Company registration number SC204986 (Scotland)
PS.COM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
PS.COM LTD
COMPANY INFORMATION
Directors
Mr C Palmer
Mr G Palmer
Company number
SC204986
Registered office
Appletree House
The Ross
Comrie
Crieff
Perthshire
United Kingdom
PH6 2JU
Accountants
Azets
Kings Park House
Laurelhill Business Park
Stirling
Stirlingshire
United Kingdom
FK7 9JQ
PS.COM LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PS.COM LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
15,087
19,902
Current assets
Stocks
9,303
1,386
Debtors
6
5,181
6,325
Cash at bank and in hand
14,034
32,351
28,518
40,062
Creditors: amounts falling due within one year
7
(23,381)
(24,971)
Net current assets
5,137
15,091
Total assets less current liabilities
20,224
34,993
Creditors: amounts falling due after more than one year
8
(9,315)
(13,455)
Provisions for liabilities
(2,809)
(3,711)
Net assets
8,100
17,827
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss reserves
7,100
16,827
Total equity
8,100
17,827

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

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PS.COM LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
Mr G Palmer
Director
Company Registration No. SC204986
PS.COM LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’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.

2
Accounting policies
Company information

PS.Com Ltd is a private company limited by shares incorporated in Scotland. The registered office is Appletree House, The Ross, Comrie, Crieff, Perthshire, United Kingdom, PH6 2JU.

2.1
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 and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover represents sales value, exempt from VAT, of invoiced fees in period for the supply of services to third parties. It includes the relevant proportion of contract value for performance up to the period end.

2.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2000, is being amortised evenly over its estimated useful life of twenty years.

2.4
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:

Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
20% on reducing balance
Motor vehicles
25% on reducing balance

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 credited or charged to profit or loss.

PS.COM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2
Accounting policies
(Continued)
- 4 -
2.5
Stock

Stock is valued at the lower of cost and net realisable value.

 

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.6
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

2.7
Retirement benefits

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

3
Employees

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

2023
2022
Number
Number
Total
2
3
PS.COM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
150,000
Amortisation and impairment
At 1 June 2022 and 31 May 2023
150,000
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
-
0
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
1,336
10,673
15,722
29,651
57,382
Depreciation and impairment
At 1 June 2022
1,253
10,146
13,108
12,973
37,480
Depreciation charged in the year
17
105
523
4,170
4,815
At 31 May 2023
1,270
10,251
13,631
17,143
42,295
Carrying amount
At 31 May 2023
66
422
2,091
12,508
15,087
At 31 May 2022
83
527
2,614
16,678
19,902
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,356
5,671
Prepayments and accrued income
825
654
5,181
6,325
PS.COM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,140
4,140
Taxation and social security
3,265
4,313
Other creditors
11,218
9,790
Accruals and deferred income
4,758
6,728
23,381
24,971
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9,315
13,455
9
Related party transactions

 

During the year Mr C Palmer, the director, provided a loan to the company. At the balance sheet date the company owed Mr C Palmer £10,218 (2022: £9,789).

 

During the year Mr G Palmer, the director, provided a loan to the company. At the balance sheet date the company owed Mr G Palmer £1,000 (2022: nil).

 

The loan is unsecured, interest free and repayable on demand.

2023-05-312022-06-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr C PalmerMr G PalmerfalseSC2049862022-06-012023-05-31SC204986bus:Director12022-06-012023-05-31SC204986bus:Director22022-06-012023-05-31SC204986bus:RegisteredOffice2022-06-012023-05-31SC2049862023-05-31SC2049862022-05-31SC204986core:PlantMachinery2023-05-31SC204986core:FurnitureFittings2023-05-31SC204986core:ComputerEquipment2023-05-31SC204986core:MotorVehicles2023-05-31SC204986core:PlantMachinery2022-05-31SC204986core:FurnitureFittings2022-05-31SC204986core:ComputerEquipment2022-05-31SC204986core:MotorVehicles2022-05-31SC204986core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-31SC204986core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-31SC204986core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-31SC204986core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-31SC204986core:CurrentFinancialInstruments2023-05-31SC204986core:CurrentFinancialInstruments2022-05-31SC204986core:ShareCapital2023-05-31SC204986core:ShareCapital2022-05-31SC204986core:CapitalRedemptionReserve2023-05-31SC204986core:CapitalRedemptionReserve2022-05-31SC204986core:RetainedEarningsAccumulatedLosses2023-05-31SC204986core:RetainedEarningsAccumulatedLosses2022-05-31SC204986core:Goodwill2022-06-012023-05-31SC204986core:PlantMachinery2022-06-012023-05-31SC204986core:FurnitureFittings2022-06-012023-05-31SC204986core:ComputerEquipment2022-06-012023-05-31SC2049862021-06-012022-05-31SC204986core:NetGoodwill2022-05-31SC204986core:NetGoodwill2023-05-31SC204986core:NetGoodwill2022-05-31SC204986core:PlantMachinery2022-05-31SC204986core:FurnitureFittings2022-05-31SC204986core:ComputerEquipment2022-05-31SC204986core:MotorVehicles2022-05-31SC2049862022-05-31SC204986core:MotorVehicles2022-06-012023-05-31SC204986core:Non-currentFinancialInstruments2023-05-31SC204986core:Non-currentFinancialInstruments2022-05-31SC204986bus:PrivateLimitedCompanyLtd2022-06-012023-05-31SC204986bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-31SC204986bus:FRS1022022-06-012023-05-31SC204986bus:AuditExemptWithAccountantsReport2022-06-012023-05-31SC204986bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP