Registration number
10311603
PSP Estates Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2024
Flintham Mackenzie Ltd
Chartered Accountants
277-279 Chiswick High Road
London
W4 4PU
PSP Estates Ltd
Contents
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Statement of Comprehensive Income 5
Balance Sheet 6
Statement of Changes in Equity 7
Notes to the Unaudited Financial Statements 8 to 10
Detailed Profit and Loss Account 11 to 12
PSP Estates Ltd
Company Information
Directors
Mr Philip Klass
Mr Philip Benjamin Bergman
Ms Sarah Louise Johnston
Mrs Sara F Bergman
Registered office
277-279 Chiswick High Road
London
W4 4PU
Chartered Accountants
Flintham Mackenzie Limited
277-279
Chiswick High Road
London
W4 4PU
Registered number
10311603
PSP Estates Ltd
(Registration number: 10311603)
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 100,000 100,000
Current assets
Debtors 4 7,055 8,286
Cash at bank and in hand 783 243
7,838 8,529
Creditors: amounts falling due within one year 5 (2,584) (2,736)
Net current assets 5,254 5,793
Total assets less current liabilities 105,254 105,793
Provisions for liabilities (10,830) (10,830)
Net assets 94,424 94,963
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 57,000 57,000
Profit and loss account 37,324 37,863
Shareholders' funds 94,424 94,963
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 of the Act; and
The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Mr Philip Benjamin Bergman
Director
Approved by the board on 22 January 2025
The notes on pages 8 to 10 form an integral part of these financial statements.
PSP Estates Ltd
Notes to the Unaudited Financial Statements
for the year ended 31 March 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:
277-279 Chiswick High Road
London
W4 4PU
These financial statements were authorised for issue by the Board on 22 January 2025.
1 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.
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 atleast 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.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 evalue of money is material, the initial measurement is on a present value basis.
Dividend
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Freehold Property
£
Cost
At 1 April 2023 100,000
At 31 March 2024 100,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 100,000
At 31 March 2023 100,000
4 Debtors 2024 2023
£ £
Other debtors 7,055 8,286
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 2
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,800 1,800
Taxation and social security costs 784 934
2,584 2,736
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 57,000 57,000
At 31 March 2024 57,000 57,000
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