REGISTERED NUMBER: 05249561 (England and Wales)

Unaudited Financial Statements

for the Period 1 November 2015 to 31 March 2017

for

ABSOLUTE SOFTWARE LIMITED

TRADING AS

BLUEFRUIT

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

P Massey

R Salvoni

SECRETARY:

Mrs J Massey

REGISTERED OFFICE:

Gateway Business Centre

Barncoose Gateway Park

Redruth

Cornwall

TR15 3RQ

REGISTERED NUMBER:

05249561 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

4

68,631

96,014

CURRENT ASSETS

Debtors

5

391,849

98,532

Cash at bank and in hand

18,558

18,468

410,407

117,000

CREDITORS

Amounts falling due within one year

6

333,994

136,994

NET CURRENT ASSETS/(LIABILITIES)

76,413

(19,994

)

TOTAL ASSETS LESS CURRENT LIABILITIES

145,044

76,020

CREDITORS

Amounts falling due after more than one year

7

(59,188

)

-

PROVISIONS FOR LIABILITIES

10

-

(8,961

)

NET ASSETS

85,856

67,059

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

85,846

67,049

SHAREHOLDERS' FUNDS

85,856

67,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 9 August 2017 and were signed on its behalf by:

P Massey - Director

1.	STATUTORY INFORMATION

Absolute Software 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102

Section 1A "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 except for the modification to a fair value basis for certain financial instruments as specified

in the accounting policies below.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

This is the first period in which the financial statements have been prepared under FRS 102. The date

of transition was 1 November 2014. No balances have required restatement and there have been no

changes to profit or loss, or shareholder funds.

Going Concern

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

In respect of long-term contracts for on-going services, turnover represents the value of work done in

the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Tangible assets are initially measured at cost. Such costs include costs directly attributable to making

the asset capable of operating as intended. Subsequent to initial recognition, tangible assets such as,

Leasehold Improvements, Website developments, fixtures and fittings and Computer software are

stated at cost less accumulated depreciation and accumulated impairment.

Tangible assets are depreciated as follows:

Leasehold improvements - 10% on cost

Website development - 25% on cost

Fixtures and fittings - 25% on cost

Computer software - 33% on cost

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax

assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes items of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables and cash and bank balances, are

initially measured at transaction price including transaction costs and are subsequently carried at

amortised cost using the effective interest method, unless the arrangement constitute a financing

transaction, where the transaction is measure at the present value of the future receipts discounted at

a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 29 (2015 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Website

and

Leasehold

Computer

development

fittings

improvements

software

Totals

£

£

£

£

£

COST

At 1 November 2015

9,531

114,388

55,102

8,288

187,309

Additions

-

9,894

-

-

9,894

At 31 March 2017

9,531

124,282

55,102

8,288

197,203

DEPRECIATION

At 1 November 2015

5,762

72,810

5,510

7,213

91,295

Charge for period

1,694

26,683

7,825

1,075

37,277

At 31 March 2017

7,456

99,493

13,335

8,288

128,572

NET BOOK VALUE

At 31 March 2017

2,075

24,789

41,767

-

68,631

At 31 October 2015

3,769

41,578

49,592

1,075

96,014

Included within the above are assets held under finance leases or hire purchase contracts as follows:

2017

2015

Net Book Value

Depreciation Charge

Net Book Value

Depreciation Charge

£

£

£

£

Equipment

169

2,763

3,435

3,483

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Trade debtors

183,395

35,368

Work in progress

108,950

-

Other debtors

99,504

63,164

391,849

98,532

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Finance leases (see note 8)

-

1,402

Trade creditors

85,916

23,842

Taxation and social security

113,857

69,146

Other creditors

134,221

42,604

333,994

136,994

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2015

£

£

Other creditors

59,188

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2017

2015

£

£

Net obligations repayable:

Within one year

-

1,402

Non-cancellable

operating leases

2017

2015

£

£

Within one year

95,206

-

Between one and five years

4,374

-

99,580

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2015

£

£

Funding Circle

43,764

-

South West Investment Group

39,596

-

83,360

-

The company has provided a debenture to South West Investment Group (Capital) Limited with a fixed

and floating charge over the undertaking in relation to the above loan.

In addition, the company has provided a debenture to G.C. Factoring Limited over Ground floor

premises at Stanley Way and any after acquired land & buildings with a fixed and floating charge over

the undertaking.

10.	PROVISIONS FOR LIABILITIES

Accelerated capital allowances

Arising on tax losses

Deferred tax total

£

£

£

Balance as at 1 November 2015

8,961

-

8,961

Movement in the period

(5,879

)

(6,034

)

(11,913

)

Balance as at 31 March 2017

3,082

(6,034

)

(2,952

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2017 and

the year ended 31 October 2015:

2017

2015

£

£

P Massey

Balance outstanding at start of period

19,031

18,345

Amounts advanced

818

686

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

19,849

19,031

Interest at the official rate has been charged on the loan to the director.

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £19,849 (2014: £19,031), by P Massey a director of

the company, as disclosed in Debtors: Amounts falling due within one year.

13.	CONTROLLING PARTY

P Massey and Mrs J Massey have significant control over the company by virtue of their 100%

shareholding.