Absolute Futbol Red Limited - Period Ending 2018-05-31

Absolute Futbol Red Limited - Period Ending 2018-05-31


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Registration number: 10158348

Absolute Futbol Red Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

DSM CA Limited
Station House Station Road
Whalley
Clitheroe
Lancashire
BB7 9RT

 

Absolute Futbol Red Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Absolute Futbol Red Limited

Company Information

Directors

Mr Lee Anthony Lysons

Mr Scott James Rogers

Registered office

2 Teal Close
Lammack
Blackburn
Lancashire
BB1 8JY

 

Absolute Futbol Red Limited

(Registration number: 10158348)
Balance Sheet as at 31 May 2018

Note

2018
£

2017
£

Current assets

 

Debtors

3

8,980

9,980

Cash at bank and in hand

 

1,243

2,072

 

10,223

12,052

Creditors: Amounts falling due within one year

4

(9,905)

(11,926)

Net assets

 

318

126

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

317

125

Total equity

 

318

126

For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 February 2019 and signed on its behalf by:
 

.........................................

Mr Scott James Rogers
Director

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Teal Close
Lammack
Blackburn
Lancashire
BB1 8JY
England

These financial statements were authorised for issue by the Board on 20 February 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Debtors

2018
£

2017
£

Other debtors

8,980

9,980

Total current trade and other debtors

8,980

9,980

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

4

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Other creditors

 

7,909

10,300

Corporation tax

 

45

650

Accruals

 

1,951

976

 

9,905

11,926

5

Related party transactions

Key management personnel

At the balance sheet date the amount due from the directors was £8,980 (2017: £9,980).