REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
DEFINITIVE PSA LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
DEFINITIVE PSA LTD |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
DEFINITIVE PSA LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
8th Floor |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The director presents his strategic report for the year ended 30 November 2023. |
The Company's main activity remains that of providing security services for government contracts and private companies. These services are provided in the south of England. During the year the secure ambulance and training services of the business were transferred to separate limited companies. |
REVIEW OF BUSINESS |
From the 1st June 2023 the ambulance and training aspects of the Company were transferred to separate companies, and despite this, the results of the Company still exceeded the previous year, achieving a turnover of £17,204,763 (2022 £11,835,930) and net profit before tax of £1,818,300 (2022 £1,703,230). |
During the year an additional government contract was fulfilled providing increased staff numbers to a new project. This contract was extended for an additional four months, finishing March 2024. |
The Company continues to look to expand its security services locally and farther afield, tendering and using the services of business development contractors to achieve success. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main uncertainty of the business concerns the extension of a large contract which technically expired 31st July 2024. Although the Director has not yet received written confirmation about this contract, from conversations which have taken place and previous experience with the client, he is confident it will be renewed until January 2026. Indeed the contract is currently continuing on an extended basis awaiting formal confirmation. |
Prior to this contract ceasing the client will undertake a tender process, inviting interested parties to tender for the contract which will extend for up to 10 years If the contract is not extended the Company has cash reserves to continue to bid for additional tenders to add to its portfolio.. |
The continual success of the business is dependent on the retention of dedicated staff and further recruitment of like minded people remains a priority. |
The businesses cash reserves are continually maintained at a level suitable for cash flow requirements. Any surplus cash balances are managed effectively, achieving competitive rates of interest. |
Trade debtors and creditors are also managed according to policies, to reduce such risk to cash flow by monitoring credit facilities and liquidity risk to meet its obligations. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Director continues to contribute and monitor the effectiveness and controlled growth of the business by delivering an excellent service to customers with the support of the management team, that has seen through the year new hires for Head of Operations, Head of Finance and Head of Human Resources. These hires have enabled the director to take a more strategic role in the business and look at new opportunities and customers. |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FUTURE DEVELOPMENTS |
The outlook for 2024 and beyond continues to look promising. Our largest contract is expected to be formally extended to January 2026 and we feel that we are in a strong position to win that contract for another 6 year term when it comes up for tender. We are also investing in business development to ensure that we grow a diverse portfolio through nurturing exciting new business opportunities and relationships so we are not reliant on any one contract. |
Definitive PSA has an excellent reputation and along with the experienced management team it's expected that turnover will exceed that of 2023. The business is well positioned to continue to grow with sufficient funds for future investment in the business to facilitate this. |
ON BEHALF OF THE BOARD: |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The director presents his report with the financial statements of the company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Private security activities |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 30 November 2023 will be £ |
DIRECTOR |
ENGAGEMENT WITH EMPLOYEES |
The Company aims to provide equal opportunities regardless of gender, race, religion or belief, sexual orientation, disability or ethnic origin, recognising that the continued success of the Company depends on its ability to attract, motivate and retain people of the highest calibre. |
The Company has continued its policy of giving fair consideration to applications for employment made by disabled persons bearing in mind the requirements of the job. In the areas of planned employee training and career development the company strives to ensure that disabled employees receive maximum possible benefits including opportunities for promotion. Every effort is made to ensure that continuing employment and opportunities for training are also provided for employees who become disabled |
The Company recognises the importance of ensuring employees are kept informed of the Company's performance, activities and future plans, and takes all reasonable steps to communicate developments, such as thorough regular face to face team briefing meetings and internal mail. |
The Director recognises that the Company's continued success is due to the hard work and dedication shown by the staff and thanks all of the teams for their continued support. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DEFINITIVE PSA LTD |
Opinion |
We have audited the financial statements of Definitive PSA Ltd (the 'company') for the year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the company's ability to continue to adopt the going concern basis of accounting included a review of the position regarding the contract extension negotiations referred to in the Strategic Report and consideration of the impact of the contract ceasing. We have reviewed the disclosures in the Strategic Report and believe these to be appropriate in the circumstances. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DEFINITIVE PSA LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DEFINITIVE PSA LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards), a review of contracts in place and any regulatory references. |
We had regard to laws and regulations in areas that directly affect the financial statements including financial |
reporting (including related trade legislation) and taxation legislation. We considered that extent of compliance |
