ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 01252181

PSI GLOBAL LTD

FINANCIAL STATEMENTS

30 APRIL 2025

PSI GLOBAL LTD

COMPANY INFORMATION

Directors	D S Hunter
	J S Hunter
	S P Hunter
	H G A Waltl
	I M Davis


Company secretary	D S Hunter


Registered number	01252181


Registered office	Glenarm Road
	Wynyard Business Park
	Wynyard
	Billingham
	Cleveland
	TS22 5FE


Independent auditors	Armstrong Watson Audit Limited
	Chartered Accountants & Statutory Auditors
	1 Strawberry Ln
	Newcastle Upon Tyne
	NE1 4BX


Bankers	HSBC
	Floor 3
	Central Square South
	Orchard Street
	Newcastle upon Tyne
	NE1 3AZ


Solicitors	Weightmans LLP
	1 St James' Gate
	Newcastle upon Tyne
	NE1 4AD

PSI GLOBAL LTD

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12 - 13
Consolidated statement of changes in equity	14
Company statement of changes in equity	15
Consolidated statement of cash flows	16 - 17
Consolidated analysis of net debt	18
Notes to the financial statements	19 - 39

PSI GLOBAL LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

The Directors present their annual report and the audited financial statements for the year ended 30 April 2025.

Business review and principal activities

The group's principal activity is the development and manufacture of filters, separators, automatic closure systems and injection moulding. There have not been any significant changes in the group's principal activities in the year under review.

Principal risks and uncertainties

The group operates in a highly competitive global market presenting a continuing risk which could result in lost sales to key competitors. The group manages this risk by providing value added services to its customers and maintaining good trading relationships with clients and suppliers. These risks are continually monitored throughout the year by senior management in accordance with mitigating strategies developed by the Board.

Price risk
The group monitors movements in input and output pricing that provides management with details to manage the risk to the group. As a result of higher input costs, output costs are being continually assessed and adjusted.

Currency risk
The group operates in three currencies and where possible reduces its exposure to currency fluctuations by utilising a mix of forward contracts and overseas buying. The group is seeking to reduce its risk further by increasing its purchasing and locations abroad.

Credit risk
The group reduces credit risk by operating a robust credit checking system before accepting any contracts and ensuring terms are adhered to.

Liquidity risk
The group ensures that there are sufficient funds available to meet the requirements of its on-going operations and operates daily cash flow planning to negate the risk. The group has the continued committed financial support of the bank.

Market and customers

The group operates internationally and has a core set of customers whom we have strategic relationships with resulting in increased trading opportunities. The belief of the Board is that these good relationships exist with our customers and we continue to add to our customer base and market share. There has been consolidation in the market place but our relationships remain strong and the consolidation is opening up new opportunities.

People

As a family owned group with many years of trading, we value our employees and recognise the fact the people we employ are our strongest asset, hence we strive to create an environment and culture which promotes employee engagement and are supportive to protect our heritage and brand.

Page 1

PSI GLOBAL LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Financial key performance indicators

PSI Global Ltd ('Global') turnover increased by 7% to £6,483k when compared to 2024. Gross profit increased
by 10% and EBITDA was £633k for the year. Rising costs are offset by increasing pricing and reducing costs
resulting in an improving gross profit of 52%. It has been the directors' policy to de-risk and reduce liabilities in
the year. The board continued with its policy of investing in new products, markets and plant and machinery to
drive efficiencies.

2025 2024

Turnover £6,482,864 £6,059,276

% increase 7% 3%

Gross profit £3,351,960 £3,038,440

Gross profit margin % 52% 50.1%

EBITDA £632,661 £706,962

Future developments

The directors review and consider the budget, which details resource requirements, capital investments and equipment to meet the existing and future requirements for the financial year. The directors are confident that the Group is in an excellent position to meet the existing and future requirements.

This report was approved by the board and signed on its behalf.

D S Hunter

Director

Date: 26 November 2025

Page 2

PSI GLOBAL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Results and dividends

The profit for the year, after taxation, amounted to £201,667 (2024 - £221,697).

The Directors do not recommend the payment of a final dividend (2024 - £Nil).

