ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

As restated

ABSOLUTE BOARD CO. LIMITED - Company Information

Company registration number: 08130948

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 JUNE 2021

	ABSOLUTE BOARD CO. LIMITED


ABSOLUTE BOARD CO. LIMITED

COMPANY INFORMATION

Directors	L Campbell
	B Mackay


Registered number	08130948


Registered office	Unit 2
	M3 Trade Park
	Manor Way
	Eastleigh
	Hampshire
	SO50 9YA


Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


ABSOLUTE BOARD CO. LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


ABSOLUTE BOARD CO. LIMITED REGISTERED NUMBER:08130948

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

		As restated
	2021	2020
Note	£	£

Fixed assets
Tangible assets	4		5,002		-
			5,002		-
Current assets
Stocks		380,070		-
Debtors: amounts falling due within one year	5	1,920,079		3,357,936
Cash at bank and in hand		8,852		21,787
		2,309,001		3,379,723
Creditors: amounts falling due within one year	6	(1,370,853)		(2,462,614)
Net current assets			938,148		917,109
Total assets less current liabilities			943,150		917,109

Net assets			943,150		917,109

Page 1


ABSOLUTE BOARD CO. LIMITED REGISTERED NUMBER:08130948

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2021

		As restated
	2021	2020
Note	£	£

Capital and reserves
Called up share capital	100	100
Profit and loss account	943,050	917,009
	943,150	917,109

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

L Campbell

Director

Date: 25 March 2022

The notes on pages 3 to 6 form part of these financial statements.

Page 2


ABSOLUTE BOARD CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Absolute Board Co. Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

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

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3


ABSOLUTE BOARD CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4


ABSOLUTE BOARD CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	Additions	5,175
	At 30 June 2021	5,175
	Depreciation
	Charge for the year on owned assets	173
	At 30 June 2021	173
	Net book value
	At 30 June 2021	5,002
	At 30 June 2020	-

Debtors

						As restated
					2021	2020
					£	£


Trade debtors	6,044	-
Amounts owed by group undertakings	1,878,574	2,736,009
Other debtors	35,461	621,927
	1,920,079	3,357,936

Page 5


ABSOLUTE BOARD CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Bank overdrafts	66	1,067
Trade creditors	22,750	-
Amounts owed to group undertakings	1,345,086	2,412,329
Corporation tax	-	3,411
Other taxation and social security	2,760	-
Other creditors	191	43,807
Accruals and deferred income	-	2,000
	1,370,853	2,462,614

7.	Prior year adjustment

During the course of the period it was discovered that in completing the accounts in the previous year, the application of the foreign exchange rate was incorrect. This has been corrected in the current year, and the treated as a prior year adjustment. The impact on the items presented in the accounts are shown below.

		As previously reported	Impact of adjustment	As reported in these statements
		£	£	£


Administrative expenses	(27,466)	48,459	20,993
Profit before tax	27,466	(48,459)	(20,993)
Net assets	965,568	(48,459)	917,109
Profit and loss account	965,468	(48,459)	917,009

Page 6