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REGISTERED NUMBER: 02898742 (England and Wales)

















Strategic Report, Report of the Directors and

Audited Financial Statements

For The Year Ended 30 April 2024

for

P.S.V. Transport Systems Limited

P.S.V. Transport Systems Limited (Registered number: 02898742)

Contents of the Financial Statements
For The Year Ended 30 April 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


P.S.V. Transport Systems Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: Mr J C King
Mr M King
Mr T King





REGISTERED OFFICE: Unit 21 Impresa Park
Pindar Road
Hoddesdon
Hertfordshire
EN11 0DL





REGISTERED NUMBER: 02898742 (England and Wales)





AUDITORS: LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

P.S.V. Transport Systems Limited (Registered number: 02898742)

Strategic Report
For The Year Ended 30 April 2024


The directors present their strategic report 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 Company 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 company are as follows:

Gross profit 39.69% (2023: 38.96%)
Gross profit has decreased slightly.

Debtor days 61 days (2023: 59 days)
Credit control is regularly carried out to try to prevent debtor problems, which is highlighted by the small number of customers which have bad debts in the year.

Creditor days 39 days (2023: 37 days)
Creditor days have increased slightly this year. The company tries to pay its creditors twice a month and without having to go into overdraft.

EMPLOYMENT
PSV Transport Systems Ltd is an equal opportunities employer.

ON BEHALF OF THE BOARD:





Mr J C King - Director


20 January 2025

P.S.V. Transport Systems Limited (Registered number: 02898742)

Report of the Directors
For The Year Ended 30 April 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and supply of vehicle components and ancillary parts.

DIVIDENDS
The total distribution of interim dividends during the year ended 30th April 2024 was £1,414,000 (2023: £1,584,923)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr J C King
Mr M King
Mr T King

POLITICAL DONATIONS AND EXPENDITURE
All of the donations made in the year were charitable and not political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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:





Mr J C King - Director


20 January 2025

Report of the Independent Auditors to the Members of
P.S.V. Transport Systems Limited


Opinion
We have audited the financial statements of P.S.V. Transport Systems Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 30 April 2024 and of its 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
P.S.V. Transport Systems Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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
P.S.V. Transport Systems 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.




Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

21 January 2025

P.S.V. Transport Systems Limited (Registered number: 02898742)

Statement of Comprehensive Income
For The Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 26,240,129 22,728,607

Cost of sales 15,826,655 13,873,880
GROSS PROFIT 10,413,474 8,854,727

Administrative expenses 6,481,506 5,555,087
3,931,968 3,299,640

Other operating income 371,000 144,000
OPERATING PROFIT 6 4,302,968 3,443,640

Income from shares in group undertakings - 170,056
Interest receivable and similar income 30,644 10,253
30,644 180,309
4,333,612 3,623,949

Interest payable and similar expenses 8 - 1,296
PROFIT BEFORE TAXATION 4,333,612 3,622,653

Tax on profit 9 1,082,075 684,413
PROFIT FOR THE FINANCIAL YEAR 3,251,537 2,938,240

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,251,537

2,938,240

P.S.V. Transport Systems Limited (Registered number: 02898742)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,046 790
Tangible assets 12 409,941 308,249
Investments 13 40,053 40,053
451,040 349,092

CURRENT ASSETS
Stocks 14 3,699,926 3,361,054
Debtors 15 4,826,916 4,157,855
Cash at bank and in hand 4,801,549 3,507,465
13,328,391 11,026,374
CREDITORS
Amounts falling due within one year 16 3,240,664 2,703,510
NET CURRENT ASSETS 10,087,727 8,322,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,538,767

8,671,956

PROVISIONS FOR LIABILITIES 18 100,876 71,602
NET ASSETS 10,437,891 8,600,354

CAPITAL AND RESERVES
Called up share capital 19 100 100
Capital redemption reserve 20 150 150
Retained earnings 20 10,437,641 8,600,104
SHAREHOLDERS' FUNDS 10,437,891 8,600,354

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:





Mr J C King - Director


P.S.V. Transport Systems Limited (Registered number: 02898742)

Statement of Changes in Equity
For The Year Ended 30 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 100 7,246,787 150 7,247,037

Changes in equity
Dividends - (1,584,923 ) - (1,584,923 )
Total comprehensive income - 2,938,240 - 2,938,240
Balance at 30 April 2023 100 8,600,104 150 8,600,354

Changes in equity
Dividends - (1,414,000 ) - (1,414,000 )
Total comprehensive income - 3,251,537 - 3,251,537
Balance at 30 April 2024 100 10,437,641 150 10,437,891

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements
For The Year Ended 30 April 2024


1. STATUTORY INFORMATION

P.S.V. Transport Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 company 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

Revenue 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 revenue 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.

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


3. ACCOUNTING POLICIES - continued

Intellectual property rights
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is computed on a first in first out basis.

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.

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.

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


3. ACCOUNTING POLICIES - continued

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, 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.

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 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 statement of financial position date.


