2023-07-012024-06-302024-06-30false12652972ABSOLUTE CIRCUITS 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ABSOLUTE CIRCUITS LTD

Registered Number
12652972
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

ABSOLUTE CIRCUITS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

HORN, Jamie

Registered Address

Harben House Tickford Street
Newport Pagnell
Milton Keynes
MK16 9EY

Registered Number

12652972 (England and Wales)
ABSOLUTE CIRCUITS LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets34,5475,301
4,5475,301
Current assets
Stocks4811354
Debtors53-
Current asset investments5-20,094
Cash at bank and on hand12,7178,305
13,58128,753
Creditors amounts falling due within one year6(4,058)(4,816)
Net current assets (liabilities)9,52323,937
Total assets less current liabilities14,07029,238
Provisions for liabilities7(864)(1,007)
Net assets13,20628,231
Capital and reserves
Called up share capital22
Profit and loss account13,20428,229
Shareholders' funds13,20628,231
The financial statements were approved and authorised for issue by the Director on 17 October 2024, and are signed on its behalf by:
HORN, Jamie
Director
Registered Company No. 12652972
ABSOLUTE CIRCUITS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 July 231,21417,06818,282
Additions3584,0504,408
At 30 June 241,57221,11822,690
Depreciation and impairment
At 01 July 2352312,45812,981
Charge for year2334,9295,162
At 30 June 2475617,38718,143
Net book value
At 30 June 248163,7314,547
At 30 June 236914,6105,301
4.Stocks

2024

2023

££
Work in progress811354
Total811354
5.Current asset investments
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,523753
Taxation and social security1,7313,072
Other creditors54390
Accrued liabilities and deferred income750601
Total4,0584,816
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8641,007
Total8641,007