Company registration number 11682235 (England and Wales)
PSSC (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PSSC (HOLDINGS) LIMITED
CONTENTS
Page
Group statement of comprehensive income
1
Group balance sheet
2
Company balance sheet
3
Group statement of changes in equity
4
Company statement of changes in equity
5
Notes to the financial statements
6 - 17
PSSC (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
2023
2022
£
£
Loss for the year
(518,952)
(1,186,881)
Other comprehensive income
-
-
Total comprehensive income for the year
(518,952)
(1,186,881)
Total comprehensive income for the year is all attributable to the owners of the parent company.
PSSC (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
471,326
1,009,985
Tangible assets
6
17,834,334
18,190,986
18,305,660
19,200,971
Current assets
Stocks
9
6,281
6,996
Debtors
10
945,288
868,551
Cash at bank and in hand
665,105
767,740
1,616,674
1,643,287
Creditors: amounts falling due within one year
11
(14,370,520)
(1,603,579)
Net current (liabilities)/assets
(12,753,846)
39,708
Total assets less current liabilities
5,551,814
19,240,679
Creditors: amounts falling due after more than one year
12
-
(13,232,698)
Provisions for liabilities
14
(3,642,068)
(3,579,283)
Net assets
1,909,746
2,428,698
Capital and reserves
Called up share capital
17
1,000
1,000
Share premium account
5,659,000
5,659,000
Profit and loss reserves
(3,750,254)
(3,231,302)
Total equity
1,909,746
2,428,698

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
22 November 2023
M Charania
R Ranawat
Director
Director
Company registration number 11682235 (England and Wales)
PSSC (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
7
15,983,985
15,983,985
Current assets
Debtors
10
707,301
649,510
Cash at bank and in hand
100
100
707,401
649,610
Creditors: amounts falling due within one year
11
(14,848,810)
(537,394)
Net current (liabilities)/assets
(14,141,409)
112,216
Total assets less current liabilities
1,842,576
16,096,201
Creditors: amounts falling due after more than one year
12
-
(13,232,698)
Net assets
1,842,576
2,863,503
Capital and reserves
Called up share capital
17
1,000
1,000
Share premium account
5,659,000
5,659,000
Profit and loss reserves
(3,817,424)
(2,796,497)
Total equity
1,842,576
2,863,503

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,020,927 (2022 - £863,692 loss).

These financial statements have been prepared 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 22 November 2023 and are signed on its behalf by:
22 November 2023
M Charania
R Ranawat
Director
Director
Company registration number 11682235 (England and Wales)
PSSC (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1,000
5,659,000
(2,044,421)
3,615,579
Year ended 31 March 2022:
Loss and total comprehensive income
-
-
(1,186,881)
(1,186,881)
Balance at 31 March 2022
1,000
5,659,000
(3,231,302)
2,428,698
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(518,952)
(518,952)
Balance at 31 March 2023
1,000
5,659,000
(3,750,254)
1,909,746
PSSC (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1,000
5,659,000
(1,932,805)
3,727,195
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(863,692)
(863,692)
Balance at 31 March 2022
1,000
5,659,000
(2,796,497)
2,863,503
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
(1,020,927)
(1,020,927)
Balance at 31 March 2023
1,000
5,659,000
(3,817,424)
1,842,576
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Company information

PSSC (Holdings) Limited ('the company') is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 37 Duke Street, London, W1U 1LN.

 

The group consists of PSSC (Holdings) Limited and its subsidiary Peterborough Self Storage Centre Limited.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of PSSC (Holdings) Limited and its subsidiary (ie an entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
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:

Freehold Property
2% straight-line
Leasehold Property
Straight-line over the length of the lease
Plant & Machinery
4% - 20% straight-line
Equipment
20% - 33% 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 recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. When applicable, bank overdrafts are shown within borrowings in current liabilities.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 11 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Debtor recoverability

The Directors' make an estimate of the recoverable value of trade and other debtors. When assessing the provision against trade and other debtors, management considers factors including the ageing profile of debtors and management's historical experience.

Impairment of fixed assets

Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
11,275
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
19
17
2
2
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
5
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
2,711,898
Amortisation and impairment
At 1 April 2022
1,701,913
Amortisation charged for the year
538,659
At 31 March 2023
2,240,572
Carrying amount
At 31 March 2023
471,326
At 31 March 2022
1,009,985
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.

Goodwill on business combinations is to be amortised over its useful economic life of 5 years.

