Registered number
13375859
POSitive Instore Ltd
Filleted Accounts
31 May 2024
POSitive Instore Ltd
Registered number: 13375859
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,516 23,009
Current assets
Debtors 4 7,819 12,375
Cash at bank and in hand 7,118 18,119
14,937 30,494
Creditors: amounts falling due within one year 5 (10,797) (19,091)
Net current assets 4,140 11,403
Total assets less current liabilities 21,656 34,412
Provisions for liabilities (1,861) (2,583)
Net assets 19,795 31,829
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,794 31,828
Shareholder's funds 19,795 31,829
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Harrison
Director
Approved by the board on 18 November 2024
POSitive Instore Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 3,587 36,295 39,882
At 31 May 2024 3,587 36,295 39,882
Depreciation
At 1 June 2023 994 15,879 16,873
Charge for the year 389 5,104 5,493
At 31 May 2024 1,383 20,983 22,366
Net book value
At 31 May 2024 2,204 15,312 17,516
At 31 May 2023 2,593 20,416 23,009
4 Debtors 2024 2023
£ £
Trade debtors 1,700 5,612
Other debtors 6,119 6,763
7,819 12,375
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 562 5,543
Taxation and social security costs 9,179 11,751
Other creditors 1,056 1,797
10,797 19,091
6 Controlling party
The company is under the control of Mr S Harrison by virtue of his shareholding.
7 Other information
POSitive Instore Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office is:
Office 17 The Atkins Building
Lower Bond Street
Hinckley
Leicestershire
LE10 1QU
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