Directors

The directors who served during the year were:

D S Hunter

J S Hunter

S P Hunter

H G A Waltl

I M Davis

Matters covered in the Group strategic report

The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the
group strategic report, as permitted by section 414C(11) of the Companies Act 2006:

- financial risk management objectives and policies
- future developments

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, Armstrong Watson Audit Limited, were appointed as auditors of the Group on the 19 February 2025 in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

D S Hunter

Director

Date: 26 November 2025

Page 3

PSI GLOBAL LTD

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

PSI GLOBAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI GLOBAL LTD

Opinion

We have audited the financial statements of PSI Global Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of 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:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 April 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the Parent 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 directors with respect to going concern are described in the relevant sections of this report.

Page 5

PSI GLOBAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI GLOBAL LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' 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:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the Parent 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

PSI GLOBAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI GLOBAL LTD (CONTINUED)

Auditors' 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 Auditors' 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 Group financial statements.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we
designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and
claims as well as actual, suspected and alleged fraud;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates for
indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 7

PSI GLOBAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI GLOBAL LTD (CONTINUED)

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 Auditors' 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.

Michael Morris (Senior statutory auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Newcastle

27 November 2025

Page 8

PSI GLOBAL LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	6,482,864	6,059,276
Cost of sales		(3,130,904)	(3,020,836)
Gross profit		3,351,960	3,038,440
Administrative expenses		(3,180,550)	(2,941,705)
Exceptional administrative expenses		-	186,921
Other operating income	5	29,864	22,944
Operating profit	6	201,274	306,600
Interest receivable and similar income		-	1,001
Interest payable and similar expenses	9	(101,317)	(107,644)
Profit before taxation		99,957	199,957
Tax on profit	10	101,710	21,740
Profit for the financial year		201,667	221,697

Profit for the year attributable to:
Owners of the parent Company	201,667	221,697
	201,667	221,697

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 19 to 39 form part of these financial statements.

Page 9

PSI GLOBAL LTD

REGISTERED NUMBER: 01252181

CONSOLIDATED BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		26,262		28,880
Tangible assets	13		2,912,224		3,102,140
Investments	14		60,072		60,072
			2,998,558		3,191,092
Current assets
Stocks	15	827,766		704,437
Debtors: amounts falling due within one year	16	1,486,370		1,488,169
Cash at bank and in hand	17	192,561		190,686
		2,506,697		2,383,292
Creditors: amounts falling due within one year	18	(1,663,986)		(1,587,999)
Net current assets			842,711		795,293
Total assets less current liabilities			3,841,269		3,986,385
Creditors: amounts falling due after more than one year	19		(915,847)		(1,164,220)
Provisions for liabilities
Deferred taxation	22	(89,032)		(190,742)
Other provisions	23	(3,300)		-
			(92,332)		(190,742)
Net assets			2,833,090		2,631,423

Capital and reserves
Called up share capital	24	341,151	341,151
Share premium account	25	160,349	160,349
Capital redemption reserve	25	72,900	72,900
Profit and loss account	25	2,258,690	2,057,023
Equity attributable to owners of the parent Company		2,833,090	2,631,423

Page 10

PSI GLOBAL LTD

REGISTERED NUMBER: 01252181

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D S Hunter

Director

Date: 26 November 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 11

PSI GLOBAL LTD

REGISTERED NUMBER: 01252181

COMPANY BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		26,262		28,880
Tangible assets	13		2,912,224		3,102,140
Investments	14		60,072		60,072
			2,998,558		3,191,092
Current assets
Stocks	15	827,766		704,437
Debtors: amounts falling due within one year	16	1,486,370		1,488,169
Cash at bank and in hand	17	192,561		190,686
		2,506,697		2,383,292
Creditors: amounts falling due within one year	18	(1,663,984)		(1,587,997)
Net current assets			842,713		795,295
Total assets less current liabilities			3,841,271		3,986,387

Creditors: amounts falling due after more than one year	19		(915,847)		(1,164,220)
Provisions for liabilities
Deferred taxation	22	(89,032)		(190,742)
Other provisions	23	(3,300)		-
			(92,332)		(190,742)
Net assets			2,833,092		2,631,425

Capital and reserves
Called up share capital	24		341,151		341,151
Share premium account	25		160,349		160,349
Capital redemption reserve	25		72,900		72,900
Merger reserve	25		(1,166,538)		(1,166,538)
Profit and loss account brought forward		3,223,563		3,001,866
Profit for the year		201,667		221,697
Profit and loss account carried forward			3,425,230		3,223,563
			2,833,092		2,631,425

