IRIS Accounts Production v24.3.2.46 03544196 Board of Directors 1.6.23 31.5.24 31.5.24 Medium entities true true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035441962023-05-31035441962024-05-31035441962023-06-012024-05-31035441962022-05-31035441962022-06-012023-05-31035441962023-05-3103544196ns15:EnglandWales2023-06-012024-05-3103544196ns14:PoundSterling2023-06-012024-05-3103544196ns10:Director12023-06-012024-05-3103544196ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3103544196ns10:MediumEntities2023-06-012024-05-3103544196ns10:Audited2023-06-012024-05-3103544196ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3103544196ns10:Medium-sizedCompaniesRegimeForAccounts2023-06-012024-05-3103544196ns10:FullAccounts2023-06-012024-05-310354419612023-06-012024-05-3103544196ns10:OrdinaryShareClass32023-06-012024-05-3103544196ns10:Director22023-06-012024-05-3103544196ns10:Director32023-06-012024-05-3103544196ns10:Director42023-06-012024-05-3103544196ns10:Director52023-06-012024-05-3103544196ns10:Director62023-06-012024-05-3103544196ns10:CompanySecretary12023-06-012024-05-3103544196ns10:RegisteredOffice2023-06-012024-05-3103544196ns5:CurrentFinancialInstruments2024-05-3103544196ns5:CurrentFinancialInstruments2023-05-3103544196ns5:ShareCapital2024-05-3103544196ns5:ShareCapital2023-05-3103544196ns5:CapitalRedemptionReserve2024-05-3103544196ns5:CapitalRedemptionReserve2023-05-3103544196ns5:RetainedEarningsAccumulatedLosses2024-05-3103544196ns5:RetainedEarningsAccumulatedLosses2023-05-3103544196ns5:ShareCapital2022-05-3103544196ns5:RetainedEarningsAccumulatedLosses2022-05-3103544196ns5:CapitalRedemptionReserve2022-05-3103544196ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3103544196ns5:CapitalRedemptionReserve2022-06-012023-05-3103544196ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-3103544196ns5:CapitalRedemptionReserve2023-06-012024-05-3103544196ns5:NetGoodwill2023-06-012024-05-3103544196ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103544196ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-06-012024-05-3103544196ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-06-012023-05-3103544196ns10:HighestPaidDirector2023-06-012024-05-3103544196ns10:HighestPaidDirector2022-06-012023-05-3103544196ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-06-012024-05-3103544196ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-012023-05-3103544196ns5:OwnedAssets2023-06-012024-05-3103544196ns5:OwnedAssets2022-06-012023-05-3103544196112023-06-012024-05-3103544196112022-06-012023-05-3103544196ns10:OrdinaryShareClass32022-06-012023-05-3103544196ns5:NetGoodwill2023-05-3103544196ns5:NetGoodwill2024-05-3103544196ns5:NetGoodwill2023-05-3103544196ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-3103544196ns5:PlantMachinery2023-05-3103544196ns5:MotorVehicles2023-05-3103544196ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-012024-05-3103544196ns5:PlantMachinery2023-06-012024-05-3103544196ns5:MotorVehicles2023-06-012024-05-3103544196ns5:LongLeaseholdAssetsns5:LandBuildings2024-05-3103544196ns5:PlantMachinery2024-05-3103544196ns5:MotorVehicles2024-05-3103544196ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-3103544196ns5:PlantMachinery2023-05-3103544196ns5:MotorVehicles2023-05-3103544196ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-05-3103544196ns5:UnlistedNon-exchangeTradedns5:DisposalsRepaymentsInvestments2024-05-3103544196ns5:UnlistedNon-exchangeTradedns5:CostValuation2024-05-3103544196ns5:UnlistedNon-exchangeTraded2024-05-3103544196ns5:UnlistedNon-exchangeTraded2023-05-3103544196ns5:Subsidiary12023-06-012024-05-31035441961ns5:Subsidiary12023-06-012024-05-3103544196ns5:Subsidiary12023-05-3103544196ns5:Subsidiary12024-05-3103544196ns5:Subsidiary12023-05-3103544196ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3103544196ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3103544196ns5:WithinOneYear2024-05-3103544196ns5:WithinOneYear2023-05-3103544196ns5:BetweenOneFiveYears2024-05-3103544196ns5:BetweenOneFiveYears2023-05-3103544196ns5:AllPeriods2024-05-3103544196ns5:AllPeriods2023-05-3103544196ns10:OrdinaryShareClass32024-05-3103544196ns5:RetainedEarningsAccumulatedLosses2023-05-3103544196ns5:CapitalRedemptionReserve2023-05-310354419612023-06-012024-05-31
REGISTERED NUMBER: 03544196 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PSA PARTS LIMITED

