PCS Business Systems Holdings Limited Company accounts

PCS BUSINESS SYSTEMS HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06457092

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

FINANCIAL STATEMENTS

31 May 2022

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2022

CONTENTS	PAGES

Officers and professional advisers	1

Strategic report	2

Director's report	3 to 4

Independent auditor's report to the members	5 to 8

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11 to 13

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

DIRECTOR	Mrs L M Morrissey

COMPANY SECRETARY	Mrs L M Morrissey

REGISTERED OFFICE	2 Northfield Point
	Cunliffe Drive
	Kettering
	Northamptonshire
	NN16 9QJ

AUDITOR	Meadows & Co Limited
	Chartered accountants & statutory auditor
	Headlands House
	1 Kings Court
	Kettering Parkway
	Kettering
	NN15 6WJ

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MAY 2022

BUSINESS REVIEW The company is an intermediate holding and company and acts solely to facilitate the transfer of dividends received from its subsidiary undertaking to the group's ultimate parent company. In the opinion of the director, the disclosure of key performance indicators and the principal risks, uncertainties and future developments of the business are not material, and bear no resemblance to understanding the performance of the company, given the nature of its operations.

This report was approved by the board of directors on 2 February 2023 and signed on behalf of the board by:

Mrs L M Morrissey Director

Registered office:

2 Northfield Point

Cunliffe Drive

Kettering

Northamptonshire

NN16 9QJ

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

DIRECTOR'S REPORT

YEAR ENDED 31 MAY 2022

The director presents her report and the financial statements of the company for the year ended 31 May 2022 .

DIRECTOR

The director who served the company during the year was as follows:

Mrs L M Morrissey

DIVIDENDS

Particulars of recommended dividends are detailed in note 5 to the financial statements.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 company will continue in business. The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 2 February 2023 and signed on behalf of the board by:

Mrs L M Morrissey Director

Registered office:

2 Northfield Point

Cunliffe Drive

Kettering

Northamptonshire

NN16 9QJ

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PCS BUSINESS SYSTEMS HOLDINGS LIMITED

YEAR ENDED 31 MAY 2022

OPINION

We have audited the financial statements of PCS Business Systems Holdings Limited (the 'company') for the year ended 31 May 2022 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 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 company's affairs as at 31 May 2022 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

OPINIONS 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF THE DIRECTOR

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

AUDITOR'S 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 auditor’s 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 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 have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.

David Kelland FCA

(Senior Statutory Auditor)

For and on behalf of

Meadows & Co Limited

Chartered accountants & statutory auditor

Headlands House

1 Kings Court

Kettering Parkway

Kettering

NN15 6WJ

2 February 2023

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 MAY 2022

	2022	2021
Note	£	£

Income from shares in group undertakings	4	598,800	480,000
		---------	---------
PROFIT BEFORE TAXATION		598,800	480,000

Tax on profit	–	–
	---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME	598,800	480,000
	---------	---------

Dividends paid and payable	5	( 598,800)	( 480,000)

RETAINED EARNINGS AT THE START OF THE YEAR	17,888	17,888
	---------	---------
RETAINED EARNINGS AT THE END OF THE YEAR	17,888	17,888
	---------	---------

All the activities of the company are from continuing operations.

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

31 May 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Investments	6		4,585,512		4,585,512

CURRENT ASSETS

Debtors	7	105,890		224,690

CREDITORS: amounts falling due within one year	8	4,473,514		4,592,314
		------------		------------
NET CURRENT LIABILITIES			4,367,624		4,367,624
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			217,888		217,888
			---------		---------

CAPITAL AND RESERVES

Called up share capital	9	200,000	200,000
Profit and loss account	10	17,888	17,888
		---------	---------
SHAREHOLDERS FUNDS		217,888	217,888
		---------	---------

These financial statements were approved by the board of directors and authorised for issue on 2 February 2023 , and are signed on behalf of the board by:

Mrs L M Morrissey Director

Company registration number: 06457092

PCS BUSINESS SYSTEMS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Northfield Point, Cunliffe Drive, Kettering, Northamptonshire, NN16 9QJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of PCS Business Systems Group Limited which can be obtained from 2 Northfield Point, Cunliffe Drive, Kettering, Northamptonshire, NN16 9QL. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

4. INCOME FROM SHARES IN GROUP UNDERTAKINGS

	2022	2021
	£	£
Income from group undertakings	598,800	480,000
	---------	---------

5. DIVIDENDS

	2022	2021
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	598,800	480,000
	---------	---------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 June 2021 and 31 May 2022	4,585,512
	------------
Impairment
At 1 June 2021 and 31 May 2022	–
	------------

Carrying amount
At 31 May 2022	4,585,512
	------------
At 31 May 2021	4,585,512
	------------

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
PCS Business Systems Limited	2 Northfield Point, Cunliffe Drive, Kettering, Northamptonshire, NN16 9QJ	Ordinary	100

7. DEBTORS

	2022	2021
	£	£
Amounts owed by group undertakings	105,890	224,690
	---------	---------

8. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Amounts owed to group undertakings	4,473,514	4,592,314
	------------	------------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	200,000	200,000	200,000	200,000
	---------	---------	---------	---------

10. RESERVES

Share capital account - This records the nominal value of shares that have been issued. Profit and loss account - This reserve records retained earnings and accumulated losses .

11. RELATED PARTY TRANSACTIONS

Advantage has been taken of the exemption conferred by FRS 102 to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.

12. ULTIMATE PARENT COMPANY

The ultimate parent company is PCS Business Systems Group Limited , a company incorporated in the United Kingdom. The registered address of this company is 2 Northfield Point, Cunliffe Drive, Kettering, Northamptonshire, NN16 9QL.