REGISTERED NUMBER: 13293092 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30 April 2024 |
for |
PSV Holdings Limited |
REGISTERED NUMBER: 13293092 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30 April 2024 |
for |
PSV Holdings Limited |
PSV Holdings Limited (Registered number: 13293092) |
Contents of the Consolidated Financial Statements |
For The Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
PSV Holdings Limited |
Company Information |
For The Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Swift House |
Ground Floor |
18 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
PSV Holdings Limited (Registered number: 13293092) |
Group Strategic Report |
For The Year Ended 30 April 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
Firstly we would like to thank our customers for their continued loyalty and our workforce for all their efforts in the past year which has seen the business continue to flourish and strengthen. The group has continued diversification into other markets which has enabled us to maintain a wide portfolio of clients and a reduced long-term risk. We operate in an extremely competitive environment and through the efforts of all our staff have managed to continue to improve efficiencies in all aspects of our business. This has enabled us to remain competitive and retain or grow business whenever challenged through processes such as tendering or benchmarking. Our emphasis has been on forming long term relationships with our customer base and that trust between us is beneficial to both parties. The above factors, complimented by effective financial controls, detailed reporting, and a strong adherence to conformity has resulted in us ending this financial year in a strong position. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business is keen to maximise sales and profitability while taking a sensible approach to risk. We aim to be diverse in respect of our revenue streams and in addition to ensuring that no one customer represents an unbalanced percentage of our annual turnover, we have expanded and diversified our product ranges in order to offer a wider portfolio of goods and services and have also entered other markets and sectors that dovetail into our existing skills and ability. We are careful to adhere to all legislation in respect of products and have vigorous quality control processes. The business has robust health and safety procedures and carries out regular internal audits to ensure compliance. We also have liability insurance at levels that exceed the minimum required by law. We are also members of the Confederation of Passenger Transport which allows us to share information and expertise. |
KEY PERFORMANCE INDICATORS |
KPI's applicable to the group are as follows: |
Gross profit 43.40% (2023: 42.54%) |
In line with expectations. |
Debtor days 62 days (2023: 62 days) |
Credit control is regularly carried out to try to prevent debtor problems, which is highlighted by the small number of customers with bad debts in the year. |
Creditor days 40 days (2023: 38 days) |
The group has a payment policy requiring payment runs to be made every two weeks and without using an overdraft. |
EMPLOYMENT |
PSV Holdings Limited is an equal opportunities employer. |
ON BEHALF OF THE BOARD: |
Director |
20 January 2025 |
PSV Holdings Limited (Registered number: 13293092) |
Report of the Directors |
For The Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th April 2024 will be £814,000 (2023: £809,211). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
All donations in the year were charitable and not political. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, LB Group Limited (Chelmsford), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
PSV Holdings Limited |
Opinion |
We have audited the financial statements of PSV Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
PSV Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the vehicle manufacturing sector; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
Report of the Independent Auditors to the Members of |
PSV Holdings Limited |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Tested a sample of revenue recognised either side of the period end to ensure revenue had been recognised in the correct period; |
- Reviewed the internal controls in place, specifically around payroll and bank transactions; and |
- Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation, accruals and accrued income were indicative of potential bias. |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Reading the minutes of meetings of those charged with governance; |
- Enquiring of management as to actual and potential litigation and claims; and |
- Reviewing correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Swift House |
Ground Floor |
18 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
PSV Holdings Limited (Registered number: 13293092) |
Consolidated Statement of Comprehensive Income |
For The Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 28,026,774 | 23,929,209 |
Cost of sales | 15,864,133 | 13,748,773 |
GROSS PROFIT | 12,162,641 | 10,180,436 |
Administrative expenses | 7,624,528 | 6,589,937 |
4,538,113 | 3,590,499 |
Other operating income | 360 | - |