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


PSA PARTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J P McBrien
J E McBrien
P J McBrien
M Boyd
N Walsh
N D Hilliard





SECRETARY: P J McBrien





REGISTERED OFFICE: 2 Prince Georges Road
Colliers Wood
London
SW19 2PX





REGISTERED NUMBER: 03544196 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report for the year ended 31 May 2024.

Introduction

The principal activity of the company in the period under review was that of selling electronic and computer spare parts. The company is the leading supplier of batteries, power adapters and chargers within Europe. With over 20 years expertise supplying power product solutions, the company has built strong relationships with battery and accessory manufacturers, including becoming a Duracell licensee.

The company supplies 2-Power and Duracell branded products, OEM (Original Equipment Manufacturer) brand name products and high-quality replacement products. All of which are guaranteed 100% compatible and almost all come with a one-year warranty.

The company supplies customers right across Europe including distributors, computer dealers as well as product owners themselves.

REVIEW OF BUSINESS
Financial Performance

Turnover decreased to £27,304,240 (2023 £30,035,675). The profit for the year after taxation, amounted to £827,293 (2023 £1,055,988). The decrease in turnover and profit was due to weakened customer demand after high levels of business.

The gross profit margin of the company remained constant at 23% (2023 22%) while overhead expenditure increased to £5,285,097 (2023 £5,246,396). Including in overhead expenditure is a loss on foreign exchange of £68,296 (2023 £16,163).

Financial Position

The company is in a sound financial position with net assets at the year end amounted to £6,201,589 (2023 £5,975,316).

At 31.5.2024 the company has a cash balance of £2,350,088 (2023 £2,340,408). Stock levels decreased to £3,228,515 (2023 £3,443,565). Trade debtors decreased to £3,000,371(2023 £3,098,706) and trade creditors decreased to £1,789,615 (2023 £2,569,532).

PRINCIPAL RISKS AND UNCERTAINTIES
The Board continually reviews the potential risks facing the company. These continue to be the same issues.

(i) Products - the evolvement of products mean that some historical categories have declined, we continue to compensate by adding new ranges.

(ii) Economic environment - the ongoing issues over the UK leaving the EU and the knock-on effect to currencies continue to be a concern.

The high inflation caused by the war in Ukraine and raising of interest rates has also weakened customer demand.


PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

KEY PERFORMANCE INDICATORS
With the changes in the category split we monitor the gross margin against sales and overheads. We are pleased to say that these remain consistent, and within expectable parameters to the board.

31.5.2024 31.5.2023

Turnover £27,304,240 £30,035,675
Gross Profit £6,340,687 £6,547,744
Gross Profit Margin 23% 22%
Overheads £5,285,097 £5,246,396
Profit Before Taxation £1,102,090 £1,323,397
Cash at Bank £2,350,088 £2,340,408
Stock £3,228,515 £3,443,565
Trade Debtors £3,000,371 £3,098,706
Trade Creditors £1,789,615 £2,569,532
Net Assets £6,201,589 £5,975,316
Average Employees 47 50

FUTURE DEVELOPMENT
PSA will continue to grow via new product lines within the battery and IT sector and to continue its focus on growing the export sales business.

ON BEHALF OF THE BOARD:





J E McBrien - Director


25 February 2025

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of selling electronic and computer spare parts.

