Silverfin false 30/04/2023 01/05/2022 30/04/2023 M Porter 05/06/2018 25 October 2023 The principal activity of the Company during the financial year was that of engineering related to scientific and technical consulting activities. 11397413 2023-04-30 11397413 bus:Director1 2023-04-30 11397413 2022-04-30 11397413 core:CurrentFinancialInstruments 2023-04-30 11397413 core:CurrentFinancialInstruments 2022-04-30 11397413 core:Non-currentFinancialInstruments 2023-04-30 11397413 core:Non-currentFinancialInstruments 2022-04-30 11397413 core:ShareCapital 2023-04-30 11397413 core:ShareCapital 2022-04-30 11397413 core:CapitalRedemptionReserve 2023-04-30 11397413 core:CapitalRedemptionReserve 2022-04-30 11397413 core:RetainedEarningsAccumulatedLosses 2023-04-30 11397413 core:RetainedEarningsAccumulatedLosses 2022-04-30 11397413 core:PlantMachinery 2022-04-30 11397413 core:Vehicles 2022-04-30 11397413 core:OfficeEquipment 2022-04-30 11397413 core:ComputerEquipment 2022-04-30 11397413 core:PlantMachinery 2023-04-30 11397413 core:Vehicles 2023-04-30 11397413 core:OfficeEquipment 2023-04-30 11397413 core:ComputerEquipment 2023-04-30 11397413 bus:OrdinaryShareClass1 2023-04-30 11397413 2022-05-01 2023-04-30 11397413 bus:FullAccounts 2022-05-01 2023-04-30 11397413 bus:SmallEntities 2022-05-01 2023-04-30 11397413 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11397413 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11397413 bus:Director1 2022-05-01 2023-04-30 11397413 core:PlantMachinery 2022-05-01 2023-04-30 11397413 core:Vehicles 2022-05-01 2023-04-30 11397413 core:OfficeEquipment 2022-05-01 2023-04-30 11397413 core:ComputerEquipment 2022-05-01 2023-04-30 11397413 2021-05-01 2022-04-30 11397413 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 11397413 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 11397413 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 11397413 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 11397413 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 11397413 bus:OrdinaryShareClass2 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11397413 (England and Wales)

PSE2 EARTHING LIMITED

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

PSE2 EARTHING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

PSE2 EARTHING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
PSE2 EARTHING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 45,913 44,678
45,913 44,678
Current assets
Debtors 4 174,725 107,395
Cash at bank and in hand 5,863 88,251
180,588 195,646
Creditors: amounts falling due within one year 5 ( 19,431) ( 47,278)
Net current assets 161,157 148,368
Total assets less current liabilities 207,070 193,046
Creditors: amounts falling due after more than one year 6 0 ( 11,519)
Provision for liabilities ( 7,641) ( 6,215)
Net assets 199,429 175,312
Capital and reserves
Called-up share capital 7 50 50
Capital redemption reserve 50 0
Profit and loss account 199,329 175,262
Total shareholder's funds 199,429 175,312

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 PSE2 Earthing Limited (registered number: 11397413) were approved and authorised for issue by the Director on 25 October 2023. They were signed on its behalf by:

M Porter
Director
PSE2 EARTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
PSE2 EARTHING LIMITED

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

PSE2 Earthing Limited (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.

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.

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.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 15 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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 5 6

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 May 2022 24,153 32,703 2,212 7,927 66,995
Additions 4,947 0 577 5,496 11,020
At 30 April 2023 29,100 32,703 2,789 13,423 78,015
Accumulated depreciation
At 01 May 2022 6,069 13,517 369 2,362 22,317
Charge for the financial year 4,214 3,838 343 1,390 9,785
At 30 April 2023 10,283 17,355 712 3,752 32,102
Net book value
At 30 April 2023 18,817 15,348 2,077 9,671 45,913
At 30 April 2022 18,084 19,186 1,843 5,565 44,678

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 167,461 101,042
Amounts owed by director 100 50
Prepayments 2,783 2,104
VAT recoverable 1,940 0
Other debtors 2,441 4,199
174,725 107,395

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 40 971
Accruals 2,650 2,200
Corporation tax 5,222 10,963
Other taxation and social security 0 9,978
Obligations under finance leases and hire purchase contracts (secured) 11,519 5,256
Other creditors 0 17,910
19,431 47,278

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 11,519

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each (2022: - shares of £ 1.00 each) 50 0
nil Deferred ordinary shares (2022: 50 shares of £ 1.00 each) 0 50
50 50

8. Financial commitments

Commitments

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

2023 2022
£ £
- within one year 7,840 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) 0 1,269

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by director, at the balance sheet date 100 50

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

Other related party transactions

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

The loan is interest free and has no fixed repayment date.