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Registration number: 06491734

Positive Steps Associates Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Company Information

Directors

L K Robinson

S D Blackman

Company secretary

E K Phillips

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,182

4,428

Current assets

 

Cash at bank and in hand

 

11

15

Creditors: Amounts falling due within one year

5

(3,991)

(3,791)

Net current liabilities

 

(3,980)

(3,776)

Net assets

 

202

652

Capital and reserves

 

Profit and loss account

202

652

Members' funds

 

202

652

For the financial year ending 29 February 2024 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................

L K Robinson

Director

Company registration number: 06491734

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by guarantee, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of promoting and highlighting the history of black artists in Britain.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company has few fixed overheads and the directors, to whom an amount of £3,871 was due at 29 February 2024, have confirmed that they will support the company and not call for repayment until such time as the company has sufficient working capital and to provide further working capital where required.

On the basis of the above, and after making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obligation
to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying timing
differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the
periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted
at the balance sheet date.

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Intangible assets

The company has an archive of materials relating to the history of black performers and creators in the arts. The materials are of mixed media and include photographs, newsreel and audio recordings. The company has a policy of purchasing further such materials to complement and expand the archive, and these purchases are capitalised on the Statement of Financial Position at cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Archive

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Intangible assets

Archive
£

Total
£

Cost or valuation

At 1 March 2023

4,920

4,920

At 29 February 2024

4,920

4,920

Amortisation

At 1 March 2023

492

492

Amortisation charge

246

246

At 29 February 2024

738

738

Carrying amount

At 29 February 2024

4,182

4,182

At 28 February 2023

4,428

4,428

 

Positive Steps Associates Limited
COMPANY LIMITED BY GUARANTEE

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

120

Accruals and deferred income

120

120

Other creditors

3,871

3,551

3,991

3,791