DIVIDENDS
During the year dividends were paid of £371 per share on 17 January 2024 and £371 per share on 18 March 2024.
The total distribution of dividends for the year ended 31 May 2024 was £601,020 (2023 £1,350,270).

After the year end the company paid a dividend of £494 per share, totalling £400,140.

FUTURE DEVELOPMENTS
This is referred to in the Strategic Report.

POST BALANCE SHEET EVENTS
No other events have occurred between the accounting date and the date of this report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

J P McBrien
J E McBrien
P J McBrien
M Boyd
N Walsh
N D Hilliard

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In the course of its business, the company is exposed to a number of financial risks - credit risk, liquidity risk, market risk (interest rate risk, currency risk and price risk) and competition risk.The company uses various financial instruments to manage these risks. The directors review and agree policies for managing each of these risks.

(i) Credit risk - refers to the risk of a financial loss which would be incurred if a trade debtor does not fulfil its financial obligation. In order to manage credit risk the directors set limits for customers based on historic data and references. Credit limits are reviewed on a regular basis.

(ii) Liquidity risk - refers to the risk that the company will not be able to meet its financial obligations as they fall due, because of a lack of liquid assets. The company's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as they fall due. The company achieves this by monthly budgets and cashflow projections.

(iii) Market risk - refers to the risk of loss arising due to a fluctuation in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (price risk):

- interest rate risk - the company is not exposed to significant cash flow interest rate risk from long term borrowings.

- currency risk - the company purchases and sells products from/to overseas entities in currencies other than sterling.The company manages currency risks by using forward foreign exchange rate contracts. Forward foreign exchange rate contracts are not used for speculative purposes.

- price risk - the company is exposed to price risk due to normal inflationary increases in the costs of the products it purchases. Products can also become obsolete. The company manages the risk by careful stock management and forecasting future trends.

(iv) Competition risk - the company operates in a highly competitive market putting pressure on margin and turnover growth. The company is well established in the marketplace and continually strives for business efficiencies and monitors our competitors.


PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

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). 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, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J E McBrien - Director


25 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PSA PARTS LIMITED


Opinion
We have audited the financial statements of PSA Parts Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 31 May 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PSA PARTS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-the nature of the industry and sector, control environment and business performance;
-results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non -compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC, and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PSA PARTS LIMITED

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

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 a Report of the Auditors 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.




Jonathan Askew (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

26 February 2025

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 4 27,304,240 30,035,675

Cost of sales 20,963,553 23,487,931
GROSS PROFIT 6,340,687 6,547,744

Administrative expenses 5,285,097 5,246,396
1,055,590 1,301,348

Other operating income 17,606 34,274
OPERATING PROFIT 6 1,073,196 1,335,622

Interest receivable and similar income 33,909 1,514
1,107,105 1,337,136

Interest payable and similar expenses 7 5,015 13,739
PROFIT BEFORE TAXATION 1,102,090 1,323,397

Tax on profit 8 274,797 267,409
PROFIT FOR THE FINANCIAL YEAR 827,293 1,055,988

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

827,293

1,055,988

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 139,670 135,976
Investments 12 100 120
139,770 136,096

CURRENT ASSETS
Stocks 13 3,228,515 3,443,565
Debtors 14 3,443,295 3,725,816
Cash at bank 2,350,088 2,340,408
9,021,898 9,509,789
CREDITORS
Amounts falling due within one year 15 2,960,079 3,670,569
NET CURRENT ASSETS 6,061,819 5,839,220
TOTAL ASSETS LESS CURRENT LIABILITIES 6,201,589 5,975,316

CAPITAL AND RESERVES
Called up share capital 19 810 810
Capital redemption reserve 20 190 190
Retained earnings 20 6,200,589 5,974,316
SHAREHOLDERS' FUNDS 6,201,589 5,975,316

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





J E McBrien - Director


PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2022 810 6,268,598 190 6,269,598

Changes in equity
Dividends - (1,350,270 ) - (1,350,270 )
Total comprehensive income - 1,055,988 - 1,055,988
Balance at 31 May 2023 810 5,974,316 190 5,975,316

Changes in equity
Dividends - (601,020 ) - (601,020 )
Total comprehensive income - 827,293 - 827,293
Balance at 31 May 2024 810 6,200,589 190 6,201,589

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

PSA Parts 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 exemptions 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;
the requirement of paragraph 33.7.