OPERATING PROFIT | 6 | 4,538,473 | 3,590,499 |
Interest receivable and similar income | 32,956 | 11,055 |
4,571,429 | 3,601,554 |
Interest payable and similar expenses | 8 | 39 | 1,296 |
PROFIT BEFORE TAXATION | 4,571,390 | 3,600,258 |
Tax on profit | 9 | 1,158,428 | 725,498 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,412,962 |
2,874,760 |
Profit attributable to: |
Owners of the parent | 3,412,962 | 2,874,760 |
Total comprehensive income attributable to: |
Owners of the parent | 3,412,962 | 2,874,760 |
PSV Holdings Limited (Registered number: 13293092) |
Consolidated Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 404,383 | 280,843 |
Tangible assets | 13 | 579,905 | 447,047 |
Investments | 14 | - | 179,812 |
984,288 | 907,702 |
CURRENT ASSETS |
Stocks | 15 | 3,960,503 | 3,538,617 |
Debtors | 16 | 4,882,366 | 4,182,511 |
Cash at bank and in hand | 5,406,727 | 3,967,682 |
14,249,596 | 11,688,810 |
CREDITORS |
Amounts falling due within one year | 17 | 4,046,879 | 3,447,724 |
NET CURRENT ASSETS | 10,202,717 | 8,241,086 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,187,005 |
9,148,788 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(702,189 |
) |
(1,300,000 |
) |
PROVISIONS FOR LIABILITIES | 22 | (144,206 | ) | (107,140 | ) |
NET ASSETS | 10,340,610 | 7,741,648 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 100 | 100 |
Share premium | 24 | 4,999,900 | 4,999,900 |
Retained earnings | 24 | 5,340,610 | 2,741,648 |
SHAREHOLDERS' FUNDS | 10,340,610 | 7,741,648 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by: |
J C King - Director |
PSV Holdings Limited (Registered number: 13293092) |
Company Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,413,800 | 1,584,673 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PSV Holdings Limited (Registered number: 13293092) |
Consolidated Statement of Changes in Equity |
For The Year Ended 30 April 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 100 | 676,099 | 4,999,900 | 5,676,099 |
Changes in equity |
Dividends | - | (809,211 | ) | - | (809,211 | ) |
Total comprehensive income | - | 2,874,760 | - | 2,874,760 |
Balance at 30 April 2023 | 100 | 2,741,648 | 4,999,900 | 7,741,648 |
Changes in equity |
Dividends | - | (814,000 | ) | - | (814,000 | ) |
Total comprehensive income | - | 3,412,962 | - | 3,412,962 |
Balance at 30 April 2024 | 100 | 5,340,610 | 4,999,900 | 10,340,610 |
PSV Holdings Limited (Registered number: 13293092) |
Company Statement of Changes in Equity |
For The Year Ended 30 April 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
PSV Holdings Limited (Registered number: 13293092) |
Consolidated Cash Flow Statement |
For The Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,523,218 | 2,179,191 |
Interest paid | (39 | ) | (1,296 | ) |
Tax paid | (1,048,486 | ) | (479,695 | ) |
Net cash from operating activities | 2,474,693 | 1,698,200 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (373 | ) | (343 | ) |
Purchase of tangible fixed assets | (290,587 | ) | (261,393 | ) |
Purchase of fixed asset investments | (46,506 | ) | (179,812 | ) |
Sale of tangible fixed assets | 18,792 | 4,481 |
Cash acquired on acquistion | 10,800 | - |
Interest received | 32,956 | 11,055 |
Net cash from investing activities | (274,918 | ) | (426,012 | ) |
Cash flows from financing activities |
Amount introduced by directors | 46,319 | 14,994 |
Amount withdrawn by directors | 6,951 | (46,319 | ) |
Equity dividends paid | (814,000 | ) | (809,211 | ) |
Net cash from financing activities | (760,730 | ) | (840,536 | ) |
Increase in cash and cash equivalents | 1,439,045 | 431,652 |
Cash and cash equivalents at beginning of year |
2 |
3,967,682 |
3,536,030 |
Cash and cash equivalents at end of year | 2 | 5,406,727 | 3,967,682 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 4,571,390 | 3,600,258 |
Depreciation charges | 192,806 | 123,741 |
Profit on disposal of fixed assets | (3,466 | ) | (968 | ) |
Adjustment for change on acquisition | 50,308 | - |
Finance costs | 39 | 1,296 |
Finance income | (32,956 | ) | (11,055 | ) |
4,778,121 | 3,713,272 |
Increase in stocks | (421,886 | ) | (300,680 | ) |
Increase in trade and other debtors | (745,515 | ) | (989,740 | ) |
Decrease in trade and other creditors | (87,502 | ) | (243,661 | ) |
Cash generated from operations | 3,523,218 | 2,179,191 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 5,406,727 | 3,967,682 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 3,967,682 | 3,536,030 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,967,682 | 1,439,045 | 5,406,727 |
3,967,682 | 1,439,045 | 5,406,727 |
Debt |
Debts falling due within 1 year | - | (2,130 | ) | (2,130 | ) |
Debts falling due after 1 year | - | (2,189 | ) | (2,189 | ) |
- | (4,319 | ) | (4,319 | ) |
Total | 3,967,682 | 1,434,726 | 5,402,408 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements |
For The Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
PSV Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements incorporate the financial statements of PSV Holdings Limited (the 'Company') and the entities controlled by the Company (its subsidiaries) made up to 30th April each year. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. |
Going concern |
