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Registered number: 05727405 ABSOLUTE STRATEGY RESEARCH LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2026
ABSOLUTE STRATEGY RESEARCH LIMITED REGISTERED NUMBER: 05727405 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 36,364 |  | 13,288
Investments | 5 |  | 62 |  | 62
|  |  | 36,426 |  | 13,350
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,527,738 |  | 1,945,503 |
Cash at bank and in hand |  | 855,702 |  | 1,004,735 |
|  | 2,383,440 |  | 2,950,238 |
Creditors: amounts falling due within one year | 7 | (2,523,271) |  | (2,696,408) |
NET CURRENT (LIABILITIES)/ASSETS |  |  | (139,831) |  | 253,830
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (103,405) |  | 267,180
NET (LIABILITIES)/ASSETS |  |  | (103,405) |  | 267,180
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 8 |  | 14,136 |  | 14,136
Share premium account |  |  | 147,922 |  | 147,922
Profit and loss account |  |  | (265,463) |  | 105,122
|  |  | (103,405) |  | 267,180
Page 1
ABSOLUTE STRATEGY RESEARCH LIMITED REGISTERED NUMBER: 05727405 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2026 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:
Dr I R Harnett
Director
Date: 21 July 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | GENERAL INFORMATION
Absolute Strategy Research Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. The company's trading address is 36-38 Cornhill, London, EC3V 3NG. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 | GOING CONCERN
The Directors have reviewed forecasts and cash flow projections covering a period of at least twelve months from the date of approval of these financial statements. Having considered the Company's financial resources and expected future trading performance, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | 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, on the following bases. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25% | reducing balance / straight line
|  |  |  | Office equipment | - | 25% | reducing balance / straight line
|  |  |  | Computer equipment | - | 25% | reducing balance / straight line
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. Page 3
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 4
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | OPERATING LEASES
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.12 | PENSIONS
The Company contributes to personal pension plans on behalf of certain employees and directors. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet.
| 2.13 | HOLIDAY PAY ACCRUAL
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.14 | SHARE-BASED PAYMENTS
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight-line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.
| 2.15 | 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 balance sheet date in the countries where the Company operates and generates income.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 28 (2025 - 29).
Page 5
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | TANGIBLE FIXED ASSETS
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| COST OR VALUATION |  |  |  |
| At 1 April 2025 | 12,650 | 30,330 | 80,244 | 123,224
| Additions | - | 1,869 | 30,875 | 32,744
| At 31 March 2026 | 12,650 | 32,199 | 111,119 | 155,968
| DEPRECIATION |  |  |  |
| At 1 April 2025 | 12,477 | 27,343 | 70,116 | 109,936
| Charge for the year on owned assets | 43 | 2,881 | 6,744 | 9,668
| At 31 March 2026 | 12,520 | 30,224 | 76,860 | 119,604
| NET BOOK VALUE |  |  |  |
| At 31 March 2026 | 130 | 1,975 | 34,259 | 36,364
| At 31 March 2025 | 173 | 2,987 | 10,128 | 13,288
5. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 April 2025 | 62
| At 31 March 2026 | 62
Page 6
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | DEBTORS
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 823,196 | 1,054,609
| Amounts owed by group undertakings | 54,604 | 54,604
| Other debtors | 85,948 | 167,664
| Prepayments and accrued income | 563,990 | 668,626
|  | 1,527,738 | 1,945,503
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 64,211 | 274,733
| Other taxation and social security | 213,102 | 198,805
| Other creditors | 9,850 | 119,394
| Accruals and deferred income | 2,236,108 | 2,103,476
|  | 2,523,271 | 2,696,408
| At the balance sheet date, pension contributons totalling £nil (2025 - £7,137) were outstanding.
8. | SHARE CAPITAL
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 5,000 (2025 - 5,000) Ordinary A shares of £1.00 each | 5,000 | 5,000
|  | 5,000 (2025 - 5,000) Ordinary B shares of £1.00 each | 5,000 | 5,000
|  | 2,136 (2025 - 2,136) Ordinary C shares of £1.00 each | 2,136 | 2,136
|  | 2,000 (2025 - 2,000) Ordinary D shares of £1.00 each | 2,000 | 2,000
|  |  | 14,136 | 14,136
Page 7
ABSOLUTE STRATEGY RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | COMMITMENTS UNDER OPERATING LEASES
| At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 20,060 | 137,551
| Later than 1 year and not later than 5 years | - | 20,060
|  | 20,060 | 157,611
Page 8