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Registration number: 08499048

Absolute Corporate Events Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Absolute Corporate Events Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 7

 

Absolute Corporate Events Limited

(Registration number: 08499048)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

7,709

Current assets

 

Debtors

5

1,118,805

1,562,719

Cash at bank and in hand

 

11,099

332,934

 

1,129,904

1,895,653

Creditors: Amounts falling due within one year

6

(1,029,700)

(1,544,640)

Net current assets

 

100,204

351,013

Total assets less current liabilities

 

100,204

358,722

Provisions for liabilities

-

(1,465)

Net assets

 

100,204

357,257

Capital and reserves

 

Called up share capital

7

700

700

Capital redemption reserve

300

300

Profit and loss account

99,204

356,257

Shareholders' funds

 

100,204

357,257

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 2 October 2024 and signed on its behalf by:
 


A M Lowe
Director

 

Absolute Corporate Events Limited

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

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:
Vespace
10 Lancaster Place
Copse Farm, South Marston Industrial Park
Swindon
Wiltshire
SN3 4UQ

Principal activity

The principal activity of the company is that of organisation of corporate events.

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

Following the hive up of the trade to the parent company, veSpace International, during and subsequent to the year end, the directors intend to cease the trade of the company. As such, the directors believe that it is no longer appropriate to prepare the financial statements on a going concern basis. This has not had a material impact on the measurement or presentation of the company’s financial statements.

 

Absolute Corporate Events Limited

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

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. We draw attention to note 2 in the financial statements, which explains that the directors intend to cease of the company and therefore do not consider it appropriate to adopt the going concern basis of accounting in drawing up the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as disclosed in note 2. Our opinion is not modified in respect of this matter.. The name of the Senior Statutory Auditor who signed the audit report on 16 October 2024 was Peter Lomax, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

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 sales/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.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

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.

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 Corporate Events Limited

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

2

Accounting policies (continued)

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 fixed assets are initially measured at cost and subsequently measured at cost of valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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

Office equipment

33% 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.

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

Defined contribution pension obligation

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.

Long term employee benefits

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 Corporate Events Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

80,215

80,215

Additions

790

790

Disposals

(81,005)

(81,005)

At 31 March 2024

-

-

Depreciation

At 1 April 2023

72,506

72,506

Charge for the year

447

447

Eliminated on disposal

(72,953)

(72,953)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

7,709

7,709

 

Absolute Corporate Events Limited

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

5

Debtors

Amounts falling due within one year:

Note

2024
£

2023
£

Trade debtors

 

38,501

437,506

Amounts owed by related parties

8

849,505

690,000

Other debtors

 

23,376

173,177

Prepayments

 

207,423

262,036

   

1,118,805

1,562,719

 

Absolute Corporate Events Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

238,473

709,179

Taxation and social security

13,286

57,384

Accruals and deferred income

764,782

766,663

Other creditors

13,159

11,414

1,029,700

1,544,640

Barclays Bank PLC hold a fixed and floating charge dates 15 August 2016 over all the property or undertaking of the company. The charge contains a `negative pledge'.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

700

700

700

700

       

8

Related party transactions

Summary of transactions with directors

At the balance sheet date the sum of £297 (2023 - £297) was owed to the Company by C Parnham.