At the time that the financial statements were approved, the directors had a reasonable expectation that the group had adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements. |
The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Sale of goods |
Turnover for the sale of goods is recognised when the risk and reward is transferred to the customer at the point of sale, which is usually the date goods are delivered to the customer, the value of the goods can be reliably measured and it is probable that the company will receive consideration for the goods. |
Goodwill |
Goodwill is recognised and measured under the cost model. |
Goodwill exists following business combinations with subsidiaries and is being amortised over its useful economic life of 10 years. |
Intangible fixed assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intellectual Property Rights which were purchased in 2010, were amortised over their useful economic life of 10 years. |
All other intangible assets are also amortised over their useful economic life of 10 years. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Investments in subsidiaries |
Investment in subsidiaries are initially recognised at cost and subsequently measured under the cost model less any accumulated provisions for impairment losses. |
Stocks |
Stocks are valued at average weighted cost, derived from, the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Stocks are calculated using the first-in-first-out method. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Management of liquid resources |
Liquid resources are defined as being all current assets readily convertible into cash or cash equivalents. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover and profits between geographical markets has not been given because, in the opinion of the directors, this disclosure would be seriously prejudicial to the company. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 5,144,399 | 4,364,908 |
Social security costs | 551,172 | 461,757 |
Other pension costs | 178,761 | 175,990 |
5,874,332 | 5,002,655 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 10 | 5 |
Administration | 17 | 8 |
Production | 65 | 75 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
2024 | 2023 |
£ | £ |
Directors' remuneration | 1,250,321 | 841,882 |
Directors' pension contributions to money purchase schemes | 31,050 | 34,200 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 437,887 | 298,177 |
Pension contributions to money purchase schemes | 15,525 | 14,850 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 142,403 | 89,288 |
Profit on disposal of fixed assets | (3,466 | ) | (968 | ) |
Goodwill amortisation | 50,349 | 34,360 |
Patents and licences amortisation | 117 | 94 |
Foreign exchange differences | 4,613 | 23,533 |
7. | AUDITORS' REMUNERATION |
Fees payable to the Group's auditors and its associates for the audit of the Group's annual financial statements and those of it's subsidiaries, were £73,600 (2023: £71,500) |
Fees payable to the Group's auditors and its associates in respect of other non-audit services were £21,967 (2023: £13,892) |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 39 | - |
Interest on late tax | - | 1,296 |
39 | 1,296 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 1,123,577 | 665,393 |
Deferred tax | 34,851 | 60,105 |
Tax on profit | 1,158,428 | 725,498 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 4,571,390 | 3,600,258 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
1,142,848 |
684,049 |
Effects of: |
Expenses not deductible for tax purposes | 10,876 | 13,204 |
Income not taxable for tax purposes | (10,068 | ) | - |
Capital allowances in excess of depreciation | - | (44,646 | ) |
Utilisation of tax losses | (330 | ) | - |
Deferred tax movement | - | 60,105 |
Pre-acquisition | 12,587 | - |
Patent box | - | (3,955 | ) |
Change in tax rate | 2,515 | 16,741 |
Total tax charge | 1,158,428 | 725,498 |
The change in tax rate has occurred because of the increase of corporation tax from 19% to 25%, from the 1st April 2023. |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 814,000 | 809,211 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 343,595 | 944 | 344,539 |
Additions | 173,633 | 373 | 174,006 |
At 30 April 2024 | 517,228 | 1,317 | 518,545 |
AMORTISATION |
At 1 May 2023 | 63,542 | 154 | 63,696 |
Amortisation for year | 50,349 | 117 | 50,466 |
At 30 April 2024 | 113,891 | 271 | 114,162 |
NET BOOK VALUE |
At 30 April 2024 | 403,337 | 1,046 | 404,383 |
At 30 April 2023 | 280,053 | 790 | 280,843 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 | 75,235 | 63,452 | - | 366,659 | 505,346 |
Additions | 2,997 | 8,858 | 62 | 278,670 | 290,587 |
Disposals | - | - | - | (59,465 | ) | (59,465 | ) |
At 30 April 2024 | 78,232 | 72,310 | 62 | 585,864 | 736,468 |
DEPRECIATION |
At 1 May 2023 | 9,997 | 25,649 | - | 22,653 | 58,299 |
Charge for year | 16,946 | 10,779 | 62 | 114,616 | 142,403 |
Eliminated on disposal | - | - | - | (44,139 | ) | (44,139 | ) |
At 30 April 2024 | 26,943 | 36,428 | 62 | 93,130 | 156,563 |
NET BOOK VALUE |
At 30 April 2024 | 51,289 | 35,882 | - | 492,734 | 579,905 |
At 30 April 2023 | 65,238 | 37,803 | - | 344,006 | 447,047 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 | 179,812 |
