PSF Holdings Limited - Accounts to registrar (filleted) - small 22.3
PSF Holdings Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
PSF HOLDINGS LIMITED |
PSF HOLDINGS LIMITED (REGISTERED NUMBER: 11565322) |
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 |
PSF HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 3, The Hamilton Centre |
Rodney Way |
Chelmsford |
Essex |
CM1 3BY |
PSF HOLDINGS LIMITED (REGISTERED NUMBER: 11565322) |
BALANCE SHEET |
31 MARCH 2022 |
31/3/22 | 31/3/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
RESERVES |
Income and expenditure account | ( |
) |
( |
) |
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 surplus or deficit 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. |
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 |
PSF HOLDINGS LIMITED (REGISTERED NUMBER: 11565322) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
PSF Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. However, as mentioned above, this position remains uncertain as a result of the strategic review and the directors continue to monitor the position closely. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
PSF HOLDINGS LIMITED (REGISTERED NUMBER: 11565322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
During the year the Company invested in The PSF Trustee Limited, which is the trustee of The Pension Superfund pension scheme. |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
PSF HOLDINGS LIMITED (REGISTERED NUMBER: 11565322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed PSF Professional Services Limited £13,600 (2021: £646,328), and owed PSF Capital Scotland LP £41,157 (2021: £nil). PSF Sponsor Ltd owed the company £3,433 (2021: £14,943). |
During the year the Company invoiced PSF Professional Services £376,400, this is included within Turnover for the year. |
During the year the Company invoiced PSF Capital Reserve LP £636,000, this is included within Turnover for the year. |
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. |
8. | 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 PSF Holdings Limited and its subsidiaries. |
9. | LIMITED BY GUARANTEE |
The company is limited by guarantee of members and does not have a share capital. |