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REGISTERED NUMBER: 09290602 (England and Wales)












ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2023






ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED

Company Information
for the Year Ended 31 December 2023







Directors: B Fox
P L Mills





Registered office: The Gate House
Suite 3 , Floor 3, Fretherne Road
Welwyn Garden City
AL8 6NS





Registered number: 09290602 (England and Wales)





Accountants: Outsource-FD Limited t/a eFM
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2,824 3,639
Tangible assets 5 11,119 17,823
13,943 21,462

Current assets
Debtors 6 742,111 495,592
Cash at bank 128,438 31,693
870,549 527,285
Creditors
Amounts falling due within one year 7 723,211 377,311
Net current assets 147,338 149,974
Total assets less current liabilities 161,281 171,436

Creditors
Amounts falling due after more than one year 8 (70,833 ) (121,367 )

Provisions for liabilities (2,649 ) (4,101 )
Net assets 87,799 45,968

Capital and reserves
Called up share capital 11 1,000 1,000
Share premium 15,314 15,314
Retained earnings 71,485 29,654
Shareholders' funds 87,799 45,968

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

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

The directors acknowledge their 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 ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





P L Mills - Director


ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

Absolute Accountancy Recruitment 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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Website costs - 20% Straight Line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 25% Straight Line

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.

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.

Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued

Going concern
The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 15 (2022 - 17 ) .

4. Intangible fixed assets
Computer
software
£   
Cost
At 1 January 2023
and 31 December 2023 4,078
Amortisation
At 1 January 2023 439
Amortisation for year 815
At 31 December 2023 1,254
Net book value
At 31 December 2023 2,824
At 31 December 2022 3,639

5. Tangible fixed assets
Computer
equipment
£   
Cost
At 1 January 2023 70,367
Additions 598
At 31 December 2023 70,965
Depreciation
At 1 January 2023 52,544
Charge for year 7,302
At 31 December 2023 59,846
Net book value
At 31 December 2023 11,119
At 31 December 2022 17,823

ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. Debtors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Trade debtors 112,669 62,764
Amounts owed by group undertakings 79,307 2,514
49 Leicester Road 506,632 410,823
Accrued Income 15,063 6,309
Prepayments 17,418 2,160
Deposits paid 11,022 11,022
742,111 495,592

7. Creditors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Bank loans and overdrafts (see note 9) 50,000 50,000
Trade creditors 144,698 64,583
Amounts owed to group undertakings 205,334 121,037
Tax 84,066 25,834
Social security and other taxes 14,657 21,528
VAT 113,128 29,837
Other creditors - 6,060
Wages Payable - Payroll - 3,918
Pensions Payable 2,167 3,278
Directors' loan accounts 30,609 338
Accrued expenses 78,552 50,898
723,211 377,311

8. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£    £   
Bank loans (see note 9) 70,833 121,367

9. Loans

An analysis of the maturity of loans is given below:

31/12/23 31/12/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 70,833 121,367

ABSOLUTE ACCOUNTANCY RECRUITMENT LIMITED (REGISTERED NUMBER: 09290602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 21,625 15,628
Between one and five years 28,335 15,628
49,960 31,256

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
750 Ordinary A 1 750 750
250 Ordinary B 1 250 250
1,000 1,000

12. Related party disclosures

Summary of transactions with parent

At the balance sheet date the company owed £117,726 (2022: £18,180) to the parent company PLM
Holdings Limited.

This loan is interest free and repayable on demand.

Summary of transactions with other related parties
The following amounts were due between fellow group companies as follows:

At the balance sheet date the company owed £87,608 (2022: £102,857) to Absolute IT Recruitment
Limited.

At the balance sheet date the company was owed £79,307 (2022: £2,514) by HF Global Ltd.

At the balance sheet date the company was owed £506,632 (2022: £410,823) by 49 Leicester Road
Limited.

All of the amounts have no interest charged and are repayable on demand. These companies are
connected by the common directorship Mr P Mills.

13. Ultimate controlling party

The controlling party is P L Mills.

The ultimate parent is PLM Holdings Limited, incorporated in England and Wales.
The ultimate controlling party is P L Mills, director of PLM Holdings Limited.