Registered number
NI607858
PSG Direct Ltd
Filleted Accounts
30 June 2023
PSG Direct Ltd
Registered number: NI607858
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 61,752 80,597
Current assets
Stocks 1,386,085 1,012,804
Debtors 4 124,773 78,032
Cash at bank and in hand - 118,771
1,510,858 1,209,607
Creditors: amounts falling due within one year 5 (1,169,068) (873,584)
Net current assets 341,790 336,023
Total assets less current liabilities 403,542 416,620
Creditors: amounts falling due after more than one year 6 (174,350) (220,886)
Net assets 229,192 195,734
Capital and reserves
Called up share capital 45,000 45,000
Profit and loss account 184,192 150,734
Shareholders' funds 229,192 195,734
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephan Grugan
Director
Approved by the board on 29 March 2024
PSG Direct Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixture, fittings and equipment 20% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Fixtures, fittings and equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 55,150 133,464 12,153 200,767
Additions 3,710 1,333 - 5,043
At 30 June 2023 58,860 134,797 12,153 205,810
Depreciation
At 1 July 2022 29,168 83,709 7,293 120,170
Charge for the year 11,239 10,218 2,431 23,888
At 30 June 2023 40,407 93,927 9,724 144,058
Net book value
At 30 June 2023 18,453 40,870 2,429 61,752
At 30 June 2022 25,982 49,755 4,860 80,597
4 Debtors 2023 2022
£ £
Other debtors 124,773 78,032
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 565,710 314,756
Obligations under finance lease and hire purchase contracts - 5,108
Trade creditors 437,789 457,482
Corporation tax 20,956 7,751
Other taxes and social security costs 4,066 7,726
Other creditors 140,547 80,761
1,169,068 873,584
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 174,350 219,360
Obligations under finance lease and hire purchase contracts - 1,526
174,350 220,886
7 Other information
PSG Direct Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: 45 Gortin Road, Omagh, Co Tyrone, BT79 7HX
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