Reclassification/transfer | (179,812 | ) |
At 30 April 2024 | - |
NET BOOK VALUE |
At 30 April 2024 | - |
At 30 April 2023 | 179,812 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 21, Impressa Park, Pindar Road, Hoddesdon, England, EN11 0DL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 21, Impressa Park, Pindar Road, Hoddesdon, England, EN11 0DL |
Nature of business: |
% |
Class of shares: | holding |
The business combination was made with Griptone Limited on 01/05/2023 following the formal acquisition of 100% of the share capital on 14/03/2023. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 21, Impressa Park, Pindar Road, Hoddesdon, England, EN11 0DL |
Nature of business: |
% |
Class of shares: | holding |
The business combination was made with Temple Manufacturing Company Limited on 11/01/2024 following the formal acquisition of 100% of the share capital on 11/01/2024. |
J Lewis (Auto Electrical) Systems Limited |
Registered office: 21 Impresa Park, Pindar Road, Hoddesdon, Hertfordshire, EN11 0DL |
Nature of business: Maintenance and repair of motor vehicles |
% |
Class of shares: | holding |
Ordinary | 100.00 |
100% owned by P.S.V Transport |
All subsidiary entities: P.S.V. Transport Systems Limited, J Lewis (auto Electrical) Limited, Griptone Limited and Temple Manufacturing Company Limited are included within these consolidated financial statements. |
Each of these entities is considered to be a subsidiary undertaking of PSV Holdings Limited via a direct or indirect controlling stake in the share capital. |
The following entities are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479a of the act: |
Temple Manufacturing Company Limited |
PSV Holding's Limited guarantees any contingent and prospective liabilities that these companies are subject to in accordance with section 479c of the Companies Act 2006. |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 3,960,503 | 3,538,617 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 4,731,714 | 4,003,774 |
Other debtors | 21,832 | 6,027 |
Amounts due from group company | - | 3,411 |
Directors' current accounts | 659 | 46,319 |
Prepayments and accrued income | 128,161 | 122,980 |
4,882,366 | 4,182,511 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 2,130 | - |
Trade creditors | 1,741,657 | 1,444,503 |
Amounts owed to group undertakings | - | - |
Tax | 531,633 | 456,542 |
Social security and other taxes | 461,877 | 375,064 |
VAT | 554,321 | 423,014 | - | - |
Other creditors | 645,014 | 658,510 |
Directors' current accounts | 9,436 | - | - | - |
Accruals and deferred income | 100,811 | 90,091 |
4,046,879 | 3,447,724 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 19) | 2,189 | - |
Other creditors over 1 year | 700,000 | 1,300,000 |
702,189 | 1,300,000 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 2,130 | - |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 2,189 | - |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 117,065 | 117,065 |
The total expense in respect of non-cancellable operating leases in the current year was £289,355 (2022: 289,355). Although the the lease term expires during 2025, they can be cancelled at six months notice. |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Loan notes | 1,300,000 | 1,900,000 | 1,300,000 | - |
Included within notes 17 and 18 to the financial statements are amounts totalling £1,300,000 (2023: £1,900,000) in respect of loan notes payable. These are secured by the noteholder by way of fixed and floating charge over all present and future properties and goodwill of PSV Holdings Limited as well as all present assets of PSV Holdings Limited. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 144,206 | 107,140 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 107,140 |
Provided during year | 2,215 |
Charge to Statement of Comprehensive Income during year | 34,851 |
Balance at 30 April 2024 | 144,206 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
24. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 2,741,648 | 4,999,900 | 7,741,548 |
Profit for the year | 3,412,962 | 3,412,962 |
Dividends | (814,000 | ) | (814,000 | ) |
At 30 April 2024 | 5,340,610 | 4,999,900 | 10,340,510 |
PSV Holdings Limited (Registered number: 13293092) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 April 2024 |
24. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 8,275,362 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 8,875,162 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
M King |
Balance outstanding at start of year | 43,019 | 14,994 |
Amounts advanced | 3,634 | 28,025 |
Amounts repaid | (54,262 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (7,609 | ) | 43,019 |
J C King |
Balance outstanding at start of year | 3,300 | - |
Amounts advanced | 1,230 | 3,300 |
Amounts repaid | (3,871 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 659 | 3,300 |
Directors current accounts are unsecured, interest free and repayable on demand. |
26. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £814,000 (2023 - £809,211) were paid to the directors . |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J C King. |
Mr John King is the ultimate controlling party through ownership of 100% of the share capital of PSV Holdings Limited. |