50 18 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-26 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP 04390125 2022-12-26 2023-12-31 04390125 2023-12-31 04390125 2022-12-25 04390125 2021-12-27 2022-12-25 04390125 2022-12-25 04390125 2021-12-26 04390125 core:NetGoodwill 2022-12-26 2023-12-31 04390125 bus:OrdinaryShareClass1 2022-12-26 2023-12-31 04390125 bus:Director3 2022-12-26 2023-12-31 04390125 core:NetGoodwill 2023-12-31 04390125 core:LandBuildings 2022-12-25 04390125 core:FurnitureFittings 2022-12-25 04390125 core:LandBuildings 2023-12-31 04390125 core:FurnitureFittings 2023-12-31 04390125 core:LandBuildings 2022-12-26 2023-12-31 04390125 core:FurnitureFittings 2022-12-26 2023-12-31 04390125 core:WithinOneYear 2023-12-31 04390125 core:WithinOneYear 2022-12-25 04390125 core:ShareCapital 2023-12-31 04390125 core:ShareCapital 2022-12-25 04390125 core:RetainedEarningsAccumulatedLosses 2023-12-31 04390125 core:RetainedEarningsAccumulatedLosses 2022-12-25 04390125 core:BetweenOneFiveYears 2023-12-31 04390125 core:BetweenOneFiveYears 2022-12-25 04390125 core:MoreThanFiveYears 2023-12-31 04390125 core:MoreThanFiveYears 2022-12-25 04390125 core:AfterOneYear 2023-12-31 04390125 core:AfterOneYear 2022-12-25 04390125 core:LandBuildings 2022-12-25 04390125 core:FurnitureFittings 2022-12-25 04390125 bus:SmallEntities 2022-12-26 2023-12-31 04390125 bus:Audited 2022-12-26 2023-12-31 04390125 bus:SmallCompaniesRegimeForAccounts 2022-12-26 2023-12-31 04390125 bus:PrivateLimitedCompanyLtd 2022-12-26 2023-12-31 04390125 bus:FullAccounts 2022-12-26 2023-12-31 04390125 bus:OrdinaryShareClass1 2023-12-31 04390125 bus:OrdinaryShareClass1 2022-12-25 04390125 core:LandBuildings core:LongLeaseholdAssets 2022-12-26 2023-12-31
COMPANY REGISTRATION NUMBER: 04390125
P S R SERVICES LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2023
P S R SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
25 Dec 22
Note
£
£
£
£
Fixed assets
Tangible assets
6
69,752
74,853
Current assets
Stocks
7
9,247
10,610
Debtors
8
628,715
490,660
Cash at bank and in hand
48,511
162,954
--------
--------
686,473
664,224
Creditors: amounts falling due within one year
9
( 149,930)
( 256,964)
--------
--------
Net current assets
536,543
407,260
--------
--------
Total assets less current liabilities
606,295
482,113
Provisions for liabilities
Taxation, including deferred taxation
( 14,650)
( 14,436)
--------
--------
Net assets
591,645
467,677
--------
--------
Capital and reserves
Called up share capital
10
2
2
Profit and loss account
591,643
467,675
--------
--------
Total shareholders' funds
591,645
467,677
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
H S Grewal
Director
Company registration number: 04390125
P S R SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 DECEMBER 2022 TO 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB.
2. Statement of compliance
The principal activity of the company during the period was the sales of pizzas, including collection and delivery. These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the company. After reviewing the company's forecasts and projections, the director is satisfied that the company has sufficient resources to continue in operational existence and will be able to meet its debts as they fall due for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes. The company operates pizza stores for the production and sale of pizzas. Sales of pizzas are recognised when the significant risks and rewards of ownership have transferred to the buyer. This is on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% per annum straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
straight line basis over the term of the trading property lease period
Fixtures, fittings and equipment
-
10 - 20% straight line basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 50 (2022: 45 ).
5. Intangible assets
Goodwill
£
Cost
At 26 December 2022 and 31 December 2023
10,000
-------
Accumulated amortisation
At 26 December 2022 and 31 December 2023
10,000
-------
Carrying amount
At 31 December 2023
-------
At 25 December 2022
-------
6. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 26 December 2022
3,133
174,822
177,955
Additions
9,655
9,655
Disposals
( 4,188)
( 4,188)
------
--------
--------
At 31 December 2023
3,133
180,289
183,422
------
--------
--------
Accumulated depreciation
At 26 December 2022
809
102,293
103,102
Charge for the period
314
12,836
13,150
Disposals
( 2,582)
( 2,582)
------
--------
--------
At 31 December 2023
1,123
112,547
113,670
------
--------
--------
Carrying amount
At 31 December 2023
2,010
67,742
69,752
------
--------
--------
At 25 December 2022
2,324
72,529
74,853
------
--------
--------
7. Stocks
31 Dec 23
25 Dec 22
£
£
Raw materials and consumables
9,247
10,610
------
-------
There is no significant difference between the replacement cost of the inventory and its carrying amount.
8. Debtors
31 Dec 23
25 Dec 22
£
£
Trade debtors
15,409
3,686
Amounts owed by group undertakings
580,000
450,000
Other debtors
33,306
36,974
--------
--------
628,715
490,660
--------
--------
The debtors above include the following amounts falling due after more than one year:
31 Dec 23
25 Dec 22
£
£
Other debtors
19,860
22,588
-------
-------
9. Creditors: amounts falling due within one year
31 Dec 23
25 Dec 22
£
£
Trade creditors
36,130
44,718
Corporation tax
13,262
45,515
Social security and other taxes
40,131
122,124
Other creditors
60,407
44,607
--------
--------
149,930
256,964
--------
--------
10. Called up share capital
Issued, called up and fully paid
31 Dec 23
25 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
25 Dec 22
£
£
Not later than 1 year
33,000
33,000
Later than 1 year and not later than 5 years
132,000
132,000
Later than 5 years
27,214
60,756
--------
--------
192,214
225,756
--------
--------
The amount recognised in the profit and loss account as an expense in relation to operating leases was £33,543 (2022: £32,908).
12. Summary audit opinion
The auditor's report dated 18 October 2024 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
13. Controlling party
The immediate parent company is Capital Pizza Limited, a company incorporated in England and Wales. The ultimate parent company and the smallest and largest group to prepare consolidated financial statements which include P S R Services Limited is Palico Limited, a company incorporated in England and Wales. The consolidated financial statements of Palico Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party is the director H S Grewal .