Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01falseNo description of principal activity36truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07398974 2023-01-01 2023-12-31 07398974 2022-01-01 2022-12-31 07398974 2023-12-31 07398974 2022-12-31 07398974 c:Director1 2023-01-01 2023-12-31 07398974 d:PlantMachinery 2023-01-01 2023-12-31 07398974 d:PlantMachinery 2023-12-31 07398974 d:PlantMachinery 2022-12-31 07398974 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07398974 d:CurrentFinancialInstruments 2023-12-31 07398974 d:CurrentFinancialInstruments 2022-12-31 07398974 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07398974 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07398974 d:ShareCapital 2023-12-31 07398974 d:ShareCapital 2022-12-31 07398974 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07398974 d:RetainedEarningsAccumulatedLosses 2023-12-31 07398974 d:RetainedEarningsAccumulatedLosses 2022-12-31 07398974 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07398974 c:OrdinaryShareClass1 2023-12-31 07398974 c:OrdinaryShareClass1 2022-12-31 07398974 c:FRS102 2023-01-01 2023-12-31 07398974 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07398974 c:FullAccounts 2023-01-01 2023-12-31 07398974 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07398974 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07398974










Project Solutions Group Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Project Solutions Group Limited
Registered number: 07398974

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
592
1,279

  
592
1,279

Current assets
  

Debtors: amounts falling due within one year
 5 
113,117
188,157

Cash at bank and in hand
 6 
1,558,332
2,719,303

  
1,671,449
2,907,460

Creditors: amounts falling due within one year
 7 
(73,410)
(1,097,835)

Net current assets
  
 
 
1,598,039
 
 
1,809,625

Total assets less current liabilities
  
1,598,631
1,810,904

  

Net assets
  
1,598,631
1,810,904


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
 9 
1,598,629
1,810,902

  
1,598,631
1,810,904


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.



Tony House
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
Project Solutions Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Project Solutions Group Limited ('the company') is a private company limited by share capital incorporated in England with company registration number 07398974.
The company's registered office address is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
The company's principal place of business is No 1 Quality Court, Off Chancery Lane, London, WC2A 1HR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
Project Solutions Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
Project Solutions Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 6).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
2,059



At 31 December 2023

2,059



Depreciation


At 1 January 2023
780


Charge for the year on owned assets
687



At 31 December 2023

1,467



Net book value



At 31 December 2023
592



At 31 December 2022
1,279
Page 4

 
Project Solutions Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
137,129

Amounts owed by group undertakings
16,114
-

Other debtors
77,832
9,733

Prepayments and accrued income
19,171
41,295

113,117
188,157



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,558,332
2,719,303

1,558,332
2,719,303



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,573
255,908

Amounts owed to group undertakings
-
68,886

Corporation tax
-
23,912

Other taxation and social security
12,854
166,134

Other creditors
22,483
-

Accruals and deferred income
5,500
582,995

73,410
1,097,835



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £0.01 each
2
2


9.


Reserves

Profit and loss account

This reserve comprises all accumulated profits and losses net of any distributions.

Page 5

 
Project Solutions Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,434 (2022: £19,124). Contributions totalling £822 (2022: £257) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year, the company paid expenses of £Nil (2022: £1,800) on behalf of PSG Global Holdings Limited and advanced £85,000 (2022: £Nil) to its parent company. At the Balance Sheet date the amount outstanding from PSG Global Holdings Limited was £16,114 (2022: £68,886 Creditor).


12.


Controlling party

The company is a wholly owned subsidiary of PSG Global Holdings Limited.
The ultimate controlling party is Tony House, the director, who owns 100% of PSG Global Holdings Limited.

Page 6