REGISTERED NUMBER: 12050966 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2025

for

PSM Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A G Green

S J Medlock

P J Medlock

REGISTERED OFFICE:

Suite 4 St George's Lodge

33 Oldfield Road

Bath

Banes

BA2 3NE

REGISTERED NUMBER:

12050966 (England and Wales)

ACCOUNTANTS:

O'Sullivan Hughes Limited

185 Wellsway

Keynsham

Bristol

BS31 1JJ

FIXED ASSETS

Investments

4

1,499

1,399

CURRENT ASSETS

Debtors

5

11,534,391

8,670,432

Cash at bank

2,515

119,552

11,536,906

8,789,984

CREDITORS

Amounts falling due within one year

6

(2,966,143

)

(8,828,886

)

NET CURRENT ASSETS/(LIABILITIES)

8,570,763

(38,902

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,572,262

(37,503

)

CREDITORS

Amounts falling due after more than one year

7

(8,592,499

)

-

NET LIABILITIES

(20,237

)

(37,503

)

CAPITAL AND RESERVES

Called up share capital

9

999

999

Retained earnings

(21,236

)

(38,502

)

SHAREHOLDERS' FUNDS

(20,237

)

(37,503

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2026 and were signed on its behalf by:

S J Medlock - Director

1.	STATUTORY INFORMATION

PSM Investments 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 principal activity of the company in the year under review was that of a holding company.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and other sales related taxes.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4.	FIXED ASSET INVESTMENTS

Other

investment

£

COST

At 1 November 2024

1,399

Additions

100

At 31 October 2025

1,499

NET BOOK VALUE

At 31 October 2025

1,499

At 31 October 2024

1,399

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

82,763

73,653

Amounts owed by group undertakings

11,444,110

8,596,230

Deferred tax asset

Tax losses carried forward

7,079

-

Prepayments and accrued income

439

549

11,534,391

8,670,432

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

83,505

12,603

Amounts owed to related party

381,178

6,349,316

Directors' current accounts

2,499,000

2,466,967

Accruals and deferred income

2,460

-

2,966,143

8,828,886

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 1-2 years

1,143,530

-

Other loans - 2-5 years

7,448,969

-

8,592,499

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other loans

8,592,499

-

Other loans are amounts due to a related party. The company has granted security over its assets and assets of its subsidiaries in support of loan facility. The security comprises a fixed and floating charge over the assets and undertaking of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

999

Ordinary

£1

999

999

10.	GUARANTEES AND SECURITY

The company is party to security arrangements in respect of facilities provided by a related company. The arrangements include fixed and floating charges over the assets and undertakings of the parent company and certain subsidiary undertakings within the group. The directors do not consider that any liability will crystallise under these arrangements.

11.	RELATED PARTY DISCLOSURES

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.

Included within other creditors are interest-free loans from the directors, which are unsecured and repayable on demand. The balances at the year-end were as follows:

P J Medlock £833,000 (2024 - £833,000)

S J Medlock £833,000 (2024 - £833,000)

M A Green £833,000 (2024 - £800,967)

During the year, the company entered into transactions with other companies under the common control or significant influence of the Medlock family, who are directors and/or shareholders of this company.

During the year the company was charged interest on related party loans of £312,935 (2024: £267,417).

At 31 October 2025, included within creditors is an amount of £381,178 (2024: £6,349,316) and included within creditors due after more than one year is £8,592,499 (2024: £Nil).