Absolute Futbol Red Limited - Period Ending 2023-05-31

Absolute Futbol Red Limited - Period Ending 2023-05-31


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Registration number: 10158348

Absolute Futbol Red Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Absolute Futbol Red Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Absolute Futbol Red Limited

Company Information

Director

Mr Lee Anthony Lysons

Registered office

23 The Rydings
Langho
Blackburn
Lancashire
BB6 8BQ

 

Absolute Futbol Red Limited

(Registration number: 10158348)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,159

-

Current assets

 

Debtors

5

51,728

22,836

Cash at bank and in hand

 

3,024

34,840

 

54,752

57,676

Creditors: Amounts falling due within one year

6

(15,448)

(12,250)

Net current assets

 

39,304

45,426

Total assets less current liabilities

 

40,463

45,426

Creditors: Amounts falling due after more than one year

6

(39,980)

(45,066)

Net assets

 

483

360

Capital and reserves

 

Called up share capital

1

1

Retained earnings

482

359

Shareholders' funds

 

483

360

For the financial year ending 31 May 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 January 2024
 

.........................................
Mr Lee Anthony Lysons
Director

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

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 18 January 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

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:

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.

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

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.

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,545

1,545

At 31 May 2023

1,545

1,545

Depreciation

Charge for the year

386

386

At 31 May 2023

386

386

Carrying amount

At 31 May 2023

1,159

1,159

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,273

-

Amounts owed by related parties

8

48,073

22,638

Prepayments

 

382

198

   

51,728

22,836

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

4,000

3,977

Other creditors

 

-

1

Corporation tax

 

9,935

6,984

Accruals

 

1,513

1,288

 

15,448

12,250

Due after one year

 

Loans and borrowings

7

39,980

45,066

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

39,980

45,066

 

Absolute Futbol Red Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

39,980

45,066

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,000

3,977

8

Related party transactions

Key management personnel

At the balance sheet date the amount due from the director was £4,203 (2022: £7,456).