Related party exemption
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.

Significant judgements and estimates
The Directors have made a number of estimates and assumptions regarding the future, and made some significant judgements in applying the company’s accounting policies. These are discussed below:

(i) Impairment of stock

The company sells electronic and computer spare parts and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of the stock.

(ii) Depreciation on tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated economic lives and residual values of the assets.The useful lives and residual values are re-assessed annually.

(iii) Amortisation of Goodwill

Goodwill is reviewed for impairment in accordance with FRS 102 Section 27 Impairment of assets when there is an indication that goodwill may be impaired.

(iv) Impairment of financial assets (including trade debtors)

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile and historical experience.

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is attributable to the one principal activity of the company. It comprises the invoiced value of goods and is stated net of Value Added Tax. Sales are recognised on the despatch of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. In practice this means that revenue is recognised when the goods are invoiced.

Dividends are received from fixed asset investments and are recognised in profit or loss when the right to receive payment is established.

Other income comprises management charges to IT Parts (Europe) Limited, a subsidiary of the parent company, 2PG Investments Limited.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life.

Leasehold property2% on cost
Freehold buildings2% on cost
Motor vehicles20% per annum on on cost
Plant and machinery10% to 33% per annum on cost

Fixed asset investments
Investments in associates are accounted for at cost less impairment. The company also owns a dormant wholly owned subsidiary which is accounted for at cost less impairment.

Stocks
Stocks are stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock.

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 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.

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Foreign currencies
The financial statements are presented in sterling which is the company's presentational currency.

The items included in these financial statements relating to the company are measured using the functional currency, that is the currency of the primary economic environment in which the company operates. The directors' consider the company's "functional currency" to be Sterling (GBP).

Foreign currency transactions are translated into the functional currency using the prevailing monthly exchange rates.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the exchange rate ruling at that date. Foreign exchange gains and losses arising on translation are recognised in the income statement for the period, included in other income.

Lease commitments
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.Payments under operating leases are charged to the income statement on a straight-line basis over the lifetime of the lease.

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.

Employee short-term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Basic financial instruments
Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are recognised at the invoiced cost prepaid.

Creditors
Creditors are recognised when the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at the settlement amount.

Share capital
Ordinary shares are classified as equity.

4. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
UK Sales 18,382,470 21,596,797
EU Sales 7,976,202 7,828,670
Rest of the World Sales 945,568 610,208
27,304,240 30,035,675

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,028,664 2,118,121
Social security costs 212,775 224,043
Other pension costs 69,669 71,600
2,311,108 2,413,764

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

Administrative 18 19
Sales and distribution 29 31
47 50

2024 2023
£    £   
Directors' remuneration 385,015 514,140
Directors' pension contributions to money purchase schemes 6,603 6,603

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 143,443 223,523
Pension contributions to money purchase schemes 2,201 2,201

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 29,160 15,505
Depreciation - owned assets 44,346 42,836
Profit on disposal of fixed assets (8,231 ) -
Auditors' remuneration 15,000 15,000
Auditors' remuneration for non audit work 8,258 8,926
Foreign exchange differences 68,296 16,163
Property operating lease rentals 197,500 197,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan 5,015 13,739

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. 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 274,797 267,409
Tax on profit 274,797 267,409

UK corporation tax has been charged at 25% (2023 - 20%).

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 1,102,090 1,323,397
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
20%)

275,523

264,679

Effects of:
Expenses not deductible for tax purposes 1,976 3,125
Capital allowances in excess of depreciation (2,702 ) (395 )
credits
Total tax charge 274,797 267,409

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares shares of £1 each
Interim 601,020 1,350,270

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 1,032,540
AMORTISATION
At 1 June 2023
and 31 May 2024 1,032,540
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Goodwill of £1,032,540 arose in 1998 when the company acquired Pitts Sales Associates. The goodwill is being amortised over 20 years on a straight line basis. The directors consider that a 20 year amortisation period is appropriate taking into account the continued performance of the company. At 31 May 2018 the goodwill was fully amortised and had no estimated useful life remaining.

