REGISTERED NUMBER: 07230553 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2025 TO 31 MARCH 2026

FOR

ABSOLUTE SALES & LETTINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Fisher

Mr D A Hole

Mr C R Mitchell

Mrs C E Earnshaw

Mrs A K Bycroft

REGISTERED OFFICE:

27 Hyde Road

Paignton

Devon

TQ4 5BP

REGISTERED NUMBER:

07230553 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

BANKERS:

Barclays

14 High Street

Totnes

Devon

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

17,878

138,089

Investments

6

-

91

Investment property

7

510,000

350,000

527,878

488,180

CURRENT ASSETS

Stocks

8

-

200,282

Debtors

9

85,973

18,646

Investments

10

3

2

Cash at bank

30,938

677

116,914

219,607

CREDITORS

Amounts falling due within one year

11

279,726

292,453

NET CURRENT LIABILITIES

(162,812

)

(72,846

)

TOTAL ASSETS LESS CURRENT LIABILITIES

365,066

415,334

CREDITORS

Amounts falling due after more than one year

12

(163,871

)

(171,526

)

PROVISIONS FOR LIABILITIES

(31,632

)

(31,632

)

NET ASSETS

169,563

212,176

CAPITAL AND RESERVES

Called up share capital

16

16

Revaluation reserve

14

102,174

117,174

Retained earnings

67,373

94,986

SHAREHOLDERS' FUNDS

169,563

212,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr S J Fisher - Director

Mr C R Mitchell - Director

Mr D A Hole - Director

Mrs C E Earnshaw - Director

Mrs A K Bycroft - Director

1.	STATUTORY INFORMATION

Absolute Sales & Lettings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Long leasehold

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2025 - NIL).

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 June 2025

and 31 March 2026

1,950

AMORTISATION

At 1 June 2025

and 31 March 2026

1,950

NET BOOK VALUE

At 31 March 2026

-

At 31 May 2025

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

Computer

property

leasehold

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2025

98,981

105,614

-

-

204,595

Additions

-

-

4,243

1,233

5,476

Disposals

(98,981

)

(38,924

)

-

-

(137,905

)

At 31 March 2026

-

66,690

4,243

1,233

72,166

DEPRECIATION

At 1 June 2025

263

66,243

-

-

66,506

Charge for period

-

6,669

530

308

7,507

Eliminated on disposal

(263

)

(19,462

)

-

-

(19,725

)

At 31 March 2026

-

53,450

530

308

54,288

NET BOOK VALUE

At 31 March 2026

-

13,240

3,713

925

17,878

At 31 May 2025

98,718

39,371

-

-

138,089

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2025

91

Additions

3,333

Disposals

(3,424

)

At 31 March 2026

-

NET BOOK VALUE

At 31 March 2026

-

At 31 May 2025

91

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2025

350,000

Additions

175,000

Revaluations

(15,000

)

At 31 March 2026

510,000

NET BOOK VALUE

At 31 March 2026

510,000

At 31 May 2025

350,000

Fair value at 31 March 2026 is represented by:

£

Valuation in 2025

350,000

Valuation in 2026

160,000

510,000

8.

STOCKS

2026

2025

£

£

Stocks

-

200,282

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

-

1,950

Amounts owed by associates

85,060

16,111

Other debtors

600

-

Prepayments

313

585

85,973

18,646

10.	CURRENT ASSET INVESTMENTS

2026

2025

£

£

Shares in group undertakings

3

2

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

11,053

21,732

Other loans

20,900

-

Trade creditors

1,040

4,041

Amounts owed to associates

56,025

44,111

Tax

13,015

44,749

VAT

4,810

5,777

Other creditors

172,568

172,043

Accrued expenses

315

-

279,726

292,453

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans - 2-5 years

44,213

44,213

Bank loans more 5 yr by instal

119,658

127,313

163,871

171,526

2026

2025

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

119,658

127,313

13.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

174,924

182,579

14.

RESERVES

Revaluation

reserve

£

At 1 June 2025

117,174

Property revaluation

(15,000

)

At 31 March 2026

102,174

15.	OTHER FINANCIAL COMMITMENTS

At 31 March 2026 the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £60,000.

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2026 and the year ended 31 May 2025:

2026

2025

£

£

Mr S J Fisher

Balance outstanding at start of period

-

(992

)

Amounts advanced

-

992

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

-

Mr D A Hole

Balance outstanding at start of period

-

(29

)

Amounts advanced

-

29

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

-

Mrs C E Earnshaw

Balance outstanding at start of period

-

(1,242

)

Amounts advanced

-

1,242

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

-

During the year the following dividends were paid to the below companies, owned and controlled by the directors:-

Torquay Ltd £95,932

D Hole Ltd £49,452

CJM Holding Ltd £62,341

17.	ULTIMATE CONTROLLING PARTY

Absolute Sales & Lettings Ltd is the parent company of Absolute Sales South Devon Ltd and Absolute Lettings South Devon Ltd. The shared registered office being 27 Hyde Road, Paignton, Devon, TQ4 5BP