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Company Registration No. 06103353 (England and Wales)
PSI SEATING LIMITED Unaudited accounts for the year ended 31 July 2023
PSI SEATING LIMITED Unaudited accounts Contents
Page
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PSI SEATING LIMITED Company Information for the year ended 31 July 2023
Director
Hassan Patel
Company Number
06103353 (England and Wales)
Registered Office
PARKSIDE MILL WALTER STREET BLACKBURN BLACKBURN BB1 1TL ENGLAND
Accountants
Xeinadin Group Regent House Folds Road Bolton BL1 2RZ
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PSI SEATING LIMITED Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
115,379 
54,675 
Current assets
Inventories
646,298 
590,230 
Debtors
571,942 
624,221 
Cash at bank and in hand
494,194 
413,830 
1,712,434 
1,628,281 
Creditors: amounts falling due within one year
(512,398)
(494,650)
Net current assets
1,200,036 
1,133,631 
Total assets less current liabilities
1,315,415 
1,188,306 
Creditors: amounts falling due after more than one year
(865,095)
(849,453)
Provisions for liabilities
Deferred tax
(20,649)
(9,632)
Net assets
429,671 
329,221 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
429,670 
329,220 
Shareholders' funds
429,671 
329,221 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 October 2023 and were signed on its behalf by
Hassan Patel Director Company Registration No. 06103353
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PSI SEATING LIMITED Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
PSI SEATING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06103353. The registered office is PARKSIDE MILL WALTER STREET, BLACKBURN, BLACKBURN, BB1 1TL, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% reducing balance method
Motor vehicles
25% reducing balance method
Fixtures & fittings
25% reducing balance method
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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PSI SEATING LIMITED Notes to the Accounts for the year ended 31 July 2023
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 August 2022
297,248 
Additions
99,164 
At 31 July 2023
396,412 
Depreciation
At 1 August 2022
242,573 
Charge for the year
38,460 
At 31 July 2023
281,033 
Net book value
At 31 July 2023
115,379 
At 31 July 2022
54,675 
5
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
6
Average number of employees
During the year the average number of employees was 29 (2022: 25).
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