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Registration number: 02401431

Positive Image Communications Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

Positive Image Communications Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Positive Image Communications Limited

Company Information

Directors

Mrs T Ferguson

G C Ferguson

Company secretary

G C Ferguson

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Positive Image Communications Limited

(Registration number: 02401431)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

196,157

114,292

Current assets

 

Debtors

175,860

233,626

Cash at bank and in hand

 

310,175

121,550

 

486,035

355,176

Creditors: Amounts falling due within one year

(583,105)

(355,651)

Net current liabilities

 

(97,070)

(475)

Total assets less current liabilities

 

99,087

113,817

Creditors: Amounts falling due after more than one year

(21,400)

(31,086)

Provisions for liabilities

(48,418)

(21,243)

Net assets

 

29,269

61,488

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

28,269

60,488

Shareholders' funds

 

29,269

61,488

For the financial year ending 31 May 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Positive Image Communications Limited

(Registration number: 02401431)
Abridged Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
G C Ferguson
Company secretary and director

 

Positive Image Communications Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

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 abridged 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 abridged 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.

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.

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.

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.

 

Positive Image Communications Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Building improvements

10% on cost

Lease

straight line over 2 years

Plant and machinery

15% on reducing balance method

Furniture, fixtures and equipment

15% on reducing balance method

Computer equipment

33% on reducing balance method or cost

Motor vehicles

25% on reducing balance method

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Positive Image Communications Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

3

Tangible assets

Short leasehold land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 June 2022

530

79,167

68,839

189,586

Additions

-

-

1,672

116,375

At 31 May 2023

530

79,167

70,511

305,961

Depreciation

At 1 June 2022

530

79,167

59,144

148,900

Charge for the year

-

-

1,697

22,112

At 31 May 2023

530

79,167

60,841

171,012

Carrying amount

At 31 May 2023

-

-

9,670

134,949

At 31 May 2022

-

-

9,695

40,686

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

119,077

183,445

640,644

Additions

7,686

-

125,733

At 31 May 2023

126,763

183,445

766,377

Depreciation

At 1 June 2022

90,337

148,274

526,352

Charge for the year

11,266

8,793

43,868

At 31 May 2023

101,603

157,067

570,220

Carrying amount

At 31 May 2023

25,160

26,378

196,157

At 31 May 2022

28,740

35,171

114,292

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Positive Image Communications Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000