The PSF Trustee Limited - Accounts to registrar (filleted) - small 22.3

The PSF Trustee Limited - Accounts to registrar (filleted) - small 22.3

THE PSF TRUSTEE LIMITED - Company Information

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REGISTERED NUMBER: 11125499 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE PSF TRUSTEE LIMITED
THE PSF TRUSTEE LIMITED (REGISTERED NUMBER: 11125499)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE PSF TRUSTEE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: 20-20 Trustees Services Limited
M T Hirons-Wood
R L M Wohanka
M Snowdon





REGISTERED OFFICE: Vestry House
Laurence Pountney Hill
London
EC4R 0EH





REGISTERED NUMBER: 11125499 (England and Wales)





ACCOUNTANTS: CBHC Limited
Suite 3, The Hamilton Centre
Rodney Way
Chelmsford
Essex
CM1 3BY
Page 1
THE PSF TRUSTEE LIMITED (REGISTERED NUMBER: 11125499)

BALANCE SHEET
31 MARCH 2022

31/3/22 31/3/21
Notes £    £    £    £   
FIXED ASSETS
Investments 4 11 10

CURRENT ASSETS
Debtors 5 728,335 201,852
Cash at bank 7,978 7,286
736,313 209,138
CREDITORS
Amounts falling due within one year 6 698,861 1,876,152
NET CURRENT ASSETS/(LIABILITIES) 37,452 (1,667,014 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
37,463
(1,667,004
)

CAPITAL AND RESERVES
Called up share capital 916,527 916,527
Retained earnings (879,064 ) (2,583,531 )
37,463 (1,667,004 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 24 December 2022 and were signed on its behalf by:





R L M Wohanka - Director


The notes form part of these financial statements

Page 2
THE PSF TRUSTEE LIMITED (REGISTERED NUMBER: 11125499)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

The PSF Trustee 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.

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 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.

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.

Going concern
As at the date of this report the directors are of the opinion that the company remains a going concern and that financial support will continue to be made available to the company by members of the Pension SuperFund group.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

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THE PSF TRUSTEE LIMITED (REGISTERED NUMBER: 11125499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2021 10
Additions 1
At 31 March 2022 11
NET BOOK VALUE
At 31 March 2022 11
At 31 March 2021 10

The £1 addition represents an investment in PSF Benefit Services Ltd.

As described in the subsequent events note below, since year end the company and its Subsidiaries have come under strategic review by its owners, and the value of investments in subsidiaries may be affected by the outcome of this review.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Amounts owed by group undertakings 699,568 192,652
Other debtors 28,767 9,200
728,335 201,852

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Trade creditors 96,787 835,477
Social security and other taxes 7,643 6,188
Other creditors 431 431
Accrued expenses 594,000 1,034,056
698,861 1,876,152

7. CONTINGENT LIABILITIES

Deferred employee salaries not provided for on the balance sheet amount to £26,400, as these are dependent on board approval and therefore treated as a contingent liability.

Page 4 continued...
THE PSF TRUSTEE LIMITED (REGISTERED NUMBER: 11125499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


8. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed by PSF Professional Services Limited £699,568 (2021: £190,590),and £NIL (2021: £2,061) by PSF Sponsor Ltd. During the period the company received fees totalling £1,318,000 from PSF Capital Reserve LP and fees totalling £1,960,000 from PSF Professional Services.

The intercompany balances have arisen from recharging of costs between entities within the Pension Superfund structure where they have either settled costs on behalf of another entity within the group or charged for services in relation to the establishment of the Pension Superfund.

During the year the Company invoiced PSF Capital Reserve LP £1,318,000, this is included within Turnover for the year.

9. SUBSEQUENT EVENTS

On 5th October 2022 the group was informed that it had not achieved Phase 1 assessment by The Pensions Regulator. As a result a strategic review has been initiated by the corporate entity which may lead to a winding down or change of ownership. Any strategic changes to the corporate entity are likely also to affect the strategic position of The PSF Trustee Limited and its subsidiaries.

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