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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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PSP Architectural Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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PSP Architectural Ltd |
PSP Architectural Ltd (Registered number: 06440101) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PSP Architectural Ltd |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
PSP Architectural Ltd (Registered number: 06440101) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
PSP Architectural Ltd (Registered number: 06440101) |
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Balance Sheet - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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PSP Architectural Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
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Related party exemption |
All transactions entered into with companies under common control were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102. |
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Going concern |
The directors assess whether the use of going concern is appropriate i.e. if there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of a least one year from the date the financial statements are approved. |
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The company has incurred a loss for this period and is reliant on the continuing support of its directors. |
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The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of the assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities. |
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Turnover |
Turnover represents all sales of goods and services at the fair value of the right to consideration exclusive of discounts and sales taxes. |
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Income recognition |
Turnover is recognised when goods have been delivered or made available to the customer or by reference to the stage of completion of services being rendered. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are measured at cost less accumulated depreciation and impairment. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell. |
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Work in progress is made up of the costs of raw materials plus labour and overhead costs absorbed. |
PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Grants receivable |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
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Invoice discounting |
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | STOCKS |
2021 | 2020 |
£ | £ |
Raw materials |
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Work-in-progress |
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PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by associates |
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Other debtors |
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Taxation and social security |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Invoice discounting creditor |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to associates |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 20,000 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Invoice discounting creditor |
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Hire purchase contracts | 1,277,185 | 1,510,157 |
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The invoice discounting creditor is secured by a fixed and floating charge over the company's assets. Hire purchase contracts are secured against the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 357,568 | 149,165 |
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Deferred |
tax |
£ |
Balance at 1 January 2021 |
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Accelerated capital allowances | 208,403 |
Balance at 31 December 2021 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 900 | 900 |
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13. | CONTINGENT LIABILITIES |
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A cross guarantee and debenture exists between Pressed Steel Products Group Ltd, Pressed Steel Products Limited, and PSP Architectural Holdings Ltd, dated 28 January 2020. The amount outstanding on the bank loan at the year end was £449,282 (2020: £484,799). |
PSP Architectural Ltd (Registered number: 06440101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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14. | PARENT COMPANY |
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The parent company is PSP Architectural Holdings Ltd. The registered office of for both companies is Unit 11, All Saints Industrial Estate, Darlington Road, Shildon, County Durham, DL4 2RD. |