Absolute Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04162660 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

ABSOLUTE GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R M Elliott

G J Elliott

SECRETARY:

R M Elliott

REGISTERED OFFICE:

Unit 7

Dorma Trading Park

Staffa Road

Leyton

London

E10 7QX

REGISTERED NUMBER:

04162660 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

25,794

7,992

CURRENT ASSETS

Stocks

5

-

6,300

Debtors

6

477,044

85,297

Cash at bank and in hand

345,890

16,336

822,934

107,933

CREDITORS

Amounts falling due within one year

7

659,129

135,156

NET CURRENT ASSETS/(LIABILITIES)

163,805

(27,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

189,599

(19,231

)

CREDITORS

Amounts falling due after more than one year

8

(2,419

)

(20,000

)

PROVISIONS FOR LIABILITIES

(4,901

)

-

NET ASSETS/(LIABILITIES)

182,279

(39,231

)

CAPITAL AND RESERVES

Called up share capital

11,847

11,847

Revaluation reserve

4,001

4,001

Retained earnings

166,431

(55,079

)

SHAREHOLDERS' FUNDS

182,279

(39,231

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 21 September 2018 and were signed on its behalf by:

R M Elliott - Director

1.	STATUTORY INFORMATION

Absolute Group 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.

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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount

receivable for goods/services supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of

ownership have passed to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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 9 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

6,203

17,000

879

24,082

Additions

12,321

1,350

7,606

21,277

At 31 March 2018

18,524

18,350

8,485

45,359

DEPRECIATION

At 1 April 2017

2,133

13,113

844

16,090

Charge for year

1,462

504

1,509

3,475

At 31 March 2018

3,595

13,617

2,353

19,565

NET BOOK VALUE

At 31 March 2018

14,929

4,733

6,132

25,794

At 31 March 2017

4,070

3,887

35

7,992

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

5,599

At 31 March 2018

5,599

DEPRECIATION

Charge for year

560

At 31 March 2018

560

NET BOOK VALUE

At 31 March 2018

5,039

5.

STOCKS

2018

2017

£

£

Stocks

-

6,300

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

457,406

85,297

Close Invoice Finance

873

-

Amounts owed by related parties

7,042

-

Other debtors

327

-

Prepayments and accrued income

11,396

-

477,044

85,297

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans

-

100

Hire purchase contracts (see note 9)

4,146

-

Trade creditors

308,655

33,612

Amounts owed to related parties

152,353

-

Corporation tax

41,701

-

Social security and other taxes

10,109

3,883

VAT

1

6,706

Other creditors

4,419

178

Close Invoice Finance

132,863

35,231

Directors' current accounts

-

31,000

Accrued expenses

4,882

24,446

659,129

135,156

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

2,419

-

Directors' loan accounts

-

20,000

2,419

20,000

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

4,146

-

Between one and five years

2,419

-

6,565

-

Non-cancellable

operating leases

2018

2017

£

£

Between one and five years

5,855

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Close Invoice Finance

132,863

35,231

This amount is secured by floating charges over the company's book debts. The liability is repayable on

demand and interest is charged monthly at Bank of England Base Rate plus 3%.

11.	RELATED PARTY DISCLOSURES

The amounts due to related parties at the balance sheet date were as follows:

2018

2017

£

£

Absolute FM LLP

152,353

4,775

The amounts due from related parties at the balance sheet date were as follows:

2018

2017

£

£

Absolutions UK Limited

5,273

480

Plum & Ashby England Limited

1,769

-

All the loans are interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The company was controlled by G J Elliott and R M Elliott.