Absolute Industrial Limited 05948256 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of supplying various industrial supplies. Digita Accounts Production Advanced 6.30.9574.0 true true 05948256 2023-01-01 2023-12-31 05948256 2023-12-31 05948256 core:CurrentFinancialInstruments 2023-12-31 05948256 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05948256 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05948256 core:Goodwill 2023-12-31 05948256 core:FurnitureFittings 2023-12-31 05948256 core:MotorVehicles 2023-12-31 05948256 core:OfficeEquipment 2023-12-31 05948256 core:PlantMachinery 2023-12-31 05948256 1 2023-12-31 05948256 bus:SmallEntities 2023-01-01 2023-12-31 05948256 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05948256 bus:FilletedAccounts 2023-01-01 2023-12-31 05948256 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05948256 bus:RegisteredOffice 2023-01-01 2023-12-31 05948256 bus:Director1 2023-01-01 2023-12-31 05948256 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05948256 core:Goodwill 2023-01-01 2023-12-31 05948256 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 05948256 core:ComputerEquipment 2023-01-01 2023-12-31 05948256 core:FurnitureFittings 2023-01-01 2023-12-31 05948256 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05948256 core:MotorVehicles 2023-01-01 2023-12-31 05948256 core:OfficeEquipment 2023-01-01 2023-12-31 05948256 core:PlantMachinery 2023-01-01 2023-12-31 05948256 core:Vehicles 2023-01-01 2023-12-31 05948256 countries:EnglandWales 2023-01-01 2023-12-31 05948256 1 2023-01-01 2023-12-31 05948256 2022-12-31 05948256 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05948256 core:Goodwill 2022-12-31 05948256 core:FurnitureFittings 2022-12-31 05948256 core:MotorVehicles 2022-12-31 05948256 core:OfficeEquipment 2022-12-31 05948256 core:PlantMachinery 2022-12-31 05948256 1 2022-12-31 05948256 2022-01-01 2022-12-31 05948256 2022-12-31 05948256 core:CurrentFinancialInstruments 2022-12-31 05948256 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05948256 core:FurnitureFittings 2022-12-31 05948256 core:MotorVehicles 2022-12-31 05948256 core:OfficeEquipment 2022-12-31 05948256 core:PlantMachinery 2022-12-31 05948256 1 2022-12-31 05948256 1 2022-01-01 2022-12-31 05948256 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 05948256

Absolute Industrial Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Absolute Industrial Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Absolute Industrial Limited

(Registration number: 05948256)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

15,829

19,125

Current assets

 

Stocks

55,463

52,219

Debtors

6

1,375

3,795

Cash at bank and in hand

 

332,864

374,131

 

389,702

430,145

Creditors: Amounts falling due within one year

7

(27,065)

(56,231)

Net current assets

 

362,637

373,914

Total assets less current liabilities

 

378,466

393,039

Provisions for liabilities

(3,007)

(5,068)

Net assets

 

375,459

387,971

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

375,457

387,969

Shareholders' funds

 

375,459

387,971

For the financial year ending 31 December 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

 

Absolute Industrial Limited

(Registration number: 05948256)
Statement of Financial Position as at 31 December 2023 (continued)


Mr L Aires
Director

 

Absolute Industrial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of supplying various industrial supplies.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Absolute Industrial Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

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 statement of financial position 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.

 

Absolute Industrial Limited

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

2

Accounting policies (continued)

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

25% Reducing balance

Fittings fixtures and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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

Goodwill

over 10 years

Website

Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Absolute Industrial Limited

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

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at
the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally
recognised as part of the cost of an asset. When a provision is measured at the present value of the
amount expected to be required to settle the obligation, the unwinding of the discount is recognised in
finance costs in profit or loss in the period it arises.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Absolute Industrial Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Absolute Industrial Limited

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

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

12,000

8,995

20,995

At 31 December 2023

12,000

8,995

20,995

Amortisation

At 1 January 2023

12,000

8,995

20,995

At 31 December 2023

12,000

8,995

20,995

Carrying amount

At 31 December 2023

-

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

12,449

107

18,225

26,250

57,031

Additions

-

-

1,986

-

1,986

At 31 December 2023

12,449

107

20,211

26,250

59,017

Depreciation

At 1 January 2023

9,825

88

12,817

15,176

37,906

Charge for the year

656

5

1,852

2,769

5,282

At 31 December 2023

10,481

93

14,669

17,945

43,188

Carrying amount

At 31 December 2023

1,968

14

5,542

8,305

15,829

At 31 December 2022

2,624

19

5,408

11,074

19,125

 

Absolute Industrial Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

1,035

3,234

Prepayments

340

561

1,375

3,795

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

12,703

15,566

Taxation and social security

11,964

31,555

Accruals and deferred income

1,091

1,015

Other creditors

1,307

8,095

27,065

56,231

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Absolute Industrial Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

(7,092)

5,995

(1,097)

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

(1,948)

(5,144)

(7,092)