Registered number
07036864
Performance Storage Systems Ltd
Filleted Accounts
31 December 2024
Performance Storage Systems Ltd
Registered number: 07036864
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,410 6,898
Current assets
Debtors 4 33,360 19,094
Cash at bank and in hand 5,178 2,461
38,538 21,555
Creditors: amounts falling due within one year 5 (27,583) (22,532)
Net current assets/(liabilities) 10,955 (977)
Net assets 16,365 5,921
Capital and reserves
Called up share capital 10 10
Profit and loss account 16,355 5,911
Shareholders' funds 16,365 5,921
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………….
David Duckworth
Director
Approved by the board on 26 March 2025
Performance Storage Systems Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 870 31,059 31,929
Additions 316 - 316
At 31 December 2024 1,186 31,059 32,245
Depreciation
At 1 January 2024 727 24,304 25,031
Charge for the year 115 1,689 1,804
At 31 December 2024 842 25,993 26,835
Net book value
At 31 December 2024 344 5,066 5,410
At 31 December 2023 143 6,755 6,898
4 Debtors 2024 2023
£ £
Trade debtors 33,360 19,094
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10,626 119
Director's account-creditors 11,615 21,284
Taxation and social security costs 4,617 409
Other creditors 725 720
27,583 22,532
6 Other information
Performance Storage Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 The Walnuts
Leighton Buzzard
Bedfordshire
LU7 3DR
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