The Positive Co. Ltd 07571877 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is retailing of carpets and floor coverings Digita Accounts Production Advanced 6.30.9574.0 true true 07571877 2023-08-01 2024-07-31 07571877 2024-07-31 07571877 bus:OrdinaryShareClass1 2024-07-31 07571877 core:RetainedEarningsAccumulatedLosses 2024-07-31 07571877 core:ShareCapital 2024-07-31 07571877 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 07571877 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 07571877 core:CurrentFinancialInstruments 2024-07-31 07571877 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 07571877 core:Non-currentFinancialInstruments 2024-07-31 07571877 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 07571877 core:Goodwill 2024-07-31 07571877 core:FurnitureFittingsToolsEquipment 2024-07-31 07571877 core:MotorVehicles 2024-07-31 07571877 1 2024-07-31 07571877 bus:SmallEntities 2023-08-01 2024-07-31 07571877 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07571877 bus:FullAccounts 2023-08-01 2024-07-31 07571877 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07571877 bus:RegisteredOffice 2023-08-01 2024-07-31 07571877 bus:CompanySecretaryDirector1 2023-08-01 2024-07-31 07571877 bus:Director2 2023-08-01 2024-07-31 07571877 bus:Director4 2023-08-01 2024-07-31 07571877 bus:Director5 2023-08-01 2024-07-31 07571877 bus:Director6 2023-08-01 2024-07-31 07571877 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 07571877 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07571877 core:Goodwill 2023-08-01 2024-07-31 07571877 core:FurnitureFittings 2023-08-01 2024-07-31 07571877 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 07571877 core:MotorVehicles 2023-08-01 2024-07-31 07571877 countries:EnglandWales 2023-08-01 2024-07-31 07571877 1 2023-08-01 2024-07-31 07571877 2023-07-31 07571877 core:Goodwill 2023-07-31 07571877 core:FurnitureFittingsToolsEquipment 2023-07-31 07571877 core:MotorVehicles 2023-07-31 07571877 1 2023-07-31 07571877 2022-08-01 2023-07-31 07571877 2023-07-31 07571877 bus:OrdinaryShareClass1 2023-07-31 07571877 core:RetainedEarningsAccumulatedLosses 2023-07-31 07571877 core:ShareCapital 2023-07-31 07571877 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 07571877 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 07571877 core:CurrentFinancialInstruments 2023-07-31 07571877 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07571877 core:Non-currentFinancialInstruments 2023-07-31 07571877 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07571877 core:Goodwill 2023-07-31 07571877 core:FurnitureFittingsToolsEquipment 2023-07-31 07571877 core:MotorVehicles 2023-07-31 07571877 1 2023-07-31 07571877 1 2022-08-01 2023-07-31 07571877 1 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07571877

The Positive Co. Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

The Positive Co. Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

The Positive Co. Ltd

Company Information

Directors

M Shaw

I Shaw

P B Walker

H Shaw

A Shaw

Company secretary

M Shaw

Registered office

84 Freeman Street
Grimsby
North East Lincolnshire
DN32 7AG

 

The Positive Co. Ltd

(Registration number: 07571877)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,083

26,583

Tangible assets

5

334,931

350,101

 

356,014

376,684

Current assets

 

Stocks

6

572,443

508,711

Debtors

7

1,077,742

1,066,968

Cash at bank and in hand

 

275,755

89,540

 

1,925,940

1,665,219

Creditors: Amounts falling due within one year

8

(1,488,454)

(1,290,532)

Net current assets

 

437,486

374,687

Total assets less current liabilities

 

793,500

751,371

Creditors: Amounts falling due after more than one year

8

(646,995)

(593,537)

Provisions for liabilities

(74,770)

(86,837)

Net assets

 

71,735

70,997

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

71,635

70,897

Shareholders' funds

 

71,735

70,997

For the financial year ending 31 July 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.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
M Shaw
Company secretary and director

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
84 Freeman Street
Grimsby
North East Lincolnshire
DN32 7AG

These financial statements were authorised for issue by the Board on 10 April 2025.

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. The financial statements represent the individual entity.

The financial statements are presented in sterling, the functional currency of the entity, and rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.Goodwill is amortised over its useful life.

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

Goodwill

20% 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.

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as an expense in the statement of income and retained earnings 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 Directors) during the year, was 52 (2023 - 66).

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

47,500

47,500

At 31 July 2024

47,500

47,500

Amortisation

At 1 August 2023

20,917

20,917

Amortisation charge

5,500

5,500

At 31 July 2024

26,417

26,417

Carrying amount

At 31 July 2024

21,083

21,083

At 31 July 2023

26,583

26,583

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

516,174

378,269

894,443

Additions

72,153

136,000

208,153

Disposals

(2,047)

(337,565)

(339,612)

At 31 July 2024

586,280

176,704

762,984

Depreciation

At 1 August 2023

295,000

249,345

544,345

Charge for the year

99,595

33,695

133,290

Eliminated on disposal

(1,012)

(248,570)

(249,582)

At 31 July 2024

393,583

34,470

428,053

Carrying amount

At 31 July 2024

192,697

142,234

334,931

At 31 July 2023

221,176

128,925

350,101

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Work in progress

-

20,987

Other inventories

572,443

487,724

572,443

508,711

7

Debtors

Current

2024
£

2023
£

Trade debtors

385,724

296,670

Prepayments

70,958

83,972

Other debtors

621,060

686,326

 

1,077,742

1,066,968

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

547,928

218,309

Trade creditors

 

664,378

735,474

Taxation and social security

 

217,359

313,786

Accruals and deferred income

 

6,550

6,250

Other creditors

 

52,239

16,713

 

1,488,454

1,290,532


Creditors falling due within one year include loans and net obligations under hire purchase contracts which are secured of £387,927 (2022 - £58,309).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

500,062

446,604

Other non-current financial liabilities

 

146,933

146,933

 

646,995

593,537

Creditors falling due after more than one year include loans and net obligations under hire purchase contracts which are secured of £231,367 (2023 - £11,227).

 

The Positive Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

268,695

435,377

Hire purchase contracts

102,764

11,227

Other borrowings

128,603

-

500,062

446,604

Current loans and borrowings

2024
£

2023
£

Bank borrowings

160,001

160,000

Hire purchase contracts

33,236

58,309

Other borrowings

354,691

-

547,928

218,309

11

Related party transactions

Transactions with Directors

2024

At 1 August 2023
£

Advances to Director
£

At 31 July 2024
£

Directors

455,836

18,209

474,045

 

2023

At 1 August 2022
£

Advances to Director
£

At 31 July 2023
£

Directors

106,237

349,599

455,836