Company registration number 05678074 (England and Wales)
PRODUCTION SUPPORT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PRODUCTION SUPPORT SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr C Sparkes
Miss A C Matthews
Company number
05678074
Registered office
115 Oak Drive
Hartlebury Trading Estate
Kidderminster
Worcestershire
DY10 4JB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
PRODUCTION SUPPORT SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PRODUCTION SUPPORT SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRODUCTION SUPPORT SERVICES LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Production Support Services Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Production Support Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Production Support Services Limited and state those matters that we have agreed to state to the board of directors of Production Support Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Production Support Services Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Production Support Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Production Support Services Limited. You consider that Production Support Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Production Support Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
9 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PRODUCTION SUPPORT SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
687,232
643,316
Current assets
Stocks
11,326
10,573
Debtors
4
255,117
234,037
Cash at bank and in hand
896,186
663,447
1,162,629
908,057
Creditors: amounts falling due within one year
5
(814,806)
(494,334)
Net current assets
347,823
413,723
Total assets less current liabilities
1,035,055
1,057,039
Creditors: amounts falling due after more than one year
6
(48,057)
(115,021)
Provisions for liabilities
8
(107,730)
(62,921)
Net assets
879,268
879,097
Capital and reserves
Called up share capital
9
100
100
Capital redemption reserve
1
1
Profit and loss reserves
879,167
878,996
Total equity
879,268
879,097

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PRODUCTION SUPPORT SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr C Sparkes
Director
Company registration number 05678074 (England and Wales)
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Production Support Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 115 Oak Drive, Hartlebury Trading Estate, Kidderminster, Worcestershire, DY10 4JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
25% on reducing balance and 4% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
13,367
2,706,859
45,775
100,115
251,988
3,118,104
Additions
-
0
256,924
8,594
12,488
-
0
278,006
At 31 January 2024
13,367
2,963,783
54,369
112,603
251,988
3,396,110
Depreciation and impairment
At 1 February 2023
8,423
2,147,975
36,690
87,588
194,112
2,474,788
Depreciation charged in the year
783
204,120
4,424
10,293
14,470
234,090
At 31 January 2024
9,206
2,352,095
41,114
97,881
208,582
2,708,878
Carrying amount
At 31 January 2024
4,161
611,688
13,255
14,722
43,406
687,232
At 31 January 2023
4,944
558,884
9,085
12,527
57,876
643,316
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
241,927
219,680
Other debtors
13,190
14,357
255,117
234,037
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
66,964
61,282
Trade creditors
137,910
91,704
Amounts owed to group undertakings
444,178
219,375
Taxation and social security
143,087
77,596
Other creditors
22,667
44,377
814,806
494,334
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
48,057
115,021
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
-
7,912
Bank loans
115,021
176,303
115,021
184,215
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
107,730
62,921
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of £1 each
100
100
100
100
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
10
Related party transactions

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.

11
Control

Ultimate parent company

The ultimate parent company is PSS Group UK Ltd, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr C Sparkes, by virtue of his controlling interest in the ultimate parent company.

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