25 September 2023 and are signed on its behalf by:
D Constantinou
Director
Company Registration No. 05334920
Presentation Solutions Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information
Presentation Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chapter House, 33 London Road, Reigate, Surrey, RH2 9HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over 4 years straight line
Computer equipment, software, fixtures & fittings
15% reducing balance basis
Motor vehicles
over 5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
Presentation Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Presentation Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
13
3
Tangible fixed assets
Computer equipment, software, fixtures & fittings
Leasehold improvements
and motor vehicles
Total
£
£
£
Cost
At 1 April 2022
43,480
179,903
223,383
Disposals
(43,480)
(43,480)
At 31 March 2023
179,903
179,903
Depreciation and impairment
At 1 April 2022
43,480
62,721
106,201
Depreciation charged in the year
23,377
23,377
Eliminated in respect of disposals
(43,480)
(43,480)
At 31 March 2023
86,098
86,098
Carrying amount
At 31 March 2023
93,805
93,805
At 31 March 2022
117,182
117,182
Presentation Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
4
Fixed asset investments
2023
2022
Notes
£
£
Investments
10
5,125
5,125
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 April 2022 & 31 March 2023
5,125
Carrying amount
At 31 March 2023
5,125
At 31 March 2022
5,125
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
145,084
152,640
Other debtors
16,664
15,145
161,748
167,785
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29,906
31,489
Corporation tax
131,656
62,189
Other taxation and social security
91,777
69,045
Dividends payable
5,540
Other creditors
4,585
8,463
Accruals and deferred income
403,327
431,976
661,251
608,702
Presentation Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
7
Called up share capital
2023
2022
£
£
Issued and fully paid
200 Ordinary Shares of £1 each
200
200
8
Related party transactions
During the year, the company charged management fees of £333,627 (2022: £148,137) to Presentation Solutions Services Inc (a wholly owned subsidiary undertaking). Included within trade debtors at the year end was a balance due from Presentation Solutions Services Inc of £40,517 (2022: £nil).
During the year, the company charged management fees of £4,080 (2022: £nil) to DatabookPro Services Limited, an entity which is 50% owned by the company.
During the year, the company was charged rent of £nil (2022: £20,907) by Chapter Investments Limited. No rent was charged as the company vacated the property prior to the start of the year. A director of the company holds a controlling interest in Chapter Investments Limited.
9
Directors' transactions
Dividends totalling £320,000 (2022 - £260,000) were paid in the year in respect of shares held by the company's directors.
Presentation Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
10
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Presentation Solutions Services Inc.
United States
Software development
Ordinary
100.00
DatabookPro Services Limited
England & Wales
Software development
'A' Ordinary
50.00