PS & AL Limited - Filleted accounts

Registered number

06479214

PS & AL Limited

Filleted Accounts

31 March 2025

PS & AL Limited
Registered number:		06479214
Balance Sheet
as at 31 March 2025
						As restated
Notes			2025			2024
£				£
Fixed assets
Investments	3		1,402,156			1,402,156

Current assets
Debtors	4	2,759			-

Creditors: amounts falling due within one year	5	(1,672,043)			(1,674,289)

Net current liabilities			(1,669,284)			(1,674,289)

Total assets less current liabilities			(267,128)			(272,133)


Provisions for liabilities			(74,722)			(97,078)


Net liabilities			(341,850)			(369,211)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(341,950)			(369,311)

Shareholders' funds			(341,850)			(369,211)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




S S Kang
Director
Approved by the board on 19 December 2025

PS & AL Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts are presented in Sterling, which is the functional currency of the entity.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents income from investment property transactions and is recognised as it is earnt.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.


2	Employees	2025		2024
Number			Number

	Average number of persons employed by the company	0		0


3	Investments

Other
investments
£
	Cost
	At 1 April 2024			1,402,156

	At 31 March 2025			1,402,156

	Historical cost
	At 1 April 2024			891,221
	At 31 March 2025			891,221

	The investment properties have not been re-valued at the balance sheet date. The directors assessed the value of the properties and agreed there was no material fair value change in the valuations.


4	Debtors	2025		2024
£			£

	Other debtors	2,759		-


5	Creditors: amounts falling due within one year	2025		2024
£			£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest	812,642		845,603
	Other creditors	859,401		828,686
		1,672,043		1,674,289

				As restated
6	Revaluation reserve	2025		2024
£			£

	At 1 April 2024	-		413,857
	Restatement of prior period	-		(413,857)

	At 31 March 2025	-		-


7	Related party transactions

	Included within other creditors is an amount of £188,997 (2024 - £188,997) owed to Mr. P S Kang, a director of the company. The loan is unsecured, interest-free and repayable on demand.


8	Controlling party

	The parent company is Brasenose Holdings Limited, a company registered in England and Wales, with its registered office at Two Pins, Clare Drive, Farnham Common, SL2 3LL. The ultimate controlling party is Mr P S Kang, who, together with his immediate family members, owns 100% of the issued share capital of the group


9	Other information

	PS & AL Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Two Pins
	Clare Drive
	Farnham Common
	SL2 3LL


10	Prior period adjustment

	The comparative figures have been restated to reflect the appropriate measurement of the company’s investment property in accordance with FRS 102 Section 1A. Under this framework, investment properties are measured at fair value with changes recognised in profit or loss. The restatement resulted in the elimination of the previously reported revaluation reserve and an increase in profit and loss reserves brought forward of £413,857. The impact of the adjustment is presented in the Statement of Changes in Equity.