Absolute Electronics Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02640544

Absolute Electronics Limited

Filleted Unaudited Financial Statements

31 August 2017

Absolute Electronics Limited

Statement of Financial Position

31 August 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	4	677	291

Current assets

Stocks		83,244	69,991
Debtors	5	85,751	85,223
Cash at bank and in hand		7,703	5,939
		---------	---------
		176,698	161,153

Creditors: amounts falling due within one year	6	123,226	106,167
		---------	---------
Net current assets		53,472	54,986
		--------	--------
Total assets less current liabilities		54,149	55,277
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	54,049	55,177
	--------	--------
Shareholders funds	54,149	55,277
	--------	--------

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 comprehensive income has not been delivered.

For the year ending 31 August 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 Electronics Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 25 May 2018 , and are signed on behalf of the board by:

Mr C D Armstrong
Director

Company registration number: 02640544

Absolute Electronics Limited

Accounting Policies

Year ended 31 August 2017

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Office equipment	-	25% reducing balance
Computer equipment	-	33% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

The company contributes to pension schemes for a director and selected employees on a money purchase basis. Contributions payable are charged to the profit and loss account in the year to which they relate.

Absolute Electronics Limited

Notes to the Financial Statements

Year ended 31 August 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 131 Feltham Road, Ashford, Middlesex, TW15 1AB.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 September 2016	5,423	16,964	22,387
Additions	–	506	506
	-------	--------	--------
At 31 August 2017	5,423	17,470	22,893
	-------	--------	--------
Depreciation
At 1 September 2016	5,423	16,673	22,096
Charge for the year	–	120	120
	-------	--------	--------
At 31 August 2017	5,423	16,793	22,216
	-------	--------	--------
Carrying amount
At 31 August 2017	–	677	677
	-------	--------	--------
At 31 August 2016	–	291	291
	-------	--------	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	74,279	79,478
Other debtors	11,472	5,745
	--------	--------
	85,751	85,223
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	12,709	6,937
Trade creditors	85,280	62,324
Corporation tax	724	1,721
Social security and other taxes	525	486
Other creditors	23,988	34,699
	---------	---------
	123,226	106,167
	---------	---------

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.