IRIS Accounts Production v25.4.0.155 06822985 Board of Directors 1.1.24 31.12.24 31.12.24 0 0 false true false false true false Ordinary Shares 442,327.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 06822985 2023-12-31 06822985 2024-12-31 06822985 2024-01-01 2024-12-31 06822985 2022-12-31 06822985 2023-01-01 2023-12-31 06822985 2023-12-31 06822985 ns15:EnglandWales 2024-01-01 2024-12-31 06822985 ns14:PoundSterling 2024-01-01 2024-12-31 06822985 ns10:Director1 2024-01-01 2024-12-31 06822985 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06822985 ns10:SmallEntities 2024-01-01 2024-12-31 06822985 ns10:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 06822985 ns10:SmallCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 06822985 ns10:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06822985 ns10:FullAccounts 2024-01-01 2024-12-31 06822985 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 06822985 ns10:Director2 2024-01-01 2024-12-31 06822985 ns10:RegisteredOffice 2024-01-01 2024-12-31 06822985 ns5:CurrentFinancialInstruments 2024-12-31 06822985 ns5:CurrentFinancialInstruments 2023-12-31 06822985 ns5:Non-currentFinancialInstruments 2024-12-31 06822985 ns5:Non-currentFinancialInstruments 2023-12-31 06822985 ns5:ShareCapital 2024-12-31 06822985 ns5:ShareCapital 2023-12-31 06822985 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 06822985 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 06822985 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 06822985 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 06822985 ns10:OrdinaryShareClass1 2024-12-31 06822985 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 06822985 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31

REGISTERED NUMBER: 06822985 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

PSI Group Services Limited

| PSI Group Services Limited (Registered number: 06822985) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| PSI Group Services Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | M S Alrasheed

| A D Kerman

| REGISTERED OFFICE: | 1st Floor

| One Suffolk Way

| Sevenoaks

| Kent

| TN13 1YL

| REGISTERED NUMBER: | 06822985 (England and Wales)

| ACCOUNTANTS: | Wilson Partners Limited

| 1st Floor

| One Suffolk Way

| Sevenoaks

| Kent

| TN13 1YL

| PSI Group Services Limited (Registered number: 06822985) |

Balance Sheet

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 15,136,273 |  | 15,092,627 |  |

Cash at bank | 720,271 |  | 720,593 |  |

15,856,544 |  | 15,813,220 |  |

CREDITORS

Amounts falling due within one year | 5 | 1,069,181 |  | 1,027,102 |  |

NET CURRENT ASSETS | 14,787,363 |  | 14,786,118 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,787,363 |  | 14,786,118 |  |

CREDITORS

Amounts falling due after more than one year | 6 | 12,557,945 |  | 12,557,945 |  |

NET ASSETS | 2,229,418 |  | 2,228,173 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 442,327 |  | 442,327 |  |

Retained earnings | 8 | 1,787,091 |  | 1,785,846 |  |

SHAREHOLDERS' FUNDS | 2,229,418 |  | 2,228,173 |  |

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 5 December 2025 and were signed on its behalf by:

A D Kerman - Director

| PSI Group Services Limited (Registered number: 06822985) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| PSI Group Services 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.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The company does not make significant estimates and assumptions concerning the future.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| PSI Group Services Limited (Registered number: 06822985) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Going concern

| The Company's sole source of revenue is service fees for professional services provided to affiliated entities within its corporate group. Those service fees have historically been paid to the Company out of Court mandated periodic maintenance payments ordered by the High Court of England & Wales from funds belonging to the Company's affiliate, PetroSaudi Oil Services (Venezuela) Ltd, which funds are held to the Order of the Court pending resolution of related litigation.

| At the time of signing these accounts, the Company has managed to raise funds to discharge a small portion of the Company liabilities however, there are insufficient funds available for the payment of the company's operating costs on account of the most recent Court Order permitting the release of funds to meet specified legal costs but denying the release of funds to meet operating costs. The company is consequently reliant upon a swift resolution of the outstanding legal proceedings in favour of PetroSaudi Oil Services (Venezuela) Ltd.

| Whilst the Directors are hopeful that PetroSaudi Oil Services (Venezuela) Ltd will ultimately prevail in the substantive legal proceedings, the action taken by the High Court in restricting the payment of operating costs in the interim is harmful to the company and its going concern status. Should a swift resolution to the legal proceedings not be reached the going concern basis may not be valid given the Company may be unable to realise its assets and discharge its liabilities in the normal course of business and adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for further liabilities that may arise. The directors have therefore concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern but nevertheless have prepared the accounts on a going concern basis as they remain hopeful of a resolution. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

3. | EMPLOYEES AND DIRECTORS

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

4. | DEBTORS

2024 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 2,416,758 |  | 2,390,596 |  |

| Other debtors | 22,288 |  | - |  |

| Prepayments | 786 |  | 5,590 |  |

2,439,832 |  | 2,396,186 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 12,696,441 |  | 12,696,441 |  |

| Aggregate amounts | 15,136,273 |  | 15,092,627 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 984,147 |  | 864,316 |  |

| VAT | 12,561 |  | 8,004 |  |

| Other creditors | 66,404 |  | 66,404 |  |

| Accruals and deferred income | 6,069 |  | 88,378 |  |

1,069,181 |  | 1,027,102 |  |

6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed to group undertakings | 12,557,945 |  | 12,557,945 |  |

| PSI Group Services Limited (Registered number: 06822985) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 44,232,700 | Ordinary Shares | 44232 | 7 | 442,327 |  | 442,327 |  |

8. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 1,785,846 |  |

| Profit for the year | 1,245 |  |

| At 31 December 2024 | 1,787,091 |  |

9. | ULTIMATE CONTROLLING PARTY

| The Company's immediate parent is PetroSaudi International Limited, a Company incorporated and registered in the Cayman Islands, by virtue of them holding the entire issued share capital of the Company.

| The Company's ultimate parent Company is PetroSaudi Holdings (Cayman) Limited, a Company incorporated and registered in the Cayman Islands. No group financial statements are maintained by the Company or group as there is no requirement.