P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 company operates a defined contribution pension scheme. Contributions payable to the company'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

Consolidation
The company has taken advantage of the reduced disclosure provisions of FRS8.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,445,007 3,718,719
Social security costs 472,359 389,368
Other pension costs 155,253 154,105
5,072,619 4,262,192

The average number of employees during the year was as follows:
2024 2023

Management 3 3
Administration 6 6
Production 70 67
79 76

2024 2023
£    £   
Directors' remuneration 1,250,321 841,882
Directors' pension contributions to money purchase schemes 31,050 34,200

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


5. EMPLOYEES AND DIRECTORS - continued

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 95,218 60,764
Profit on disposal of fixed assets (3,595 ) (968 )
Patents and licences amortisation 117 94
Foreign exchange differences 4,704 20,704

7. AUDITORS' REMUNERATION

Fees payable to the Company's auditors and its associates for the audit of the Company's annual financial statements were £43,500 (2023: £40,000). Of these amounts, £5,500 (2023: £5,000) relate to the Parent Company's audit.

Fees payable to the Company's auditors and its associates in respect of other non-audit services were £22,746 (2023: £17,926)

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on late tax - 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 1,052,801 640,996

Deferred tax 29,274 43,417
Tax on profit 1,082,075 684,413

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,333,612 3,622,653
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

1,083,403

688,304

Effects of:
Expenses not deductible for tax purposes 9,009 5,490
Income not taxable for tax purposes - (32,311 )
Capital allowances in excess of depreciation (29,636 ) (32,748 )
enhanced deduction
Previous year
Timing difference of tax rate change - 16,216
Patent box deduction (10,068 ) (3,955 )

Deferred tax movement 29,367 43,417
Total tax charge 1,082,075 684,413

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,414,000 1,584,923

11. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 May 2023 190,505
Additions 373
At 30 April 2024 190,878
AMORTISATION
At 1 May 2023 189,715
Amortisation for year 117
At 30 April 2024 189,832
NET BOOK VALUE
At 30 April 2024 1,046
At 30 April 2023 790

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


12. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 188,641 840,126 372,204 1,400,971
Additions 2,997 - 206,018 209,015
Disposals - - (43,175 ) (43,175 )
At 30 April 2024 191,638 840,126 535,047 1,566,811
DEPRECIATION
At 1 May 2023 123,402 805,348 163,972 1,092,722
Charge for year 16,946 8,695 69,577 95,218
Eliminated on disposal - - (31,070 ) (31,070 )
At 30 April 2024 140,348 814,043 202,479 1,156,870
NET BOOK VALUE
At 30 April 2024 51,290 26,083 332,568 409,941
At 30 April 2023 65,239 34,778 208,232 308,249

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 40,053
NET BOOK VALUE
At 30 April 2024 40,053
At 30 April 2023 40,053

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

J Lewis (Auto Electrical) Limited
Registered office: Unit 21 Impressa Park, Pindar, Road, Hoddesdon, Hertfordshire, EN11 0DL
Nature of business: repair of motor vehicles
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 804,047 629,159
Profit for the year 174,888 141,160

J Lewis (Auto Electrical) Limited, alongside PSV Transport Systems Limited, are included within the consolidated accounts of PSV Holdings Limited.

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


13. FIXED ASSET INVESTMENTS - continued

Fogmaker UK Ltd
Registered office: Unit 21 Impressa Park, Pindar, Road, Hoddesdon, Hertfordshire, EN11 0DL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The above company was dormant during the year.

Fogmaker Ireland Ltd
Registered office: 22 Northumberland Road, Ballsbridge, Dublin 4, DO4 ED73
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The above company was dormant during the year.

14. STOCKS
2024 2023
£    £   
Stocks 3,699,926 3,361,054

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,337,954 3,646,776
Other debtors 15,639 5,063
Amounts due from group company 420,997 411,147
Directors' current accounts 659 46,319
Prepayments and accrued income 51,667 48,550
4,826,916 4,157,855

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,704,868 1,427,274
Tax 460,963 432,055
Social security and other taxes 421,421 338,923
VAT 550,415 392,487
Other creditors 30,895 53,787
Directors' current accounts 7,610 -
Accruals and deferred income 64,492 58,984
3,240,664 2,703,510

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 117,065 117,065

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


17. LEASING AGREEMENTS - continued

Although the leases run until 2025, they can be cancelled, but six months notice needs to be given. The amounts due above are six months worth of the rent.

The total expense incurred during the financial year in respect of non-cancellable operating lease expenses was £214,620 (2023: £234,131).

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 100,876 71,602

Deferred
tax
£   
Balance at 1 May 2023 71,602
Charge to Statement of Comprehensive Income during year 29,274
Balance at 30 April 2024 100,876

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 8,600,104 150 8,600,254
Profit for the year 3,251,537 3,251,537
Dividends (1,414,000 ) (1,414,000 )
At 30 April 2024 10,437,641 150 10,437,791

21. 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
£    £   
Mr J C King
Balance outstanding at start of year 3,300 -
Amounts advanced 1,229 3,300
Amounts repaid (3,871 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 658 3,300

P.S.V. Transport Systems Limited (Registered number: 02898742)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr M King
Balance outstanding at start of year 43,019 14,994
Amounts advanced 3,633 28,025
Amounts repaid (54,262 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,610 ) 43,019

Directors current accounts are unsecured, interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

23. ULTIMATE CONTROLLING PARTY AND PARENT COMPANY

The ultimate controlling party is Mr J C King.

The immediate parent undertaking is PSV Holdings Limited, a company registered at unit 21, Impressa Park, Pindar Road, Hoddesdon, Hertfordshire, EN11 0DL.

PSV Holdings Limited draws up consolidated financial statements, in which this company is included.

PSV Holdings Limited are the parent company of the smallest and largest group of which PSV Transport Systems Limited is a member, which prepare group financial statements that are available to be obtained from the UK Registrar.