Page 12

PSI GLOBAL LTD

REGISTERED NUMBER: 01252181

COMPANY BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D S Hunter

Director

Date: 26 November 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 13

PSI GLOBAL LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company
	£	£	£	£	£
At 1 May 2023	341,151	160,349	72,900	1,835,326	2,409,726

Profit for the year and total comprehensive income	-	-	-	221,697	221,697

					Total equity
					£
At 1 May 2023					2,409,726

Profit for the year and total comprehensive income					221,697

At 1 May 2024	341,151	160,349	72,900	2,057,023	2,631,423

Profit for the year and total comprehensive income	-	-	-	201,667	201,667
At 30 April 2025	341,151	160,349	72,900	2,258,690	2,833,090

At 1 May 2024					2,631,423

Profit for the year and total comprehensive income					201,667
At 30 April 2025					2,833,090

The notes on pages 19 to 39 form part of these financial statements.

Page 14


		PSI GLOBAL LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Capital redemption reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2023	341,151	160,349	72,900	(1,166,538)	3,001,866	2,409,728

Profit for the year and total comprehensive income	-	-	-	-	221,697	221,697

At 1 May 2024	341,151	160,349	72,900	(1,166,538)	3,223,563	2,631,425

Profit for the year and total comprehensive income	-	-	-	-	201,667	201,667
At 30 April 2025	341,151	160,349	72,900	(1,166,538)	3,425,230	2,833,092

The notes on pages 19 to 39 form part of these financial statements.

Page 15

PSI GLOBAL LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	201,667	221,697
Adjustments for:
Amortisation of intangible assets	5,722	7,010
Depreciation of tangible assets	425,664	393,352
Loss on disposal of tangible assets	(5,600)	2,729
Government grants	(29,864)	30,960
Interest paid	101,317	107,644
Interest received	-	(1,001)
Taxation charge	(101,710)	(21,740)
(Increase)/decrease in stocks	(123,329)	81,805
(Increase) in debtors	(67,381)	(44,332)
Increase/(decrease) in creditors	167,375	(179,767)
Corporation tax received	68,082	2,608
Net cash generated from operating activities	641,943	600,965

Cash flows from investing activities
Purchase of intangible fixed assets	(3,104)	(11,899)
Purchase of Tangible Assets	(316,983)	(134,025)
Sale of tangible fixed assets	23,599	44,570
Government grants received	84,788	-
Interest received	-	1,001
HP interest paid	(49,464)	(46,571)
Net cash from investing activities	(261,164)	(146,924)
Cash flows from financing activities
Repayment of loans	(119,342)	(216,489)
Repayment of/new finance leases	(135,099)	(15,181)
Interest paid	(51,853)	(61,073)
Net cash used in financing activities	(306,294)	(292,743)
Net increase in cash and cash equivalents	74,485	161,298
Cash and cash equivalents at beginning of year	118,076	(43,222)
Cash and cash equivalents at the end of year	192,561	118,076

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	192,561	190,686
Bank overdrafts	-	(72,610)

Page 16

PSI GLOBAL LTD

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

		2025	2024
		£	£

	192,561	118,076

The notes on pages 19 to 39 form part of these financial statements.

Page 17

PSI GLOBAL LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 APRIL 2025


At 1 May 2024	Cash flows	New finance leases	Other non-cash changes	At 30 April 2025
£	£	£	£	£

Cash at bank and in hand	190,686	1,875	-	-	192,561
Bank overdrafts	(72,610)	72,610	-	-	-
Debt due after 1 year	(550,000)	119,342	-	2,789	(427,869)
Debt due within 1 year	(536,405)	48,967	-	(2,789)	(490,227)
Finance leases	(539,440)	320,582	(155,619)	-	(374,477)
	(1,507,769)	563,376	(155,619)	-	(1,100,012)

The notes on pages 19 to 39 form part of these financial statements.

Page 18

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

PSI Global Ltd ('the company') and its subsidiaries (together 'the group') principal activity is the development and manufacture of filters, separators, automatic closure systems and injection moulding. There have not been any significant changes in the group's principal activities in the year under review.

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is given in the company information page of these financial statements.

Statement of compliance
The financial statements have been prepared in accordance with United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United
Kingdom and the Republic of Ireland and the Companies Act 2006.

2.Accounting policies

2.1

Basis of preparation of financial statements

These financial statements comprise the consolidated (group) financial statements and the Company's separate financial statements. However, as permitted by section 408 of the Companies Act 2006, the separate profit and loss account of the company is not presented. The profit after tax and total comprehensive income of the parent company for the year was £201,667 (2024: £221,697).

