Absolute Futbol Ltd - Period Ending 2017-07-31

Absolute Futbol Ltd - Period Ending 2017-07-31


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Registration number: 05887354

Absolute Futbol Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

 

Absolute Futbol Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Absolute Futbol Ltd

(Registration number: 05887354)
Balance Sheet as at 31 July 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

435

139

Current assets

 

Stocks

5

200

520

Debtors

6

10,580

6,260

Cash at bank and in hand

 

8,158

2,848

 

18,938

9,628

Creditors: Amounts falling due within one year

7

(15,185)

(9,443)

Net current assets

 

3,753

185

Net assets

 

4,188

324

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

4,178

314

Total equity

 

4,188

324

For the financial year ending 31 July 2017 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 30 April 2018 and signed on its behalf by:
 

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

Mr Lee Anthony Lysons

Director

 

Absolute Futbol Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

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
Blackburn
Lancashire
BB1 8JY
England

These financial statements were authorised for issue by the Board on 30 April 2018.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Absolute Futbol Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

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.

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 directors) during the year, was 5 (2016 - 7).

 

Absolute Futbol Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2016

-

1,578

1,578

Additions

440

-

440

At 31 July 2017

440

1,578

2,018

Depreciation

At 1 August 2016

-

1,439

1,439

Charge for the year

110

34

144

At 31 July 2017

110

1,473

1,583

Carrying amount

At 31 July 2017

330

105

435

At 31 July 2016

-

139

139

5

Stocks

2017
£

2016
£

Other inventories

200

520

6

Debtors

2017
£

2016
£

Other debtors

10,580

6,260

Total current trade and other debtors

10,580

6,260

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

481

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

1,079

-

Taxation and social security

 

850

-

Other creditors

 

12,775

9,443

 

15,185

9,443

 

Absolute Futbol Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

8

Related party transactions

Key management personnel

At the balance sheet date the amount due from the directors is £2,500 (2016: £6,260).