Absolute Trading Limited Company Accounts

COMPANY REGISTRATION NUMBER: 07055742

ABSOLUTE TRADING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2017

ABSOLUTE TRADING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

ABSOLUTE TRADING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr S Cole
	Mr L Lemos

Registered office	Absolute Trading Limited
	Docklands Business Centre
	14 Tiller Road
	London
	United Kingdom
	E14 8PX

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

ABSOLUTE TRADING LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5	10,620	17,112
Investments	6	49	49
		--------	--------
		10,669	17,161

Current assets

Stocks		819	745
Debtors	7	29,541	55,691
Cash at bank and in hand		888	6,998
		--------	--------
		31,248	63,434

Creditors: amounts falling due within one year	8	( 104,887)		( 62,601)
		---------		--------
Net current (liabilities)/assets			( 73,639)		833
			--------		--------
Total assets less current liabilities			( 62,970)		17,994

Creditors: amounts falling due after more than one year	9	( 5,547)	( 11,508)
		--------	--------
Net (liabilities)/assets		( 68,517)	6,486
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 68,617)	6,386
	--------	-------
Members (deficit)/funds	( 68,517)	6,486
	--------	-------

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 income statement has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ABSOLUTE TRADING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 7 November 2017 , and are signed on behalf of the board by:

Mr S Cole

Director

Company registration number: 07055742

ABSOLUTE TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 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 Absolute Trading Limited, Docklands Business Centre, 14 Tiller Road, London, E14 8PX, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures & fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2016: 6 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 May 2016 and 30 April 2017	523	25,447	25,970
	----	--------	--------
Depreciation
At 1 May 2016	220	8,638	8,858
Charge for the year	131	6,361	6,492
	----	--------	--------
At 30 April 2017	351	14,999	15,350
	----	--------	--------
Carrying amount
At 30 April 2017	172	10,448	10,620
	----	--------	--------
At 30 April 2016	303	16,809	17,112
	----	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 May 2016 and 30 April 2017	49
	----
Impairment
At 1 May 2016 and 30 April 2017	–
	----

Carrying amount
At 30 April 2017	49
	----

The investment represents a 49% shareholding in FivedoubleU Limited, a company incorporated in the United Kingdom.

7. Debtors

	2017	2016
	£	£
Trade debtors	29,965	52,196
Other debtors	( 424)	3,495
	--------	--------
	29,541	55,691
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	21,412	9,806
Trade creditors	34,082	15,894
Social security and other taxes	16,345	23,108
Other creditors	33,048	13,793
	---------	--------
	104,887	62,601
	---------	--------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	5,547	11,508
	-------	--------

10. Transition to FRS 102

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

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