Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31falseThe group’s principal activity is to hold and lease freehold investment properties.42024-01-01false4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06389718 2024-01-01 2024-12-31 06389718 2023-01-01 2023-12-31 06389718 2024-12-31 06389718 2023-12-31 06389718 2023-01-01 06389718 c:Director1 2024-01-01 2024-12-31 06389718 c:Director2 2024-01-01 2024-12-31 06389718 c:Director3 2024-01-01 2024-12-31 06389718 c:Director4 2024-01-01 2024-12-31 06389718 c:RegisteredOffice 2024-01-01 2024-12-31 06389718 d:CurrentFinancialInstruments 2024-12-31 06389718 d:CurrentFinancialInstruments 2023-12-31 06389718 d:Non-currentFinancialInstruments 2024-12-31 06389718 d:Non-currentFinancialInstruments 2023-12-31 06389718 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06389718 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06389718 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 06389718 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06389718 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 06389718 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06389718 d:ShareCapital 2024-12-31 06389718 d:ShareCapital 2023-12-31 06389718 d:ShareCapital 2023-01-01 06389718 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06389718 d:RetainedEarningsAccumulatedLosses 2024-12-31 06389718 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06389718 d:RetainedEarningsAccumulatedLosses 2023-12-31 06389718 d:RetainedEarningsAccumulatedLosses 2023-01-01 06389718 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 06389718 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 06389718 c:OrdinaryShareClass1 2024-01-01 2024-12-31 06389718 c:OrdinaryShareClass1 2024-12-31 06389718 c:OrdinaryShareClass1 2023-12-31 06389718 c:OrdinaryShareClass2 2024-01-01 2024-12-31 06389718 c:OrdinaryShareClass2 2024-12-31 06389718 c:OrdinaryShareClass2 2023-12-31 06389718 c:FRS102 2024-01-01 2024-12-31 06389718 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 06389718 c:FullAccounts 2024-01-01 2024-12-31 06389718 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06389718 d:Subsidiary1 2024-01-01 2024-12-31 06389718 d:Subsidiary1 1 2024-01-01 2024-12-31 06389718 c:Consolidated 2024-12-31 06389718 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 06389718 2 2024-01-01 2024-12-31 06389718 6 2024-01-01 2024-12-31 06389718 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06389718









PS&N (HOLDINGS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PS&N (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
E J R Lee 
C G Brooks 
J M A Schalken 
H Tulp 




Registered number
06389718



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
PS&N (HOLDINGS) LIMITED
 

CONTENTS



Page
Consolidated Balance Sheet
1 - 2
Company Balance Sheet
3 - 4
Consolidated Statement of Changes in Equity
5
Company Statement of Changes in Equity
6
Notes to the Financial Statements
7 - 14


 
PS&N (HOLDINGS) LIMITED
REGISTERED NUMBER: 06389718

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
53,500,000
53,500,000

  
53,500,000
53,500,000

Current assets
  

Debtors: amounts falling due within one year
 6 
72,089
70,426

Cash at bank and in hand
 7 
681,568
735,271

  
753,657
805,697

Creditors: amounts falling due within one year
 8 
(1,958,188)
(1,869,760)

Net current liabilities
  
 
 
(1,204,531)
 
 
(1,064,063)

Total assets less current liabilities
  
52,295,469
52,435,937

Creditors: amounts falling due after more than one year
 9 
(1,500,000)
(3,000,000)

Provisions for liabilities
  

Deferred taxation
 12 
(11,034,644)
(11,034,644)

  
 
 
(11,034,644)
 
 
(11,034,644)

Net assets
  
39,760,825
38,401,293


Capital and reserves
  

Called up share capital 
 13 
7,000,000
7,000,000

Profit and loss account
 14 
32,760,825
31,401,293

Equity attributable to owners of the parent company
  
39,760,825
38,401,293

  
39,760,825
38,401,293


Page 1

 
PS&N (HOLDINGS) LIMITED
REGISTERED NUMBER: 06389718
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 consolidated profit and loss account 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: 




E J R Lee
Director

Date: 21 February 2025

The notes on pages 7 to 14 form part of these financial statements.

