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Registered number: 03269659
Posit Design Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Green & Peter(UK) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03269659
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 12,525
Tangible Assets 5 325,200 326,605
325,200 339,130
CURRENT ASSETS
Cash at bank and in hand 7,298 13,404
7,298 13,404
Creditors: Amounts Falling Due Within One Year 6 (187,010 ) (212,221 )
NET CURRENT ASSETS (LIABILITIES) (179,712 ) (198,817 )
TOTAL ASSETS LESS CURRENT LIABILITIES 145,488 140,313
NET ASSETS 145,488 140,313
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 145,388 140,213
SHAREHOLDERS' FUNDS 145,488 140,313
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Commissar
Director
24/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Posit Design Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03269659 . The registered office is The Limes 1339 High Road, Whetstone, London, N20 9HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% no depreciation applicable
Fixtures & Fittings 25% on reducing balance basis
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: NIL)
2 -
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 April 2023 12,525
As at 31 March 2024 12,525
Amortisation
As at 1 April 2023 -
Impairment losses 12,525
As at 31 March 2024 12,525
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 12,525
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 320,328 12,304 332,632
Additions - 164 164
As at 31 March 2024 320,328 12,468 332,796
Depreciation
As at 1 April 2023 - 6,027 6,027
Provided during the period - 1,569 1,569
As at 31 March 2024 - 7,596 7,596
Net Book Value
As at 31 March 2024 320,328 4,872 325,200
As at 1 April 2023 320,328 6,277 326,605
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 5,059 4,386
Tenant deposit 1,665 3,955
Accruals and deferred income 4,427 3,365
Directors' loan accounts 172,928 197,584
Amounts owed to group undertakings 2,931 2,931
187,010 212,221
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Page 5
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Ultimate Controlling Party
During the year ending 31 March 2023 Mr Richard Clive Commissar and his wife Mrs Annette Commissar controlled the company by virtue of a controlling interest of 60% of the issued ordinary share capital.
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