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Company registration number: 05925566
Positive Change Partners Ltd
Unaudited filleted financial statements
30 September 2023
Positive Change Partners Ltd
Contents
Statement of financial position
Notes to the financial statements
Positive Change Partners Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 36,398 4,402
_______ _______
36,398 4,402
Current assets
Debtors 6 17,598 24,988
Cash at bank and in hand 58,527 36,855
_______ _______
76,125 61,843
Creditors: amounts falling due
within one year 7 ( 59,426) ( 43,770)
_______ _______
Net current assets 16,699 18,073
_______ _______
Total assets less current liabilities 53,097 22,475
Provisions for liabilities ( 6,655) ( 518)
_______ _______
Net assets 46,442 21,957
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 46,440 21,955
_______ _______
Shareholders funds 46,442 21,957
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
Mrs C Ford
Director
Company registration number: 05925566
Positive Change Partners Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite Ff10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% Reducing balance and 33.33% Straight line
Motor vehicles - Over 4 years
Movable office building - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Movable office building Total
£ £ £ £
Cost
At 1 October 2022 10,086 - 10,000 20,086
Additions - 36,500 - 36,500
_______ _______ _______ _______
At 30 September 2023 10,086 36,500 10,000 56,586
_______ _______ _______ _______
Depreciation
At 1 October 2022 8,684 - 7,000 15,684
Charge for the year 462 3,042 1,000 4,504
_______ _______ _______ _______
At 30 September 2023 9,146 3,042 8,000 20,188
_______ _______ _______ _______
Carrying amount
At 30 September 2023 940 33,458 2,000 36,398
_______ _______ _______ _______
At 30 September 2022 1,402 - 3,000 4,402
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,959 24,831
Other debtors 14,639 157
_______ _______
17,598 24,988
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 263 271
Corporation tax 4,001 8,785
Social security and other taxes 10,909 3,289
Other creditors 44,253 31,425
_______ _______
59,426 43,770
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S Ford ( 744) ( 6,514) ( 7,258)
Mrs C Ford ( 744) ( 6,514) ( 7,258)
_______ _______ _______
( 1,488) ( 13,028) ( 14,516)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S Ford ( 697) ( 47) ( 744)
Mrs C Ford ( 697) ( 47) ( 744)
_______ _______ _______
( 1,394) ( 94) ( 1,488)
_______ _______ _______
9. Controlling party
The company is under the control of the directors.