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REGISTERED NUMBER: 07399598 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED

ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTOR: Mr M S Simpson





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 07399598 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)

ABRIDGED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,368 47,591

CURRENT ASSETS
Stocks 12,650 9,000
Debtors 46,345 28,322
Cash at bank 44,344 84,525
103,339 121,847
CREDITORS
Amounts falling due within one year 24,237 26,623
NET CURRENT ASSETS 79,102 95,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,470

142,815

CREDITORS
Amounts falling due after more than one year (12,822 ) (20,602 )

PROVISIONS FOR LIABILITIES (704 ) (1,268 )
NET ASSETS 101,944 120,945

CAPITAL AND RESERVES
Called up share capital 11 10
Retained earnings 101,933 120,935
SHAREHOLDERS' FUNDS 101,944 120,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)

ABRIDGED BALANCE SHEET - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 October 2023 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 director and authorised for issue on 30 July 2024 and were signed by:





Mr M S Simpson - Director


ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Absolute Electrics & Audio Visual Systems 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

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.


ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 70,489
Additions 900
At 31 October 2023 71,389
DEPRECIATION
At 1 November 2022 22,898
Charge for year 12,123
At 31 October 2023 35,021
NET BOOK VALUE
At 31 October 2023 36,368
At 31 October 2022 47,591

ABSOLUTE ELECTRICS & AUDIO VISUAL
SYSTEMS LIMITED (REGISTERED NUMBER: 07399598)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

5. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr M S Simpson
Balance outstanding at start of year 1,940 -
Amounts advanced - 1,940
Amounts repaid (1,940 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,940

6. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £5,000 (2022: £5,000) by Tangible Assets Ltd, a company in which the director of this company, Mr M S Simpson, is also a director.

At the balance sheet date the company owed £1,956 to Mr M S Simpson.