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REGISTERED NUMBER: 03922459 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

ABSOLUTIONS UK LIMITED

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ABSOLUTIONS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2017







DIRECTORS: R M Elliott
G J Elliott





SECRETARY: G J Elliott





REGISTERED OFFICE: Unit 7
Dorma Trading Park
Staffa Road
Leyton
London
E10 7QX





REGISTERED NUMBER: 03922459 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

BALANCE SHEET
28 FEBRUARY 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,637 15,938

CURRENT ASSETS
Stocks 144,552 254,000
Debtors 5 124,048 145,182
Partnership net current assets 6 15,825 16,972
Cash at bank and in hand 38,773 141,058
323,198 557,212
CREDITORS
Amounts falling due within one year 7 145,456 393,299
NET CURRENT ASSETS 177,742 163,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,379

179,851

CREDITORS
Amounts falling due after more than one
year

8

(6,565

)

(10,711

)

PROVISIONS FOR LIABILITIES (2,099 ) (2,909 )
NET ASSETS 180,715 166,231

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 179,715 165,231
SHAREHOLDERS' FUNDS 180,715 166,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 29 November 2017 and were signed on its
behalf by:





G J Elliott - Director


ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017


1. STATUTORY INFORMATION

Absolutions UK 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.

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

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 recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount
receivable for goods/services supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of
ownership have passed to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold improvements - Straight line over the term of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

Stocks
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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital
element of the future payments is treated as a liability.

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

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4. TANGIBLE FIXED ASSETS
Short Fixtures
leasehold Plant and and
improvements machinery fittings Totals
£    £    £    £   
COST
At 1 March 2016 3,823 30,884 37,408 72,115
Additions - - 916 916
At 28 February 2017 3,823 30,884 38,324 73,031
DEPRECIATION
At 1 March 2016 3,823 14,946 37,408 56,177
Charge for year - 5,034 183 5,217
At 28 February 2017 3,823 19,980 37,591 61,394
NET BOOK VALUE
At 28 February 2017 - 10,904 733 11,637
At 29 February 2016 - 15,938 - 15,938

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2016
and 28 February 2017 20,995
DEPRECIATION
At 1 March 2016 8,398
Charge for year 4,199
At 28 February 2017 12,597
NET BOOK VALUE
At 28 February 2017 8,398
At 29 February 2016 12,597

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 4,608 37,408
Amounts owed by related party 15,831 57,492
Other debtors 98,509 6,716
Close Invoice Finance 5,100 31,664
Directors' current accounts - 10,165
Prepayments and accrued income - 1,737
124,048 145,182

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


6. PARTNERSHIP NET CURRENT ASSETS
2017 2016
£    £   
Partnership net current assets 15,825 16,972

The net current assets of Boxwell Road LLP, of which Absolutions UK Limited is a member, are made
up as follows:

2017 2016
£ £
Stocks 11,224 15,092
Debtors 4,529 1,930
Bank 125 72
Less: Creditors (53 ) (122 )
Net current assets 15,825 16,972

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank overdraft - 65,769
Hire purchase contracts (see note 9) 4,146 4,146
Trade creditors 49,987 195,573
Amounts owed to related party 36,548 52,148
Corporation tax 8,486 8,695
Social security and other taxes 29,854 3,452
VAT 2,695 3,255
Close invoice finance 4,805 50,613
Directors' current accounts 3 -
Accrued expenses 8,932 9,648
145,456 393,299

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2017 2016
£    £   
Hire purchase contracts (see note 9) 6,565 10,711

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2017 2016
£    £   
Gross obligations repayable:
Within one year 5,730 5,730
Between one and five years 9,073 14,803
14,803 20,533

Finance charges repayable:
Within one year 1,584 1,584
Between one and five years 2,508 4,092
4,092 5,676

Net obligations repayable:
Within one year 4,146 4,146
Between one and five years 6,565 10,711
10,711 14,857

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


10. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Close Invoice Finance 4,805 50,613
Hire purchase contracts 10,711 14,857
15,516 65,470

The amount due to Close Invoice Finance is secured by floating charges over the company's book debts. The
liability is repayable on demand and interest is charged monthly at Bank of England Base Rate plus 1.5%.

Hire purchase contracts are secured on the assets to which they relate.

11. CONTINGENT LIABILITIES

The company has been issued with Advanced Payment Notices totalling £98,508 by HMRC. During this and the
preceding year the company made payments of £68,654 and the remaining balance of £29,854 is included
within creditors due in less than one year, this sum having been fully paid by the balance sheet signing date.

These payments are in respect of a dispute with HMRC in relation to the operation of employment taxes by the
company. As there is significant uncertainty as to the likely outcome of this matter, the Directors have
recognised the £98,508 as an asset on the balance sheet rather than as a taxation expense.

Should the dispute be resolved unfavourably to the company, there would be a net impact to profit and loss of
£98,508, based on current rates of corporation tax. There would however be no material impact on cash flow
as the company will have already made full payment on account of this tax.

The Company had no other contingent liabilities at 28 February 2017 (2016 - £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 Absolutions (UK) Limited and associated companies,
Absolute Group Limited and Absolute FM LLP, from those banks.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2017 and
29 February 2016:

2017 2016
£    £   
R M Elliott
Balance outstanding at start of year 10,561 -
Amounts advanced - 10,561
Amounts repaid (10,561 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 10,561

The above loan was interest free.

13. RELATED PARTY DISCLOSURES

Included in creditors is a related company loan due to Absolute Ink Limited of £36,548 (2016: £52,148), a
company of which G J Elliott and R M Elliott are directors.

Included in debtors is a related company loan due from Absolute FM LLP of £15,291 (2016: £57,492), a
limited liability partnership of which G J Elliott and R M Elliott are members.

14. ULTIMATE CONTROLLING PARTY

The company was under the control of R M Elliott and G J Elliott in this and the preceding year.

ABSOLUTIONS UK LIMITED (REGISTERED NUMBER: 03922459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2017


15. FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial
statements under UK GAAP were for the period ended 29 February 2016. The date of transition to FRS 102
was 1 March 2015. There have been no significant changes in accounting policies as the result of transition to
FRS 102 and the comparative figures are unchanged.