Silverfin false 30/04/2023 01/05/2022 30/04/2023 M Porter 04/10/2016 25 October 2023 The principal activity of the Company during the financial year was that of a power systems consultancy. 10409474 2023-04-30 10409474 bus:Director1 2023-04-30 10409474 2022-04-30 10409474 core:CurrentFinancialInstruments 2023-04-30 10409474 core:CurrentFinancialInstruments 2022-04-30 10409474 core:ShareCapital 2023-04-30 10409474 core:ShareCapital 2022-04-30 10409474 core:CapitalRedemptionReserve 2023-04-30 10409474 core:CapitalRedemptionReserve 2022-04-30 10409474 core:RetainedEarningsAccumulatedLosses 2023-04-30 10409474 core:RetainedEarningsAccumulatedLosses 2022-04-30 10409474 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 10409474 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 10409474 core:OfficeEquipment 2022-04-30 10409474 core:ComputerEquipment 2022-04-30 10409474 core:OfficeEquipment 2023-04-30 10409474 core:ComputerEquipment 2023-04-30 10409474 bus:OrdinaryShareClass1 2023-04-30 10409474 bus:OrdinaryShareClass2 2023-04-30 10409474 bus:OrdinaryShareClass3 2023-04-30 10409474 2022-05-01 2023-04-30 10409474 bus:FullAccounts 2022-05-01 2023-04-30 10409474 bus:SmallEntities 2022-05-01 2023-04-30 10409474 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 10409474 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10409474 bus:Director1 2022-05-01 2023-04-30 10409474 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-05-01 2023-04-30 10409474 core:OfficeEquipment core:TopRangeValue 2022-05-01 2023-04-30 10409474 core:ComputerEquipment core:TopRangeValue 2022-05-01 2023-04-30 10409474 2021-05-01 2022-04-30 10409474 core:PatentsTrademarksLicencesConcessionsSimilar 2022-05-01 2023-04-30 10409474 core:OfficeEquipment 2022-05-01 2023-04-30 10409474 core:ComputerEquipment 2022-05-01 2023-04-30 10409474 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 10409474 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 10409474 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 10409474 bus:OrdinaryShareClass2 2021-05-01 2022-04-30 10409474 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 10409474 bus:OrdinaryShareClass3 2021-05-01 2022-04-30 10409474 bus:OrdinaryShareClass4 2022-05-01 2023-04-30 10409474 bus:OrdinaryShareClass4 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10409474 (England and Wales)

PSE 2 LTD

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

PSE 2 LTD

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

PSE 2 LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
PSE 2 LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 2,006 8,021
Tangible assets 4 15,631 3,886
17,637 11,907
Current assets
Debtors 5 282,779 372,852
Cash at bank and in hand 1,147,133 672,279
1,429,912 1,045,131
Creditors: amounts falling due within one year 6 ( 502,200) ( 217,903)
Net current assets 927,712 827,228
Total assets less current liabilities 945,349 839,135
Provision for liabilities ( 3,439) ( 804)
Net assets 941,910 838,331
Capital and reserves
Called-up share capital 7 100 95
Capital redemption reserve 5 5
Profit and loss account 941,805 838,231
Total shareholders' funds 941,910 838,331

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PSE 2 Ltd (registered number: 10409474) were approved and authorised for issue by the Director on 25 October 2023. They were signed on its behalf by:

M Porter
Director
PSE 2 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
PSE 2 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PSE 2 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 7

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 May 2022 39,497 39,497
At 30 April 2023 39,497 39,497
Accumulated amortisation
At 01 May 2022 31,476 31,476
Charge for the financial year 6,015 6,015
At 30 April 2023 37,491 37,491
Net book value
At 30 April 2023 2,006 2,006
At 30 April 2022 8,021 8,021

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 May 2022 15,645 9,919 25,564
Additions 6,434 8,878 15,312
At 30 April 2023 22,079 18,797 40,876
Accumulated depreciation
At 01 May 2022 13,633 8,045 21,678
Charge for the financial year 1,843 1,724 3,567
At 30 April 2023 15,476 9,769 25,245
Net book value
At 30 April 2023 6,603 9,028 15,631
At 30 April 2022 2,012 1,874 3,886

5. Debtors

2023 2022
£ £
Trade debtors 268,359 290,223
Amounts owed by director 0 628
Prepayments 11,180 17,637
Other debtors 3,240 64,364
282,779 372,852

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 31,725 5,217
Amounts owed to Group undertakings 167,461 101,042
Amounts owed to director 416 0
Accruals 64,899 3,355
Corporation tax 125,224 64,531
Other taxation and social security 93,489 42,415
Other creditors 18,986 1,343
502,200 217,903

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
90 Ordinary A shares of £ 1.00 each 90 90
5 Ordinary B shares of £ 1.00 each (2022: nil shares) 5 0
5 Ordinary C shares of £ 1.00 each (2022: nil shares) 5 0
nil Deferred ordinary shares (2022: 5 shares of £ 1.00 each) 0 5
100 95

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
- within one year 23,216 0

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,701 1,343

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by the director, at the balance sheet date 0 628
Amounts owed to the director, at the balance sheet date 416 0
Dividends paid to the director during the year 101,500 110,000

The loan is interest free and there is no fixed date for repayment.

Other related party transactions

2023 2022
£ £
Amounts owed to a company under common control, at the balance sheet date 167,461 101,042

The loan is interest free and there is no fixed date for repayment.