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Company registration number: 10713135
Absolute Smarts Ltd
Unaudited filleted financial statements
30 April 2024
Absolute Smarts Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Absolute Smarts Ltd
Directors and other information
Director K W Roast
Company number 10713135
Registered office Office 1 Riverside Court
Wickford
SS11 8AW
Business address 1-2 Beke Hall Chase North
Rayleigh
SS6 9EY
Accountants Hill Allen (Wickford) Limited
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Bankers Barclays Bank UK PLC
1 Churchill Place
London
E14 5HP
Absolute Smarts Ltd
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,350 4,800
_______ _______
3,350 4,800
Current assets
Stocks 38,908 37,627
Debtors 6 - 682
Cash at bank and in hand 206 2,584
_______ _______
39,114 40,893
Creditors: amounts falling due
within one year 7 ( 27,288) ( 26,080)
_______ _______
Net current assets 11,826 14,813
_______ _______
Total assets less current liabilities 15,176 19,613
Creditors: amounts falling due
after more than one year 8 ( 5,834) ( 10,833)
_______ _______
Net assets 9,342 8,780
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 9,322 8,760
_______ _______
Shareholders funds 9,342 8,780
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 May 2024 , and are signed on behalf of the board by:
K W Roast
Director
Company registration number: 10713135
Absolute Smarts Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office 1 Riverside Court, Wickford, SS11 8AW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 and 30 April 2024 7,300 3,132 10,432
_______ _______ _______
Depreciation
At 1 May 2023 2,500 3,132 5,632
Charge for the year 1,450 - 1,450
_______ _______ _______
At 30 April 2024 3,950 3,132 7,082
_______ _______ _______
Carrying amount
At 30 April 2024 3,350 - 3,350
_______ _______ _______
At 30 April 2023 4,800 - 4,800
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors - 682
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,417 7,134
Trade creditors 2,486 4,560
Corporation tax 1,902 209
Social security and other taxes 6,667 6,222
Other creditors 5,816 7,955
_______ _______
27,288 26,080
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 5,834 10,833
_______ _______
9. Controlling party
The company is controlled by the director K Roast .