with those laws and regulations as part of our procedures on the related financial statement items, taking into account the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed. |
Our procedures included the following to give comfort in these areas: |
- Enquiry of management, those charged with governance around actual and potential litigation and claims. |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
- Reviewing minutes of meetings of those charged with governance |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in |
respect of these was limited to enquiry of the Officers. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of |
non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal |
entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DEFINITIVE PSA LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
8th Floor |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,603,431 | 1,029,569 |
1,729,847 | 1,701,907 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,828,824 | 1,703,230 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Taxation refund |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New HP loans in year |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 99 | 74,149 |
Amount withdrawn by directors | (342 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
148,502 |
Cash and cash equivalents at end of year | 2 | 469,175 | 1,413,135 |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
- | 14,286 |
Finance costs | 10,524 | 2,133 |
Finance income | (13,776 | ) | (1,323 | ) |
1,996,538 | 1,813,585 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30/11/23 | 1/12/22 |
£ | £ |
Cash and cash equivalents | 469,175 | 1,413,135 |
Year ended 30 November 2022 |
30/11/22 | 1/12/21 |
£ | £ |
Cash and cash equivalents | 1,413,135 | 148,502 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/12/22 | Cash flow | At 30/11/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,413,135 | (943,960 | ) | 469,175 |
1,413,135 | ( |
) | 469,175 |
Debt |
Finance leases | (207,868 | ) | 61,367 | (146,501 | ) |
(207,868 | ) | 61,367 | (146,501 | ) |
Total | 1,205,267 | (882,593 | ) | 322,674 |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Definitive PSA Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of the Company's accounting policies. These judgements, estimates and associated assumptions are based on historical experience, current and expected economic conditions as well as other factors that are believed to be reasonable under the circumstances. |
The judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected |
Although these judgements, estimates and associated assumptions are based on management's best knowledge of current events and circumstances, the actual results may differ. |
Critical judgements in applying the Company's accounting policies |
The Company's critical judgements, other than those involving estimates dealt with separately below, that the director's have made in the process of applying the Company's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is in applying the policy for the valuation of stock, as there is an assumption that there will be a continued need for the uniform and protective clothing that has been held for use in continued and renewed contracts. |
Key sources of estimation uncertainty |
The key assumptions and sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is the selection of appropriate depreciation rates for the Company's fixed assets, which have been determined based on the estimated expected life and residual values of the assets. |
Turnover |
The company's revenue arises from the provision of security services to the Home Office. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for the provision of services in the ordinary course of the company's activities. Revenue is recognised on an accrual basis. |
Intangible assets |
Intangible assets are stated at cost less amortisation. Amortisation begins once the asset is available for use in the manner intended by management and is provided on a straight-line method over the useful life of the asset. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock represents company uniform and protective clothing as well as other items used within the delivering of services. Items are valued at the lower of cost and net realisable value, after making due allowance for obsolete items. |
Financial instruments |
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables. |
A financial instrument is recognised if the company becomes party to the contractual provisions of the instrument. Financial instruments are derecognised if the company's obligations specified in the contract expire or are discharged or are cancelled. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash. The carrying amount represents fair value. |
Trade and other receivables |
Trade and other receivables do not carry interest. They are initially recognised at fair value which represents the amount of consideration that is unconditional. They are subsequently carried at amortised cost using the effective interest method less loss allowances. |
Trade and other payables |
Trade and other payables do not carry interest. They are initially recognised at fair value and they are subsequently carried at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The lease commitment is showing within Note 14 taking into account relevant notice periods. |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Operational | 334 | 158 |
Administration | 10 | 9 |
Directors | 1 | 1 |
2023 | 2022 |
£ | £ |
Director's remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Computer software amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest on HP loan |
Other interest payable |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year tax adjustment | (35,314 | ) | (26,702 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 627,853 | 985,013 |
Other creditors |
Directors' current accounts | - | 243 |
Accrued expenses |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 23,552 | 56,590 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 November 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 10 | 10 |
DEFINITIVE PSA LTD (REGISTERED NUMBER: 05989881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2023 |
18. | RELATED PARTY DISCLOSURES |
During the year the company paid suppliers and creditors on behalf of two companies connected by common ownership totalling £286,389 (2022: Nil). At the year end the company was owed £286,389 (2022: Nil) the amounts are interest free and repayable on demand. |