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Registration number: 04431064

Absolute Electrical Services Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Absolute Electrical Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Absolute Electrical Services Limited

Company Information




 

Directors

Lynne Diane Tongs

Tracey Joy Luff

Trevor Brian Luff

Kelvin Richard Tongs

Registered office

Unit 1a Fernacre Business Park
Budds Lane
Romsey
SO51 0HA

 

Accountants

Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ



 

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Absolute Electrical Services Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Absolute Electrical Services Limited for the year ended 31 May 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Absolute Electrical Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Absolute Electrical Services Limited and state those matters that we have agreed to state to the Board of Directors of Absolute Electrical Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Absolute Electrical Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Absolute Electrical Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Absolute Electrical Services Limited. You consider that Absolute Electrical Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Absolute Electrical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ



 

13 August 2024

 

Absolute Electrical Services Limited

(Registration number: 04431064)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

95,446

 

69,947

Current assets

   

 

Stocks

6,000

 

10,000

 

Debtors

5

94,961

 

87,274

 

Cash at bank and in hand

 

113,466

 

114,780

 

 

214,427

 

212,054

 

Creditors: Amounts falling due within one year

6

(133,820)

 

(129,707)

 

Net current assets

   

80,607

 

82,347

Total assets less current liabilities

   

176,053

 

152,294

Creditors: Amounts falling due after more than one year

6

 

-

 

(4,763)

Provisions for liabilities

 

(17,938)

 

(17,938)

Net assets

   

158,115

 

129,593

Capital and reserves

   

 

Called up share capital

7

4

 

4

 

Retained earnings

158,111

 

129,589

 

Shareholders' funds

   

158,115

 

129,593

 

Absolute Electrical Services Limited

(Registration number: 04431064)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 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 13 August 2024 and signed on its behalf by:
 

.........................................
Kelvin Richard Tongs
Director

 

Absolute Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 1a Fernacre Business Park
Budds Lane
Romsey
SO51 0HA
England

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

Tax

The tax expense for the period comprises current and deferred 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.

 

Absolute Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 etc

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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 7 (2023 - 7).

 

Absolute Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

13,164

196,704

209,868

Additions

-

55,319

55,319

Disposals

(4,497)

(49,956)

(54,453)

At 31 May 2024

8,667

202,067

210,734

Depreciation

At 1 June 2023

10,044

129,877

139,921

Charge for the year

780

25,601

26,381

Eliminated on disposal

(3,983)

(47,031)

(51,014)

At 31 May 2024

6,841

108,447

115,288

Carrying amount

At 31 May 2024

1,826

93,620

95,446

At 31 May 2023

3,120

66,827

69,947

5

Debtors

Current

2024
£

2023
£

Trade debtors

87,275

84,541

Prepayments

6,185

2,520

Other debtors

1,501

213

 

94,961

87,274

 

Absolute Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,355

16,863

Trade creditors

 

31,029

20,796

Taxation and social security

 

47,962

48,042

Accruals and deferred income

 

1,500

1,500

Other creditors

 

46,974

42,506

 

133,820

129,707

Creditors include net obligations under finance lease and hire purchase contracts which are secured against company vehicles of £6,355 (2023 - £16,863).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

4,763

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

 

4

4

4

4

 

Absolute Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,000 (2023 - £36,000).

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

-

4,763

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

6,355

16,863