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REGISTERED NUMBER: 06995515 (England and Wales)












Financial Statements

for the Year Ended 31 March 2024

for

Absolute Workspace Limited

Absolute Workspace Limited (Registered number: 06995515)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Absolute Workspace Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: S J Syme





SECRETARY: S J Syme





REGISTERED OFFICE: 13 Hanover Square
Mayfair
London
W1S 1HN





REGISTERED NUMBER: 06995515 (England and Wales)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Absolute Workspace Limited (Registered number: 06995515)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 189,578 27,543

CURRENT ASSETS
Stocks 33,500 19,725
Debtors 5 1,144,247 791,689
Cash at bank 127,683 26,755
1,305,430 838,169
CREDITORS
Amounts falling due within one year 6 934,086 395,162
NET CURRENT ASSETS 371,344 443,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

560,922

470,550

CREDITORS
Amounts falling due after more than one year 7 (480,361 ) (407,578 )

PROVISIONS FOR LIABILITIES (15,717 ) -
NET ASSETS 64,844 62,972

CAPITAL AND RESERVES
Called up share capital 8 120 120
Share premium 39,988 39,988
Retained earnings 24,736 22,864
SHAREHOLDERS' FUNDS 64,844 62,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Workspace Limited (Registered number: 06995515)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 10 October 2024 and were signed by:





S J Syme - Director


Absolute Workspace Limited (Registered number: 06995515)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Absolute Workspace 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.

Going concern
The director is satisfied that the company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the director considers it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Tenants improvements - 20% on cost
Plant & equipment - 33% on reducing balance
Furniture & fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
IT equipment - 33% on cost

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 Workspace Limited (Registered number: 06995515)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Tenants Plant & Furniture
improvements equipment & fittings
£    £    £   
COST
At 1 April 2023 83,403 41,936 26,737
Additions 12,250 - 130,329
At 31 March 2024 95,653 41,936 157,066
DEPRECIATION
At 1 April 2023 76,965 37,735 21,527
Charge for year 2,284 1,400 3,741
At 31 March 2024 79,249 39,135 25,268
NET BOOK VALUE
At 31 March 2024 16,404 2,801 131,798
At 31 March 2023 6,438 4,201 5,210

Absolute Workspace Limited (Registered number: 06995515)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor IT
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 - 70,591 222,667
Additions 15,568 25,252 183,399
At 31 March 2024 15,568 95,843 406,066
DEPRECIATION
At 1 April 2023 - 58,897 195,124
Charge for year 3,892 10,047 21,364
At 31 March 2024 3,892 68,944 216,488
NET BOOK VALUE
At 31 March 2024 11,676 26,899 189,578
At 31 March 2023 - 11,694 27,543

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts recoverable on
contracts 684,359 463,354
Other debtors 459,888 328,335
1,144,247 791,689

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,000 -
Hire purchase contracts 5,131 -
Trade creditors 573,105 110,775
Taxation and social security 58,385 122,174
Other creditors 295,465 162,213
934,086 395,162

Absolute Workspace Limited (Registered number: 06995515)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 25,705 33,205
Hire purchase contracts 7,207 -
Other creditors 447,449 374,373
480,361 407,578

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
120 Ordinary £1 120 120