IRIS Accounts Production v25.1.4.42 03689664 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036896642023-12-31036896642024-12-31036896642024-01-012024-12-31036896642022-12-31036896642023-01-012023-12-31036896642023-12-3103689664ns14:PoundSterling2024-01-012024-12-3103689664ns10:Director12024-01-012024-12-3103689664ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103689664ns10:SmallEntities2024-01-012024-12-3103689664ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3103689664ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3103689664ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103689664ns10:FullAccounts2024-01-012024-12-310368966412024-01-012024-12-3103689664ns10:Director22024-01-012024-12-3103689664ns10:CompanySecretary12024-01-012024-12-3103689664ns10:RegisteredOffice2024-01-012024-12-3103689664ns5:CurrentFinancialInstruments2024-12-3103689664ns5:CurrentFinancialInstruments2023-12-3103689664ns5:Non-currentFinancialInstruments2024-12-3103689664ns5:Non-currentFinancialInstruments2023-12-3103689664ns5:ShareCapital2024-12-3103689664ns5:ShareCapital2023-12-3103689664ns5:RetainedEarningsAccumulatedLosses2024-12-3103689664ns5:RetainedEarningsAccumulatedLosses2023-12-3103689664ns5:NetGoodwill2024-01-012024-12-3103689664ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3103689664ns5:PlantMachinery2024-01-012024-12-3103689664ns5:FurnitureFittings2024-01-012024-12-3103689664ns5:MotorVehicles2024-01-012024-12-3103689664ns5:ComputerEquipment2024-01-012024-12-3103689664ns5:NetGoodwill2023-12-3103689664ns5:IntangibleAssetsOtherThanGoodwill2023-12-3103689664ns5:NetGoodwill2024-12-3103689664ns5:IntangibleAssetsOtherThanGoodwill2024-12-3103689664ns5:NetGoodwill2023-12-3103689664ns5:IntangibleAssetsOtherThanGoodwill2023-12-3103689664ns5:LandBuildings2023-12-3103689664ns5:PlantMachinery2023-12-3103689664ns5:FurnitureFittings2023-12-3103689664ns5:LandBuildings2024-01-012024-12-3103689664ns5:LandBuildings2024-12-3103689664ns5:PlantMachinery2024-12-3103689664ns5:FurnitureFittings2024-12-3103689664ns5:LandBuildings2023-12-3103689664ns5:PlantMachinery2023-12-3103689664ns5:FurnitureFittings2023-12-3103689664ns5:MotorVehicles2023-12-3103689664ns5:ComputerEquipment2023-12-3103689664ns5:MotorVehicles2024-12-3103689664ns5:ComputerEquipment2024-12-3103689664ns5:MotorVehicles2023-12-3103689664ns5:ComputerEquipment2023-12-3103689664ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103689664ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31
REGISTERED NUMBER: 03689664












Financial Statements

for the Year Ended 31 December 2024

for

PSI TECHNOLOGIES LIMITED

PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)






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


PSI TECHNOLOGIES LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTORS: JA Devereux
SV Bennett





SECRETARY: SV Bennett





REGISTERED OFFICE: Unit 10-11 Stratfield Park
Elettra Avenue
Waterlooville
Hampshire
PO7 7XN





REGISTERED NUMBER: 03689664





ACCOUNTANTS: Hunter Simmons Ltd
EMP Building
Unit 1, 4 Solent Road
Havant
Portsmouth
Hampshire
PO9 1JH

PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 115,726 154,051
Tangible assets 5 685,900 624,598
801,626 778,649

CURRENT ASSETS
Stocks 1,938,305 1,431,482
Debtors 6 1,860,465 1,992,398
Cash at bank and in hand 167,054 270,651
3,965,824 3,694,531
CREDITORS
Amounts falling due within one year 7 2,359,773 2,442,523
NET CURRENT ASSETS 1,606,051 1,252,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,407,677

2,030,657

CREDITORS
Amounts falling due after more than one year 8 543,441 363,774
NET ASSETS 1,864,236 1,666,883

CAPITAL AND RESERVES
Called up share capital 1,150 1,150
Retained earnings 1,863,086 1,665,733
SHAREHOLDERS' FUNDS 1,864,236 1,666,883

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.

PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





SV Bennett - Director


PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

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

1. STATUTORY INFORMATION

PSI Technologies Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Development costs are being amortised at an annual rate of 25% per annum on the reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

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.

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.

Stock & work in progress
Stock & work in progress have been valued using the weighted average price method, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 10,000 511,078 521,078
AMORTISATION
At 1 January 2024 7,250 359,777 367,027
Charge for year 500 37,825 38,325
At 31 December 2024 7,750 397,602 405,352
NET BOOK VALUE
At 31 December 2024 2,250 113,476 115,726
At 31 December 2023 2,750 151,301 154,051

PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 466,716 220,864 63,213
Additions - 4,317 19,634
At 31 December 2024 466,716 225,181 82,847
DEPRECIATION
At 1 January 2024 - 143,416 45,988
Charge for year - 12,109 4,828
At 31 December 2024 - 155,525 50,816
NET BOOK VALUE
At 31 December 2024 466,716 69,656 32,031
At 31 December 2023 466,716 77,448 17,225

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 27,918 132,515 911,226
Additions - 103,149 127,100
At 31 December 2024 27,918 235,664 1,038,326
DEPRECIATION
At 1 January 2024 22,683 74,541 286,628
Charge for year 5,235 43,626 65,798
At 31 December 2024 27,918 118,167 352,426
NET BOOK VALUE
At 31 December 2024 - 117,497 685,900
At 31 December 2023 5,235 57,974 624,598

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 706,112 1,189,935
Amounts owed by group undertakings 888,745 747,077
Other debtors 265,608 55,386
1,860,465 1,992,398

PSI TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03689664)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,641 12,427
Finance leases 9,010 4,179
Trade creditors 624,645 995,746
Taxation and social security 181,893 259,822
Other creditors 1,531,584 1,170,349
2,359,773 2,442,523

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 187,652 200,507
Finance leases - 9,010
Other creditors 355,789 154,257
543,441 363,774

9. ULTIMATE CONTROLLING PARTY

Devnett Ltd, a company registered in England & Wales, owns 100% of the issued share capital of PSI Technologies Ltd. Mr S Bennett and Mr J Devereux, directors, have a controlling interest in Devnett Ltd.