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Registration number: 12310157

Property Security Services (PSS) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Property Security Services (PSS) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Property Security Services (PSS) Ltd

Company Information

Directors

Mr J Quigley

Mr R D Belcher

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Property Security Services (PSS) Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Property Security Services (PSS) Ltd for the year ended 31 December 2024 as set out on pages 3 to 8 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Property Security Services (PSS) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Property Security Services (PSS) Ltd. You consider that Property Security Services (PSS) 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 accounts of Property Security Services (PSS) 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 accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

26 June 2025

 

Property Security Services (PSS) Ltd

(Registration number: 12310157)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,018

5,296

Tangible assets

5

36,226

10,227

 

46,244

15,523

Current assets

 

Stocks

6

19,200

-

Debtors

7

128,620

80,229

Cash at bank and in hand

 

348,668

335,583

 

496,488

415,812

Creditors: Amounts falling due within one year

8

(116,156)

(78,348)

Net current assets

 

380,332

337,464

Net assets

 

426,576

352,987

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

350,000

350,000

Retained earnings

76,476

2,887

Shareholders' funds

 

426,576

352,987

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
Mr J Quigley
Director

 

Property Security Services (PSS) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY
England

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Property Security Services (PSS) Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Property Security Services (PSS) Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2024

5,884

5,884

Additions acquired separately

5,502

5,502

At 31 December 2024

11,386

11,386

Amortisation

At 1 January 2024

588

588

Amortisation charge

780

780

At 31 December 2024

1,368

1,368

Carrying amount

At 31 December 2024

10,018

10,018

At 31 December 2023

5,296

5,296

 

Property Security Services (PSS) Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

32,979

32,979

Additions

33,043

33,043

At 31 December 2024

66,022

66,022

Depreciation

At 1 January 2024

22,752

22,752

Charge for the year

7,044

7,044

At 31 December 2024

29,796

29,796

Carrying amount

At 31 December 2024

36,226

36,226

At 31 December 2023

10,227

10,227

6

Stocks

2024
£

2023
£

Other inventories

19,200

-

7

Debtors

Current

2024
£

2023
£

Trade debtors

106,089

71,344

Prepayments

7,837

4,563

Other debtors

14,694

4,322

 

128,620

80,229

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

77,024

43,708

Taxation and social security

31,941

12,461

Accruals and deferred income

1,027

2,650

Other creditors

6,164

19,529

116,156

78,348

 

Property Security Services (PSS) Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Dividends

2024

2023

£

£

Interim dividend of £544.67 (2023 - £130.07) per ordinary share

54,467

13,007

 

 

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr J Quigley

Amounts owed from/(to) directors

(19,236)

90,079

(70,843)

-

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr J Quigley

Amounts owed from/(to) directors

(20,653)

(14,401)

15,818

(19,236)