REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
FOR |
ABSOLUTIONS UK LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Partnership net current assets | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 behalf by: |
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 |
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 |
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 |
Short leasehold improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Short | Fixtures |
leasehold | Plant and | and |
improvements | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2016 |
Additions |
At 28 February 2017 |
DEPRECIATION |
At 1 March 2016 |
Charge for year |
At 28 February 2017 |
NET BOOK VALUE |
At 28 February 2017 |
At 29 February 2016 |
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 |
DEPRECIATION |
At 1 March 2016 |
Charge for year |
At 28 February 2017 |
NET BOOK VALUE |
At 28 February 2017 |
At 29 February 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts owed by related party |
Other debtors |
Close Invoice Finance | 5,100 | 31,664 |
Directors' current accounts | - | 10,165 |
Prepayments and accrued income |
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 |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to related party |
Corporation tax |
Social security and other taxes |
VAT | 2,695 | 3,255 |
Close invoice finance | 4,805 | 50,613 |
Directors' current accounts | 3 | - |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |