Company registration number 04531997 (England and Wales)
PSI Metals UK Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
PSI Metals UK Limited
Contents
Page
Company information
1
Strategic report
2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
PSI Metals UK Limited
Company Information
- 1 -
Director
Mrs J Clements
Secretary
Mr C Selvathasan
Company number
04531997
Registered office
Suite 9, Building 6
Croxley Business Park
Hatters Lane
Watford
Herts
WD18 8YH
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
PSI Metals UK Limited
Strategic Report
For the year ended 31 December 2024
- 2 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The principal activity of the company during the year was to develop supply chain planning, scheduling and manufacturing execution software, which the company markets together with professional implementation services, to deliver turn-key solutions to Steel and Aluminum manufacturers worldwide. The Company is domiciled and incorporated in the United Kingdom.

The turnover for the year ended 31st December 2024 was £4,205,342 (year ended 31st December 2023 - £5,315,498 ) resulting in a profit before tax of £714,350(year ended 31st December 2023 - £667,040 ). The retained profit for the year was £122,652 (year ended 31st December 2023 retained profit - £102,524).

Principal risks and uncertainties

The company is potentially exposed to interest rate risk, credit risk, liquidity risk and currency risk arising from the financial instruments it holds. The risk management policies employed by the company to manage these risks are discussed below:

a) Credit risk

Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amounts of future cash inflows from financial assets on hand at the balance sheet date. The company has policies in place to ensure that sales of products and services are made to customers with appropriate credit history and monitors on a continuous basis the ageing profile of its receivables.

b) Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but also increases the risk of losses. The company has procedures with the object of minimising such losses as maintaining sufficient cash and other liquid current assets and by having available an adequate amount of credit facilities.

c) Currency risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The company is based in the United Kingdom but trades internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the US dollar. The company's policy is not to enter into any currency hedging transactions.

Development and performance

The Board of Directors does not expect any significant changes or developments within the group in the foreseeable future.

Key performance indicators

During the period the Company incurred research and development expenditure for new innovative software totalling £65,795 (year ended 31st December 2023 - £61,642). These intellectual property rights are protected by license agreements.

On behalf of the board

Mrs J Clements
Director
30 April 2025
PSI Metals UK Limited
Director's Report
For the year ended 31 December 2024
- 3 -

The director presents her annual report and financial statements for the year ended 31 December 2024.

Principal activities
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £480,626.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr T S McAlpine
(Resigned 1 April 2024)
Mrs J Clements
Auditor

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mrs J Clements
Director
30 April 2025
PSI Metals UK Limited
Director's Responsibilities Statement
For the year ended 31 December 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PSI Metals UK Limited
Independent Auditor's Report
To the Members of PSI Metals UK Limited
- 5 -
Opinion

We have audited the financial statements of PSI Metals UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PSI Metals UK Limited
Independent Auditor's Report
To the Members of PSI Metals UK Limited (Continued)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanations as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
PSI Metals UK Limited
Independent Auditor's Report
To the Members of PSI Metals UK Limited (Continued)
- 7 -
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
We did not identify any audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Hattrell BA FCA (Senior Statutory Auditor)
For and on behalf of Gilberts Chartered Accountants, Statutory Auditor
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
30 April 2025
PSI Metals UK Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
4,205,342
5,315,498
Cost of sales
(3,151,306)
(4,272,956)
Gross profit
1,054,036
1,042,542
Distribution costs
(85,071)
(107,390)
Administrative expenses
(1,341,371)
(1,625,675)
Other operating income
1,075,381
1,357,563
Operating profit
5
702,975
667,040
Interest receivable and similar income
9
11,375
-
0
Profit before taxation
714,350
667,040
Tax on profit
10
(111,072)
(186,414)
Profit for the financial year
603,278
480,626

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PSI Metals UK Limited
Balance sheet
As at 31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
30,592
48,135
Current assets
Debtors
13
2,717,132
2,493,495
Cash at bank and in hand
1,625,000
2,209,136
4,342,132
4,702,631
Creditors: amounts falling due within one year
14
(1,210,844)
(1,642,661)
Net current assets
3,131,288
3,059,970
Total assets less current liabilities
3,161,880
3,108,105
Provisions for liabilities
Provisions
15
391,530
456,848
Deferred tax liability
16
6,799
10,358
(398,329)
(467,206)
Net assets
2,763,551
2,640,899
Capital and reserves
Called up share capital
18
1,000
1,000
Share premium account
303,338
303,338
Profit and loss reserves
2,459,213
2,336,561
Total equity
2,763,551
2,640,899
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mrs J Clements
Director
Company Registration No. 04531997
PSI Metals UK Limited
Statement of Changes in Equity
For the year ended 31 December 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,000
303,338
2,234,037
2,538,375
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
480,626
480,626
Dividends
11
-
-
(378,102)
(378,102)
Balance at 31 December 2023
1,000
303,338
2,336,561
2,640,899
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
603,278
603,278
Dividends
11
-
-
(480,626)
(480,626)
Balance at 31 December 2024
1,000
303,338
2,459,213
2,763,551
PSI Metals UK Limited
Statement of Cash Flows
For the year ended 31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(40,379)
(972,585)
Income taxes paid
(71,744)
(184,420)
Net cash outflow from operating activities
(112,123)
(1,157,005)
Investing activities
Purchase of tangible fixed assets
(2,762)
(16,623)
Interest received
11,375
-
0
Net cash generated from/(used in) investing activities
8,613
(16,623)
Financing activities
Dividends paid
(480,626)
(378,102)
Net cash used in financing activities
(480,626)
(378,102)
Net decrease in cash and cash equivalents
(584,136)
(1,551,730)
Cash and cash equivalents at beginning of year
2,209,136
3,760,866
Cash and cash equivalents at end of year
1,625,000
2,209,136
PSI Metals UK Limited
Notes to the Financial Statements
For the year ended 31 December 2024
- 12 -
1
Accounting policies
Company information

PSI Metals UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 9, Building 6, Croxley Business Park, Hatters Lane, Watford, Herts, WD18 8YH.

