Absolute Investments Limited
Unaudited Financial Statements
For Filing with Registrar
For the period ended 31 May 2020
Company Registration No. 06366290 (England and Wales)
Absolute Investments Limited
Company Information
Director
D. Smith
Company number
06366290
Registered office
8 Poland Street
London
W1F 8PX
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
8 Poland Street
London
W1F 8PX
Bankers
Barclays Bank plc
Level 27
1 Churchill Place
Canary Wharf
London
E14 5HP
Absolute Investments Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 6
Absolute Investments Limited
Balance Sheet
As at 31 May 2020
Page 1
2020
2018
Notes
£
£
£
£
Fixed assets
Investments
3
464,388
464,388
Current assets
Debtors
4
375,000
402,008
Creditors: amounts falling due within one year
5
(454,700)
(481,705)
Net current liabilities
(79,700)
(79,697)
Total assets less current liabilities
384,688
384,691
Capital and reserves
Called up share capital
6
26,250
26,250
Capital redemption reserve
23,750
23,750
Profit and loss reserves
334,688
334,691
Total equity
384,688
384,691
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 4 May 2021
D. Smith
Director
Company Registration No. 06366290
Absolute Investments Limited
Statement of Changes in Equity
For the PERIOD ended 31 May 2020
Page 2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2017
26,250
23,750
123,702
173,702
Period ended 30 November 2018:
Profit and total comprehensive income for the period
-
-
455,429
455,429
Dividends
-
-
(244,440)
(244,440)
Balance at 30 November 2018
26,250
23,750
334,691
384,691
Period ended 31 May 2020:
Profit and total comprehensive income for the period
-
-
183,325
183,325
Dividends
-
-
(183,328)
(183,328)
Balance at 31 May 2020
26,250
23,750
334,688
384,688
Absolute Investments Limited
Notes to the Financial Statements
For the period ended 31 May 2020
Page 3
1
Accounting policies
Company information
Absolute Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Poland Street, London, W1F 8PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Reporting period
The company has lengthened its year end to 31 May 2020, resulting in an 18 month period. This was done for financial reporting purposes.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Absolute Investments Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2020
1
Accounting policies
(Continued)
Page 4
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1
(2018 - 1).
3
Fixed asset investments
2020
2018
£
£
Investments in subsidiaries
464,388
464,388
Absolute Investments Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2020
3
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2018 & 31 May 2020
464,388
Carrying amount
At 31 May 2020
464,388
At 30 November 2018
464,388
4
Debtors
2020
2018
Amounts falling due within one year:
£
£
Amounts due from group undertakings
375,000
375,000
Other debtors
27,008
375,000
402,008
5
Creditors: amounts falling due within one year
2020
2018
£
£
Amounts due to group undertakings
440,190
329,502
Other creditors
14,510
152,203
454,700
481,705
6
Called up share capital
2020
2018
£
£
Ordinary share capital
Issued and fully paid
26,250 Ordinary shares of £1 each
26,250
26,250
26,250
26,250
Absolute Investments Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2020
Page 6
7
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33.1A whereby it has not disclosed transactions with any wholly owned undertakings of the group.
At the balance sheet date, the company was owed £375,000 (2018: £375,000) from Blind Pig Limited, a subsidiary company,
At the balance sheet date, the company owed £440,115 (2018: £329,427) to Absolute Post Limited, a subsidiary company.
At the balance sheet date, the company owed £75 (2018: £75) to Absolute Colour Limited, a subsidiary company,
At the balance sheet date, the company owed £1,138 (2018: £17,398) to a director of the company.
At the balance sheet date, the company owed £13,372 (2018: £134,805) to a director of the company.
Directors have an interest in dividends voted in the year of £183,328 (2018: £244,440).