PSI Plastics Limited and Airman Engineering Services Limited have been consolidated into these financial statements. However, the holding in PSIFE Limited has been excluded from the consolidation as permitted by section 405 of the Companies Act 2006.

The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.

2.2

Reduced disclosures

FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity in respect of its separate (non-group) financial statements and has taken advantage of the disclosure exemptions relating to the presentation of a cash-flow statement and remuneration of key management personnel. The equivalent disclosures, on a consolidated basis, are included in the consolidated financial statements.

2.3

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings as if they formed a single entity. Intercompany transactions and balances are therefore eliminated in full.

Business combinations are accounted for under the purchase method, under which the acquiree's identifiable assets (including intangible assets), liabilities and contingent liabilities are recognised initially in the consolidated balance sheet at fair value.

Page 19

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.4

Going concern

Whilst the current economic conditions create an element of uncertainty over demand for the group's products and services, the directors have considered the present outlook for the business and, having regard for the challenges it faces, have prepared forecasts and projections which take account of positive changes in trading performance and the mitigating actions they consider are available to them in the event of forecast performance not being achieved. These forecasts show that if trading continues as expected the group has sufficient financial resources and should be able to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of the financial statements, assuming continued availability of the current finance facilities. Consequently, the directors believe that the group is well placed to successfully manage its business risks despite the economic uncertainty.

After making enquiries and having regard for the factors set out in the strategic report, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

2.5

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 20

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Leasing and hire purchase

Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the group similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future lease obligations are recorded as liabilities, and the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of charge on the remaining balance of the liability.

Page 21

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.12

Employee benefits

Short-term benefits

Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as
an expense in the period in which the service is received.

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Patents	-		10 years straight line
				Goodwill	-		5 years straight line

Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.

Page 23

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	50 years straight line
Long-term leasehold property	-	50 years straight line
Plant and machinery	-	3 - 10 years straight line
Motor vehicles	-	4 years straight line
Fixtures and fittings	-	3 - 10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.17

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 24

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.21

Financial instruments

Basic debt instruments
Basic debt instruments, including trade, intercompany and other accounts receivable and payable and cash and bank balances are all due within one year and are measured initially at the transaction price, and subsequently at amortised cost

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

Derivative financial instruments
The group uses derivative financial instruments to reduce exposure to foreign exchange risk. The group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the profit and loss account in finance costs or finance income as appropriate, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the profit and loss account depends on the nature of the hedge relationship.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgments in applying the group's accounting policies
In preparing these financial statements, the directors do not consider there to have been any significant judgments that were required in the process of applying the group's accounting policies.

Key sources of estimation uncertainty
Estimates included within these financial statements include depreciation and amortisation charges, and asset impairments (for example provisions against stock and debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 25

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Turnover

The whole of the turnover is attributable to the principal acitivty of the business.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	2,525,778	1,624,976
Rest of Europe	2,143,541	2,589,500
Rest of the world	1,813,545	1,844,800
	6,482,864	6,059,276

5.	Other operating income
		2025	2024
		£	£

	Government grants receivable	29,864	22,944

Depreciation of tangible fixed assets	425,664	393,352
Exchange differences	11,269	(60,163)
Other operating lease rentals	9,720	3,456
Amortisation of intangible fixed assets	5,722	7,010
Share-based payment	23,500	18,500

Page 26

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

7.	Employees
	Staff costs were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	1,860,929	1,740,725	1,860,929	1,740,725
Social security costs	-	150,708	-	150,708
Cost of defined contribution scheme	70,264	91,468	70,264	91,468
	1,931,193	1,982,901	1,931,193	1,982,901

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	5	5	5	5
Manufacturing	44	46	44	46
Adminstration	21	22	21	22

	70	73	70	73

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	304,124	297,530
Group contributions to defined contribution pension schemes	19,055	12,178
	323,179	309,708

During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £90,977 (2024 - £82,554).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,523 (2024 - £4,061).

