REGISTERED NUMBER: OC340845 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ABSOLUTE FM LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

R M Elliott

G J Elliott

REGISTERED OFFICE:

Unit 7

Dorma Trading Park

Staffa Road

Leyton

London

E10 7QX

REGISTERED NUMBER:

OC340845 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

8,075

15,665

CURRENT ASSETS

Debtors

5

1,079,163

1,201,324

Cash at bank and in hand

359,107

452,554

1,438,270

1,653,878

CREDITORS

Amounts falling due within one year

6

1,320,504

1,560,487

NET CURRENT ASSETS

117,766

93,391

TOTAL ASSETS LESS CURRENT LIABILITIES

125,841

109,056

CREDITORS

Amounts falling due after more than one year

7

3,053

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

122,788

109,056

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

122,788

109,056

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

122,788

109,056

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2016.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 28 September 2017 and were signed by:

G J Elliott - Designated member

R M Elliott - Designated member

1.	STATUTORY INFORMATION

Absolute FM LLP is registered in England and Wales. The LLP's registered number and registered office address

can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The LLP's functional and presentation currency is the pound sterling.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

50% on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme

are charged to profit or loss in the period to which they relate.

Software costs

Software costs are written off in the accounting period that the expenditure is incurred.

Members' remuneration

All profits are automatically allocated to R M Elliott and G J Elliott and accounted for as an expense.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 27 (2015 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

55,609

5,049

10,104

27,401

98,163

Additions

416

535

-

3,407

4,358

At 31 December 2016

56,025

5,584

10,104

30,808

102,521

DEPRECIATION

At 1 January 2016

47,390

3,876

7,440

23,792

82,498

Charge for year

5,092

876

666

5,314

11,948

At 31 December 2016

52,482

4,752

8,106

29,106

94,446

NET BOOK VALUE

At 31 December 2016

3,543

832

1,998

1,702

8,075

At 31 December 2015

8,219

1,173

2,664

3,609

15,665

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

1,006,465

1,035,042

Amounts owed by related companies

34,945

43,527

Other debtors

37,753

122,755

1,079,163

1,201,324

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

763,171

688,355

Amounts owed to related companies

8,307

77,492

Taxation and social security

137,754

96,260

Other creditors

411,272

698,380

1,320,504

1,560,487

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

3,053

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

88,453

92,154

Between one and five years

13,505

105,659

101,958

197,813

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Close Invoice Financing

400,695

692,056

This amount is secured by floating charges over the LLP's book debts. The liability is repayable on demand and

interest is charged monthly at Bank of England Base Rate plus 1.5%.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to other creditors in a winding up.

Balances on members capital accounts are payable in full upon retirement from the LLP. There is no

requirement for members to contribute/subscribe any equity upon joining the LLP.

11.	CONTINGENT LIABILITIES

The Company had no contingent liabilities at 31 December 2016 (2015 - £Nil) other than in respect of a cross

guarantee in the form of a charge over the Company's assets, to the favour of the Company's principal

Bankers, covering all borrowing and overdrafts by Absolute FM LLP and associated companies, Absolute Group

Limited and Absolutions (UK) Limited, from those banks.

12.	RELATED PARTY DISCLOSURES

Included within creditors is a related party loan due to Absolutions UK Limited of £8,307 (2015: £77,492). R M

Elliott and G J Elliott are directors in Absolutions UK Limited.

Included within debtors is a related party loan due from Plum & Ashby England Limited of £29,945 (2015:

£33,527). R M Elliott is a director in Plum & Ashby England Limited.

Included within debtors is a related party loan due from Absolute Group Limited of £5,000 (2015: £10,000).

R M Elliott and G J Elliott are directors in Absolute Group Limited.

13.	ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by R M Elliott and G J Elliott.

14.	FIRST YEAR ADOPTION

This is the first year that the LLP has presented its results under FRS 102 Section 1A. The last financial

statements under UK GAAP were for the period ended 31 December 2015. The date of transition to FRS 102

was 1 January 2015. There have been no significant changes in accounting policies as the result of transition

to FRS 102 and the comparative figures are unchanged.