Absolute Post Limited
Unaudited Abbreviated Accounts
For the year ended 30 November 2016
Company Registration No. 04953500 (England and Wales)
Absolute Post Limited
Contents
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
Absolute Post Limited
Abbreviated Balance Sheet
As at 30 November 2016
Page 1
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
77,426
88,544
Current assets
Debtors
3
1,209,520
1,625,150
Cash at bank and in hand
22,218
130,235
1,231,738
1,755,385
Creditors: amounts falling due within one year
(888,963)
(946,506)
Net current assets
342,775
808,879
Total assets less current liabilities
420,201
897,423
Creditors: amounts falling due after more than one year
(2,318)
(18,957)
417,883
878,466
Capital and reserves
Called up share capital
4
50,000
50,000
Profit and loss account
367,883
828,466
Shareholders' funds
417,883
878,466
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 August 2017
D. Smith
Director
Company Registration No. 04953500
Absolute Post Limited
Notes to the Abbreviated Accounts
For the year ended 30 November 2016
Page 2
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line per annum
1.5
Leasing and hire purchase 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 a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Revenue recognition
Both fee income and recharged costs are billed and recognised in the period in which the work was completed or the costs incurred. Where there are exceptions to this income is deferred or accrued as necessary. For projects falling over the financial year end, income is recognised to reflect the partial performance of the contractual obligations in accordance with UITF 40.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
Absolute Post Limited
Notes to the Abbreviated Accounts (Continued)
For the year ended 30 November 2016
Page 3
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2015
2,359,112
Additions
45,512
Disposals
(1,238,159)
At 30 November 2016
1,166,465
Depreciation
At 1 December 2015
2,270,568
On disposals
(1,238,159)
Charge for the year
56,630
At 30 November 2016
1,089,039
Net book value
At 30 November 2016
77,426
At 30 November 2015
88,544
3
Debtors
Debtors include an amount of £65,039 (2015 - £65,039) which is due after more than one year.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
50,000 Ordinary Shares of £1 each
50,000
50,000
5
Control
The immediate controlling and ultimate parent company is Absolute Investments Limited, a company incorporated in England and Wales.
The ultimate controlling party is D Smith, a director and majority shareholder of the parent company.