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REGISTERED NUMBER: 14446772 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

PSJ Electrics Ltd

PSJ Electrics Ltd (Registered number: 14446772)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PSJ Electrics Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: P John
Mrs S A John





REGISTERED OFFICE: Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD





REGISTERED NUMBER: 14446772 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

PSJ Electrics Ltd (Registered number: 14446772)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 30,000 40,000
Tangible assets 5 44,213 6,475
74,213 46,475

CURRENT ASSETS
Stocks 500 500
Debtors 6 31,007 43,899
Cash at bank 204,521 251,640
236,028 296,039
CREDITORS
Amounts falling due within one year 7 (140,664 ) (215,475 )
NET CURRENT ASSETS 95,364 80,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,577

127,039

CREDITORS
Amounts falling due after more than one
year

8

(40,699

)

(17,759

)
NET ASSETS 128,878 109,280

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 128,778 109,180
SHAREHOLDERS' FUNDS 128,878 109,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PSJ Electrics Ltd (Registered number: 14446772)

Balance Sheet - continued
31 December 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:





P John - Director


PSJ Electrics Ltd (Registered number: 14446772)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

PSJ Electrics Ltd 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five 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 estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current 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.


PSJ Electrics Ltd (Registered number: 14446772)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 50,000
AMORTISATION
At 1 January 2024 10,000
Amortisation for year 10,000
At 31 December 2024 20,000
NET BOOK VALUE
At 31 December 2024 30,000
At 31 December 2023 40,000

PSJ Electrics Ltd (Registered number: 14446772)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 2,162 6,183 8,345
Additions - 49,990 49,990
Disposals - (6,183 ) (6,183 )
At 31 December 2024 2,162 49,990 52,152
DEPRECIATION
At 1 January 2024 324 1,546 1,870
Charge for year 324 7,291 7,615
Eliminated on disposal - (1,546 ) (1,546 )
At 31 December 2024 648 7,291 7,939
NET BOOK VALUE
At 31 December 2024 1,514 42,699 44,213
At 31 December 2023 1,838 4,637 6,475

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,997 22,192
Other debtors 24,010 21,707
31,007 43,899

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,054 9,806
Hire purchase contracts 12,934 -
Trade creditors 22,656 52,534
Taxation and social security 14,826 32,684
Other creditors 80,194 120,451
140,664 215,475

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,705 17,759
Hire purchase contracts 32,994 -
40,699 17,759

PSJ Electrics Ltd (Registered number: 14446772)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary £1 50 50
50 Ordinary A £1 50 50
100 100

50 Ordinary shares of £1 and 50 Ordinary A shares of £1 were issued during the period for cash of £100.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
PSJ Electrics Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PSJ Electrics Ltd for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PSJ Electrics Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PSJ Electrics Ltd and state those matters that we have agreed to state to the Board of Directors of PSJ Electrics Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PSJ Electrics Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PSJ Electrics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PSJ Electrics Ltd. You consider that PSJ Electrics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PSJ Electrics Ltd. 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 statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


7 April 2025