REGISTERED NUMBER: 03568676 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

ABSOLUTE APPLICATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Kleanthous Esq

Mrs A Sellar

R J Clark Esq

SECRETARY:

G Kleanthous Esq

REGISTERED OFFICE:

4 Prince Albert Road

London

NW1 7SN

REGISTERED NUMBER:

03568676 (England and Wales)

ACCOUNTANTS:

Scodie Deyong LLP

Chartered Accountants

4 Prince Albert Road

London

NW1 7SN

FIXED ASSETS

Tangible assets

4

13,275

16,836

Investments

5

6,883

6,883

20,158

23,719

CURRENT ASSETS

Debtors

6

1,892,410

2,473,673

Cash at bank and in hand

107,601

42,377

2,000,011

2,516,050

CREDITORS

Amounts falling due within one year

7

1,948,652

2,427,634

NET CURRENT ASSETS

51,359

88,416

TOTAL ASSETS LESS CURRENT LIABILITIES

71,517

112,135

PROVISIONS FOR LIABILITIES

2,062

2,776

NET ASSETS

69,455

109,359

CAPITAL AND RESERVES

Called up share capital

9

81

81

Capital redemption reserve

51

51

Retained earnings

69,323

109,227

SHAREHOLDERS' FUNDS

69,455

109,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 30 April 2018 and were signed on its behalf by:

G Kleanthous Esq - Director

1.	STATUTORY INFORMATION

Absolute Applications 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.

Turnover

Turnover represents amounts receivable for services net of value added tax.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Office equipment

-

25% on reducing balance

Fixtures fittings and equipment

-

25% on reducing balance

Software licences and database

-

25% on reducing balance

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

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

lease.

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.

Fixed asset investments

Fixed asset investments are stated at cost less adjustment, where necessary, for impairment in value. Impairment

charges are recorded if events or changes in circumstances indicate that the carrying value may not be

recoverable. If the provision is no longer required, the provision is written back to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Software

Improvements

fittings

licences

to

Office

and

and

property

equipment

equipment

database

Totals

£

£

£

£

£

COST

At 1 August 2016

14,838

72,889

23,378

67,398

178,503

Additions

-

863

-

-

863

At 31 July 2017

14,838

73,752

23,378

67,398

179,366

DEPRECIATION

At 1 August 2016

8,903

68,337

22,718

61,709

161,667

Charge for year

1,483

1,354

165

1,422

4,424

At 31 July 2017

10,386

69,691

22,883

63,131

166,091

NET BOOK VALUE

At 31 July 2017

4,452

4,061

495

4,267

13,275

At 31 July 2016

5,935

4,552

660

5,689

16,836

5.	FIXED ASSET INVESTMENTS

Investments

£

COST

At 1 August 2016

and 31 July 2017

6,883

NET BOOK VALUE

At 31 July 2017

6,883

At 31 July 2016

6,883

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,389,145

1,792,753

Other debtors

503,265

680,920

1,892,410

2,473,673

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

654,971

675,052

Taxation and social security

92,584

98,306

Other creditors

1,201,097

1,654,276

1,948,652

2,427,634

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Factor advances

957,464

1,283,016

The factoring account is secured by fixed and floating charges over book debts owed to the company and all

other assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

5,000

Ordinary

1p

50

50

2,000

Ordinary 'A'

1p

20

20

1,000

Ordinary 'C'

1p

10

10

100

Ordinary 'D'

1p

1

1

81

81

The ordinary shares have full voting rights whereas the ordinary 'A' and ordinary 'C' shares have no voting rights

or control of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2017 and

31 July 2016:

2017

2016

£

£

G Kleanthous Esq

Balance outstanding at start of year

38,868

-

Amounts advanced

23,501

38,868

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,369

38,868

During the year under review the company paid rent totalling £43,982 (2016: £43,982) in respect of a business

premises owned by G Kleanthous Esq.

11.	RELATED PARTY DISCLOSURES