Absolute Futbol Ltd - Period Ending 2016-07-31

Absolute Futbol Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016

Absolute Futbol Ltd
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 4

Absolute Futbol Ltd
(Registration number: 05887354)
Abbreviated Balance Sheet at 31 July 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets		139	186
Current assets
Stocks		520	200
Debtors	3	6,260	-
Cash at bank and in hand		2,848	11,322
		9,628	11,522
Creditors: Amounts falling due within one year		(9,443)	(8,870)
Net current assets		185	2,652
Total assets less current liabilities		324	2,838
Creditors: Amounts falling due after more than one year		-	(2,642)
Net assets		324	196
Capital and reserves
Called up share capital	4	10	10
Profit and loss account		314	186
Shareholders' funds		324	196

For the year ending 31 July 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 April 2017 and signed on its behalf by:

.........................................
Mr Scott James Rogers
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Absolute Futbol Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the services performed for customers. during the period.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Absolute Futbol Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 August 2015	1,578	1,578
At 31 July 2016	1,578	1,578
Depreciation
At 1 August 2015	1,392	1,392
Charge for the year	47	47
At 31 July 2016	1,439	1,439
Net book value
At 31 July 2016	139	139
At 31 July 2015	186	186

Debtors

Debtors includes £nil (2015 - £nil) receivable after more than one year.

4	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
A Ordinary shares of £1 each		5	5		5	5
B Ordinary shares of £1 each		5	5		5	5
		10	10		10	10

Page 3

Absolute Futbol Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Lee Anthony Lysons
During the period an amount of £9,742.35 was advanced to the director.	9,742	-	-	-

Page 4