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Registration number: 10503473

Positive Services (Electrical) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Positive Services (Electrical) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Positive Services (Electrical) Limited

Company Information

Director

Mr Kaine Dixon

Registered office

81 West End,
Westbury
Wiltshire
BA13 3JQ

Accountants

BJP Finance Ltd
Chartered Accountants
34 Market Street
Bradford-On-Avon
Wiltshire
BA15 1LL

 

Positive Services (Electrical) Limited

(Registration number: 10503473)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,537

6,244

Current assets

 

Debtors

5

7,617

18,879

Creditors: Amounts falling due within one year

6

(19,723)

(19,842)

Net current liabilities

 

(12,106)

(963)

Total assets less current liabilities

 

4,431

5,281

Creditors: Amounts falling due after more than one year

6

(833)

(3,333)

Provisions for liabilities

(3,213)

(1,590)

Net assets

 

385

358

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

285

258

Shareholders' funds

 

385

358

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

 

Positive Services (Electrical) Limited

(Registration number: 10503473)
Balance Sheet as at 30 November 2023

.........................................
Mr Kaine Dixon
Director

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
81 West End,
Westbury
Wiltshire
BA13 3JQ
England

These financial statements were authorised for issue by the director on 23 August 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.

Going concern

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.

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.

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 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

Motor Vehicles

25% Reducing Balance

Computer Equipment

50% Straight Line

Plant and machinery

10% Straight Line

Office equipment

25% Straight Line

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements 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 the director) during the year, was 2 (2022 - 3).

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

2,179

790

5,886

8,855

Additions

-

11,500

1,471

12,971

At 30 November 2023

2,179

12,290

7,357

21,826

Depreciation

At 1 December 2022

1,323

255

1,033

2,611

Charge for the year

581

1,489

608

2,678

At 30 November 2023

1,904

1,744

1,641

5,289

Carrying amount

At 30 November 2023

275

10,546

5,716

16,537

At 30 November 2022

856

535

4,853

6,244

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,794

3,488

Other debtors

5,823

15,391

 

7,617

18,879

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,596

4,335

Trade creditors

 

7,805

6,101

Taxation and social security

 

3,156

8,182

Accruals and deferred income

 

1,166

1,102

Other creditors

 

-

122

 

19,723

19,842

 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

833

3,333

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

833

3,333

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,500

2,500

Bank overdrafts

5,096

1,835

7,596

4,335

9

Dividends

2023

2022

£

£

Interim dividend of £69.00 (2022 - £50.00) per ordinary share

6,900

5,000

 

 
 

Positive Services (Electrical) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,867

8,400

Contributions paid to money purchase schemes

643

668

9,510

9,068