Positive Protection Solutions Limited Filleted accounts for Companies House (small and micro)

POSITIVE PROTECTION SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05573611

Positive Protection Solutions Limited

Filleted Unaudited Financial Statements

31 March 2021

Positive Protection Solutions Limited

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	23,825	40,633

Current assets

Debtors	7	177,563	148,282
Cash at bank and in hand		122,600	115,905
		---------	---------
		300,163	264,187

Creditors: amounts falling due within one year	8	133,352	188,228
		---------	---------
Net current assets		166,811	75,959
		---------	---------
Total assets less current liabilities		190,636	116,592

Creditors: amounts falling due after more than one year	9	42,500	–
		---------	---------
Net assets		148,136	116,592
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	148,134	116,590
	---------	---------
Members' funds	148,136	116,592
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ended 31 March 2021 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 financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

Positive Protection Solutions Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 31 March 2022 , and are signed on behalf of the board by:

R J Parker

Director

Company registration number: 05573611

Positive Protection Solutions Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. Statutory information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.

2. Statement of compliance

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

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment	-	25% straight line
Motor vehicles	-	25% straight line

(f) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(g) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

(h) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

(i) Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2020: 31 ).

5. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2021	2020
	£	£
Remuneration	18,720	15,840
	--------	--------

6. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2020	13,933	65,718	79,651
Disposals	( 8,079)	–	( 8,079)
	--------	--------	--------
At 31 March 2021	5,854	65,718	71,572
	--------	--------	--------
Depreciation
At 1 April 2020	13,133	25,885	39,018
Charge for the year	322	16,318	16,640
Disposals	( 7,911)	–	( 7,911)
	--------	--------	--------
At 31 March 2021	5,544	42,203	47,747
	--------	--------	--------
Carrying amount
At 31 March 2021	310	23,515	23,825
	--------	--------	--------
At 31 March 2020	800	39,833	40,633
	--------	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	10,179	40,436
Amounts owed by company under common control	138,453	85,508
Other debtors	28,931	22,338
	---------	---------
	177,563	148,282
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loan	7,500	37,669
Trade creditors	1,971	2,050
Corporation tax	20,302	25,070
Social security and other taxes	13,103	29,082
Other creditors	90,476	94,357
	---------	---------
	133,352	188,228
	---------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loan	42,500	–
	--------	----

10. Pension commitments

At the year end, the company had a liability of £1,017 (2020: £859) in relation to its defined contribution pension plan.

11. Related party transactions

R J Parker and N J Thorley are related parties by virtue of their directorships of and shareholdings in the company. During the year, the company paid dividends to R J Parker and N J Thorley in the sum of £ 42,000 (2020: £ 74,000 ). During the year, R J Parker and N J Thorley operated director's loan accounts with the company such that, at the year end, they were owed the sum of of £ 84,232 (2020: £ 85,614 ). These loans were interest free and repayable on demand. P & T Properties Limited is a related party by virtue of the common directorships and shareholdings of R J Parker and N J Thorley. During the year, the company paid for items on behalf of, and loaned monies to, P & T Properties Limited in the sum of £ 45,939 (2020: £ 6,420 ). Also during the year, the company charged P & T Properties Limited a market rate of interest in the sum of £7,006 (2020: £5,444) in respect of the amount outstanding such that, at the year end, P & T Properties Limited owed the company the sum of £ 138,453 (2020: 85,508 ), the balance being subject to a market rate of interest until the loan is repaid.