Company Registration No. 12456278 (England and Wales)
Peterborough Positive Ltd
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Peterborough Positive Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Peterborough Positive Ltd
Statement of financial position
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
98,644
129,872
Cash at bank and in hand
420,447
99,016
519,091
228,888
Creditors: amounts falling due within one year
4
(206,883)
(135,138)
Net current assets
312,208
93,750
Creditors: amounts falling due after more than one year
5
(75,000)
(93,750)
Net assets
237,208
-
0
Capital and reserves
Called up share capital
-
0
-
0
Reserves
237,208
-
0
Total equity
237,208
-
0

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
21 November 2023
21 November 2023
21 November 2023
and are signed on its behalf by:
S Stafford
S Page
Director
Director
Company Registration No. 12456278 (England and Wales)
Peterborough Positive Ltd
Notes to the financial statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information

Peterborough Positive Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Arcade Chambers, Westgate Arcade, Peterborough, Cambridgeshire, United Kingdom, PE1 1PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Peterborough Positive Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 3
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
98,644
129,872
Peterborough Positive Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 4
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
26,820
31,250
Trade creditors
41,000
7,242
Taxation and social security
16,227
14,646
Deferred income
113,759
79,000
Other creditors
244
-
0
Accruals and deferred income
8,833
3,000
206,883
135,138
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
75,000
93,750

Other borrowings represents a loan received from Peterborough City Council during the period.

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