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COMPANY REGISTRATION NUMBER: 04707949
THE ABSOLUTE AGENCY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
THE ABSOLUTE AGENCY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
THE ABSOLUTE AGENCY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mrs C Pomeroy
Registered office
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
THE ABSOLUTE AGENCY LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
402
519
CURRENT ASSETS
Debtors
6
682
Cash at bank and in hand
1,213
8,113
-------
-------
1,895
8,113
CREDITORS: amounts falling due within one year
7
( 77,464)
( 40,902)
--------
--------
NET CURRENT LIABILITIES
( 75,569)
( 32,789)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 75,167)
( 32,270)
CREDITORS: amounts falling due after more than one year
8
( 18,333)
--------
--------
NET LIABILITIES
( 75,167)
( 50,603)
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 75,267)
( 50,703)
--------
--------
SHAREHOLDERS DEFICIT
( 75,167)
( 50,603)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE ABSOLUTE AGENCY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:
Mrs C Pomeroy
Director
Company registration number: 04707949
THE ABSOLUTE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% Reducing balance method
Equipment
-
30% Reducing balance method
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,957
2,975
5,932
-------
-------
-------
Depreciation
At 1 April 2022
2,571
2,842
5,413
Charge for the year
77
40
117
-------
-------
-------
At 31 March 2023
2,648
2,882
5,530
-------
-------
-------
Carrying amount
At 31 March 2023
309
93
402
-------
-------
-------
At 31 March 2022
386
133
519
-------
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
682
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,000
Trade creditors
5,740
4,240
Social security and other taxes
1,650
Other creditors
71,724
30,012
--------
--------
77,464
40,902
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
----
--------