Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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2,025,435 | 2,014,629 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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330,704 | 35,000 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (858,938) | (1,202,022) | ||
Total assets less current liabilities | 1,166,497 | 812,607 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Positive Aspirations Group Limited (registered number:
R Norwood
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Positive Aspirations Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20-22 Gipsy Hill, London, SE19 1NL, England, United Kingdom. The principal activity of Positive Aspirations Group Limited ("the Company") is that of a holding company .
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Accumulated depreciation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 January 2022 |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Other loans |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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103 | 103 |
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.
Included in other creditors is a balance of £334,902 (2021 :£nil) owed to Greater London Fostering Ltd, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment terms.
Also included in other debtors is a balance of £29,080 (2021 :£35,020 owed to) owed by Foster Training Company Ltd, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment terms.
Included in other debtors is a balance of £15,000 (2021 :£nil) owed by South coast Fostering Ltd, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment terms.