REGISTERED NUMBER: 07056598 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 December 2024

for

PSI Tuning Ltd.

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

186,245

201,613

186,245

201,613

CURRENT ASSETS

Stocks

44,749

34,749

Debtors

6

32,119

17,664

Cash at bank

27,763

28,622

104,631

81,035

CREDITORS

Amounts falling due within one year

7

117,253

102,434

NET CURRENT LIABILITIES

(12,622

)

(21,399

)

TOTAL ASSETS LESS CURRENT LIABILITIES

173,623

180,214

CREDITORS

Amounts falling due after more than one year

8

(131,551

)

(144,428

)

PROVISIONS FOR LIABILITIES

(2,447

)

(4,706

)

NET ASSETS

39,625

31,080

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

39,525

30,980

SHAREHOLDERS' FUNDS

39,625

31,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

Mr A P Walker - Director

1.	STATUTORY INFORMATION

PSI Tuning Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07056598

Registered office:

Unit 5 Winpenny Road

Parkhouse Industrial Estate East

Newcastle under Lyme

Staffordshire

ST5 7RH

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced.

Goodwill

Goodwill acquired in 2009 has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Equipment & tools

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 December 2023

and 29 December 2024

10,000

AMORTISATION

At 30 December 2023

and 29 December 2024

10,000

NET BOOK VALUE

At 29 December 2024

-

At 29 December 2023

-

5.	TANGIBLE FIXED ASSETS

Freehold

Equipment

Motor

Computer

property

& tools

vehicles

equipment

Totals

£

£

£

£

£

COST

At 30 December 2023

152,484

63,907

115,937

13,043

345,371

Additions

-

8,000

-

650

8,650

At 29 December 2024

152,484

71,907

115,937

13,693

354,021

DEPRECIATION

At 30 December 2023

24,397

48,905

62,059

8,397

143,758

Charge for year

3,050

5,750

13,470

1,748

24,018

At 29 December 2024

27,447

54,655

75,529

10,145

167,776

NET BOOK VALUE

At 29 December 2024

125,037

17,252

40,408

3,548

186,245

At 29 December 2023

128,087

15,002

53,878

4,646

201,613

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 30 December 2023

and 29 December 2024

67,940

DEPRECIATION

At 30 December 2023

22,513

Charge for year

11,357

At 29 December 2024

33,870

NET BOOK VALUE

At 29 December 2024

34,070

At 29 December 2023

45,427

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

31,486

16,516

Other debtors

633

1,148

32,119

17,664

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

15,850

15,850

Hire purchase contracts

10,213

12,550

Trade creditors

57,579

36,041

Taxation and social security

22,271

27,884

Other creditors

11,340

10,109

117,253

102,434

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

84,802

80,905

Hire purchase contracts

18,333

28,546

Other creditors

28,416

34,977

131,551

144,428

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

100,652

96,755

Hire purchase contracts

28,546

41,096

129,198

137,851

The bank loan is secured by a fixed charge and a floating charge that covers all the property or undertaking of the company.

The hire purchase liability is secured against the assets to which they relate.