Absolute Fabrications Limited - Accounts to registrar (filleted) - small 18.2

Absolute Fabrications Limited - Accounts to registrar (filleted) - small 18.2

ABSOLUTE FABRICATIONS LIMITED - Company Information

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REGISTERED NUMBER: 04402133 (England and Wales)















ABSOLUTE FABRICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021






ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


ABSOLUTE FABRICATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2021







DIRECTORS: P M Wilson
Mrs T J Wilson





SECRETARY: Mrs T J Wilson





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 04402133 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT
Page 1
ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 23,274 17,216

CURRENT ASSETS
Inventories 4,750 4,750
Debtors 5 68,788 63,784
Cash at bank and in hand 79,491 85,691
153,029 154,225
CREDITORS
Amounts falling due within one year 6 48,712 38,823
NET CURRENT ASSETS 104,317 115,402
TOTAL ASSETS LESS CURRENT LIABILITIES 127,591 132,618

PROVISIONS FOR LIABILITIES 4,269 3,088
NET ASSETS 123,322 129,530

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 123,320 129,528
SHAREHOLDERS' FUNDS 123,322 129,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 notes form part of these financial statements

Page 2 continued...
ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by:





P M Wilson - Director


The notes form part of these financial statements

Page 3
ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1. STATUTORY INFORMATION

Absolute Fabrications Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors considers that use of the going concern assumption is appropriate, due to measures put in place by the UK Government to alleviate the major affects of the COVID-19 virus outbreak on the business

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Property,plant and equipment are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants
Government grants relating to revenue are recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Government grants receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Page 4 continued...
ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2020 4,031 84,858 88,889
Additions - 12,313 12,313
At 31 March 2021 4,031 97,171 101,202
DEPRECIATION
At 1 April 2020 4,031 67,642 71,673
Charge for year - 6,255 6,255
At 31 March 2021 4,031 73,897 77,928
NET BOOK VALUE
At 31 March 2021 - 23,274 23,274
At 31 March 2020 - 17,216 17,216

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 64,262 52,545
Other debtors 2,006 9,256
Prepayments and accrued income 2,520 1,983
68,788 63,784

Page 5 continued...
ABSOLUTE FABRICATIONS LIMITED (REGISTERED NUMBER: 04402133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 20,419 16,686
Other taxes and social security 22,168 16,696
Other creditors 203 229
Directors' current accounts 658 658
Accrued expenses 5,264 4,554
48,712 38,823

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
2 Ordinary £1 2 2

Page 6