REGISTERED NUMBER: 01433284 (England and Wales)

ABSONLINE LIMITED

UNAUDITED 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

DIRECTOR:

Mrs J E Barrows

SECRETARY:

Mrs J E Barrows

REGISTERED OFFICE:

18-19 Turl Street

Oxford

Oxfordshire

OX1 3DH

REGISTERED NUMBER:

01433284 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,512

1,493

1,512

1,493

CURRENT ASSETS

Stocks

140,971

118,309

Debtors

6

40,494

41,199

Cash at bank and in hand

51,938

45,967

233,403

205,475

CREDITORS

Amounts falling due within one year

7

220,634

208,886

NET CURRENT ASSETS/(LIABILITIES)

12,769

(3,411

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,281

(1,918

)

PROVISIONS FOR LIABILITIES

288

298

NET ASSETS/(LIABILITIES)

13,993

(2,216

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

13,893

(2,316

)

SHAREHOLDERS' FUNDS

13,993

(2,216

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 22 March 2018 and were signed by:

Mrs J E Barrows - Director

1.	STATUTORY INFORMATION

Absonline Limited is a private company, limited by shares , registered in England and Wales. The

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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.

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 8 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

13,317

AMORTISATION

At 1 July 2016

and 30 June 2017

13,317

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2016

25,535

Additions

725

At 30 June 2017

26,260

DEPRECIATION

At 1 July 2016

24,042

Charge for year

706

At 30 June 2017

24,748

NET BOOK VALUE

At 30 June 2017

1,512

At 30 June 2016

1,493

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

32,205

22,452

Amounts owed by group undertakings

300

3,000

Other debtors

7,989

15,747

40,494

41,199

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

119,937

86,787

Trade creditors

66,733

82,043

Taxation and social security

14,510

20,133

Other creditors

19,454

19,923

220,634

208,886

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

119,937

86,787

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

£

£

Mrs J E Barrows

Balance outstanding at start of year

8,985

1,233

Amounts advanced

3,284

53,929

Amounts repaid

(9,285

)

(46,177

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,984

8,985

10.	RELATED PARTY DISCLOSURES

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.