REGISTERED NUMBER: 06995515 (England and Wales)

Financial Statements

for the Year Ended 31 December 2016

for

Absolute Workspace Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Syme

A N M C Hewitt

SECRETARY:

S J Syme

REGISTERED OFFICE:

42 Conduit Street

London

W1S 2YH

REGISTERED NUMBER:

06995515 (England and Wales)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Tangible assets

4

70,550

84,995

CURRENT ASSETS

Stocks

22,000

10,000

Debtors

5

960,250

923,354

Cash at bank

572,831

247,101

1,555,081

1,180,455

CREDITORS

Amounts falling due within one year

6

1,610,669

1,055,288

NET CURRENT (LIABILITIES)/ASSETS

(55,588

)

125,167

TOTAL ASSETS LESS CURRENT LIABILITIES

14,962

210,162

PROVISIONS FOR LIABILITIES

14,110

16,999

NET ASSETS

852

193,163

CAPITAL AND RESERVES

Called up share capital

120

120

Share premium

39,988

39,988

Retained earnings

(39,256

)

153,055

SHAREHOLDERS' FUNDS

852

193,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 September 2017 and were signed on its behalf by:

S J Syme - Director

A N M C Hewitt - Director

1.	STATUTORY INFORMATION

Absolute Workspace Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax

and trade discounts.

Tangible fixed assets

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

Tenants improvements

-

20% on cost

Plant & equipment

-

33% on reducing balance

Furniture & fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

IT equipment

-

33% on cost

Inventories

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss in the period to which they relate.

Employer-financed retirement benefit scheme (efrbs)

The company has established trusts for the benefit of employees and persons connected with them. Monies held

in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to

provide both retirement and other employee benefits.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in the

trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and are payable after completion of the employment, such monies are charged to the profit and loss

account in the period during which the services are rendered by the employees.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	TANGIBLE FIXED ASSETS

Tenants

Plant &

Furniture

improvements

equipment

& fittings

£

£

£

COST

At 1 January 2016

60,824

26,186

20,279

Additions

6,854

-

507

At 31 December 2016

67,678

26,186

20,786

DEPRECIATION

At 1 January 2016

14,882

21,819

5,623

Charge for year

12,856

1,455

3,749

At 31 December 2016

27,738

23,274

9,372

NET BOOK VALUE

At 31 December 2016

39,940

2,912

11,414

At 31 December 2015

45,942

4,367

14,656

Motor

IT

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

18,539

39,461

165,289

Additions

-

5,462

12,823

At 31 December 2016

18,539

44,923

178,112

DEPRECIATION

At 1 January 2016

10,066

27,904

80,294

Charge for year

2,118

7,090

27,268

At 31 December 2016

12,184

34,994

107,562

NET BOOK VALUE

At 31 December 2016

6,355

9,929

70,550

At 31 December 2015

8,473

11,557

84,995

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Amounts recoverable on

contracts

601,645

782,638

Other debtors

358,605

140,716

960,250

923,354

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Hire purchase contracts

-

1,554

Trade creditors

916,927

858,542

Taxation and social security

372,408

117,114

Other creditors

321,334

78,078

1,610,669

1,055,288

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

31/12/16

31/12/15

£

£

S J Syme

Balance outstanding at start of year

47,250

39,250

Amounts advanced

203,835

47,250

Amounts repaid

(47,250

)

(39,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

203,835

47,250

A N M C Hewitt

Balance outstanding at start of year

47,250

39,250

Amounts advanced

123,970

47,250

Amounts repaid

(47,250

)

(39,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

123,970

47,250

8.	RELATED PARTY DISCLOSURES

For the whole of this year, the company was under the control of the directors.