Absolute Partnership Limited - Period Ending 2015-03-31

Registration number: 07616521

Absolute Partnership Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Redshield Business Solutions Limited
Chartered Accountants
Suite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

Absolute Partnership Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Absolute Partnership Limited
(Registration number: 07616521)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					1,068,456			1,125,392
Tangible fixed assets					109,150			68,807
Investments					99,180			136,653
					1,276,786			1,330,852
Current assets
Debtors					315,903			383,387
Cash at bank and in hand					31,660			37,588
					347,563			420,975
Creditors: Amounts falling due within one year					(810,861)			(617,159)
Net current liabilities					(463,298)			(196,184)
Total assets less current liabilities					813,488			1,134,668
Creditors: Amounts falling due after more than one year					(256,373)			(210,167)
Net assets					557,115			924,501
Capital and reserves
Called up share capital		3			1,213			1,111
Share premium account					1,335,620			1,136,542
Profit and loss account					(779,718)			(213,152)
Shareholders' funds					557,115			924,501

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Absolute Partnership Limited
(Registration number: 07616521)
Abbreviated Balance Sheet at 31 March 2015
......... continued

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 December 2015 and signed on its behalf by:

.........................................
DS Beardsworth
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Absolute Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The Directors have implemented a strategy during the accounting period intended to transform the business from a traditional supplier of investigative services into a market leading fraud data analytics company. This has been achieved successfully and, going forward, the business will be based around the deployment of its four technological solutions, thirdeye®, e-screen®, e-witness® and 360.absolute. These innovations will enable the company to achieve greater penetration in the UK and pan-European insurance sector, particularly around underwriting in addition to claims. Furthermore, our broad base of support among law enforcement agencies and large corporates will enable our technologies to be more readily deployed in the fraud area outside of insurance which will greatly enhance our internal datasets and wider expertise.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line
Thirdeye project development costs	5 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Leasehold improvements	5 years straight line

Research and development

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Absolute Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Absolute Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 April 2014		1,325,882			142,132			136,653			1,604,667
Additions		30,300			90,512			99,180			219,992
Disposals		-			(19,433)			-			(19,433)
At 31 March 2015		1,356,182			213,211			235,833			1,805,226
Depreciation
At 1 April 2014		200,490			73,325			-			273,815
Charge for the year		87,236			41,060			136,653			264,949
Eliminated on disposals		-			(10,324)			-			(10,324)
At 31 March 2015		287,726			104,061			136,653			528,440
Net book value
At 31 March 2015		1,068,456			109,150			99,180			1,276,786
At 31 March 2014		1,125,392			68,807			136,653			1,330,852

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Hawes McCall and Associates Limited		Ordinary £1 shares	100%	Dissolved in year
Snowdrop Consulting Limited		Ordinary £1 shares	100%	Consultancy

The financial period end of Snowdrop Consulting Limited is 31 December 2014. The profit for the financial period of Snowdrop Consulting Limited was £21,903 and the aggregate amount of capital and reserves at the end of the period was (£8,603).

Page 5

Absolute Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £0.10 each		12,129			1,213			11,111			1,111

New shares allotted

During the year 467 Ordinary shares having an aggregate nominal value of £214 were allotted for an aggregate consideration of £100,000.

During the year 551 Ordinary shares having an aggregate nominal value of £55 were allotted for an aggregate consideration of £99,180. Issues in a share for share exchange.

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
DS Beardsworth
Director's current account	11,243	-	-	-

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