Page 27

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

9.	Interest payable and similar expenses
		2025	2024
		£	£

Mortgage interest payable	51,853	51,449
Finance leases and hire purchase contracts	49,464	46,571
Other loan interest payable	-	9,624
	101,317	107,644

Corporation tax
Adjustments in respect of previous periods	-	(10,951)
	-	(10,951)

Total current tax	-	(10,951)

Deferred tax
Origination and reversal of timing differences	(81,956)	(11,223)
Adjustment in respect of previous periods	(19,754)	434
Total deferred tax	(101,710)	(10,789)


	Tax on profit	(101,710)	(21,740)

Page 28

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

10.Taxation (continued)

Profit on ordinary activities before tax

99,957

199,957

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	24,990	49,989
Effects of:
Expenses not deductible for tax purposes	14,971	29,891
Adjustments to tax charge in respect of prior periods	(19,754)	(10,894)
R&D rax credits	(116,943)	(60,410)
Income not taxable	15,335	(5,736)
Utilisation of brought forward losses	(20,309)	(24,580)
Total tax charge for the year	(101,710)	(21,740)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Exceptional items
		2025	2024
		£	£

Exceptional items

(186,921)

Page 29

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

12.	Intangible assets
	Group and Company

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 May 2024	326,544	209,742	536,286
Additions	3,104	-	3,104
At 30 April 2025	329,648	209,742	539,390
Amortisation
At 1 May 2024	297,664	209,742	507,406
Charge for the year	5,722	-	5,722
At 30 April 2025	303,386	209,742	513,128
Net book value
At 30 April 2025	26,262	-	26,262
At 30 April 2024	28,880	-	28,880

Page 30

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	Tangible fixed assets
	Group and Company

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 May 2024	2,007,551	35,695	6,121,056	209,052	53,654
Additions	-	-	277,721	-	-
Disposals	-	(35,695)	(92,438)	(17,999)	-
Transfers between classes	-	-	35,255	-	-
At 30 April 2025	2,007,551	-	6,341,594	191,053	53,654
Depreciation
At 1 May 2024	401,189	35,695	4,776,483	158,757	43,684
Charge for the year	52,712	-	349,713	19,932	3,307
Disposals	-	(35,695)	(92,438)	(17,999)	-
At 30 April 2025	453,901	-	5,033,758	160,690	46,991
Net book value
At 30 April 2025	1,553,650	-	1,307,836	30,363	6,663
At 30 April 2024	1,606,362	-	1,344,573	50,295	9,970

Page 31

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.Tangible fixed assets (continued)

	Assets under construction	Total
	£	£
Cost or valuation
At 1 May 2024	90,940	8,517,948
Additions	39,262	316,983
Disposals	(81,235)	(227,367)
Transfers between classes	(35,255)	-
At 30 April 2025	13,712	8,607,564
Depreciation
At 1 May 2024	-	5,415,808
Charge for the year	-	425,664
Disposals	-	(146,132)
At 30 April 2025	-	5,695,340
Net book value
At 30 April 2025	13,712	2,912,224
At 30 April 2024	90,940	3,102,140

The net book value of assets held under finance leases or hire purchase contracts, included above, is £502,900 (2024: £632,809).

Page 32

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	1,553,650	1,606,362
	1,553,650	1,606,362

14.	Fixed asset investments
	Group

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024	60,072
	At 30 April 2025	60,072

This investment relates to the 75% holding in PSIFE Limited which has been excluded from consolidation as permitted by section 405 of the Companies Act 2006.

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024	60,072
	At 30 April 2025	60,072

Page 33

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Class of shares	Holding

Airman Engineering Services Limited	Ordinary	100%
PSIFE Limited	Ordinary	75%
PSI Plastics Ltd	Ordinary	100%

Principal joint ventures and associates
The following was an indirect subsidiary undertaking of the Company:
Name	Class of shares	Holding

Hangzhou PSI Filtration Technology Co Limited

Ordinary

50%

15.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Raw materials and consumables	533,243	366,218	533,243	366,218
Work in progress (goods to be sold)	39,974	-	39,974	-
Finished goods and goods for resale	254,549	338,219	254,549	338,219
	827,766	704,437	827,766	704,437

	The difference between purchase price or production cost of stocks and their replacement cost is not material.
	Stocks are stated after provisions for impairment of £45,145 (2024: £76,576).

16.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,239,135	1,151,747	1,239,135	1,151,747
Other debtors	32,753	46,039	32,753	46,039
Prepayments and accrued income	203,531	223,077	203,531	223,077
Income tax recoverable	10,951	67,306	10,951	67,306
	1,486,370	1,488,169	1,486,370	1,488,169

Trade debtors are stated after provisions for impairment of £nil (2024: £nil).

