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REGISTERED NUMBER: 06475305 (England and Wales)















Pensions Secretariat Services Limited

Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2024






Pensions Secretariat Services Limited (Registered number: 06475305)

Contents of the Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Report of the Directors 2

Statement of Financial Position 4

Notes to the Financial Statements 5


Pensions Secretariat Services Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: Mr I Canham
Mr H Mottram
Mr C Cook





SECRETARY: Mrs E D Byrne





REGISTERED OFFICE: 5th Floor
36-38 Botolph Lane
London
EC3R 8DE





REGISTERED NUMBER: 06475305 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Pensions Secretariat Services Limited (Registered number: 06475305)

Report of the Directors
for the Year Ended 31st March 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

Mr I Canham
Mr H Mottram

Other changes in directors holding office are as follows:

Mr C Cook - appointed 25th July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
Thedirectors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.


Pensions Secretariat Services Limited (Registered number: 06475305)

Report of the Directors
for the Year Ended 31st March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



Mrs E D Byrne - Secretary


3rd October 2024

Pensions Secretariat Services Limited (Registered number: 06475305)

Statement of Financial Position
31st March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,673 20,744

CURRENT ASSETS
Debtors 5 138,229 126,212
Cash at bank and in hand 4,365,056 3,709,586
4,503,285 3,835,798
CREDITORS
Amounts falling due within one year 6 (1,084,866 ) (1,004,278 )
NET CURRENT ASSETS 3,418,419 2,831,520
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,426,092

2,852,264

CREDITORS
Amounts falling due after more than
one year

7

(1,734,863

)

(1,648,021

)
NET ASSETS 1,691,229 1,204,243

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 10 1,681,229 1,194,243
SHAREHOLDERS' FUNDS 1,691,229 1,204,243

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 3rd October 2024 and were signed on its behalf by:





Mr H Mottram - Director


Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

Pensions Secretariat Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE. The registration number is 06475305.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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 are prepared on a going concern basis which the Directors believe to be appropriate as the Company is wholly owned by the ICI Pension Fund, which is also considered a going concern and has a contractual obligation to provide whatever financial support is required by Pensions Secretariat Services Ltd.

Consequently, the directors are confident that the ICI Pension Fund and the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Turnover
Turnover represents the invoiced and accrued value of management fees, excluding deferred revenues and valued added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 20% on cost
Fixtures and fittings - 20% on cost
Plant & Equipment - 33% on cost

Fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses.

Any gain or loss on disposal of an item of fixtures and fittings are determined by comparing the proceeds from disposal with the carrying amount of fixtures and fittings, and is recognised within other income/expenses in profit or loss.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued

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.

Contingent liabilities
Contingent liabilities arise where there is a possible obligation arising from past events whose existence will be confirmed only by the occurrence of one or more future events not wholly within the company's control and are not recognised in the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Plant &
leasehold fittings Equipment Totals
£    £    £    £   
COST
At 1st April 2023 249,481 40,504 104,990 394,975
Additions - - 499 499
Disposals - - (54,052 ) (54,052 )
At 31st March 2024 249,481 40,504 51,437 341,422
DEPRECIATION
At 1st April 2023 248,561 40,504 85,166 374,231
Charge for year 920 - 12,650 13,570
Eliminated on disposal - - (54,052 ) (54,052 )
At 31st March 2024 249,481 40,504 43,764 333,749
NET BOOK VALUE
At 31st March 2024 - - 7,673 7,673
At 31st March 2023 920 - 19,824 20,744

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 17,403 28,109
Trade debtors 76,200 72,600
Prepayments 44,626 25,503
138,229 126,212

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,976 6,903
Tax 222,980 139,604
PAYE & NI 215,356 378,785
Pension 6,223 -
VAT 120,263 118,976
Accruals and deferred income 511,068 360,010
1,084,866 1,004,278

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 1,734,863 1,648,021

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 91,512 91,512
Between one and five years 265,009 356,522
356,521 448,034

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

Of the issued ordinary capital 1 share is paid and 9,999 shares are unpaid.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


10. RESERVES
Retained
earnings
£   

At 1st April 2023 1,194,243
Profit for the year 486,986
At 31st March 2024 1,681,229

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Sanders (Senior Statutory Auditor)
for and on behalf of Sheen Stickland

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned parent company ICI Pension Fund and other members of the group.

13. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling parent company and controlling party is ICI Pension Fund a private company incorporated in England, located at 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE registered company number: 02512713.