The Positive Co. Ltd 07571877 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is retailing of carpets and floor coverings Digita Accounts Production Advanced 6.30.9574.0 true true 07571877 2022-08-01 2023-07-31 07571877 2023-07-31 07571877 bus:OrdinaryShareClass1 2023-07-31 07571877 core:CurrentFinancialInstruments 2023-07-31 07571877 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07571877 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07571877 core:Goodwill 2023-07-31 07571877 core:FurnitureFittingsToolsEquipment 2023-07-31 07571877 core:MotorVehicles 2023-07-31 07571877 1 2023-07-31 07571877 bus:SmallEntities 2022-08-01 2023-07-31 07571877 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07571877 bus:FullAccounts 2022-08-01 2023-07-31 07571877 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07571877 bus:RegisteredOffice 2022-08-01 2023-07-31 07571877 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 07571877 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 07571877 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07571877 core:Goodwill 2022-08-01 2023-07-31 07571877 core:FurnitureFittings 2022-08-01 2023-07-31 07571877 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 07571877 core:MotorVehicles 2022-08-01 2023-07-31 07571877 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-08-01 2023-07-31 07571877 countries:EnglandWales 2022-08-01 2023-07-31 07571877 1 2022-08-01 2023-07-31 07571877 2022-07-31 07571877 core:Goodwill 2022-07-31 07571877 core:FurnitureFittingsToolsEquipment 2022-07-31 07571877 core:MotorVehicles 2022-07-31 07571877 1 2022-07-31 07571877 2021-08-01 2022-07-31 07571877 2022-07-31 07571877 bus:OrdinaryShareClass1 2022-07-31 07571877 core:CurrentFinancialInstruments 2022-07-31 07571877 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07571877 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 07571877 core:FurnitureFittingsToolsEquipment 2022-07-31 07571877 core:MotorVehicles 2022-07-31 07571877 1 2022-07-31 07571877 1 2021-08-01 2022-07-31 07571877 1 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07571877

The Positive Co. Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

The Positive Co. Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

The Positive Co. Ltd

(Registration number: 07571877)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

26,583

-

Tangible assets

5

350,101

380,126

 

376,684

380,126

Current assets

 

Stocks

6

508,711

770,984

Debtors

7

1,066,968

684,960

Cash at bank and in hand

 

89,540

108,855

 

1,665,219

1,564,799

Creditors: Amounts falling due within one year

8

(1,290,532)

(991,758)

Net current assets

 

374,687

573,041

Total assets less current liabilities

 

751,371

953,167

Creditors: Amounts falling due after more than one year

8

(593,537)

(820,550)

Provisions for liabilities

(86,837)

(72,138)

Net assets

 

70,997

60,479

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

70,897

60,379

Shareholders' funds

 

70,997

60,479

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 March 2024 and signed on its behalf by:
 

.........................................
M Shaw
Company secretary and director

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
84 Freeman Street
Grimsby
North East Lincolnshire
DN32 7AG

These financial statements were authorised for issue by the Board on 22 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements represent the individual entity.

The financial statements are presented in sterling, the functional currency of the entity, and rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as an expense in the statement of income and retained earnings in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 66 (2022 - 67).

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

20,000

20,000

Additions acquired separately

27,500

27,500

At 31 July 2023

47,500

47,500

Amortisation

At 1 August 2022

20,000

20,000

Amortisation charge

917

917

At 31 July 2023

20,917

20,917

Carrying amount

At 31 July 2023

26,583

26,583

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

422,435

372,270

794,705

Additions

93,741

6,000

99,741

At 31 July 2023

516,176

378,270

894,446

Depreciation

At 1 August 2022

208,270

206,309

414,579

Charge for the year

86,730

43,036

129,766

At 31 July 2023

295,000

249,345

544,345

Carrying amount

At 31 July 2023

221,176

128,925

350,101

At 31 July 2022

214,165

165,961

380,126

6

Stocks

2023
£

2022
£

Work in progress

20,987

1,296

Other inventories

487,724

769,688

508,711

770,984

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

296,670

404,701

Prepayments

83,972

65,737

Other debtors

686,326

214,522

 

1,066,968

684,960

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

218,309

219,250

Trade creditors

 

735,474

581,875

Taxation and social security

 

313,786

159,181

Accruals and deferred income

 

6,250

20,062

Other creditors

 

16,713

11,390

 

1,290,532

991,758


Creditors falling due within one year include loans and net obligations under hire purchase contracts which are secured of £118,314 (2022 - £119,253).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

446,604

673,617

Other non-current financial liabilities

 

146,933

146,933

 

593,537

820,550

2023
£

2022
£

Due after more than five years

-

-

Creditors falling due after more than one year include loans and net obligations under hire purchase contracts which are secured of £173,106 (2022 - £294,860).

9

Share capital

Allotted, called up and fully paid shares

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Related party transactions

Transactions with Directors

2023

At 1 August 2022
£

Advances to Director
£

At 31 July 2023
£

Directors

106,237

349,599

455,836

       
     

 

2022

At 1 August 2021
£

Advances to Director
£

At 31 July 2022
£

Directors

-

106,237

106,237

       
     

 

Summary of transactions with entities with joint control or significant interest


There have been no material transactions with related parties that are not disclosed elsewhere in these financial statements