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REGISTERED NUMBER: 01640356 (England and Wales)















POSITIVE ENGINEERING LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POSITIVE ENGINEERING LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S P Brown
D J Brown
Mrs P A Brown





SECRETARY: Mrs P A Brown





REGISTERED OFFICE: 40 Victoria Road
Aston
Birmingham
West Midlands
B6 5HF





REGISTERED NUMBER: 01640356 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,000 5,000
Tangible assets 5 1,000,000 1,000,000
Investments 6 93,445 93,445
1,098,445 1,098,445

CURRENT ASSETS
Debtors 7 35,865 50,987
Cash at bank - 8,702
35,865 59,689
CREDITORS
Amounts falling due within one year 8 417,240 374,663
NET CURRENT LIABILITIES (381,375 ) (314,974 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,070

783,471

PROVISIONS FOR LIABILITIES 120,994 120,994
NET ASSETS 596,076 662,477

CAPITAL AND RESERVES
Called up share capital 7 7
Revaluation reserve 9 362,982 392,020
Retained earnings 233,087 270,450
596,076 662,477

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




S P Brown - Director D J Brown - Director




Mrs P A Brown - Director


POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Positive Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Positive Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets comprise freehold property which is stated at fair value based on Directors valuation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 5,000
At 31 December 2022 5,000

5. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 1,000,000
NET BOOK VALUE
At 31 December 2023 1,000,000
At 31 December 2022 1,000,000

Cost or valuation at 31 December 2023 is represented by:

Freehold
property
£   
Valuation in 2022 1,000,000

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 93,445
NET BOOK VALUE
At 31 December 2023 93,445
At 31 December 2022 93,445

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 23,588 23,588
Directors' loan accounts - 17,754
Prepayments 12,277 9,645
35,865 50,987

POSITIVE ENGINEERING LIMITED (REGISTERED NUMBER: 01640356)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,781 -
Trade creditors 10,067 1,468
Amounts owed to group undertakings 387,272 349,117
Social security and other taxes 2,875 20,645
Directors' loan accounts 966 966
Accruals and deferred income 3,279 2,467
417,240 374,663

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 392,020
Reserves transfer (29,038 )

At 31 December 2023 362,982

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S P Brown
Balance outstanding at start of year 17,754 -
Amounts advanced - 17,754
Amounts repaid (17,754 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 17,754

Included within creditors is a directors loan account balance, which is interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.