Company registration number 02600288 (England and Wales)
PSU DESIGNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
PSU DESIGNS LIMITED
COMPANY INFORMATION
Director
N Arkell
Secretary
T Arkell
Company number
02600288
Registered office
6 & 7 Bloomfield Park
Bloomfield Road
Tipton
West Midlands
DY4 9AP
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
PSU DESIGNS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PSU DESIGNS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF PSU DESIGNS LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PSU Designs Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of PSU Designs Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of PSU Designs Limited and state those matters that we have agreed to state to the board of directors of PSU Designs Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PSU Designs Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that PSU Designs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PSU Designs Limited. You consider that PSU Designs Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PSU Designs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jerroms GCN Limited
12 February 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
PSU DESIGNS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
637,964
585,867
Current assets
Stocks
4
1,603,626
1,540,999
Debtors
5
637,212
790,655
Cash at bank and in hand
46,654
29,593
2,287,492
2,361,247
Creditors: amounts falling due within one year
6
(1,642,780)
(1,650,895)
Net current assets
644,712
710,352
Total assets less current liabilities
1,282,676
1,296,219
Creditors: amounts falling due after more than one year
7
(465,820)
(559,983)
Net assets
816,856
736,236
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
98,120
98,120
Profit and loss reserves
11
718,636
638,016
Total equity
816,856
736,236
PSU DESIGNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -

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

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

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 12 February 2024
N Arkell
Director
Company registration number 02600288 (England and Wales)
PSU DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

PSU Designs Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 & 7 Bloomfield Park, Bloomfield Road, Tipton, West Midlands, DY4 9AP.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
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:

Leasehold improvements
2% on cost
Plant and equipment
10% on cost
Fixtures and fittings
10% on cost and 20% straight line
Motor vehicles
20% on cost

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.

1.4
Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

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

1.5
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.

PSU DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.6
Retirement benefits

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

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2023
2022
Number
Number
Total
58
54
PSU DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
56,648
1,076,608
296,895
7,552
1,437,703
Additions
18,704
87,517
1,912
-
0
108,133
At 31 August 2023
75,352
1,164,125
298,807
7,552
1,545,836
Depreciation and impairment
At 1 September 2022
22,709
569,433
252,142
7,552
851,836
Depreciation charged in the year
1,457
36,990
17,589
-
0
56,036
At 31 August 2023
24,166
606,423
269,731
7,552
907,872
Carrying amount
At 31 August 2023
51,186
557,702
29,076
-
0
637,964
At 31 August 2022
33,939
507,175
44,753
-
0
585,867
4
Stocks
2023
2022
£
£
Raw materials
958,736
896,109
Work in progress
250,551
250,551
Finished goods
394,339
394,339
1,603,626
1,540,999
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
566,364
719,318
Other debtors
51,084
54,088
Prepayments and accrued income
19,764
17,249
637,212
790,655
PSU DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
59,879
46,092
Other borrowings
269,286
274,296
Trade creditors
509,661
551,415
Amounts owed to group undertakings
2,736
2,736
Taxation and social security
78,447
78,941
Other creditors
594,496
601,128
Accruals and deferred income
128,275
96,287
1,642,780
1,650,895
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
128,272
93,553
Other borrowings
337,548
466,430
465,820
559,983
8
Secured Debts

Hire purchase contracts of £188,151 (2022 £139,644) are secured on the assets to which they relate.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
98,120
98,120
PSU DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
11
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
638,016
581,647
Profit for the year
301,200
212,804
Dividends declared and paid in the year
(220,580)
(156,435)
At the end of the year
718,636
638,016
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