REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
PNS SOLUTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
PNS SOLUTIONS LIMITED |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PNS SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 4 Mulgrave Chambers |
26-28 Mulgrave Road |
Sutton |
Surrey |
SM2 6LE |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
PNS Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Going concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
The company has a negative profit and loss reserve, following a distribution in a prior year that was paid in breach of the requirements of the Companies Act 2006 sections 829-853, as the company did not have sufficient profits available for distribution. The Director confirms that the company is taking the necessary steps to rectify this position in the forthcoming year as the property has been sold and the gain on disposal will return the company to positive retained earnings position. |
The overall reserves position at the year end is positive as a result of the fair value reserve, which is not available for distribution. |
The director, having considered all the information available, is confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the rents receivable from the company's investment property. |
Revenue is recognised in the accounting period in which rents are receivable. |
Investment property |
Investment Properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "Fair value reserve". |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. |
Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The investment property is in the name of the company's ultimate beneficial owner and is financed by a personal mortgage secured on the property. Legal title to the property is not in the possession of the company. The company's director, the legal owner of the investment property, has given an undertaking that she will recognise the beneficial ownership by the company when the property is sold. |
The director confirms that the property remains valued on an open market basis, based on all available market data at the year end. |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2019 | 160,337 |
Valuation in 2022 | (25,000 | ) |
Cost | 159,663 |
295,000 |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amount due from parent company |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Director's current account |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more 5 yrs non-inst | - | 198,620 |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Interest is payable on the loan at the bank's standard variable rate. |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Property revaluation | 15,041 | 17,307 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 July 2023 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2022 | ( |
) | 70,756 |
Profit for the year | - |
Reallocation to fair value reserve | ( |
) | - |
At 31 July 2023 | ( |
) | 73,461 |
In a prior year the company paid dividends (£52,267) to its holding company despite a deficit in distributable profit and loss reserves. |
The Director acknowledges that the dividends were paid in breach of the requirements of the Companies Act 2006 sections 829-853 as the company did not have sufficient profits available for distribution. |
The Director confirms that the company has taken the necessary steps to rectify this position in the forthcoming year and to convert the retained profit and loss account into a credit position. In the meantime, the director (who is the ultimate controller of the company), recognises that the payment of dividends in these circumstances is unlawful and acknowledges that repayment of all or part of the dividends may be required should a winding up order be made against the company. |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company was owed £2,259 (2022: £376) by its parent company. The amount is interest free and has no fixed term of repayment. |
At the year end, the Director was owed £9,796 (2022: £7,219) to the company. The loan is interest free and has no fixed term of repayment. |
PNS SOLUTIONS LIMITED (REGISTERED NUMBER: 05504144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
12. | POST BALANCE SHEET EVENTS |
The company sold its investment property in September 2023. |
13. | ULTIMATE PARENT COMPANY |
The ultimate parent company is NKW Holdings Limited (company no. 11586927), a company registered at 42 Briarwood Road, Epsom, KT17 2LY, England. |