2022-07-012023-06-302023-06-30false08019251PS RENTALS 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PS RENTALS LIMITED

Registered Number
08019251
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

PS RENTALS LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

PALMER, Charlotte Louise
PALMER, Daniel Peter John

Registered Address

Fairacres Moor Lane
Thorpe-On-The-Hill
Lincoln
LN6 9BW

Registered Number

08019251 (England and Wales)
PS RENTALS LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets58171,090
8171,090
Current assets
Debtors734,764-
Cash at bank and on hand55,5271,685
90,2911,685
Creditors amounts falling due within one year8(28,629)(2,305)
Net current assets (liabilities)61,662(620)
Total assets less current liabilities62,479470
Provisions for liabilities9(162)(188)
Net assets62,317282
Capital and reserves
Called up share capital22
Profit and loss account62,315280
Shareholders' funds62,317282
The financial statements were approved and authorised for issue by the Board of Directors on 27 November 2023, and are signed on its behalf by:
PALMER, Daniel Peter John
Director
Registered Company No. 08019251
PS RENTALS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 July 2212,92012,920
At 30 June 2312,92012,920
Depreciation and impairment
At 01 July 2211,83011,830
Charge for year273273
At 30 June 2312,10312,103
Net book value
At 30 June 23817817
At 30 June 221,0901,090
6.Description of nature of transactions and balances with related parties
A loan account exists between the company and the director, D P J Palmer. At the year end, the balance owed by D P J Palmer was £25,604 (2022 - £nil).
7.Debtors

2023

2022

££
Trade debtors / trade receivables8,860-
Other debtors25,604-
Prepayments and accrued income300-
Total34,764-
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables572572
Taxation and social security26,312-
Other creditors44433
Accrued liabilities and deferred income1,7011,300
Total28,6292,305
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)162188
Total162188