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COMPANY REGISTRATION NUMBER: 06561173
Absolute Centre Stage Limited
Filleted Unaudited Financial Statements
30 June 2017
Absolute Centre Stage Limited
Financial Statements
Year ended 30 June 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Absolute Centre Stage Limited
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
132,392
135,871
Current assets
Debtors
6
28,938
37,207
Cash at bank and in hand
11
9,523
--------
--------
28,949
46,730
Creditors: amounts falling due within one year
7
33,184
35,080
--------
--------
Net current (liabilities)/assets
( 4,235)
11,650
---------
---------
Total assets less current liabilities
128,157
147,521
Creditors: amounts falling due after more than one year
8
49,717
67,451
Provisions
Taxation including deferred tax
23,266
---------
---------
Net assets
55,174
80,070
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
55,173
80,069
--------
--------
Shareholders funds
55,174
80,070
--------
--------
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 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 ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Absolute Centre Stage Limited
Statement of Financial Position (continued)
30 June 2017
These financial statements were approved by the board of directors and authorised for issue on 13 March 2018 , and are signed on behalf of the board by:
Mr P Boyle
Director
Company registration number: 06561173
Absolute Centre Stage Limited
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, Manchester, M3 5JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the current reporting period. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Equipment
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
15% reducing balance
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2016
285,881
9,329
7,234
302,444
Additions
19,886
19,886
---------
-------
-------
---------
At 30 June 2017
305,767
9,329
7,234
322,330
---------
-------
-------
---------
Depreciation
At 1 July 2016
155,461
6,504
4,608
166,573
Charge for the year
22,547
424
394
23,365
---------
-------
-------
---------
At 30 June 2017
178,008
6,928
5,002
189,938
---------
-------
-------
---------
Carrying amount
At 30 June 2017
127,759
2,401
2,232
132,392
---------
-------
-------
---------
At 30 June 2016
130,420
2,825
2,626
135,871
---------
-------
-------
---------
6. Debtors
2017
2016
£
£
Trade debtors
24,937
33,252
Other debtors
4,001
3,955
--------
--------
28,938
37,207
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
8,970
11,722
Trade creditors
6,650
6,763
Social security and other taxes
15,164
14,387
Other creditors
2,400
2,208
--------
--------
33,184
35,080
--------
--------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Directors loan account
49,717
67,451
--------
--------
9. Related party transactions
The company was under the control of Mr Boyle throughout the current year. Mr Boyle is the managing director and sole shareholder.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.