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REGISTERED NUMBER: 09431404 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PSC PARTNERSHIP LTD

PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,370,000 2,370,000

CURRENT ASSETS
Debtors 5 2,501 466
Cash at bank and in hand 25,063 66,354
27,564 66,820
CREDITORS
Amounts falling due within one year 6 7,493 4,092
NET CURRENT ASSETS 20,071 62,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,390,071

2,432,728

CREDITORS
Amounts falling due after more than one
year

7

(1,821,527

)

(1,888,157

)

PROVISIONS FOR LIABILITIES 9 (126,867 ) (96,419 )
NET ASSETS 441,677 448,152

CAPITAL AND RESERVES
Called up share capital 60 60
Capital redemption reserve 30 30
Fair value reserve 10 380,599 411,047
Retained earnings 60,988 37,015
SHAREHOLDERS' FUNDS 441,677 448,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr A Christofis - Director


PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2024

1. STATUTORY INFORMATION

PSC Partnership Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09431404

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about PSC Partnership Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in relation to the carrying value of the investment property.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 2,370,000
NET BOOK VALUE
At 31 January 2024 2,370,000
At 31 January 2023 2,370,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2017 11,600
Valuation in 2018 329,866
Valuation in 2019 28,160
Valuation in 2020 97,712
Valuation in 2021 40,128
Cost 1,862,534
2,370,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,862,534 1,862,534

PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024

4. INVESTMENT PROPERTY - continued

The directors consider that the market value of the properties as at year-end to be as stated in the financial statements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,501 466

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,184 -
Taxation and social security 1,629 2,002
Other creditors 4,680 2,090
7,493 4,092

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,624,000 1,624,000
Other creditors 197,527 264,157
1,821,527 1,888,157

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,624,000 1,624,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,624,000 1,624,000

Bank loans are secured by way of fixed charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 96,419 96,419

Deferred
tax
£   
Balance at 1 February 2023 96,419
Provided during year 30,448
Balance at 31 January 2024 126,867

PSC PARTNERSHIP LTD (REGISTERED NUMBER: 09431404)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2024

10. RESERVES
Fair
value
reserve
£   
At 1 February 2023 411,047
Movement (30,448 )

At 31 January 2024 380,599

11. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £846 (2023: £Nil) due from a connected company with common directorship. The amount is interest-free and recoverable on demand.

Included in the other creditors more than one year is an amount of £87,107 (2023: £114,312) due to a connected company with common directorship. Also, included is an amount of £110,420 (2023: £138,789) due to the directors of the company. These loans are interest-free and unsecured.