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Registered number: 11390394
Pse Developments Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Finsbury Robinson Ltd
237 Westcombe Hill
London
SE3 7DW
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
You have acknowledged on the balance sheet as at year ended 31 May 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28th October 2024
Finsbury Robinson Ltd
237 Westcombe Hill
London
SE3 7DW
Page 1
Page 2
Balance Sheet
Registered number: 11390394
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,360 17,813
13,360 17,813
CURRENT ASSETS
Stocks 1,024,011 781,564
Debtors 26,238 25,389
Cash at bank and in hand 1,424 160,145
1,051,673 967,098
Creditors: Amounts Falling Due Within One Year (882,768 ) (1,235,382 )
NET CURRENT ASSETS (LIABILITIES) 168,905 (268,284 )
TOTAL ASSETS LESS CURRENT LIABILITIES 182,265 (250,471 )
NET ASSETS/(LIABILITIES) 182,265 (250,471 )
CAPITAL AND RESERVES
Called up share capital 5 1 1
Profit and Loss Account 182,264 (250,472 )
SHAREHOLDERS' FUNDS 182,265 (250,471)
Page 2
Page 3
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr I C Powell
Director
28th October 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Pse Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11390394 . The registered office is Unit 2 Fitzroy Business Park Sandy Lane, Sidcup, Kent, DA14 5NL.
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 Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Tax is recognised in the profit and loss account 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
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Page 4
Page 5
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 June 2023 31,667
As at 31 May 2024 31,667
Depreciation
As at 1 June 2023 13,854
Provided during the period 4,453
As at 31 May 2024 18,307
Net Book Value
As at 31 May 2024 13,360
As at 1 June 2023 17,813
5. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
Page 5