Absolute Futbol Ltd - Period Ending 2022-07-31

Absolute Futbol Ltd - Period Ending 2022-07-31


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Registration number: 05887354

Absolute Futbol Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

Absolute Futbol Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Absolute Futbol Ltd

Company Information

Director

Mr Lee Anthony Lysons

Registered office

23 The Rydings
Langho
Blackburn
Lancashire
BB6 8BQ

 

Absolute Futbol Ltd

(Registration number: 05887354)
Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,332

458

Current assets

 

Stocks

5

200

200

Debtors

6

19,963

13,086

Cash at bank and in hand

 

41,426

27,441

 

61,589

40,727

Creditors: Amounts falling due within one year

7

(42,770)

(19,419)

Net current assets

 

18,819

21,308

Total assets less current liabilities

 

20,151

21,766

Creditors: Amounts falling due after more than one year

7

(19,845)

(20,758)

Net assets

 

306

1,008

Capital and reserves

 

Called up share capital

10

10

Retained earnings

296

998

Shareholders' funds

 

306

1,008

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 27 January 2023
 

Mr Lee Anthony Lysons

Director

 

Absolute Futbol Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

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

The address of its registered office is:
23 The Rydings
Langho
Blackburn
Lancashire
BB6 8BQ

These financial statements were authorised for issue by the director on 27 January 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Absolute Futbol Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office Equipment

25% reducing balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

 

Absolute Futbol Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 3).

 

Absolute Futbol Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2021

1,007

1,578

2,585

Additions

365

1,126

1,491

Disposals

(138)

-

(138)

At 31 July 2022

1,234

2,704

3,938

Depreciation

At 1 August 2021

582

1,545

2,127

Charge for the year

199

315

514

Eliminated on disposal

(35)

-

(35)

At 31 July 2022

746

1,860

2,606

Carrying amount

At 31 July 2022

488

844

1,332

At 31 July 2021

425

33

458

5

Stocks

2022
£

2021
£

Other inventories

200

200

6

Debtors

Current

2022
£

2021
£

Trade debtors

12,804

-

Prepayments

-

477

Other debtors

7,159

12,609

 

19,963

13,086

 

Absolute Futbol Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

2,414

2,742

trade creditors

 

4,066

1,617

Amounts owed to participating interests

9

19,675

4,697

Taxation and social security

 

12,743

3,501

Accrued expenses

 

1,345

1,614

Corporation tax

 

2,288

2,641

Wage and pension creditors

 

239

2,607

 

42,770

19,419

Due after one year

 

Loans and borrowings

8

19,845

20,758

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

19,845

20,758

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

19,845

20,758

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,414

2,742

9

Related party transactions

Key management personnel

At the balance sheet date the amount due from the director was £7,159 (2021: £11,167).