Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08130948 2023-07-01 2024-06-30 08130948 2022-07-01 2023-06-30 08130948 2024-06-30 08130948 2023-06-30 08130948 c:Director1 2023-07-01 2024-06-30 08130948 c:Director2 2023-07-01 2024-06-30 08130948 c:RegisteredOffice 2023-07-01 2024-06-30 08130948 d:PlantMachinery 2023-07-01 2024-06-30 08130948 d:PlantMachinery 2024-06-30 08130948 d:PlantMachinery 2023-06-30 08130948 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08130948 d:CurrentFinancialInstruments 2024-06-30 08130948 d:CurrentFinancialInstruments 2023-06-30 08130948 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 08130948 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 08130948 d:ShareCapital 2024-06-30 08130948 d:ShareCapital 2023-06-30 08130948 d:RetainedEarningsAccumulatedLosses 2024-06-30 08130948 d:RetainedEarningsAccumulatedLosses 2023-06-30 08130948 c:FRS102 2023-07-01 2024-06-30 08130948 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 08130948 c:FullAccounts 2023-07-01 2024-06-30 08130948 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08130948 2 2023-07-01 2024-06-30 08130948 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Company registration number: 08130948







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


ABSOLUTE BOARD CO. LIMITED






































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ABSOLUTE BOARD CO. LIMITED
 


 
COMPANY INFORMATION


Directors
L Campbell 
B Mackay 




Registered number
08130948



Registered office
Unit 2
M3 Trade Park

Manor Way

Eastleigh

Hampshire

SO50 9YA




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


ABSOLUTE BOARD CO. LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


ABSOLUTE BOARD CO. LIMITED
REGISTERED NUMBER:08130948



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
689

  
-
689

Current assets
  

Stocks
  
143,304
311,473

Debtors: amounts falling due within one year
 5 
4,341,616
4,313,467

Cash at bank and in hand
  
54,451
38,357

  
4,539,371
4,663,297

Creditors: amounts falling due within one year
 6 
(3,571,067)
(3,634,602)

Net current assets
  
 
 
968,304
 
 
1,028,695

Total assets less current liabilities
  
968,304
1,029,384

  

Net assets
  
968,304
1,029,384

Page 1

 


ABSOLUTE BOARD CO. LIMITED
REGISTERED NUMBER:08130948


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
968,204
1,029,284

  
968,304
1,029,384


The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 by: 




L Campbell
Director

Date: 28 April 2025

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

Page 2

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Absolute Board Co. Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. 

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

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:

Plant and machinery
-
20%

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 5

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 July 2023
5,175



At 30 June 2024

5,175



Depreciation


At 1 July 2023
4,486


Charge for the year on owned assets
689



At 30 June 2024

5,175



Net book value



At 30 June 2024
-



At 30 June 2023
689


5.


Debtors

2024
2023
£
£


Trade debtors
1,882
-

Amounts owed by group undertakings
4,332,620
4,308,197

Other debtors
7,114
2,897

Prepayments and accrued income
-
2,373

4,341,616
4,313,467


Page 7

 


ABSOLUTE BOARD CO. LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,186
12,636

Amounts owed to group undertakings
3,525,324
3,586,152

Corporation tax
-
14,340

Other taxation and social security
18,991
7,302

Other creditors
5,921
11,532

Accruals and deferred income
6,645
2,640

3,571,067
3,634,602



7.


Controlling party

The ultimate parent company is Absolute International Pty Ltd a company registered in Australia, who own
100% of the company's share capital. 
The largest and smallest group in which the results of the company are consolidated is Absolute International Pty Ltd. The consolidated financial statements are made available to the public and can be obtained from Unit 1/9 Cairns Street, Loganholme Qld 4129 Australia.

 
Page 8