Absolute CNC Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07463956 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Absolute CNC Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P B Beck

Mrs S Beck

REGISTERED OFFICE:

Unit 10 Anslow Business Park

Main Road

Anslow

Burton upon Trent

Staffordshire

DE13 9QX

REGISTERED NUMBER:

07463956 (England and Wales)

ACCOUNTANTS:

Bourne & Co

Chartered Accountants

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

FIXED ASSETS

Tangible assets

4

346,176

310,098

CURRENT ASSETS

Stocks

-

8,810

Debtors

100,482

131,841

Cash at bank

36,448

20,212

136,930

160,863

CREDITORS

Amounts falling due within one year

180,805

211,155

NET CURRENT LIABILITIES

(43,875

)

(50,292

)

TOTAL ASSETS LESS CURRENT LIABILITIES

302,301

259,806

CREDITORS

Amounts falling due after more than one year

(170,464

)

(69,089

)

PROVISIONS FOR LIABILITIES

(52,856

)

(45,259

)

NET ASSETS

78,981

145,458

CAPITAL AND RESERVES

Called up share capital

7

70

100

Capital redemption reserve

30

-

Retained earnings

78,881

145,358

SHAREHOLDERS' FUNDS

78,981

145,458

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 June 2018 and were signed on its behalf by:

P B Beck - Director

1.	STATUTORY INFORMATION

Absolute CNC 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Tooling

-

20% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

Straight line over 3 years

Tangible fixed assets are included at cost less depreciation and impairment.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stocks to their present location and condition.

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.

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.

Debtors

Short term debtors are measured at transaction price less any impairment. Any losses arising from

impairment are recognised in profit or loss.

Creditors

Short term creditors are measured at transaction price less any impairment. Any losses arising from

impairment are recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

525,170

Additions

86,432

Disposals

(5,859

)

At 31 December 2017

605,743

DEPRECIATION

At 1 January 2017

215,072

Charge for year

48,245

Eliminated on disposal

(3,750

)

At 31 December 2017

259,567

NET BOOK VALUE

At 31 December 2017

346,176

At 31 December 2016

310,098

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.17

31.12.16

£

£

Gross obligations repayable:

Within one year

91,560

68,994

Between one and five years

187,390

72,852

278,950

141,846

Finance charges repayable:

Within one year

12,085

6,572

Between one and five years

16,926

3,763

29,011

10,335

Net obligations repayable:

Within one year

79,475

62,422

Between one and five years

170,464

69,089

249,939

131,511

Non-cancellable

operating leases

31.12.17

31.12.16

£

£

Within one year

24,966

16,546

Between one and five years

83,489

-

108,455

16,546

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Hire purchase contracts

249,939

131,511

Hire purchase creditors are secured on the assets to which they relate.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

70

Ordinary

£1

70

100