Company registration number 03489377 (England and Wales)
PSP WORLDWIDE LOGISTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PSP WORLDWIDE LOGISTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
PSP WORLDWIDE LOGISTICS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,047,130
1,088,591
Investments
4
324,012
328,125
1,371,142
1,416,716
Current assets
Stocks
138,746
141,377
Debtors
5
2,283,183
2,549,990
Cash at bank and in hand
755,548
628,968
3,177,477
3,320,335
Creditors: amounts falling due within one year
6
(1,601,550)
(2,090,780)
Net current assets
1,575,927
1,229,555
Total assets less current liabilities
2,947,069
2,646,271
Creditors: amounts falling due after more than one year
7
(9,301)
(13,871)
Provisions for liabilities
(27,350)
(28,658)
Net assets
2,910,418
2,603,742
Capital and reserves
Called up share capital
8
698
698
Revaluation reserve
9
410,075
419,284
Capital redemption reserve
390
390
Profit and loss reserves
2,499,255
2,183,370
Total equity
2,910,418
2,603,742
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PSP WORLDWIDE LOGISTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
D Strange
Director
Company Registration No. 03489377
PSP WORLDWIDE LOGISTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
698
428,493
390
1,660,642
2,090,223
Year ended 30 September 2023:
Profit for the year
-
-
-
572,401
572,401
Other comprehensive income:
Revaluation of tangible fixed assets
-
(9,209)
-
-
(9,209)
Total comprehensive income for the year
-
(9,209)
-
572,401
563,192
Dividends
-
-
-
(58,882)
(58,882)
Transfers
-
-
9,209
9,209
Balance at 30 September 2023
698
419,284
390
2,183,370
2,603,742
Year ended 30 September 2024:
Profit for the year
-
-
-
336,676
336,676
Other comprehensive income:
Revaluation of tangible fixed assets
-
(9,209)
-
-
(9,209)
Total comprehensive income for the year
-
(9,209)
-
336,676
327,467
Dividends
-
-
-
(30,000)
(30,000)
Transfers
-
-
9,209
9,209
Balance at 30 September 2024
698
410,075
390
2,499,255
2,910,418
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
PSP Worldwide Logistics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Premier House, 24 Brunel Way, Segensworth East, Fareham, Hampshire, United Kingdom, PO15 5SD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant, machinery and marine cradles
10% / 25% straight line
Equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
The company is part of a small group. The group has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
42
3
Tangible fixed assets
Freehold land and buildings
Plant, machinery and marine cradles
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
1,185,136
48,320
88,861
35,820
1,358,137
Additions
45,404
7,804
6,280
3,000
62,488
At 30 September 2024
1,230,540
56,124
95,141
38,820
1,420,625
Depreciation and impairment
At 1 October 2023
194,393
30,319
29,690
15,144
269,546
Depreciation charged in the year
65,675
9,482
20,587
8,205
103,949
At 30 September 2024
260,068
39,801
50,277
23,349
373,495
Carrying amount
At 30 September 2024
970,472
16,323
44,864
15,471
1,047,130
At 30 September 2023
990,743
18,001
59,171
20,676
1,088,591
The freehold property was revalued in 2018 and then again in 2022, with the uplift in valuation posted to the revaluation reserve. Subsequently, the revalued cost and revaluation reserve are being amortised in line with the useful economic life of the property.
If freehold land and buildings were measured using the cost model, the carrying amounts would have been £560,396 (2023 - £529,930), being cost £770,083 (2023 - £724,679) less depreciation £209,687 (2023 - £194,749).
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
314,333
314,333
Other investments other than loans
9,679
13,792
324,012
328,125
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
314,333
13,792
328,125
Impairment
-
(4,113)
(4,113)
At 30 September 2024
314,333
9,679
324,012
Carrying amount
At 30 September 2024
314,333
9,679
324,012
At 30 September 2023
314,333
13,792
328,125
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,850,849
2,352,641
Amounts owed by group undertakings
77,106
16,782
Other debtors
248,095
142,403
Prepayments and accrued income
107,133
38,164
2,283,183
2,549,990
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
7,518
7,518
Trade creditors
1,150,769
1,151,872
Corporation tax
141,237
171,917
Other taxation and social security
53,013
113,794
Other creditors
32,180
26,022
Accruals and deferred income
216,833
619,657
1,601,550
2,090,780
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -
Included in 'Obligations under finance leases' are hire purchase obligations of £7,518 (2023 - £7,518) which are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
9,301
13,871
Included in 'Obligations under finance leases' are hire purchase obligations of £9,300 (2023 - £13,871) which are secured against the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 50p each
700
700
350
350
Ordinary B shares of 50p each
140
140
70
70
Ordinary C shares of 50p each
140
140
70
70
Ordinary E shares of 50p each
138
138
69
69
Ordinary F shares of 50p each
138
138
69
69
Ordinary D shares of 50p each
140
140
70
70
1,396
1,396
698
698
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
419,284
428,493
Revaluation surplus arising in the year
(9,209)
(9,209)
At the end of the year
410,075
419,284
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
203,552
18,420
PSP WORLDWIDE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
11
Related party transactions
The company has taken advantage of the exemption available in FRS 102, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
No.1 The Square (Wickham) Limited
Frank Dixie and Patricia Dixie are Directors of No.1 The Square (Wickham) Limited making it a related party. At the year end the company was owed £90,096 (2023 - £58,626) by No. 1 The Square (Wickham) Limited. There are no repayment terms or interest charged on this loan.
