Absolute Homes (Lakes) Limited

Registered number

07401071

Unaudited Filleted Accounts

For the Year Ended

31 January 2018

Absolute Homes (Lakes) Limited
Registered number:		07401071
Balance Sheet
as at 31 January 2018

Notes			2018			2017
£				£
Current assets
Stocks		-			339,183
Debtors	2	63,126			-
Cash at bank and in hand		247,429			2,089
		310,555			341,272

Creditors: amounts falling due within one year	3	(42,027)			(245,074)

Net current assets			268,528			96,198

Net assets			268,528			96,198

Capital and reserves
Called up share capital			2			2
Profit and loss account			268,526			96,196

Shareholders' funds			268,528			96,198

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




B R Nelson
Director
Approved by the board on 15 March 2018

Absolute Homes (Lakes) Limited
Notes to the Accounts
for the year ended 31 January 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Debtors	2018		2017
£			£

	Other debtors	63,126		-

	Included within Other debtors due within one year is an interest-free loan to B R & E S Nelson, Directors for £63,126 (2017 - £0).

3	Creditors: amounts falling due within one year	2018		2017
£			£

	Taxation and social security costs	41,108		-
	Other creditors	919		245,074
		42,027		245,074


4	Other information

	Absolute Homes (Lakes) Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Crosby Barn Workshop
	Ackenthwaite
	Milnthorpe
	Cumbria
	LA7 7DQ