Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3132No description of principal activityfalse2023-06-0130falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03545734 2023-06-01 2024-05-31 03545734 2022-06-01 2023-05-31 03545734 2024-05-31 03545734 2023-05-31 03545734 c:Director1 2023-06-01 2024-05-31 03545734 c:Director2 2023-06-01 2024-05-31 03545734 d:Buildings 2023-06-01 2024-05-31 03545734 d:Buildings 2024-05-31 03545734 d:Buildings 2023-05-31 03545734 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03545734 d:Buildings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 03545734 d:PlantMachinery 2023-06-01 2024-05-31 03545734 d:MotorVehicles 2023-06-01 2024-05-31 03545734 d:FurnitureFittings 2023-06-01 2024-05-31 03545734 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 03545734 d:OtherPropertyPlantEquipment 2024-05-31 03545734 d:OtherPropertyPlantEquipment 2023-05-31 03545734 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03545734 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 03545734 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03545734 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 03545734 d:CurrentFinancialInstruments 2024-05-31 03545734 d:CurrentFinancialInstruments 2023-05-31 03545734 d:Non-currentFinancialInstruments 2024-05-31 03545734 d:Non-currentFinancialInstruments 2023-05-31 03545734 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 03545734 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03545734 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 03545734 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 03545734 d:ShareCapital 2024-05-31 03545734 d:ShareCapital 2023-05-31 03545734 d:RetainedEarningsAccumulatedLosses 2024-05-31 03545734 d:RetainedEarningsAccumulatedLosses 2023-05-31 03545734 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 03545734 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03545734 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 03545734 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 03545734 d:RetirementBenefitObligationsDeferredTax 2024-05-31 03545734 d:RetirementBenefitObligationsDeferredTax 2023-05-31 03545734 c:FRS102 2023-06-01 2024-05-31 03545734 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 03545734 c:FullAccounts 2023-06-01 2024-05-31 03545734 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03545734 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 03545734 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 03545734 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 03545734 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 03545734 2 2023-06-01 2024-05-31 03545734 6 2023-06-01 2024-05-31 03545734 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 03545734 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 03545734 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 03545734









PSH ENVIRONMENTAL LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
PSH ENVIRONMENTAL LTD
REGISTERED NUMBER: 03545734

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,594,590
5,278,339

Investments
 5 
1
1

  
5,594,591
5,278,340

Current assets
  

Stocks
  
76,885
55,475

Debtors: amounts falling due within one year
 6 
1,367,046
1,084,092

Cash at bank and in hand
  
6,651,147
5,648,216

  
8,095,078
6,787,783

Creditors: amounts falling due within one year
 7 
(878,443)
(962,898)

Net current assets
  
 
 
7,216,635
 
 
5,824,885

Total assets less current liabilities
  
12,811,226
11,103,225

Creditors: amounts falling due after more than one year
  
(123,973)
-

Provisions for liabilities
  

Deferred tax
 10 
(955,191)
(440,229)

  
 
 
(955,191)
 
 
(440,229)

Net assets
  
11,732,062
10,662,996


Capital and reserves
  

Called up share capital 
  
28,000
28,000

Profit and loss account
  
11,704,062
10,634,996

  
11,732,062
10,662,996


Page 1

 
PSH ENVIRONMENTAL LTD
REGISTERED NUMBER: 03545734

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider 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 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 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 profit and loss account 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 2 October 2024.




M Parker
N Parker
Director
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

PSH Environmental Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 03545734.  The registered office is 5 Wendover Road, Rackheath Industrial Estate, Norwich, Norfolk, NR13 6LH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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. 

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.

Page 3

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line per annum
Plant and machinery
-
15% reducing balance per annum
Motor vehicles
-
25% reducing balance per annum
Fixtures and fittings
-
25% reducing balance per annum

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.

Page 4

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs.
Financial liabilities
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.  Trade payables are classified as current liabilities if the payment is due within one year.

 
2.16

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 32 (2023 - 30).

Page 6

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 June 2023
2,595,189
6,019,463
8,614,652


Additions
103,378
1,101,922
1,205,300


Disposals
-
(638,000)
(638,000)



At 31 May 2024

2,698,567
6,483,385
9,181,952



Depreciation


At 1 June 2023
436,972
2,899,341
3,336,313


Charge for the year on owned assets
47,971
615,190
663,161


Charge for the year on financed assets
-
20,584
20,584


Disposals
-
(445,963)
(445,963)


Impairment charge
-
13,267
13,267



At 31 May 2024

484,943
3,102,419
3,587,362



Net book value



At 31 May 2024
2,213,624
3,380,966
5,594,590



At 31 May 2023
2,158,217
3,120,122
5,278,339

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
144,366
-

Page 7

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1



At 31 May 2024
1





6.


Debtors

2024
2023
£
£


Trade debtors
916,802
892,073

Other debtors
-
15,321

Prepayments and accrued income
450,244
176,698

1,367,046
1,084,092



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
484,636
602,845

Other taxation and social security
189,253
24,453

Obligations under finance lease and hire purchase contracts
17,447
-

Other creditors
90,267
256,856

Accruals and deferred income
96,840
78,744

878,443
962,898


Included in creditors are secured liabilities totalling £17,447.  These are secured against the vehicles on hire purchase.

Page 8

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
123,973
-


Included in creditors are secured liabilities totalling £123,973.  These are secured against the vehicles on hire purchase.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
22,173
-

Between 1-5 years
133,560
-

155,733
-


10.


Deferred taxation




2024


£






At beginning of year
440,229


Charged to profit or loss
514,963



At end of year
955,192

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
995,492
440,229

Tax losses carried forward
(39,875)
-

Pensions
(425)
-

955,192
440,229

Page 9

 
PSH ENVIRONMENTAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Capital commitments


At 31 May 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
398,344
-


12.


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 £21,254 (2023 - £27,274).  Contributions totalling £3,976 (2023 - £4,002) were payable to the fund at the balance sheet date and are included in creditors.


Page 10