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REGISTERED NUMBER: 06822985 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

PSI Group Services Limited

PSI Group Services Limited (Registered number: 06822985)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PSI Group Services Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: M S Alrasheed
A D Kerman





REGISTERED OFFICE: 2nd Floor
38 - 43 Lincoln's Inn Field
London
London
WC2A 3PE





REGISTERED NUMBER: 06822985 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

PSI Group Services Limited (Registered number: 06822985)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 4 15,064,181 12,975,408
Cash at bank 605,306 592,370
15,669,487 13,567,778
CREDITORS
Amounts falling due within one year 5 1,025,432 511,284
NET CURRENT ASSETS 14,644,055 13,056,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,644,055

13,056,494

CREDITORS
Amounts falling due after more than one year 6 12,496,042 11,368,871
NET ASSETS 2,148,013 1,687,623

CAPITAL AND RESERVES
Called up share capital 7 442,327 442,327
Retained earnings 8 1,705,686 1,245,296
SHAREHOLDERS' FUNDS 2,148,013 1,687,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 10 October 2024 and were signed on its behalf by:





A D Kerman - Director


PSI Group Services Limited (Registered number: 06822985)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

PSI Group Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 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 have been prepared under the historical cost convention.

Related party exemption
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 subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

PSI Group Services Limited (Registered number: 06822985)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The Company's sole source of revenue is service fees for professional services provided to affiliated entities within its corporate group. Those service fees have historically been paid to the Company out of Court mandated periodic maintenance payments ordered by the High Court of England & Wales from funds belonging to the Company's affiliate, PetroSaudi Oil Services (Venezuela) Ltd, which funds are held to the Order of the Court pending resolution of related litigation.

At the time of signing these accounts, the Company has managed to raise funds to discharge a small portion of the Company liabilities however, there are insufficient funds available for the payment of the company's operating costs on account of the most recent Court Order permitting the release of funds to meet specified legal costs but denying the release of funds to meet operating costs. The company is consequently reliant upon a swift resolution of the outstanding legal proceedings in favour of PetroSaudi Oil Services (Venezuela) Ltd.

Whilst the Directors are confident that PetroSaudi Oil Services (Venezuela) Ltd will ultimately prevail in the substantive legal proceedings, the action taken by the High Court in restricting the payment of operating costs in the interim is harmful to the company and its going concern status. Should a swift resolution to the legal proceedings not be reached the going concern basis may not be valid given the Company may be unable to realise its assets and discharge its liabilities in the normal course of business and adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for further liabilities that may arise. The directors have therefore concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern but nevertheless have prepared the accounts on a going concern basis as they remain hopeful of a resolution. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 2,297,996 -
VAT 7,073 17,394
Prepayments 1,322 -
2,306,391 17,394

Amounts falling due after more than one year:
Amounts owed by group undertakings 12,757,790 12,958,014

Aggregate amounts 15,064,181 12,975,408

PSI Group Services Limited (Registered number: 06822985)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 909,334 349,690
Tax 107,993 -
Social security and other taxes - 4,086
Accruals and deferred income 8,105 157,508
1,025,432 511,284

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 12,496,042 11,368,871

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
44,232,700 Ordinary Shares 44232 7 442,327 442,327

8. RESERVES
Retained
earnings
£   

At 1 January 2022 1,245,296
Profit for the year 460,390
At 31 December 2022 1,705,686

9. ULTIMATE CONTROLLING PARTY

The Company's immediate parent is PetroSaudi International Limited, a Company incorporated and registered in the Cayman Islands, by virtue of them holding the entire issued share capital of the Company.

The Company's ultimate parent Company is PetroSaudi Holdings (Cayman) Limited, a Company incorporated and registered in the Cayman Islands. No group financial statements are maintained by the Company or group as there is no requirement.