Absonline Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01433284 (England and Wales)

ABSONLINE LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTOR:

Mrs J E Barrows

SECRETARY:

Mrs J E Barrows

REGISTERED OFFICE:

18-19 Turl Street

Oxford

Oxfordshire

OX1 3DH

REGISTERED NUMBER:

01433284 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Intangible assets

2

-

1,332

Tangible assets

3

1,493

2,487

1,493

3,819

CURRENT ASSETS

Stocks

118,309

108,568

Debtors

41,199

62,070

Cash at bank and in hand

45,967

1,707

205,475

172,345

CREDITORS

Amounts falling due within one year

4

208,886

189,474

NET CURRENT LIABILITIES

(3,411

)

(17,129

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,918

)

(13,310

)

PROVISIONS FOR LIABILITIES

298

276

NET LIABILITIES

(2,216

)

(13,586

)

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

(2,316

)

(13,686

)

SHAREHOLDERS' FUNDS

(2,216

)

(13,586

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 January 2017 and were signed by:

Mrs J E Barrows - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has made a profit for the year but has both net current liabilities and net liabilities at the

balance sheet date. Although the company makes use of an overdraft facility, the director has not

received any indication from the company's bankers that this facility will not continue to be offered for

the foreseeable future.

Therefore after making enquiries, the director has a reasonable expectation that the company can

continue trading as a going concern for the foreseeable future. Therefore the director has adopted the

going concern basis of accounting.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover and revenue recognition

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales

taxes and VAT. Revenue is recognised when the company receives the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised

evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to reduce each asset to its estimated

residual value over its useful life:

Fixtures and fittings - 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price less

discounts where applicable. Net realisable value is based on estimated selling price. Provision is made

for obsolete and slow moving items where appropriate.

Taxation

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that

have been enacted or substantively enacted at the balance sheet date.

Deferred taxation is provided in full on timing differences that result in an obligation at the balance

sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when

they crystallise based on current tax rates and laws. Timing differences arise from the inclusion of

items of income and expenditure in taxation computations in periods different from those in which they

are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will

be recovered. Deferred tax assets and liabilities are not discounted.

As there is no present intention of disposing of the company's investments properties, no provision has

been made for the tax that it is estimated would be payable if they were to be sold at their revalued.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

13,317

AMORTISATION

At 1 July 2015

11,985

Amortisation for year

1,332

At 30 June 2016

13,317

NET BOOK VALUE

At 30 June 2016

-

At 30 June 2015

1,332

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

25,535

DEPRECIATION

At 1 July 2015

23,048

Charge for year

994

At 30 June 2016

24,042

NET BOOK VALUE

At 30 June 2016

1,493

At 30 June 2015

2,487

4.

CREDITORS

Creditors include an amount of £ 86,787 (2015 - £ 99,580 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4,000

Ordinary

2.5p

100

6.	TRANSACTIONS WITH DIRECTOR

2016

2015

£

J P Barrows (deceased)

Balance outstanding at start of the year

11,711

6,855

Amounts advanced

9,025

14,856

Amounts repaid

(20,736

)

(10,000

)

Balance outstanding at end of the year

-

11,711

Mrs J E Barrows

Balance outstanding at start of the year

1,233

Amounts advanced

53,929

-

Amounts repaid

(46,177

)

-

Balance outstanding at end of the year

8,985

1,233

7.	RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £8,985 was owed by Mrs J E Barrows, who was appointed as
a director on 9 August 2015. This balance is interest free and there are no set repayment terms.

At the balance sheet date, an amount of £nil (2015:- £11,711) was due from the estate of J P Barrows

(deceased).The loan was interest free and repaid during the year.

At the balance sheet date, an amount of £3,000 (2015:- £29,000) was due from its parent company
John McEntee Ltd. The loan was unsecured, interest free and there are no set repayment terms.

8.	ULTIMATE CONTROLLING PARTY

The whole of the issued share capital of the company is held by John McEntee Ltd, a company under

the control of the Mrs J E Barrows.