Company Registration No. SC389993 (Scotland)
Process Safety Solutions Ltd
Unaudited accounts
for the year ended 31 March 2024
Process Safety Solutions Ltd
Unaudited accounts
Contents
Process Safety Solutions Ltd
Company Information
for the year ended 31 March 2024
Directors
Ms D S Cormack
Mr D Green
Mr A J Thompson
Company Number
SC389993 (Scotland)
Registered Office
341 Great Western Road
Aberdeen
AB10 6NW
Accountants
Granite Accountants (Aberdeen) Limited
199 Westburn Road
Aberdeen
AB25 2QE
Process Safety Solutions Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
41,755
63,083
Cash at bank and in hand
71,408
27,015
Creditors: amounts falling due within one year
(283,286)
(330,861)
Net current assets
687,396
557,304
Total assets less current liabilities
729,151
620,387
Creditors: amounts falling due after more than one year
(46,355)
(88,397)
Provisions for liabilities
Deferred tax
(6,293)
(7,763)
Net assets
676,503
524,227
Called up share capital
1,000
1,000
Profit and loss account
675,503
523,227
Shareholders' funds
676,503
524,227
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by
Mr D Green
Director
Company Registration No. SC389993
Process Safety Solutions Ltd
Notes to the Accounts
for the year ended 31 March 2024
Process Safety Solutions Ltd is a private company, limited by shares, registered in Scotland, registration number SC389993. The registered office is 341 Great Western Road, Aberdeen, AB10 6NW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
15% on reducing balance
Motor vehicles
20% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
33% on cost
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Expenditure on research and development is written off in the year in which it is incurred.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Process Safety Solutions Ltd
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
1,754
12,432
32,798
92,663
113,301
252,948
Additions
-
-
-
4,045
2,659
6,704
Disposals
-
-
(18,000)
-
-
(18,000)
At 31 March 2024
1,754
12,432
14,798
96,708
115,960
241,652
At 1 April 2023
1,097
9,219
11,452
62,483
105,614
189,865
Charge for the year
175
482
1,749
4,866
4,800
12,072
On disposals
-
-
(2,040)
-
-
(2,040)
At 31 March 2024
1,272
9,701
11,161
67,349
110,414
199,897
At 31 March 2024
482
2,731
3,637
29,359
5,546
41,755
At 31 March 2023
657
3,213
21,346
30,180
7,687
63,083
Amounts falling due within one year
Trade debtors
79,917
79,403
Amounts due from group undertakings etc.
536,526
553,526
Accrued income and prepayments
25,539
26,629
Other debtors
257,292
201,592
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
40,812
43,656
Trade creditors
73,275
134,126
Amounts owed to group undertakings and other participating interests
(1,026)
-
Taxes and social security
96,981
84,579
7
Creditors: amounts falling due after more than one year
2024
2023
The bank overdraft and loans are secured by a bond, floating charge and standard security of the property located at 341 Great Western Road, Aberdeen. A director, Mr D Green, has also provided a personal guarantee of £100,000.
Process Safety Solutions Ltd
Notes to the Accounts
for the year ended 31 March 2024
8
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
65,294
51,000
Later than one year and not later than five years
222,733
204,000
Later than five years
191,250
242,250
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
23,974
539
-
24,513
Director's loan
118,608
75,314
33,198
160,724
142,582
75,853
33,198
185,237
The loans made to directors are repayable on demand. The interest rate on the loans made to the directors is 2.25% on the average loan balance during the period.
The company is controlled by PSS Management Limited, a private company, limited by shares, registered in Scotland, registration number SC719054. The registered office and principal place of business is 341 Great Western Road, Aberdeen, Scotland, AB10 6NW.
11
Average number of employees
During the year the average number of employees was 22 (2023: 19).