Page 34

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	192,561	190,686	192,561	190,686
Less: bank overdrafts	-	(72,610)	-	(72,610)
	192,561	118,076	192,561	118,076

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Invoice discounting	380,601	429,568	380,601	429,568
Bank overdrafts (Note 17)	-	72,610	-	72,610
Bank loans (Note 20)	109,626	106,837	109,626	106,837
Trade creditors	721,077	549,592	721,077	549,592
Corporation tax	11,197	-	11,197	-
Other taxation and social security	43,401	35,990	43,401	35,990
Obligations under finance lease and hire purchase contracts	169,433	161,806	169,433	161,806
Government grants received	36,776	28,200	36,776	28,200
Other creditors	46,616	56,613	46,616	56,613
Accruals and deferred income	145,259	146,783	145,257	146,781
	1,663,986	1,587,999	1,663,984	1,587,997

Obligations under hire purchase agreements are secured over the assets to which they relate.

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans (Note 20)	427,869	550,000	427,869	550,000
Net obligations under finance leases and hire purchase contracts	205,044	377,634	205,044	377,634
Government grants received	282,934	236,586	282,934	236,586
	915,847	1,164,220	915,847	1,164,220

Obligations under hire purchase agreements are secured over the assets to which they relate.

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.

Page 35

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	109,626	106,837	109,626	106,837
Amounts falling due 1-2 years
Bank loans	109,626	91,666	109,626	91,666
Amounts falling due 2-5 years
Bank loans	318,243	253,846	318,243	253,846
Amounts falling due after more than 5 years
Bank loans	-	204,488	-	204,488
	537,495	656,837	537,495	656,837

Included within bank loans is a mortgage of £804,000, of which £537,495 remains outstanding at 30 April 2025. The loan is payable over 13 years in monthly instalments. The interest rate is 2.5% plus the base rate per annum.

Included within bank loans is an amount under CBILS, of £22,222, which was drawn down in December 2020, is payable over 4 years in monthly instalments and includes a 12 month capital repayment and interest holiday. The interest rate after the holiday period is fixed at 3.99% per annum.

The bank overdraft, mortgage and Coronavirus Business Interruption Loan Scheme (CBILS) loan are secured by a fixed and floating charge over the assets of the group.

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Within one year	197,631	207,163	197,431	207,163
Between 1-5 years	227,750	423,011	177,046	423,011
Future interest payable	(50,904)	(90,734)	-	(90,734)
	374,477	539,440	374,477	539,440

Page 36

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

22.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(190,742)	(201,531)
Credit/(charged) to profit or loss	101,710	10,789
At end of year	(89,032)	(190,742)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	91,206	192,171	91,206	192,171
Short term timing differences	(2,174)	(1,429)	(2,174)	(1,429)
	(89,032)	(190,742)	(89,032)	(190,742)

23.	Provisions
	Group and Company

		Provisions
		£

	Charged to profit or loss	3,300
	At 30 April 2025	3,300

Page 37

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

341,151 (2024 - 341,151) Ordinary shares of £1.00 each	341,151	341,151

25.

Reserves

Share premium account

The share premium account is an equity account which represents the additional amount shareholders paid for their issued shares that was in excess of the par value of those shares.

Capital redemption reserve

The capital redemption reserve is an amount of money that a company in the UK must keep when it buys back shares, and which it cannot pay to shareholders as dividends: The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Merger Reserve

The merger reserve represents the capital contributions received and the amounts recognised on the hive up of PSI Plastics Ltd and Airman Engineering Services Limited.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

26.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £60,133 (2024: £59,503). Contributions totalling £46,376 (2024: £44,786) were payable to the fund at the balance sheet date and are included in creditors.

27.	Commitments under operating leases
	At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	9,720	3,456
Later than 1 year and not later than 5 years	26,730	3,144
	36,450	6,600

Page 38

PSI GLOBAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

28.	Related party transactions
	As permitted by section 33 of FRS 102 the company has not disclosed details of transactions with it's wholly-owned subsidiaries. PSI Plastics Limited and Airman Engineering Services Limited have been consolidated into these financial statements. However, the holding in PSIFE Limited has been excluded from the consolidation as permitted by section 405 of the Companies Act 2006.

29.	Post balance sheet events

On 20 June 2024 PSI Global Limited increased its shareholding in PSIFE Limited from 75% to 100% by acquiring 25 shares.

30.	Controlling party

The ultimate controlling party is the Hunter family, by virtue of their majority shareholding in the parent company.

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