Page 2

 
PS&N (HOLDINGS) LIMITED
REGISTERED NUMBER: 06389718

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 6 
14,558,425
16,197,560

Cash at bank and in hand
 7 
681,568
735,271

  
15,239,993
16,932,831

Creditors: amounts falling due within one year
 8 
(1,220,046)
(1,231,380)

Net current assets
  
 
 
14,019,947
 
 
15,701,451

Total assets less current liabilities
  
14,019,948
15,701,452

  

Creditors: amounts falling due after more than one year
 9 
(1,500,000)
(3,000,000)

  

Net assets
  
12,519,948
12,701,452


Capital and reserves
  

Called up share capital 
 13 
7,000,000
7,000,000

Profit and loss account brought forward
  
5,701,452
5,979,164

Loss for the year
  
(181,504)
(277,712)

Profit and loss account carried forward
  
5,519,948
5,701,452

  
12,519,948
12,701,452


Page 3

 
PS&N (HOLDINGS) LIMITED
REGISTERED NUMBER: 06389718
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of 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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated profit and loss account 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: 


E J R Lee
Director

Date: 21 February 2025

The notes on pages 7 to 14 form part of these financial statements.

Page 4

 
PS&N (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
7,000,000
30,086,876
37,086,876



Profit for the year
-
1,314,417
1,314,417



At 1 January 2024
7,000,000
31,401,293
38,401,293



Profit for the year
-
1,359,532
1,359,532


At 31 December 2024
7,000,000
32,760,825
39,760,825


The notes on pages 7 to 14 form part of these financial statements.

Page 5

 
PS&N (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
7,000,000
5,979,164
12,979,164



Loss for the year
-
(277,712)
(277,712)



At 1 January 2024
7,000,000
5,701,452
12,701,452



Loss for the year
-
(181,504)
(181,504)


At 31 December 2024
7,000,000
5,519,948
12,519,948


The notes on pages 7 to 14 form part of these financial statements.

Page 6

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

PS&N (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 06389718. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the shareholders, who have confirmed that they will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.

 
2.4

Revenue

Revenue represents rental income and the recharge of rates and service charges to a tenants, and is recognised as services are provided.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 and the group operate and generate 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.


 
2.9

Investment property

Investment property is carried at fair value determined every three years 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. The directors undertake their own valuation in the intervening years. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 8

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 9

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1






Net book value



At 31 December 2024
1



At 31 December 2023
1


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

101 New Bond Street Limited
Eighth Floor 6 New Street Square, New Fetter Lane, London, England, EC4A 3AQ
Ordinary
100%

The subsidiary has been included in the consolidation.

Page 10

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2024
53,500,000



At 31 December 2024
53,500,000

The investment property was revalued to fair value at 31 December 2022 based on an assessment of the valuation undertaken by Jones Lang LaSalle Limited, on an open market value for existing use basis. The directors consider there to be no material change to the valuation.

The group has pledged its investment property, valued at a total of £53,500,000, to secure loan notes provided to the company by related parties.








6.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
14,486,336
16,127,134

Prepayments and accrued income
72,089
70,426
72,089
70,426

72,089
70,426
14,558,425
16,197,560



7.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
681,568
735,271
681,568
735,271


Page 11

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
1,000,000
1,000,000
1,000,000
1,000,000

Trade creditors
69,907
68,244
69,907
68,244

Corporation tax
238,142
138,380
-
-

Other taxation and social security
98,639
98,694
98,639
98,694

Other creditors
34,000
46,750
34,000
46,750

Accruals and deferred income
517,500
517,692
17,500
17,692

1,958,188
1,869,760
1,220,046
1,231,380



9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
1,500,000
3,000,000
1,500,000
3,000,000



10.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Other loans
1,000,000
1,000,000
1,000,000
1,000,000

Amounts falling due 1-2 years

Other loans
1,500,000
3,000,000
1,500,000
3,000,000



Total loans
2,500,000
4,000,000
2,500,000
4,000,000


The fair value of the loan notes at 31 December 2024 was £2,500,000 (2023 - £4,000,000).
On 29 March 2019, £10,000,000 of secured loan notes were issued, as two loans of £5,000,000, from related parties. The loans are repayable in annual instalments of £500,000 each. Interest accrues at the rate of 4.25% per annum and is payable annually, at the point of the instalment repayment. The final repayment date is 31 December 2028. The loans are secured against the property owned by group companies.

Page 12

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
681,568
735,271
681,568
735,271




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(11,034,644)
(11,034,644)



At end of year
(11,034,644)
(11,034,644)

Company


2024
2023





At beginning of year
-
-



At end of year
-
-



Group
Group
2024
2023
£
£

Property revaluation timing differences
(11,034,644)
(11,034,644)

Page 13

 
PS&N (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,500,000 (2023 - 3,500,000) Ordinary A shares of £1 each
3,500,000
3,500,000
3,500,000 (2023 - 3,500,000) Ordinary B shares of £1 each
3,500,000
3,500,000

7,000,000

7,000,000



14.


Reserves

Profit and loss account

The profit and loss account represents cumulative realised and unrealised profits and losses net of dividends and other adjustments.

 
Page 14