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the Company's activities. Revenue is shown net of value added tax, rebates and discounts.

 

The Company recognises revenue when the amount of revenue can be reliably measured, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Company's activities as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenues earned by the Company are recognised on the following bases:

Sales of services are recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided

1.4
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:

Leasehold land and buildings
Over term of lease
Fixtures and fittings
25% Straight line
Computers
20% 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.

PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of services, licences and support services
4,205,342
5,315,498
2024
2023
£
£
Other revenue
Interest income
11,375
-
4
Exceptional item
2024
2023
£
£
Expenditure
Non recoverable withholding tax
6,130
175,668
PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 16 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
97,918
53,058
Depreciation of owned tangible fixed assets
20,305
21,043
Operating lease charges
101,926
103,277
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
8,000
For other services
Taxation compliance services
1,000
750
All other non-audit services
2,000
1,400
3,000
2,150
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Direct
11
13
Sales
1
1
Administration
5
3
Directors
1
2
Total
18
19

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,248,554
1,452,755
Social security costs
96,984
166,405
Pension costs
59,115
63,530
1,404,653
1,682,690
PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 17 -
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
112,678
269,282
Company pension contributions to defined contribution schemes
7,648
11,244
120,326
280,526
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
139,784

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11,375
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
114,631
184,420
Deferred tax
Origination and reversal of timing differences
(3,559)
1,994
Total tax charge
111,072
186,414

A change in the corporation tax rate from 1 April 2023 has been introduced. The effective tax rate for the company is 25%.

PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
714,350
667,040
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
178,588
156,888
Tax effect of expenses that are not deductible in determining taxable profit
2,323
36,128
Tax effect of income not taxable in determining taxable profit
(60,736)
-
0
Permanent capital allowances in excess of depreciation
4,324
832
Research and development tax credit
(9,869)
(9,428)
Deferred taxation
(3,558)
1,994
Taxation charge for the year
111,072
186,414
11
Dividends
2024
2023
£
£
Final paid
480,626
378,102
12
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
46,996
35,478
212,789
295,263
Additions
-
0
-
0
2,762
2,762
At 31 December 2024
46,996
35,478
215,551
298,025
Depreciation and impairment
At 1 January 2024
37,588
34,845
174,695
247,128
Depreciation charged in the year
4,158
454
15,693
20,305
At 31 December 2024
41,746
35,299
190,388
267,433
Carrying amount
At 31 December 2024
5,250
179
25,163
30,592
At 31 December 2023
9,408
633
38,094
48,135
PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 19 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,222,326
1,198,656
Corporation tax recoverable
-
0
29,928
Amounts owed by group undertakings
647,692
749,775
Other debtors
96,355
1,977
Prepayments and accrued income
750,759
513,159
2,717,132
2,493,495
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,300
21,114
Amounts owed to group undertakings
214,094
269,826
Corporation tax
12,959
-
0
Other taxation and social security
22,507
33,479
Other creditors
71,204
12,396
Accruals and deferred income
858,780
1,305,846
1,210,844
1,642,661
15
Provisions for liabilities
2024
2023
£
£
Provision for contract losses
391,530
456,848
Movements on provisions:
Provision for contract losses
£
At 1 January 2024
456,848
Additional provisions in the year
(65,318)
At 31 December 2024
391,530
PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 20 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,799
10,358
2024
Movements in the year:
£
Liability at 1 January 2024
10,358
Credit to profit or loss
(3,559)
Liability at 31 December 2024
6,799
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,115
63,530

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
82,000
79,500
Between two and five years
41,500
143,750
123,500
223,250
PSI Metals UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 21 -
20
Ultimate controlling party

The directors consider that the ultimate parent undertaking is PSI Software SE registered in Germany. The registered office address is PSI Software SE, Dircksenstraße 42-44, 10178 Berlin. Consolidated financial statements are publicly available at psi.de/en.

Ultimate control is vested in directors of the ultimate parent undertaking, PSI Software SE registered in Germany.

21
Cash absorbed by operations
2024
2023
£
£
Profit after taxation
603,278
480,626
Adjustments for:
Taxation charged
111,072
186,414
Investment income
(11,375)
-
0
Depreciation and impairment of tangible fixed assets
20,305
21,043
Decrease in provisions
(65,318)
(474,832)
Movements in working capital:
Increase in debtors
(253,565)
(976,793)
Decrease in creditors
(444,776)
(209,043)
Cash absorbed by operations
(40,379)
(972,585)
22
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,209,136
(584,136)
1,625,000
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