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Registered number: 03729567









ABSOLUTE INTERIORS GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 October 2023

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
COMPANY INFORMATION


Director
P Kinggett 




Company secretary
S Seidell



Registered number
03729567



Registered office
Basepoint Business & Innovation Centre
110 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL




Accountants
Streets S J Males Limited
Chartered Accountants

Basepoint Business & Innovation Centre

110 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL





 
ABSOLUTE INTERIORS GROUP LIMITED
Registered number: 03729567

STATEMENT OF FINANCIAL POSITION
As at 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
211,409
191,084

Investments
 6 
55
55

  
211,464
191,139

Current assets
  

Stocks
  
5,000
5,000

Debtors: amounts falling due within one year
 7 
2,809,342
2,541,755

Cash at bank and in hand
  
267,850
124,961

  
3,082,192
2,671,716

Creditors: amounts falling due within one year
 8 
(2,320,453)
(2,045,903)

Net current assets
  
 
 
761,739
 
 
625,813

Total assets less current liabilities
  
973,203
816,952

Creditors: amounts falling due after more than one year
 9 
(41,175)
(66,705)

Provisions for liabilities
  

Deferred tax
 11 
(52,852)
(47,771)

  
 
 
(52,852)
 
 
(47,771)

Net assets
  
879,176
702,476

Page 1

 
ABSOLUTE INTERIORS GROUP LIMITED
Registered number: 03729567
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 October 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
155
155

Profit and loss account
  
879,021
702,321

  
879,176
702,476


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




P Kinggett
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

1.


General information

Absolute Interiors Group Limited, formerly Spray Finishes of Harlow Limited, is a private limited liability company with share capital incorporated in England & Wales. The company's registered office is Basepoint Business & Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire LU2 8DL and their trading office is Unit 2, Capital Place, Lovet Road, Harrow, Essex CM19 5AS.
The financial statements are presented in Sterling, whish is the functional currency of the company and the figures in the financial statements have been rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
Motor vehicles
-
25%
Fixtures & fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 6

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make jusdgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisisionts to accounting estiamtes are recognised in the period in which the estimate is revised where the revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.


4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Management
1
1



Direct
7
7



Office
6
5

14
13

Page 7

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

5.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
12,045
206,713
107,972
24,740
351,470


Additions
15,000
-
69,418
8,987
93,405



At 31 October 2023

27,045
206,713
177,390
33,727
444,875



Depreciation


At 1 November 2022
11,685
105,911
20,620
22,170
160,386


Charge for the year on owned assets
2,196
-
31,186
1,374
34,756


Charge for the year on financed assets
-
38,324
-
-
38,324



At 31 October 2023

13,881
144,235
51,806
23,544
233,466



Net book value



At 31 October 2023
13,164
62,478
125,584
10,183
211,409



At 31 October 2022
360
100,802
87,352
2,570
191,084

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
62,123
100,164

62,123
100,164

Page 8

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
55



At 31 October 2023
55





7.


Debtors

2023
2022
£
£


Trade debtors
2,196,072
2,240,416

Other debtors
608,823
297,118

Prepayments and accrued income
4,447
4,221

2,809,342
2,541,755


Page 9

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
2,150,299
1,852,770

Corporation tax
94,073
79,721

Other taxation and social security
18,465
18,079

Obligations under finance lease and hire purchase contracts
15,530
26,487

Other creditors
23,014
40,246

Accruals and deferred income
9,072
18,600

2,320,453
2,045,903


The following liabilities were secured:

2023
2022
£
£



Hire purchase liabilities
15,530
26,487

Bank loans
10,000
10,000

25,530
36,487

Details of security provided:

The hire purchase liabilities are secured on the assets to which they relate.
The company's bankers have a fixed and floating charge over the assets of the company.

Page 10

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,667
26,667

Net obligations under finance leases and hire purchase contracts
24,508
40,038

41,175
66,705


The following liabilities were secured:

2023
2022
£
£



Hire purchase liabilities
24,508
40,038

Bank loans
16,667
26,667

41,175
66,705

Details of security provided:

The hire purchase liabilities are secured on the assets to which they relate.
The company's bankers have a fixed and floating charge over the assets of the company.

Page 11

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
6,667
16,667


6,667
16,667


26,667
36,667



11.


Deferred taxation




2023


£






At beginning of year
(47,771)


Charged to profit or loss
(5,081)



At end of year
(52,852)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(52,852)
(47,771)

(52,852)
(47,771)

Page 12

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5 (2022 - 5) Ordinary A shares of £1.00 each
5
5
75 (2022 - 75) Ordinary B shares of £1.00 each
75
75
20 (2022 - 20) Ordinary C shares of £1.00 each
20
20
55 (2022 - 55) Ordinary Z shares of £1.00 each
55
55

155

155



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £54,840 (2022 - £48,332). Contributions totalling £1,110 (2022 - £2,991) were payable to the fund at the balance sheet date. 


14.


Transactions with directors

During the year company had made advances to its director. At 31 October 2023 the company was owed £17,275. This advance is unsecured, repayable on demand and bears interest at HMRC's Official Rate of Interest.
This advance was fully repaid in April 2024. 

Page 13

 
ABSOLUTE INTERIORS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 October 2023

15.


Related party transactions

During the year the company has provided finance faciltiies to Absolute Interiors Commercial Flooring Limited. At 31 October 2023 the company was owed £407,962 (2022: £630,235) in respect of these facilities. 
During the year the company charged Absolute Interiors Commercial Flooring Limited £232,500 (2022: £80,000) in respect of consultancy and management fees.
At 31 October 2023 the company was owed by Absolute Interiors Commercial Flooring Limited £1,368,369 (2022: £833,649) in respect of materials and sub-contractor services provided to the company. This amount is included within trade debtors. During the year the company supplied materials totalling £303,045 (2022: £131,926) and sub-contractor services totalling £231,674 (2022: £Nil).
The amounts owed to the company are included within trade debtors at £1,363,831 (2022: £1,283,884) and other debtors £412,500, (2022: £180.000).
As at 31 October 2023 the company owed Absolute Interiors Commercial Flooring Limited £272,728 (2022: £272,728) in respect of materials provided for the company. This amount is included within trade creditors.
At 31 October 2023 the company owed Absolute Interiors Commercial Flooring Limited £1,691,842 (2022: £1,345,271) in respect of services and materials supplied during the year and these amounts are included within trade creditors. During the year Absolute Interiors Commercial Flooring Limited made sales to the company totalling £1,024,009   (2022: £525,287).
The net balance between the companies as at the year end is £188,239 (2022: £154,115) owed by the company to Absolute Interiors Commercial Flooring Limited.
The company has provided funds to Absolute Interiors Properties Limited and at 31 October 2022 was owed £91,074 (2022: £21,475). This amount is included within other debtors and is repayable on demand.
The company rents its premises from Absolute Interiors Properties Limited at an annual rent of £31,200 (2022: £27,450). This rent is charged on an open market basis.
Mr P Kinggett is a director and shareholder of both Absolute Interiors Group Limited and Absolute Interiors Propertles Limited.


16.


Controlling party

The immediate and ultimate controlling party is Mr P Kinggett, the director, as a result of his interest in the company's share capital.

 
Page 14