Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-01falseproperty investment22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07613397 2023-05-01 2024-04-30 07613397 2022-05-01 2023-04-30 07613397 2024-04-30 07613397 2023-04-30 07613397 2022-05-01 07613397 5 2022-05-01 2023-04-30 07613397 d:Director1 2023-05-01 2024-04-30 07613397 e:FreeholdInvestmentProperty 2024-04-30 07613397 e:FreeholdInvestmentProperty 2023-04-30 07613397 e:CurrentFinancialInstruments 2024-04-30 07613397 e:CurrentFinancialInstruments 2023-04-30 07613397 e:Non-currentFinancialInstruments 2024-04-30 07613397 e:Non-currentFinancialInstruments 2023-04-30 07613397 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 07613397 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 07613397 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 07613397 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 07613397 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-04-30 07613397 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-04-30 07613397 e:ShareCapital 2024-04-30 07613397 e:ShareCapital 2023-04-30 07613397 e:ShareCapital 2022-05-01 07613397 e:RevaluationReserve 2023-05-01 2024-04-30 07613397 e:RevaluationReserve 2024-04-30 07613397 e:RevaluationReserve 2023-04-30 07613397 e:RevaluationReserve 2022-05-01 07613397 e:RevaluationReserve 5 2022-05-01 2023-04-30 07613397 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 07613397 e:RetainedEarningsAccumulatedLosses 2024-04-30 07613397 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 07613397 e:RetainedEarningsAccumulatedLosses 2023-04-30 07613397 e:RetainedEarningsAccumulatedLosses 2022-05-01 07613397 d:OrdinaryShareClass1 2023-05-01 2024-04-30 07613397 d:OrdinaryShareClass1 2024-04-30 07613397 d:OrdinaryShareClass1 2023-04-30 07613397 d:FRS102 2023-05-01 2024-04-30 07613397 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 07613397 d:FullAccounts 2023-05-01 2024-04-30 07613397 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07613397 2 2023-05-01 2024-04-30 07613397 5 2023-05-01 2024-04-30 07613397 f:PoundSterling 2023-05-01 2024-04-30 07613397 e:RetainedEarningsAccumulatedLosses 5 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07613397










PSR Agency Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
PSR Agency Limited
Registered number: 07613397

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,960,000
2,960,000

  
2,960,000
2,960,000

Current assets
  

Bank and cash balances
  
219,657
202,534

  
219,657
202,534

Creditors: amounts falling due within one year
 5 
(1,858,199)
(487,286)

Net current liabilities
  
 
 
(1,638,542)
 
 
(284,752)

Total assets less current liabilities
  
1,321,458
2,675,248

Creditors: amounts falling due after more than one year
 6 
-
(1,406,000)

Provisions for liabilities
  

Deferred tax
  
(285,875)
(285,875)

  
 
 
(285,875)
 
 
(285,875)

Net assets
  
1,035,583
983,373


Capital and reserves
  

Called up share capital 
 8 
2
2

Revaluation reserve
 9 
857,625
857,625

Profit and loss account
 9 
177,956
125,746

  
1,035,583
983,373


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N Rogers-Dixon
Director
Date: 31 January 2025

The notes on pages 4 to 8 form part of these financial statements.
Page 1

 
PSR Agency Limited
Registered number: 07613397

Balance sheet (continued)
As at 30 April 2024


Page 2

 
PSR Agency Limited
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
2
926,235
56,567
982,804


Comprehensive income for the year

Profit for the year
-
-
69,179
69,179

Deficit on revaluation of freehold property
-
(68,610)
-
(68,610)



At 1 May 2023
2
857,625
125,746
983,373


Comprehensive income for the year

Profit for the year
-
-
52,210
52,210


At 30 April 2024
2
857,625
177,956
1,035,583


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
PSR Agency Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

PSR Agency Limited is a private limited company, incorporated and domiciled in England and Wales. The address of its registered office is 2nd Floor 168 Shoreditch High Street, London, E1 6RA and its principal place of business is 20 Cousin Lane, London, EC4R 3YE.  The company's principal activity is that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed the fair value of all assets and liabilities of the company accordingly and made adjustment to their carrying value where appropriate. 
For these reasons the directors continue to prepare the financial statements on the going concern basis.

  
2.3

Turnover

Turnover represents rent and insurance receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.



 

Page 4

 
PSR Agency Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
PSR Agency Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
2,960,000



At 30 April 2024
2,960,000

The 2020 valuations were made by third party valuers, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,639,901
1,639,901

1,639,901
1,639,901


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,406,000
-

Trade creditors
-
168

Corporation tax
16,303
23,755

Other taxation and social security
932
8,549

Other creditors
422,564
422,564

Accruals and deferred income
12,400
32,250

1,858,199
487,286


Page 6

 
PSR Agency Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,406,000

-
1,406,000



7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,406,000
-

Amounts falling due 1-2 years

Bank loans
-
1,406,000



1,406,000
1,406,000


The loan is secured against the whole and any part of the undertaking property and assets of PSR Agency Limited including 20 Cousin Lane, London, EC4R 3TE. The loan contains both fixed and floating charges on these assets. 


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary share capital shares of £1.00 each
2
2



9.


Reserves

Revaluation reserve

This reserve comprises the increase in fair value of the Investment property.

Profit and loss account

This reserve comprises all the current and prior retained profits and losses, after deducting any distributions to the company's shareholders. 

Share Capital
This reserve comprises the nominal value of issued share capital. 

Page 7

 
PSR Agency Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

10.


Related party transactions

Transactions with Admiral Recruitment Limited
 (A company with mutual directors of N Rogers-Dixon and P Rogers-Dixon)
Rent was received totalling £145,000 (2023: £180,000) and £Nil accrued (2023: £16,000). Rent received of £10,000 (2023: £30,000) was deferred as it relates to the following financial year. During the year £10,000 (2023: £Nil) was waived in regards to rent due, from Admiral Recruitment Limited
Transactions with directors
At the balance sheet date PSR Agency Limited owed N Rogers-Dixon and P Rogers-Dixon £422,564 (2023: £422,564).


11.


Controlling party

The company is controlled by the directors P Rogers-Dixon and N Rogers-Dixon, by virtue of their
100% shareholding in the company.


Page 8