Company registration number 06850908 (England and Wales)
PRODUCTS AND SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PRODUCTS AND SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
PRODUCTS AND SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,911
2,123
Investment property
5
900,000
900,000
Investments
6
948,774
832,645
1,850,685
1,734,768
Current assets
Debtors
7
1,261
-
0
Cash at bank and in hand
54,269
5,734
55,530
5,734
Creditors: amounts falling due within one year
8
(64,334)
(137,967)
Net current liabilities
(8,804)
(132,233)
Total assets less current liabilities
1,841,881
1,602,535
Creditors: amounts falling due after more than one year
9
(353,786)
(387,568)
Net assets
1,488,095
1,214,967
Capital and reserves
Called up share capital
11
100
100
Non-distributable profits reserve
12
117,971
117,971
Distributable profit and loss reserves
1,370,024
1,096,896
Total equity
1,488,095
1,214,967

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 30 June 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.

PRODUCTS AND SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr A J Steel
Director
Company registration number 06850908 (England and Wales)
PRODUCTS AND SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
100
117,971
823,386
941,457
Effect of change in accounting policy
-
-
63,867
63,867
As restated
100
117,971
887,253
1,005,324
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
266,243
266,243
Dividends
-
-
(56,600)
(56,600)
Balance at 30 June 2022
100
117,971
1,096,896
1,214,967
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
329,728
329,728
Dividends
-
-
(56,600)
(56,600)
Balance at 30 June 2023
100
117,971
1,370,024
1,488,095
PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Products and Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norton Street, Hockley, Birmingham, B18 5RQ.

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, 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Plant and equipment
25% Straightline

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
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
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.

3
Employees

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

2023
2022
Number
Number
Total
3
3
PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
2,123
Depreciation and impairment
At 1 July 2022
-
0
Depreciation charged in the year
212
At 30 June 2023
212
Carrying amount
At 30 June 2023
1,911
At 30 June 2022
2,123
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
900,000
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
948,774
832,645
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
832,645
Valuation changes
116,129
At 30 June 2023
948,774
Carrying amount
At 30 June 2023
948,774
At 30 June 2022
832,645
PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,261
-
0
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
38,984
37,968
Trade creditors
2,042
2,953
Corporation tax
8,430
3,538
Other taxation and social security
11,030
9,260
Other creditors
3,848
84,248
64,334
137,967
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
353,786
387,568
10
Secured Liabilities

The remaining company bank loan of £392,770 is secured by a composite guarantee from the subsidiaries Hawkesley Shopfittings Ltd and Savekers Solutions Ltd.

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
34
34
67
34
Ordinary B Shares of £1 each
33
33
33
33
Ordinary C Shares of £1 each
33
33
-
33
100
100
100
100
12
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
117,971
117,971
PRODUCTS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
13
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Freehold property Depreciation reversed
-
79,508
Investment property FV Adj
-
117,971
Accumulated Depn Reversed
79,508
-
Total adjustments
79,508
197,479
Equity as previously reported
823,486
1,017,488
Equity as adjusted
902,994
1,214,967
Analysis of the effect upon equity
Profit and loss reserves
79,508
197,479
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Freehold property Depreciation reversed
15,641
Profit as previously reported
250,602
Profit as adjusted
266,243
2023-06-302022-07-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr D T BlucherMr A J SteelMrs S J Steel2023-10-05068509082022-07-012023-06-30068509082023-06-30068509082022-06-3006850908core:OtherPropertyPlantEquipment2023-06-3006850908core:OtherPropertyPlantEquipment2022-06-3006850908core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3006850908core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3006850908core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3006850908core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3006850908core:CurrentFinancialInstruments2023-06-3006850908core:CurrentFinancialInstruments2022-06-3006850908core:ShareCapital2023-06-3006850908core:ShareCapital2022-06-3006850908core:FurtherSpecificReserve1ComponentTotalEquity2023-06-3006850908core:FurtherSpecificReserve1ComponentTotalEquity2022-06-3006850908core:RetainedEarningsAccumulatedLosses2023-06-3006850908core:RetainedEarningsAccumulatedLosses2022-06-3006850908core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2021-06-3006850908core:ShareCapital2021-06-3006850908core:FurtherSpecificReserve1ComponentTotalEquity2021-06-3006850908core:RetainedEarningsAccumulatedLosses2021-06-3006850908core:ShareCapitalOrdinaryShares2023-06-3006850908core:ShareCapitalOrdinaryShares2022-06-3006850908bus:Director22022-07-012023-06-3006850908core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30068509082021-07-012022-06-3006850908core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3006850908core:PlantMachinery2022-07-012023-06-3006850908core:OtherPropertyPlantEquipment2022-06-3006850908core:OtherPropertyPlantEquipment2022-07-012023-06-30068509082022-06-3006850908core:Non-currentFinancialInstruments2023-06-3006850908core:Non-currentFinancialInstruments2022-06-3006850908bus:PrivateLimitedCompanyLtd2022-07-012023-06-3006850908bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3006850908bus:FRS1022022-07-012023-06-3006850908bus:AuditExemptWithAccountantsReport2022-07-012023-06-3006850908bus:Director12022-07-012023-06-3006850908bus:Director32022-07-012023-06-3006850908bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP