REGISTERED NUMBER: |
ABSONLINE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
REGISTERED NUMBER: |
ABSONLINE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
ABSONLINE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
BALANCE SHEET |
30 JUNE 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
BALANCE SHEET - continued |
30 JUNE 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
1. | STATUTORY INFORMATION |
Absonline Limited is a |
company's registered number and registered office address can be found on the Company Information |
page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has made a profit for the year but has both net current assets and net assets at the |
balance sheet date. Although the company makes use of an overdraft facility, the director has not |
received any indication from the company's bankers that this facility will not continue to be offered for |
the foreseeable future. |
Therefore after making enquiries, the director has a reasonable expectation that the company can |
continue trading as a going concern for the foreseeable future. Therefore the director has adopted the |
going concern basis of accounting. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors which are considered to be relevant. Actual results may differ from these |
estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision only effects that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
The following are the critical judgements that the director has made in the process of applying the |
company's accounting policies and that have the most significant effect on the amounts recognised in |
the financial statements. |
Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective |
evidence of impairment, an impairment loss is recognised in the income statement. |
Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a |
reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities |
are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only |
disclosed if an inflow of economic benefits is probable. |
Turnover and revenue recognition |
Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales |
taxes and VAT. Revenue is recognised when the company receives the right to consideration. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised |
evenly over its estimated useful life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to reduce each asset to its estimated |
residual value over its useful life: |
Fixtures and fittings - 25% on reducing balance |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price less |
discounts where applicable. Net realisable value is based on estimated selling price. Provision is made |
for obsolete and slow moving items where appropriate. |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets which include trade and other debtors and cash and bank balances, are initially |
measured 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. |
Basic financial liabilities, including trade and other creditors and bank loans, 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Rentals paid under operating leases are charged to the income statement as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
AMORTISATION |
At 1 July 2016 |
and 30 June 2017 |
NET BOOK VALUE |
At 30 June 2017 |
At 30 June 2016 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2016 |
Additions |
At 30 June 2017 |
DEPRECIATION |
At 1 July 2016 |
Charge for year |
At 30 June 2017 |
NET BOOK VALUE |
At 30 June 2017 |
At 30 June 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
ABSONLINE LIMITED (REGISTERED NUMBER: 01433284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank overdrafts |
9. | TRANSACTIONS WITH DIRECTOR |
The following advances and credits to a director subsisted during the years ended 30 June 2017 and |
30 June 2016: |
2017 | 2016 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | RELATED PARTY DISCLOSURES |
At the date of the balance sheet an amount of £2,984 (2016:- £8,985) was owed by Mrs J E Barrows, This balance is interest free and repayable on demand. |
11. | FIRST YEAR ADOPTION |
This is the first year that the company has presented its financial statements under the Financial |
Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting |
Council. The following disclosures are required in the year of transition. The last financial statements |
under the previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under |
UK GAAP for Smaller Entities) were for the year ended 30 June 2016 and the date of transition to FRS |
102 1A was therefore 1 July 2015. No adjustments have been made as a result of the transition. |