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Registration number: 12329640

PSM Industries & Automation Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 December 2022 to 31 March 2024

 

PSM Industries & Automation Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PSM Industries & Automation Limited

Company Information

Director

Mr L Medart

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northamptonshire
NN12 7LS

Accountants

KRW Accountants Limited
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

PSM Industries & Automation Limited

(Registration number: 12329640)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Current assets

 

Debtors

4

1,365

33,329

Cash at bank and in hand

 

5

58

 

1,370

33,387

Creditors: Amounts falling due within one year

5

(690)

(32,755)

Total assets less current liabilities

 

680

632

Creditors: Amounts falling due after more than one year

5

-

(8,025)

Net assets/(liabilities)

 

680

(7,393)

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 9 April 2024
 

.........................................
Mr L Medart
Director

 

PSM Industries & Automation Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northamptonshire
NN12 7LS
England

These financial statements were authorised for issue by the director on 9 April 2024.

The company registration number is 12329640

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2022 - 0).

4

Debtors

Current

2024
£

2022
£

Trade debtors

-

8,838

Prepayments

-

416

Other debtors

1,365

24,075

 

1,365

33,329

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

7

-

2,675

Taxation and social security

 

-

656

Accruals and deferred income

 

690

14,096

Other creditors

 

-

15,328

 

690

32,755

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

7

-

8,025

 

PSM Industries & Automation Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary of £100 each

300

30,000

300

30,000

         

7

Loans and borrowings

2024
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

8,025

2024
£

2022
£

Current loans and borrowings

Bank borrowings

-

2,675

 

PSM Industries & Automation Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 31 March 2024

8

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

4,163

(4,163)

-

       
     

 

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Mr L Medart

3,163

1,000

4,163

       
     

 

Summary of transactions with other related parties

SR-Tek Ltd and PSM Italy
 
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.