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2023 35,989 865,853 97,241 999,083
Additions - 48,040 - 48,040
Disposals - - (37,965 ) (37,965 )
At 31 May 2024 35,989 913,893 59,276 1,009,158
DEPRECIATION
At 1 June 2023 8,640 767,945 86,522 863,107
Charge for year 720 36,686 6,940 44,346
Eliminated on disposal - - (37,965 ) (37,965 )
At 31 May 2024 9,360 804,631 55,497 869,488
NET BOOK VALUE
At 31 May 2024 26,629 109,262 3,779 139,670
At 31 May 2023 27,349 97,908 10,719 135,976

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 June 2023 120
Disposals (20 )
At 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 120

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PSA Spares Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 31/12/22
£    £   
Aggregate capital and reserves 100 100

During the year the company disposed of its 50% shareholding in PSA Parts PTY Limited for AU$1.

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. STOCKS
2024 2023
£    £   
Finished goods 3,228,515 3,443,565

Stocks represents electronic and computer spare parts. An amount of £170,925 (2023 £183,932) has been provided against the cost of sales at the year end.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,000,371 3,098,706
Amounts owed by group undertakings 103,656 159,925
Other debtors 186,832 287,494
Prepayments 152,436 179,691
3,443,295 3,725,816

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 16) 100,000 100,000
Trade creditors 1,789,615 2,569,532
Amounts owed to group undertakings 139,815 109,721
Tax 113,589 97,655
Social security and other taxes 64,576 68,975
VAT 183,002 206,546
Accrued expenses 569,482 518,140
2,960,079 3,670,569

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 100,000 100,000

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 219,565 209,643
Between one and five years 222,762 409,396
442,327 619,039

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


18. SECURED DEBTS

HSBC Bank plc holds a guarantee dated 23 January 2013 in favour of HM Revenue and Customs for £200,000.

HSBC Bank plc holds a composite company limited multilateral guarantee dated 29 March 2016 given by 2PG Investments Limited.

HSBC Bank plc holds a debenture including fixed charge over all present and freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 15 March 2010.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
810 Ordinary shares £1 810 810

Called up share capital represents the nominal value of shares that have been issued.

There is a single class of ordinary shares. There are no restrictions on the distributions of dividends and the repayment of capital.

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

At 1 June 2023 5,974,316 190 5,974,506
Profit for the year 827,293 827,293
Dividends (601,020 ) (601,020 )
At 31 May 2024 6,200,589 190 6,200,779

Retained earnings include all current and prior period profits and losses.

The capital redemption reserve records the nominal value of shares repurchased by the company.

21. PENSION COMMITMENTS

The company contributes towards the employees' pension schemes. Pension contributions totalling £10,237 (2023 £10,203) are included in creditors at the year end.

22. ULTIMATE PARENT COMPANY

The ultimate parent company is 2PG Investments Limited, a company registered in England and Wales. The consolidated accounts are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company paid a director, £46,000 (2023: £43,000) for computer support provided by his business.

During the previous year two directors repaid loans totalling £275,000. The loans were interest bearing, unsecured and repayable by giving one month notice.

PSA PARTS LIMITED (REGISTERED NUMBER: 03544196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


24. 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.

At the year end the company owed Mrs S McBrien, wife of a director, £100,000 (2023: £100,000) for the provision of a loan. The loan bears interest. The loan is unsecured and repayable on demand.

During the year the company sold goods and services to another group undertaking, The Replace Base Limited for £133,843 (2023 £36,014).

At the year end the company is owed £23,000 (2023 £29,330) from The Replace Base Limited.

25. POST BALANCE SHEET EVENTS

After the year end the company paid a dividend of £494 per share, totalling £400,140.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director J E McBrien and his wife by virtue of their controlling ownership of the issued share capital in the ultimate parent undertaking, 2PG Investments Limited.