Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-302023-03-30Information Technology Services2022-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11868203 2022-04-01 2023-03-30 11868203 2023-03-30 11868203 2021-04-01 2022-03-31 11868203 2022-03-31 11868203 c:Director1 2022-04-01 2023-03-30 11868203 d:OfficeEquipment 2022-04-01 2023-03-30 11868203 d:OfficeEquipment 2023-03-30 11868203 d:OfficeEquipment 2022-03-31 11868203 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-30 11868203 d:CurrentFinancialInstruments 2023-03-30 11868203 d:CurrentFinancialInstruments 2022-03-31 11868203 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-30 11868203 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11868203 d:ShareCapital 2023-03-30 11868203 d:ShareCapital 2022-03-31 11868203 d:SharePremium 2022-04-01 2023-03-30 11868203 d:SharePremium 2023-03-30 11868203 d:SharePremium 2022-03-31 11868203 d:RetainedEarningsAccumulatedLosses 2023-03-30 11868203 d:RetainedEarningsAccumulatedLosses 2022-03-31 11868203 c:OrdinaryShareClass1 2022-04-01 2023-03-30 11868203 c:OrdinaryShareClass1 2023-03-30 11868203 c:OrdinaryShareClass1 2022-03-31 11868203 c:FRS102 2022-04-01 2023-03-30 11868203 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-30 11868203 c:FullAccounts 2022-04-01 2023-03-30 11868203 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 11868203 2 2022-04-01 2023-03-30 11868203 e:PoundSterling 2022-04-01 2023-03-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11868203


ABSOLUTE COLLATERAL LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 MARCH 2023

 
ABSOLUTE COLLATERAL LTD
REGISTERED NUMBER: 11868203

BALANCE SHEET
AS AT 30 MARCH 2023

30 March
31 March
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,911
428

  
4,911
428

Current assets
  

Debtors: amounts falling due within one year
 5 
268,603
254,688

Cash at bank and in hand
 6 
1,703
3,584

  
270,306
258,272

Creditors: amounts falling due within one year
 7 
(82,301)
(36,602)

Net current assets
  
 
 
188,005
 
 
221,670

Total assets less current liabilities
  
192,916
222,098

  

Net assets
  
192,916
222,098


Capital and reserves
  

Called up share capital 
 8 
1
1

Share premium account
 9 
440,918
353,127

Profit and loss account
 9 
(248,003)
(131,030)

  
192,916
222,098


Page 1

 
ABSOLUTE COLLATERAL LTD
REGISTERED NUMBER: 11868203
    
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.




................................................
S Griffiths
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

1.


General information

Absolute Collateral Ltd is a private company limited by share capital, registered in England and Wales.
The company's registration number is 11868203.
The company's registered office is 1 Vincent Square, London, SW1P 2PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

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.

Page 4

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 5

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 April 2022
596


Additions
5,842



At 30 March 2023

6,438



Depreciation


At 1 April 2022
168


Charge for the period on owned assets
1,359



At 30 March 2023

1,527



Net book value



At 30 March 2023
4,911



At 31 March 2022
428

Page 6

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

5.


Debtors

30 March
31 March
2023
2022
£
£


Other debtors
32,584
18,669

Called up share capital not paid
236,019
236,019

268,603
254,688


During the period under review, the director was loaned funds from the company. The balance outstanding as at the balance sheet date amounted to  £25,967 (2022: £13,195). This amount is included within Other debtors due within one year on these financial statements. Interest is being charged on the outstanding loan balance at market rate and there are no fixed repayment terms.




6.


Cash and cash equivalents

30 March
31 March
2023
2022
£
£

Cash at bank and in hand
1,703
3,584

1,703
3,584



7.


Creditors: Amounts falling due within one year

30 March
31 March
2023
2022
£
£

Trade creditors
2,700
1,600

Corporation tax
4,178
4,288

Other taxation and social security
1,846
-

Other creditors
72,577
29,714

Accruals and deferred income
1,000
1,000

82,301
36,602


Page 7

 
ABSOLUTE COLLATERAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023

8.


Share capital

30 March
31 March
2023
2022
£
£
Authorised, allotted, called up and fully paid



121,110 (2022 - 118,445) Ordinary shares of £0.00001 each
1
1



9.


Reserves

Share premium account

During the year 2,665 (2022:18,445)  shares were issued with a total value of £440,918 (2022: £353,127).


10.


Related party transactions

Included within creditors due within one year in these financial statements is an amount of £23,437 (2022: £23,414) that is owed to Absolute Derivs Limited, an entity that the director also has a controlling interest in. This loan is interest free and not subject to fixed repayment terms.


11.


Controlling party

The ultimate controlling party by virtue of their/his/her shareholding is S Griffiths.

 
Page 8