Registered number
05472355
ABSTRACT ONLINE LTD
Filleted Accounts
30 June 2024
ABSTRACT ONLINE LTD
Registered number: 05472355
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 350,000 350,000
Tangible assets 4 1,911,269 2,664,753
2,261,269 3,014,753
Current assets
Debtors 5 808,737 8,737
Cash at bank and in hand 233,700 197,491
1,042,437 206,228
Creditors: amounts falling due within one year 6 (2,328,990) (2,346,679)
Net current liabilities (1,286,553) (2,140,451)
Total assets less current liabilities 974,716 874,302
Creditors: amounts falling due after more than one year 7 (30,270) (36,317)
Net assets 944,446 837,985
Capital and reserves
Called up share capital 1 1
Profit and loss account 944,445 837,984
Shareholders' funds 944,446 837,985
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammed Jameel Latif
Director
Approved by the board on 27 March 2025
ABSTRACT ONLINE LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 350,000
At 30 June 2024 350,000
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 350,000
At 30 June 2023 350,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 2,636,966 260,736 2,897,702
Additions 67,765 - 67,765
Disposals (815,691) - (815,691)
At 30 June 2024 1,889,040 260,736 2,149,776
Depreciation
At 1 July 2023 - 232,949 232,949
Charge for the year - 5,558 5,558
At 30 June 2024 - 238,507 238,507
Net book value
At 30 June 2024 1,889,040 22,229 1,911,269
At 30 June 2023 2,636,966 27,787 2,664,753
5 Debtors 2024 2023
£ £
Trade debtors 8,737 8,737
Other debtors 800,000 -
808,737 8,737
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,937,780 2,024,978
Taxation and social security costs 94,787 87,529
Other creditors 296,423 234,172
2,328,990 2,346,679
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,270 36,317
8 Controlling party
The company is controlled by the director.
9 Other information
ABSTRACT ONLINE LTD is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor Office
16 Otley Road
Guiseley
LS20 8XB
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