Absolute Sales & Lettings Ltd - Accounts to registrar (filleted) - small 22.3
Absolute Sales & Lettings Ltd - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2022 |
| FOR |
| ABSOLUTE SALES & LETTINGS LTD |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ABSOLUTE SALES & LETTINGS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Tax Advisers, Accountants |
| and Business Consultants |
| 7a Dartmouth Road |
| Paignton |
| Devon |
| TQ4 5AA |
| BANKERS: |
| 14 High Street |
| Totnes |
| Devon |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| BALANCE SHEET |
| 31 MAY 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| 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. |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| BALANCE SHEET - continued |
| 31 MAY 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2022 |
| 1. | STATUTORY INFORMATION |
| Absolute Sales & Lettings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| During the year, the company received the following Government Grants as a result COVID-19:- |
| Job retention scheme £2,163 (2021: £39,572) |
| Coronavirus Business Interruption Loan Scheme (CBILS) interest paid £Nil (£5,185) |
| Kick starter scheme £2,866 (2021: £3,716) |
| Grants are recognised under the Accruals model. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2021 |
| Additions |
| At 31 May 2022 |
| AMORTISATION |
| At 1 June 2021 |
| Amortisation for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 June 2021 |
| Additions |
| At 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 |
| Charge for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2021 |
| Additions |
| At 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 |
| Charge for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2022 |
| 6. | FIXED ASSET INVESTMENTS |
| Other | Own |
| investments | shares | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2021 | 44 |
| Additions | 192 |
| Disposals | ( |
) | (1 | ) |
| At 31 May 2022 | 235 |
| NET BOOK VALUE |
| At 31 May 2022 | 235 |
| At 31 May 2021 | 44 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Directors' current accounts |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans - 2-5 years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| ABSOLUTE SALES & LETTINGS LTD (REGISTERED NUMBER: 07230553) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2022 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| At 31/05/2021, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £73,693 (2021:£79,907). |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| During the year the following dividends were paid to the below companies, owned and controlled by the directors:- |
| Torquay Ltd £65,329 |
| Marldon Ltd £37,500 |
| CJM Holding Ltd £69,877 |
| The amounts owing to associate companies and included in other creditors at the year end were as follows: |
| Torquay Ltd £27,691 (2021 - £28,139) |
| Marldon Ltd £34,436 (2021 - £29,413) |
| CJM Holding Ltd £32,245 (2021 - £5,082) |
| Included in other debtors is an amount owed by Saltwater Escapes Ltd of £3,500, a company in which Absolute Sales and Lettings Ltd own shares in. |
| Loans are interest free and repayable on demand. |
| 13. | GOVERNMENT GUARANTEED LOAN |
| The bank loan of £113,720 is a COVID-19 CBILS, guaranteed by the government. Term runs to May 2026. |