Absolute Sales & Lettings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07230553 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

FOR

ABSOLUTE SALES & LETTINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Fisher

Mr D A Hole

Mr C R M Mitchell

Miss C E Durrant

A K Ramsden

Mr P C Lindberg

REGISTERED OFFICE:

27 Hyde Road

Paignton

Devon

TQ4 5BP

REGISTERED NUMBER:

07230553 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

BANKERS:

Barclays

14 High Street

Totnes

Devon

FIXED ASSETS

Intangible assets

4

153,936

91,076

Tangible assets

5

322,364

67,670

Investments

6

44

44

476,344

158,790

CURRENT ASSETS

Debtors

7

106,529

53,130

Cash at bank

50,097

387,787

156,626

440,917

CREDITORS

Amounts falling due within one year

8

350,154

361,820

NET CURRENT (LIABILITIES)/ASSETS

(193,528

)

79,097

TOTAL ASSETS LESS CURRENT LIABILITIES

282,816

237,887

CREDITORS

Amounts falling due after more than one year

9

(193,178

)

(155,000

)

PROVISIONS FOR LIABILITIES

(3,394

)

(4,155

)

NET ASSETS

86,244

78,732

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

52,499

52,499

Retained earnings

33,743

26,231

SHAREHOLDERS' FUNDS

86,244

78,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 applicable to companies subject to the small companies regime.

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 29 September 2021 and were signed on its behalf by:

Mr S J Fisher - Director

Mr C R M Mitchell - Director

Mr D A Hole - Director

1.	STATUTORY INFORMATION

Absolute Sales & Lettings Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Government grants

During the year, the company received the following Government Grants as a result COVID-19:-

Job Retention Scheme £39,572

Bounce Bank Loan interest paid by Government £5,185

Kickstart Grants £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.

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 24 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 June 2020

91,040

1,950

92,990

Additions

80,000

-

80,000

At 31 May 2021

171,040

1,950

172,990

AMORTISATION

At 1 June 2020

-

1,914

1,914

Amortisation for year

17,104

36

17,140

At 31 May 2021

17,104

1,950

19,054

NET BOOK VALUE

At 31 May 2021

153,936

-

153,936

At 31 May 2020

91,040

36

91,076

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 June 2020

-

60,111

13,744

Additions

232,826

40,550

-

At 31 May 2021

232,826

100,661

13,744

DEPRECIATION

At 1 June 2020

-

14,263

10,164

Charge for year

4,657

10,066

716

At 31 May 2021

4,657

24,329

10,880

NET BOOK VALUE

At 31 May 2021

228,169

76,332

2,864

At 31 May 2020

-

45,848

3,580

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2020

12,796

41,619

128,270

Additions

-

10,933

284,309

At 31 May 2021

12,796

52,552

412,579

DEPRECIATION

At 1 June 2020

5,877

30,296

60,600

Charge for year

1,038

13,138

29,615

At 31 May 2021

6,915

43,434

90,215

NET BOOK VALUE

At 31 May 2021

5,881

9,118

322,364

At 31 May 2020

6,919

11,323

67,670

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2020

and 31 May 2021

44

NET BOOK VALUE

At 31 May 2021

44

At 31 May 2020

44

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

51,183

7,870

Amounts owed by associates

42,500

42,500

Other debtors

12,846

-

Prepayments

-

2,760

106,529

53,130

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

79,951

73,507

Trade creditors

25,498

18,352

Tax

64,254

65,106

Social security and other taxes

8,492

1,105

VAT

48,416

37,167

Other creditors

120,652

164,738

Directors' current accounts

1,021

1,021

Accrued expenses

1,870

824

350,154

361,820

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

193,178

155,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

273,129

-

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 £79,907.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

Mr S J Fisher

Balance outstanding at start of year

992

992

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

992

992

Mr D A Hole

Balance outstanding at start of year

29

29

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29

29

During the year the following dividends were paid to the below companies, owned and controlled by the directors:-

Torquay Ltd £74,863

Marldon Ltd £74,863

CJM Holding Ltd £47,153

Further dividends were paid to the directors wives and family members totalling £32,071.

The amounts owing to associate companies at the year end were as follows:

Torquay Ltd £28,139 (2020 - £3,300)

Marldon Ltd £29,413 (2020 - £13,300)

CJM Holding Ltd £5,082 (2020 - £Nil)

Including in other debtors is an amount owed by CJM Holding Ltd of £42,500 (2020: £42,500).

Loans are interest free and repayable on demand.

13.	GOVERNMENT GUARANTEED LOAN

The bank loan of £155,000 is a COVID-19 CBILS, guaranteed by the government. Term runs to May 2026.