REGISTERED NUMBER: 08341327 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PROJECT SUPPORT SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R C Blake

Mr R King

REGISTERED OFFICE:

Bath Bridge House

Bath Bridge Busiess Park

Bridgwater

Somerset

TA6 4SZ

REGISTERED NUMBER:

08341327 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

FIXED ASSETS

Owned

Tangible assets

4

31,781

23,170

Right-of-use

Tangible assets

4, 8

89,287

-

121,068

23,170

CURRENT ASSETS

Debtors

5

143,339

108,307

Cash at bank

50,778

86,287

194,117

194,594

CREDITORS

Amounts falling due within one year

6

151,612

133,895

NET CURRENT ASSETS

42,505

60,699

TOTAL ASSETS LESS CURRENT LIABILITIES

163,573

83,869

CREDITORS

Amounts falling due after more than one year

7

(72,635

)

-

PROVISIONS FOR LIABILITIES

9

(7,666

)

(5,641

)

NET ASSETS

83,272

78,228

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

83,172

78,128

SHAREHOLDERS' FUNDS

83,272

78,228

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.

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 30 September 2025 and were signed on its behalf by:

Mr R King - Director

1.	STATUTORY INFORMATION

Project Support Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 represents amounts for services provided during the year, excluding value added tax.

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.

Long leasehold

-

over the term of the lease

Office equipment, fixtures and fittings

-

33% on cost and 20% on cost

Right-of-use lease assets are being amortised evenly over their estimated useful life of five years.

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.

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.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Early adoption of lease accounting standard

During the year, the company has chosen to early adopt the new lease accounting standard relating to right-of-use assets and lease liabilities, in advance of its mandatory effective date (1 January 2026).

Under this standard, lease arrangements previously classified as operating leases are now recognised on the balance sheet, with the company recognising a right-of-use asset and a corresponding lease liability at the lease commencement date.

The company has applied the new standard from 1 January 2024, recognising the leases entered into during the year. As the leases were newly entered into during the current year, there has been no impact on the prior year comparatives.

This change has resulted in the recognition of a right-of-use asset of £89,287 and a lease liability of £89,430 at the year end. Lease payments are now split between a reduction of the lease liability and an interest charge.

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.

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Going concern

The directors have reviewed the going concern status of the business for the foreseeable future. The directors fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment,

fixtures

Long

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2024

-

71,218

71,218

Additions

90,800

22,628

113,428

At 31 December 2024

90,800

93,846

184,646

DEPRECIATION

At 1 January 2024

-

48,048

48,048

Charge for year

1,513

14,017

15,530

At 31 December 2024

1,513

62,065

63,578

NET BOOK VALUE

At 31 December 2024

89,287

31,781

121,068

At 31 December 2023

-

23,170

23,170

Details of right-of-use assets are disclosed in note 12.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

133,132

106,332

Other debtors

263

-

Prepayments and accrued income

9,944

1,975

143,339

108,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Leases (see note 8)

16,795

-

Trade creditors

11,954

5,442

Corporation tax

20,671

32,899

Social security and other taxes

11,500

7,080

VAT

26,900

21,005

Other creditors

4,971

2,511

Directors' current accounts

45,132

52,358

Accruals and deferred income

13,689

12,600

151,612

133,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Leases (see note 8)

72,635

-

8.

LEASING

Right-of-use assets

Tangible fixed assets

2024

2023

£

£

COST

Additions

90,800

-

DEPRECIATION

Charge for year

1,513

-

NET BOOK VALUE

89,287

-

Lease liabilities

Minimum lease payments fall due as follows:

2024

2023

£

£

Gross obligations repayable:

Within one year

20,000

-

Between one and five years

78,333

-

98,333

-

Finance charges repayable:

Within one year

3,205

-

Between one and five years

5,698

-

8,903

-

Net obligations repayable:

Within one year

16,795

-

Between one and five years

72,635

-

89,430

-

The discount rates for the leases disclosed above are 4% per annum. The company has a lease contract on a building that includes termination options, through a break clause. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and adapt to the company's business needs. Management exercises judgement in determining whether these termination options are reasonably certain to be exercised.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

8,007

5,792

Other timing differences

(341

)

(151

)

7,666

5,641

Deferred

tax

£

Balance at 1 January 2024

5,641

Provided during year

2,025

Balance at 31 December 2024

7,666

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

2023

2022

Number:

Class:

Nominal value:

£

£

250

Ordinary

10p

25.00

25.00

375

A Ordinary

10p

37.50

37.50

375

B Ordinary

10p

37.50

37.50

100.00

100.00

The ordinary shares rank pari-passu in all respects, except that different rates of dividend may be voted in respect of each denomination of ordinary shares.

11.	RELATED PARTY DISCLOSURES

At 31 December 2024 the company owed the director Mr R C Blake a total of £33,075 (2023 - £35,676) in respect of monies advanced and repaid during the year.

At 31 December 2024 the company owed the director Mr R King a total of £12,057 (2023 - £16,682) in respect of monies advanced and repaid during the year.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard of Smaller Entities.

12.	ULTIMATE CONTROLLING PARTY