JK Trading (International) Limited
Frank Dixie and Patricia Dixie are Directors of JK Trading (International) Limited making it a related party. At the year end the company was owed £1,569 (2023 - £nil) by JK Trading (International) Limited . There are no repayment terms or interest charged on this loan.
12
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Advances made are repayable on demand to the company.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
S Parsons -
-
661
7,069
(6,974)
756
F Dixie -
-
(52,897)
326,382
(125,044)
148,441
J Dixie-Goodwin -
-
803
1,322
(2,125)
-
A Dixie -
-
-
595
(583)
12
(51,433)
335,368
(134,726)
149,209
2024-09-302023-10-01falsefalsefalse17 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityS ParsonsF DixieJ Dixie-GoodwinA DixieM AustinD StrangeMrs. P R Dixie034893772023-10-012024-09-30034893772024-09-30034893772023-09-3003489377core:LandBuildingscore:OwnedOrFreeholdAssets2024-09-3003489377core:PlantMachinery2024-09-3003489377core:ComputerEquipment2024-09-3003489377core:MotorVehicles2024-09-3003489377core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3003489377core:PlantMachinery2023-09-3003489377core:ComputerEquipment2023-09-3003489377core:MotorVehicles2023-09-3003489377core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3003489377core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3003489377core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3003489377core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3003489377core:CurrentFinancialInstruments2024-09-3003489377core:CurrentFinancialInstruments2023-09-3003489377core:ShareCapital2024-09-3003489377core:ShareCapital2023-09-3003489377core:RevaluationReserve2024-09-3003489377core:RevaluationReserve2023-09-3003489377core:CapitalRedemptionReserve2024-09-3003489377core:CapitalRedemptionReserve2023-09-3003489377core:RetainedEarningsAccumulatedLosses2024-09-3003489377core:RetainedEarningsAccumulatedLosses2023-09-3003489377core:ShareCapital2022-09-3003489377core:RevaluationReserve2022-09-3003489377core:CapitalRedemptionReserve2022-09-3003489377core:RetainedEarningsAccumulatedLosses2022-09-3003489377core:ShareCapitalOrdinaryShareClass12024-09-3003489377core:ShareCapitalOrdinaryShareClass12023-09-3003489377core:ShareCapitalOrdinaryShareClass22024-09-3003489377core:ShareCapitalOrdinaryShareClass22023-09-3003489377core:ShareCapitalOrdinaryShareClass32024-09-3003489377core:ShareCapitalOrdinaryShareClass32023-09-3003489377core:ShareCapitalOrdinaryShareClass42024-09-3003489377core:ShareCapitalOrdinaryShareClass42023-09-3003489377core:ShareCapitalOrdinaryShareClass52024-09-3003489377core:ShareCapitalOrdinaryShareClass52023-09-3003489377core:ShareCapitalOrdinaryShares2024-09-3003489377core:ShareCapitalOrdinaryShares2023-09-3003489377core:RevaluationReserve2023-09-3003489377bus:Director62023-10-012024-09-3003489377core:RetainedEarningsAccumulatedLosses2022-10-012023-09-30034893772022-10-012023-09-3003489377core:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003489377core:RevaluationReserve2023-10-012024-09-3003489377core:RevaluationReserve2022-10-012023-09-3003489377core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3003489377core:PlantMachinery2023-10-012024-09-3003489377core:ComputerEquipment2023-10-012024-09-3003489377core:MotorVehicles2023-10-012024-09-3003489377core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3003489377core:PlantMachinery2023-09-3003489377core:ComputerEquipment2023-09-3003489377core:MotorVehicles2023-09-30034893772023-09-3003489377core:Non-currentFinancialInstruments2024-09-3003489377core:Non-currentFinancialInstruments2023-09-3003489377bus:OrdinaryShareClass12023-10-012024-09-3003489377bus:OrdinaryShareClass22023-10-012024-09-3003489377bus:OrdinaryShareClass32023-10-012024-09-3003489377bus:OrdinaryShareClass52023-10-012024-09-3003489377bus:OrdinaryShareClass42023-10-012024-09-3003489377bus:OrdinaryShareClass12024-09-3003489377bus:OrdinaryShareClass12023-09-3003489377bus:OrdinaryShareClass22024-09-3003489377bus:OrdinaryShareClass22023-09-3003489377bus:OrdinaryShareClass32024-09-3003489377bus:OrdinaryShareClass32023-09-3003489377bus:OrdinaryShareClass42024-09-3003489377bus:OrdinaryShareClass42023-09-3003489377bus:OrdinaryShareClass52024-09-3003489377bus:OrdinaryShareClass52023-09-3003489377bus:AllOrdinaryShares2024-09-3003489377bus:AllOrdinaryShares2023-09-3003489377bus:PrivateLimitedCompanyLtd2023-10-012024-09-3003489377bus:FRS1022023-10-012024-09-3003489377bus:AuditExemptWithAccountantsReport2023-10-012024-09-3003489377bus:Director12023-10-012024-09-3003489377bus:Director22023-10-012024-09-3003489377bus:Director32023-10-012024-09-3003489377bus:Director42023-10-012024-09-3003489377bus:Director52023-10-012024-09-3003489377bus:CompanySecretary12023-10-012024-09-3003489377bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3003489377bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP