Registered number
03239795
Personnel Service Limited
Filleted Accounts
31 August 2024
Personnel Service Limited
Registered number: 03239795
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,336,328 1,310,760
Current assets
Debtors 4 6,650 6,225
Cash at bank and on deposit 26,215 45,499
32,865 51,724
Creditors: amounts falling due within one year 5 (28,121) (33,566)
Net current assets 4,744 18,158
Total assets less current liabilities 1,341,072 1,328,918
Creditors: amounts falling due after more than one year 6 & 7 (425,150) (413,045)
Net assets 915,922 915,873
Capital and reserves
Called up share capital 1,000 1,000
Capital reserve 8 189,064 235,801
Profit and loss account 725,858 679,072
Shareholders' funds 915,922 915,873
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.
Dr. A. Povey
Director
Approved by the board on 19 May 2025
Personnel Service Limited
Notes to the Accounts
for the year ended 31 August 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets Land and buildings
Cost £
At 1 September 2023 1,310,760
Additions 25,568
At 31 August 2024 1,336,328
Depreciation
At 31 August 2024 -
Net book value
At 31 August 2024 1,336,328
At 31 August 2023 1,310,760
4 Debtors 2024 2023
£ £
Trade debtors - 3,325
Other debtors 6,650 2,900
6,650 6,225
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 10,360 15,496
Trade creditors 3,819 4,659
Taxation and social security costs 12,460 10,953
Other creditors 1,482 2,458
28,121 33,566
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 425,150 413,045
There are twelve charges registered with five financial institutions and one connected person.
Seven of these charges are outstanding and five are satisified.
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 435,510 428,541
There are seven mortgages secured on the company's properties at various rates of interest & repayment terms.
8 Capital reserve 2024 2023
£ £
At 1st September 2023 235,801 235,801
Transferred out during the year (46,737) -
At 31 August 2024 189,064 235,801
9 Other information
Personnel Service Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Durnsford Way
Cranleigh
GU6 7LN
10 Related party transactions 2024 2023
Directors' Loan Account £ £
Interest free loan repayable on demand 32 56,247
11 Ultimate controlling party
The company is under the control of the directors
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