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REGISTERED NUMBER: 10874699 (England and Wales)
















PSA Films Limited

Unaudited Financial Statements

for the Year Ended 31st July 2023






PSA Films Limited (Registered number: 10874699)






Contents of the Financial Statements
for the Year Ended 31st July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PSA Films Limited

Company Information
for the Year Ended 31st July 2023







Directors: Dr D C Ashworth
Mr P S Ashworth





Registered office: 4th Floor
100 Fenchurch Street
London
EC3M 5JD





Registered number: 10874699 (England and Wales)





Accountants: Wilson Stevens
Accountants
4th Floor
100 Fenchurch Street
London
EC3M 5JD

PSA Films Limited (Registered number: 10874699)

Statement of Financial Position
31st July 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 4,013 6,539

Current assets
Debtors 5 6,257 6,235
Cash at bank 3,494 1,546
9,751 7,781
Creditors
Amounts falling due within one year 6 119,267 63,167
Net current liabilities (109,516 ) (55,386 )
Total assets less current liabilities (105,503 ) (48,847 )

Creditors
Amounts falling due after more than one
year

7

7,333

11,333
Net liabilities (112,836 ) (60,180 )

Capital and reserves
Called up share capital 100 100
Retained earnings (112,936 ) (60,280 )
(112,836 ) (60,180 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PSA Films Limited (Registered number: 10874699)

Statement of Financial Position - continued
31st July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:





Mr P S Ashworth - Director


PSA Films Limited (Registered number: 10874699)

Notes to the Financial Statements
for the Year Ended 31st July 2023

1. Statutory information

PSA Films Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors, that they will continue to give financial support to the company for twelve months from the date of signing of these financial statements and defer payment of its loan in favour of other creditors.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% straight line
Equipment - 20% straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PSA Films Limited (Registered number: 10874699)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2023

2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Tangible fixed assets
Fixtures
and
fittings Equipment Totals
£    £    £   
Cost
At 1st August 2022
and 31st July 2023 2,518 11,123 13,641
Depreciation
At 1st August 2022 1,764 5,338 7,102
Charge for year 504 2,022 2,526
At 31st July 2023 2,268 7,360 9,628
Net book value
At 31st July 2023 250 3,763 4,013
At 31st July 2022 754 5,785 6,539

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 6,257 6,235

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 4,000 4,000
Trade creditors 2,593 2,220
Taxation and social security 47,966 44,075
Other creditors 64,708 12,872
119,267 63,167

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 7,333 11,333

PSA Films Limited (Registered number: 10874699)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2023

8. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st July 2023 and 31st July 2022:

2023 2022
£    £   
Mr P S Ashworth
Balance outstanding at start of year - 52,132
Amounts repaid - (52,132 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -