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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
Page
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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
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Process Safety Solutions Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
41,755 
63,083 
Current assets
Debtors
899,274 
861,150 
Cash at bank and in hand
71,408 
27,015 
970,682 
888,165 
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 
Capital and reserves
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
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Process Safety Solutions Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Leased assets
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Deferred taxation
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.
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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 
Depreciation
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 
Net book value
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 
5
Debtors
2024 
2023 
£ 
£ 
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 
899,274 
861,150 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
40,812 
43,656 
VAT
64,441 
60,628 
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 
Other creditors
4,053 
- 
Accruals
4,750 
7,872 
283,286 
330,861 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
46,355 
88,397 
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.
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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 
479,277 
497,250 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Ms D S Cormack
Director's loan
23,974 
539 
- 
24,513 
Mr D Green
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.
10
Controlling party
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).
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