6
Tangible fixed assets
Group
Freehold Property
Leasehold Property
Plant & Machinery
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
18,351,348
163,890
3,313,058
167,936
21,996,232
Additions
48,855
-
0
169,822
384
219,061
At 31 March 2023
18,400,203
163,890
3,482,880
168,320
22,215,293
Depreciation and impairment
At 1 April 2022
1,515,425
57,993
2,108,919
122,909
3,805,246
Depreciation charged in the year
325,916
17,625
208,173
23,999
575,713
At 31 March 2023
1,841,341
75,618
2,317,092
146,908
4,380,959
Carrying amount
At 31 March 2023
16,558,862
88,272
1,165,788
21,412
17,834,334
At 31 March 2022
16,835,923
105,897
1,204,139
45,027
18,190,986
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
7
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Investment in subsidiary
-
0
-
0
15,983,985
15,983,985
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 April 2022 and 31 March 2023
15,983,985
Carrying amount
At 31 March 2023
15,983,985
At 31 March 2022
15,983,985
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
8
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Peterborough Self Storage Centre Limited
England and Wales
Ordinary
100.00

This subsidiary shares the same registered office as the company and is included in the consolidated financial statements.

9
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Stocks
6,281
6,996
-
-
10
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
140,854
148,579
-
0
-
0
Amounts owed by group undertakings
707,301
648,801
707,301
648,801
Other debtors
53,090
26,436
-
0
709
Prepayments and accrued income
44,043
44,735
-
0
-
0
945,288
868,551
707,301
649,510
11
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
13
13,320,697
140,600
13,320,697
140,600
Trade creditors
46,771
59,572
-
0
-
0
Amounts owed to group undertakings
102,568
-
0
1,277,093
229,352
Corporation tax payable
101,122
114,119
-
0
-
0
Other taxation and social security
139,042
112,227
1,251
-
Deferred income
15
258,473
255,556
-
0
-
0
Other creditors
22,283
179,428
-
0
-
0
Accruals and deferred income
379,564
742,077
249,769
167,442
14,370,520
1,603,579
14,848,810
537,394
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
12
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
-
0
13,232,698
-
0
13,232,698
13
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
13,320,697
13,373,298
13,320,697
13,373,298
Payable within one year
13,320,697
140,600
13,320,697
140,600
Payable after one year
-
0
13,232,698
-
0
13,232,698

The long-term loans are secured over all present freehold and leasehold property, in addition to fixed and floating charges over all of the assets of the group.

14
Provisions for liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Deferred tax liabilities
3,642,068
3,579,283
-
0
-
0
15
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
258,473
255,556
-
-
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,207
5,002

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED
31 MARCH 2023
31 March 2023
- 16 -
17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
18
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 Matthew Burge.
The auditor was Beavis Morgan Audit Limited.
PSSC (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
19
Related party transactions

Group

The group has taken advantage of the exemption available to it under FRS102 not to disclose intra-group transactions.

 

At the balance sheet date, £707,301 (2022: £648,801) was owed by Highsky View Limited, the parent company of PSSC (Holdings) Limited.

 

During the period, Khajana LLP, a connected entity by virtue of common control, charged £290,018 (2022: £277,262) in asset management fees. At the balance sheet date, the group owed £82,071 (2022: £409,028) with respect to these fees.

 

At the balance sheet date, £53,090 (2022: £25,727) was owed by Ready Steady Store Limited, a connected company by virtue of common control. There was a cost recharge for £304,795 (2022: £375,178) during the year from Ready Steady Store Limited.

 

At the balance sheet date, £139,508 (2022: £154,460 ) was owed to Ready Steady Store Services Limited, a connected company by virtue of common control. There was a cost recharge for £172,407 (2022: £74,135) and a management fee expense for £339,411 (2022: £280,720) during the year from Ready Steady Store Services Limited.

 

At the balance sheet date, £nil (2022: £2,520) was owed to Jumbo Self Storage Limited, and a balance of £nil (2022: £180) was owed to Bogoria Holdings Inc, both of which are connected companies by virtue of common control.

 

Ready Steady Store Limited, Ready Steady Store Services Limited, and Jumbo Self Storage Limited are incorporated in England and Wales. Bogoria Holdings Inc is incorporated in the British Virgin Islands.

 

Company

The company has taken advantage of the exemption available to it under FRS102 not to disclose intra-group transactions.

 

At the balance sheet date, £707,301 (2022: £648,801) was owed by Highsky View Limited.

 

At the balance sheet date, £1,277,093 (2022: £229,352) was owed to Peterborough Self Storage Centre Limited, a subsidiary company.

20
Controlling party

The ultimate controlling entity is Highsky View Limited, a company registered in the British Virgin Islands.

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