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PSC VODEC LIMITED

Registered Number
06983237
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

PSC VODEC LIMITED
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

CLAPHAM, Martin James
HEATH, David Lynn

Registered Address

5 Centurion Business Park
Dabell Avenue Blenheim Industrial Estate
Nottingham
NG6 8WA

Registered Number

06983237 (England and Wales)
PSC VODEC LIMITED
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6101,943111,754
101,943111,754
Current assets
Stocks9571,327469,869
Debtors10606,107195,568
Cash at bank and on hand1,918120,023
1,179,352785,460
Creditors amounts falling due within one year11(771,007)(638,931)
Net current assets (liabilities)408,345146,529
Total assets less current liabilities510,288258,283
Net assets510,288258,283
Capital and reserves
Called up share capital100100
Profit and loss account510,188258,183
Shareholders' funds510,288258,283
The financial statements were approved and authorised for issue by the Board of Directors on 2 April 2024, and are signed on its behalf by:
HEATH, David Lynn
Director
Registered Company No. 06983237
PSC VODEC LIMITED
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Principal activities
The principal activity of the company during the year was the development and production of computer equipment.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings5
Plant and machinery5
Office Equipment5
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currency translation and operations policy
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 the Income Statement
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Going concern
The directors have concluded that the business remains a going concern.
5.Employee information

20232022
Average number of employees during the year1615
6.Property, plant and equipment

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 October 224,51193,42926,402124,342
Additions3,66511,393-15,058
At 30 September 238,176104,82226,402139,400
Depreciation and impairment
At 01 October 22-8,0764,51212,588
Charge for year90218,6865,28124,869
At 30 September 2390226,7629,79337,457
Net book value
At 30 September 237,27478,06016,609101,943
At 30 September 224,51185,35321,890111,754
7.Off balance sheet pension commitments
The Company operates a defined contributions pension scheme. The assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,399 (2022: £61,160).
8.Description of nature of transactions and balances with related parties
The ultimate holding company is DMHC Holdings LLC and advances to PSC Vodec Limited at the year end date 30th September 2023 total £462,803 (2022 - £70,183) and are disclosed in other creditors.
9.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

2023

2022

££
Raw materials and consumables571,327469,869
Total571,327469,869
10.Debtors

2023

2022

££
Trade debtors / trade receivables490,14950,196
Other debtors39,725144,558
Prepayments and accrued income76,233814
Total606,107195,568
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables86,83410,009
Amounts owed to related parties462,80370,183
Taxation and social security205,299500,636
Accrued liabilities and deferred income16,07158,103
Total771,007638,931
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. Advances from DMHC Holdings LLC total £462,803 (2022 - £70,183) and are disclosed above in amounts owed to related parties.