Company registration number 10792701 (England and Wales)
Absolute Management Services Limited
Unaudited Financial Statements
For the year ended 31 May 2024
PAGES FOR FILING WITH REGISTRAR
Absolute Management Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Absolute Management Services Limited
Balance Sheet
As at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,039
4,300
Investment property
4
3,289,999
2,889,377
3,343,038
2,893,677
Current assets
Debtors
5
393,165
426,395
Cash at bank and in hand
581
115,340
393,746
541,735
Creditors: amounts falling due within one year
6
(1,868,936)
(353,687)
Net current (liabilities)/assets
(1,475,190)
188,048
Total assets less current liabilities
1,867,848
3,081,725
Creditors: amounts falling due after more than one year
7
(11,791)
(1,576,624)
Net assets
1,856,057
1,505,101
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,855,857
1,504,901
Total equity
1,856,057
1,505,101
Absolute Management Services Limited
Balance Sheet (Continued)
As at 31 May 2024
- 2 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr P McNamara
Director
Company registration number 10792701 (England and Wales)
Absolute Management Services Limited
Notes to the Financial Statements
For the year ended 31 May 2024
- 3 -
1
Accounting policies
Company information

Absolute Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Base Camp, 1 Rhodes Way, Watford, Hertfordshire, WD24 4YW.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of rental income receivable and services provided, stated net of discounts and VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% straight line
Equipment
33% straight line
Motor vehicles
25% straight line

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Absolute Management Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

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

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
Absolute Management Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
3,825
4,427
-
0
8,252
Additions
875
-
0
58,480
59,355
At 31 May 2024
4,700
4,427
58,480
67,607
Depreciation and impairment
At 1 June 2023
254
3,698
-
0
3,952
Depreciation charged in the year
419
450
9,747
10,616
At 31 May 2024
673
4,148
9,747
14,568
Carrying amount
At 31 May 2024
4,027
279
48,733
53,039
At 31 May 2023
3,571
729
-
0
4,300
4
Investment property
2024
£
Fair value
At 1 June 2023
2,889,377
Revaluations
400,622
At 31 May 2024
3,289,999

The investment property was valued by the directors on 31 May 2024 on the basis of net realisable value derived from the sale post year end (2023 - the basis of existing use). The property was sold in July 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,000
Other debtors
393,165
425,395
393,165
426,395
Absolute Management Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,667,626
162,476
Trade creditors
28,800
-
0
Taxation and social security
5,516
17,835
Other creditors
166,994
173,376
1,868,936
353,687
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,791
1,576,624

The bank loans are secured on the company's investment properties and other assets and are repayable by monthly instalments.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
990,491
8
Related party transactions
Transactions with related parties

At the year end date the company was owed £392,565 (2023 - £425,395) by The Boarding Company Limited, a company under common control.

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