47 16 July 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP 04390125 2024-01-01 2024-12-29 04390125 2024-12-29 04390125 2023-12-31 04390125 2022-12-26 2023-12-31 04390125 2023-12-31 04390125 2022-12-25 04390125 core:NetGoodwill 2024-01-01 2024-12-29 04390125 bus:OrdinaryShareClass1 2024-01-01 2024-12-29 04390125 bus:Director3 2024-01-01 2024-12-29 04390125 core:NetGoodwill 2024-12-29 04390125 core:LandBuildings 2023-12-31 04390125 core:FurnitureFittings 2023-12-31 04390125 core:LandBuildings 2024-12-29 04390125 core:FurnitureFittings 2024-12-29 04390125 core:LandBuildings 2024-01-01 2024-12-29 04390125 core:FurnitureFittings 2024-01-01 2024-12-29 04390125 core:WithinOneYear 2024-12-29 04390125 core:WithinOneYear 2023-12-31 04390125 core:ShareCapital 2024-12-29 04390125 core:ShareCapital 2023-12-31 04390125 core:RetainedEarningsAccumulatedLosses 2024-12-29 04390125 core:RetainedEarningsAccumulatedLosses 2023-12-31 04390125 core:BetweenOneFiveYears 2024-12-29 04390125 core:BetweenOneFiveYears 2023-12-31 04390125 core:MoreThanFiveYears 2023-12-31 04390125 core:AfterOneYear 2024-12-29 04390125 core:AfterOneYear 2023-12-31 04390125 core:LandBuildings 2023-12-31 04390125 core:FurnitureFittings 2023-12-31 04390125 bus:SmallEntities 2024-01-01 2024-12-29 04390125 bus:Audited 2024-01-01 2024-12-29 04390125 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-29 04390125 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-29 04390125 bus:FullAccounts 2024-01-01 2024-12-29 04390125 bus:OrdinaryShareClass1 2024-12-29 04390125 bus:OrdinaryShareClass1 2023-12-31 04390125 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-29
COMPANY REGISTRATION NUMBER: 04390125
P S R SERVICES LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 December 2024
P S R SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
29 December 2024
29 Dec 24
31 Dec 23
Note
£
£
£
£
Fixed assets
Tangible assets
6
61,298
69,752
Current assets
Stocks
7
8,992
9,247
Debtors
8
59,343
628,715
Cash at bank and in hand
259,132
48,511
--------
--------
327,467
686,473
Creditors: amounts falling due within one year
9
( 239,785)
( 149,930)
--------
--------
Net current assets
87,682
536,543
--------
--------
Total assets less current liabilities
148,980
606,295
Provisions for liabilities
Taxation, including deferred taxation
( 13,437)
( 14,650)
--------
--------
Net assets
135,543
591,645
--------
--------
Capital and reserves
Called up share capital
10
2
2
Profit and loss account
135,541
591,643
--------
--------
Total shareholders' funds
135,543
591,645
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 16 July 2025 , and are signed on behalf of the board by:
H S Grewal
Director
Company registration number: 04390125
P S R SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2024 TO 29 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB.
2. Statement of compliance
The principal activity of the company during the period was the sales of pizzas, including collection and delivery. These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the company. After reviewing the company's forecasts and projections, the director is satisfied that the company has sufficient resources to continue in operational existence and will be able to meet its debts as they fall due for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes. The company operates pizza stores for the production and sale of pizzas. Sales of pizzas are recognised when the significant risks and rewards of ownership have transferred to the buyer. This is on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% per annum straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
straight line basis over the term of the trading property lease period
Fixtures, fittings and equipment
-
10 - 20% straight line basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 47 (2023: 50 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 29 December 2024
10,000
-------
Accumulated amortisation
At 1 January 2024 and 29 December 2024
10,000
-------
Carrying amount
At 29 December 2024
-------
At 31 December 2023
-------
6. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2024
3,133
180,289
183,422
Additions
7,785
7,785
Disposals
( 21,790)
( 21,790)
------
--------
--------
At 29 December 2024
3,133
166,284
169,417
------
--------
--------
Accumulated depreciation
At 1 January 2024
1,123
112,547
113,670
Charge for the period
313
13,565
13,878
Disposals
( 19,429)
( 19,429)
------
--------
--------
At 29 December 2024
1,436
106,683
108,119
------
--------
--------
Carrying amount
At 29 December 2024
1,697
59,601
61,298
------
--------
--------
At 31 December 2023
2,010
67,742
69,752
------
--------
--------
7. Stocks
29 Dec 24
31 Dec 23
£
£
Raw materials and consumables
8,992
9,247
------
------
There is no significant difference between the replacement cost of the inventory and its carrying amount.
8. Debtors
29 Dec 24
31 Dec 23
£
£
Trade debtors
23,203
15,409
Amounts owed by group undertakings
580,000
Other debtors
36,140
33,306
-------
--------
59,343
628,715
-------
--------
The debtors above include the following amounts falling due after more than one year:
29 Dec 24
31 Dec 23
£
£
Other debtors
8,118
19,860
------
-------
9. Creditors: amounts falling due within one year
29 Dec 24
31 Dec 23
£
£
Trade creditors
56,625
36,130
Corporation tax
12,111
13,262
Social security and other taxes
107,612
40,131
Other creditors
63,437
60,407
--------
--------
239,785
149,930
--------
--------
10. Called up share capital
Issued, called up and fully paid
29 Dec 24
31 Dec 23
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
29 Dec 24
31 Dec 23
£
£
Not later than 1 year
33,000
33,000
Later than 1 year and not later than 5 years
126,304
132,000
Later than 5 years
27,214
--------
--------
159,304
192,214
--------
--------
The amount recognised in the profit and loss account as an expense in relation to operating leases was £32,824 (2023: £33,543).
12. Summary audit opinion
The auditor's report dated 16 July 2025 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
13. Controlling party
The immediate parent company is Capital Pizza Limited, a company incorporated in England and Wales. The ultimate parent company and the smallest and largest group to prepare consolidated financial statements which include P S R Services Limited is Palico Limited, a company incorporated in England and Wales. The consolidated financial statements of Palico Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party is the director H S Grewal .