PSC HOLDINGS RETAIL LIMITED

Company Registration Number:
05990958 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

PSC HOLDINGS RETAIL LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PSC HOLDINGS RETAIL LIMITED

Directors' report period ended 30 June 2023

The directors present their report with the financial statements of the company for the period ended 30 June 2023

Additional information

With effect from 25th November 2022 the name of the Company changed from Turner Financial Services Limited to PSC Holdings Retail Limited.



Directors

The director shown below has held office during the whole of the period from
1 July 2022 to 30 June 2023

N C Lenihan


Secretary S Goldstone

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 February 2024

And signed on behalf of the board by:
Name: N C Lenihan
Status: Director

PSC HOLDINGS RETAIL LIMITED

Profit And Loss Account

for the Period Ended 30 June 2023

2023 2022


£

£
Turnover: 0 0
Cost of sales: 0 0
Gross profit(or loss): 0 0
Distribution costs: 0 0
Administrative expenses: 0 0
Other operating income: 6,450,000 0
Operating profit(or loss): 6,450,000 0
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 6,450,000 0
Tax: 0 0
Profit(or loss) for the financial year: 6,450,000 0

PSC HOLDINGS RETAIL LIMITED

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 2,651,248 2,651,248
Total fixed assets: 2,651,248 2,651,248
Current assets
Debtors: 4 2 2
Total current assets: 2 2
Creditors: amounts falling due within one year: 5 ( 942,392 ) ( 942,392 )
Net current assets (liabilities): (942,390) (942,390)
Total assets less current liabilities: 1,708,858 1,708,858
Total net assets (liabilities): 1,708,858 1,708,858
Capital and reserves
Called up share capital: 120,000 120,000
Profit and loss account: 1,588,858 1,588,858
Total Shareholders' funds: 1,708,858 1,708,858

The notes form part of these financial statements

PSC HOLDINGS RETAIL LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 8 February 2024
and signed on behalf of the board by:

Name: N C Lenihan
Status: Director

The notes form part of these financial statements

PSC HOLDINGS RETAIL LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Going concernAs a holding company, the Company’s ability to continue as a going concern is dependent on the performance of its subsidiary. The Company's subsidiary continues to generate profits which has resulted in continued dividend income and cash flow for the Company during the year and after the year-end. The Company's directors regularly receive and review financial and operational information from its subsidiary. After reviewing relevant forecasts and projections and taking account of reasonable assumptions regarding likely trading performance, the Directors have satisfied themselves that the Company has adequate operational resources to continue to operate for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.TaxationTax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.Valuation of investmentsInvestments in subsidiaries are measured at cost less accumulated impairment.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.CreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.Financial instrumentsThe Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.Investments in non-derivative instruments that are equity to the issuer are measured:at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;at cost less impairment for all other investments.Financial assets that are measured at most and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.DividendsEquity 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.

PSC HOLDINGS RETAIL LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

PSC HOLDINGS RETAIL LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Fixed assets investments note

Investment in subsidiary companies £2,651,248 (2021: £2,651,248)Subsidiary undertakingThe following was a subsidiary undertaking of the Company:Name: PSC UK Insurance Brokers LimitedRegistered Office: 34-36 Princess Road West, Leicester, LEI 6TAPrincipal activity: Provision of insurance broking and financial servicesClass of shares: OrdinaryHolding: 100%

PSC HOLDINGS RETAIL LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Debtors

2023 2022
£ £
Other debtors 2 2
Total 2 2

PSC HOLDINGS RETAIL LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Other creditors 942,392 942,392
Total 942,392 942,392