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Registration number: 14496060

PSFL Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

PSFL Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

PSFL Holdings Limited

Company Information

Director

Mr NC Elson

Registered office

Unit 8/9/10 Anchor Business Park
Castle Road
Sittingbourne
Kent
ME10 3AE

Accountants

Jordan Ludlow & Associates Limited
Accountants9 Limes Road
Beckenham
Kent
BR3 6NS

 

PSFL Holdings Limited

(Registration number: 14496060)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,256,675

-

Investments

5

100

100

 

1,256,775

100

Current assets

 

Debtors

6

53,118

249,194

Cash at bank and in hand

 

10,204

-

 

63,322

249,194

Creditors: Amounts falling due within one year

7

(20,084)

(548)

Net current assets

 

43,238

248,646

Total assets less current liabilities

 

1,300,013

248,746

Creditors: Amounts falling due after more than one year

7

(778,052)

-

Net assets

 

521,961

248,746

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

521,861

248,646

Shareholders' funds

 

521,961

248,746

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 January 2025
 

.........................................
Mr NC Elson
Director

 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8/9/10 Anchor Business Park
Castle Road
Sittingbourne
Kent
ME10 3AE

These financial statements were authorised for issue by the director on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% per annum - straight-line basis

 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

1,258,175

1,258,175

At 31 May 2024

1,258,175

1,258,175

Depreciation

Charge for the period

1,500

1,500

At 31 May 2024

1,500

1,500

Carrying amount

At 31 May 2024

1,256,675

1,256,675

Included within the net book value of land and buildings above is £1,256,675 (2023 - £Nil) in respect of freehold land and buildings.
 

 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 June 2023

100

Provision

Carrying amount

At 31 May 2024

100

At 31 May 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Pipe Services (Fabrication) Limited

Unit 8/9/10 Anchor Business Park
Castle Road
Sittingbourne
London
Kent
ME10 3AE

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Pipe Services (Fabrication) Limited

The principal activity of Pipe Services (Fabrication) Limited is the manufacture and supply of prefabricated industrial pipe components.

 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

53,118

249,194

   

53,118

249,194

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,064

8

Accruals and deferred income

 

1,020

540

 

20,084

548

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

778,052

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

PSFL Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

778,052

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,052

-

Other borrowings

12

8

19,064

8

10

Dividends

2024

2023

£

£

Interim dividend of £1,340.50 (2023 - £508.14) per ordinary share

134,050

50,814

 

 

11

Related party transactions

Income and receivables from related parties

2024

Subsidiary
£

Leases

14,000

2023

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

249,194

249,194

Repaid

(196,076)

(196,076)

At end of period

53,118

53,118

2023

Subsidiary
£

Total
£

Advanced

249,194

249,194

At end of period

249,194

249,194