REGISTERED NUMBER: |
PSI GROUP SERVICES LIMITED |
Audited Financial Statements |
for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
PSI GROUP SERVICES LIMITED |
Audited Financial Statements |
for the Year Ended 31 December 2021 |
PSI GROUP SERVICES LIMITED (REGISTERED NUMBER: 06822985) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PSI GROUP SERVICES LIMITED |
Company Information |
for the year ended 31 December 2021 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
PSI GROUP SERVICES LIMITED (REGISTERED NUMBER: 06822985) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 |
Shareholders' funds |
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 |
PSI GROUP SERVICES LIMITED (REGISTERED NUMBER: 06822985) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
PSI Group Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2nd Floor, 38-43 Lincoln's Inn Fields, London, WC2A 3PE. |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, on a going concern basis. |
Going concern |
The Company's sole source of revenue is service fees for professional services provided to affiliated entities within its corporate group. Those service fees have historically been paid to the Company out of Court mandated periodic maintenance payments ordered by the High Court of England & Wales from funds belonging to the Company's affiliate, PetroSaudi Oil Services (Venezuela) Ltd, which funds are held to the Order of the Court pending resolution of related litigation. |
At the time of signing these accounts, there are insufficient funds available for the payment of the company's operating costs on account of the most recent Court Order permitting the release of funds to meet specified legal costs but denying the release of funds to meet operating costs. The company is consequently reliant upon a swift resolution of the outstanding legal proceedings in favour of PetroSaudi Oil Services (Venezuela) Ltd. |
Whilst the Directors are confident that PetroSaudi Oil Services (Venezuela) Ltd will ultimately prevail in the substantive legal proceedings, the action taken by the High Court in restricting the payment of operating costs in the interim is harmful to the company and its going concern status. Should a swift resolution to the legal proceedings not be reached the going concern basis may not be valid given the Company may be unable to realise its assets and discharge its liabilities in the normal course of business and adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for further liabilities that may arise. The directors have therefore concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern but nevertheless have prepared the accounts on a going concern basis as they remain hopeful of a resolution. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern. |
Related party exemption |
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. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions in relation to third party and intercompany debts. A full review of debtors has been carried out and whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. The potential risk of this is considered to be low. |
Turnover |
Turnover is derived entirely from its parent company and fellow group subsidiaries. The turnover represents all the company's cost plus a 5-8% mark up. |
PSI GROUP SERVICES LIMITED (REGISTERED NUMBER: 06822985) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
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. |
Operating leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
3. | Employees and directors |
The average number of employees during the year was NIL (2020 - NIL). |
4. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
PSI GROUP SERVICES LIMITED (REGISTERED NUMBER: 06822985) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | £0.01 | 442,327 | 442,327 |
7. | Reserves |
Retained |
earnings |
£ |
At 1 January 2021 |
Deficit for the year | ( |
) |
At 31 December 2021 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
The audit report in the full accounts makes reference to the accounting policy on going concern highlighting the material uncertainty caused by the current legal proceedings. |
9. | Ultimate controlling party |
The company's immediate parent is PetroSaudi International Limited, a company incorporated and registered in the Cayman Islands, by virtue of them holding the entire issued share capital of the company. |
The company's ultimate parent company is PetroSaudi Holdings (Cayman) Limited, a company incorporated and registered in the Cayman Islands. No group financial statements are maintained by the company or group as there is no requirement. |