REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
PSC PARTNERSHIP LTD |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Registered number: |
Registered office: |
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 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Provided during year |
Balance at 31 January 2024 |
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 |
Movement | (30,448 | ) |
At 31 January 2024 |
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. |