Registered Number 07262176

ABSOLUTE SAVING CENTRE LIMITED

Abbreviated Accounts

31 January 2013

ABSOLUTE SAVING CENTRE LIMITED Registered Number 07262176

Abbreviated Balance Sheet as at 31 January 2013

Notes 31/01/2013 30/09/2011
£ £
Fixed assets
Intangible assets 2 2,084 -
Tangible assets 3 2,099 -
4,183 -
Current assets
Debtors 5,171 1
5,171 1
Creditors: amounts falling due within one year (226,492) 0
Net current assets (liabilities) (221,321) 1
Total assets less current liabilities (217,138) 1
Creditors: amounts falling due after more than one year (4,261) -
Total net assets (liabilities) (221,399) 1
Capital and reserves
Called up share capital 4 1 1
Profit and loss account (221,400) -
Shareholders' funds (221,399) 1
  • For the year ending 31 January 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 January 2014

And signed on their behalf by:
B Martin, Director

ABSOLUTE SAVING CENTRE LIMITED Registered Number 07262176

Notes to the Abbreviated Accounts for the period ended 31 January 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts receivable during the period, exclusive of Value Added Tax.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment - 25% reducing balance

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset as follows:

Goodwill - over 3 years

Other accounting policies
Going concern

The financial statements have been prepared on the going concern basis. The company is reliant on it's parent company, Absolute Installation Limited, which has indicated that it will not demand repayment of it's loan account until the company is in a satisfactory position to repay this. Based on this the directors consider the going concern basis to be appropriate.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation

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 tax, or a right to pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it 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 assets and liabilities recognised have not been discounted.

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.

2Intangible fixed assets
£
Cost
At 1 October 2011 -
Additions -
Disposals -
Revaluations -
Transfers 10,417
At 31 January 2013 10,417
Amortisation
At 1 October 2011 -
Charge for the year 8,333
On disposals -
At 31 January 2013 8,333
Net book values
At 31 January 2013 2,084
At 30 September 2011 -
3Tangible fixed assets
£
Cost
At 1 October 2011 -
Additions 2,986
Disposals -
Revaluations -
Transfers -
At 31 January 2013 2,986
Depreciation
At 1 October 2011 -
Charge for the year 887
On disposals -
At 31 January 2013 887
Net book values
At 31 January 2013 2,099
At 30 September 2011 -
4Called Up Share Capital
Allotted, called up and fully paid:
31/01/2013
£
30/09/2011
£
1 Ordinary share of £1 each 1 1

5. Immediate and ultimate parent company

The immediate and ultimate parent company is Absolute Insulation Limited, a company incorporated in England and Wales. Copies of the financial statements of Absolute Insulation Limited are available from Companies House.