Registration number:
PSM Industries & Automation Limited
for the Period from 1 December 2022 to 31 March 2024
PSM Industries & Automation Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
PSM Industries & Automation Limited
Company Information
Director |
Mr L Medart |
Registered office |
|
Accountants |
|
PSM Industries & Automation Limited
(Registration number: 12329640)
Balance Sheet as at 31 March 2024
Note |
2024 |
2022 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
30,000 |
30,000 |
|
Retained earnings |
(29,320) |
(37,393) |
|
Shareholders' funds/(deficit) |
680 |
(7,393) |
For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
PSM Industries & Automation Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
The company registration number is 12329640
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
These accounts have been prepared on the break up basis as the company intends to close.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
PSM Industries & Automation Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
PSM Industries & Automation Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Debtors |
Current |
2024 |
2022 |
Trade debtors |
- |
|
Prepayments |
- |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
- |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
PSM Industries & Automation Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,000 |
|
30,000 |
Loans and borrowings |
2024 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
2024 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
PSM Industries & Automation Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024
Related party transactions |
Loans to Directors are interest-free and repayable upon demand.
Transactions with the director |
2024 |
At 1 December 2022 |
Repayments by director |
At 31 March 2024 |
Mr L Medart |
|||
|
|
( |
- |
2022 |
At 1 December 2021 |
Advances to director |
At 30 November 2022 |
Mr L Medart |
|||
|
|
|
|
Summary of transactions with other related parties
At the end of the reporting period, the creditor balances in these accounts were as follows:
- SR-Tek Ltd - nil (2022: £3,580)
- PSM Italy - nil (2022: £11,747)
SR-Tek Ltd is connected by ownership, PSM Italy is connected by a trade relationship.