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Registration number: 08719863

Absolute Surveys (South East) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Absolute Surveys (South East) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Absolute Surveys (South East) Limited

Company Information

Directors

Mr A Sutton

Mrs J Sutton

Registered office

1-2 Rhodium Point Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Absolute Surveys (South East) Limited

(Registration number: 08719863)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

955

955

Tangible assets

5

236,755

204,660

 

237,710

205,615

Current assets

 

Debtors

6

298,859

127,663

Cash at bank and in hand

 

49,788

16,492

 

348,647

144,155

Creditors: Amounts falling due within one year

7

(266,403)

(278,185)

Net current assets/(liabilities)

 

82,244

(134,030)

Total assets less current liabilities

 

319,954

71,585

Creditors: Amounts falling due after more than one year

7

(319,787)

(58,866)

Net assets

 

167

12,719

Capital and reserves

 

Called up share capital

2

2

Retained earnings

165

12,717

Shareholders' funds

 

167

12,719

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Absolute Surveys (South East) Limited

(Registration number: 08719863)
Balance Sheet as at 31 October 2023 (continued)

.........................................
Mr A Sutton
Director

   
     
 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-2 Rhodium Point Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

The principal place of business is:
53 Cowper Road
River
Dover
Kent
CT17 0PL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

10 years straight line

Office Equipment

5 years straight line

Motor Vehicles

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Personalised number plates

Fair value used each year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

955

955

At 31 October 2023

955

955

Amortisation

Carrying amount

At 31 October 2023

955

955

At 31 October 2022

955

955

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

81,029

147,165

23,206

83,318

334,718

Additions

4,564

97,434

3,314

-

105,312

Disposals

-

(91,280)

(5,229)

-

(96,509)

At 31 October 2023

85,593

153,319

21,291

83,318

343,521

Depreciation

At 1 November 2022

-

75,078

11,728

43,252

130,058

Charge for the year

-

15,251

3,774

10,016

29,041

Eliminated on disposal

-

(47,104)

(5,229)

-

(52,333)

At 31 October 2023

-

43,225

10,273

53,268

106,766

Carrying amount

At 31 October 2023

85,593

110,094

11,018

30,050

236,755

At 31 October 2022

81,029

72,087

11,478

40,066

204,660

Included within the net book value of land and buildings above is £85,593 (2022 - £81,029) in respect of freehold land and buildings.
 

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

142,339

115,860

Prepayments

6,576

2,473

Other debtors

149,944

9,330

 

298,859

127,663

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

97,082

72,518

Trade creditors

 

13,008

22,006

Taxation and social security

 

146,044

182,279

Accruals and deferred income

 

9,360

300

Other creditors

 

909

1,082

 

266,403

278,185

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

319,787

58,866

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

29,068

HP and finance lease liabilities

74,649

29,702

Other borrowings

245,138

96

319,787

58,866

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

17,444

Other loans

65,409

31,087

Directors current account

-

83

Hire purchase liabilities

31,673

23,904

97,082

72,518

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £102,125.00 (2022 - £93,125.00) per each Ordinary

204,250

186,250

 

 

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Directors loan

-

100,968

100,968

 

Absolute Surveys (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

10

Related party transactions (continued)

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,192

17,974

Contributions paid to money purchase schemes

69,625

2,400

87,817

20,374