Company Registration No. 06644262 (England and Wales)
Absolute Financial Software Solutions (AFSS) Limited
Unaudited accounts
for the year ended 31 July 2023
Absolute Financial Software Solutions (AFSS) Limited
Unaudited accounts
Contents
Absolute Financial Software Solutions (AFSS) Limited
Company Information
for the year ended 31 July 2023
Directors
VINCENT SANTENG
SARAH SANTENG
Company Number
06644262 (England and Wales)
Registered Office
Unit 322B, Ability House
121 Brooker Road
Waltham Abbey
Essex
EN9 1JH
United Kingdom
Accountants
PMCT Accountants & Consultants
Suite 322B, Ability House
121 Brooker Road
Waltham Abbey
Essex
EN9 1JH
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Absolute Financial Software Solutions (AFSS) Limited
for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Absolute Financial Software Solutions (AFSS) Limited for the year ended
31 July 2023 as set out on pages
5 -
8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Absolute Financial Software Solutions (AFSS) Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2010. Our work has been undertaken solely to prepare for your approval the accounts of Absolute Financial Software Solutions (AFSS) Limited and state those matters that we have agreed to state to the Board of Directors of Absolute Financial Software Solutions (AFSS) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Absolute Financial Software Solutions (AFSS) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Absolute Financial Software Solutions (AFSS) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Absolute Financial Software Solutions (AFSS) Limited. You consider that Absolute Financial Software Solutions (AFSS) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Absolute Financial Software Solutions (AFSS) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
PMCT Accountants & Consultants
Chartered Certified Accountants
Suite 322B, Ability House
121 Brooker Road
Waltham Abbey
Essex
EN9 1JH
29 March 2024
Absolute Financial Software Solutions (AFSS) Limited
Statement of financial position
as at 31 July 2023
Tangible assets
44,630
54,427
Cash at bank and in hand
1,000
1,000
Creditors: amounts falling due within one year
(48,000)
(36,000)
Net current assets
166,138
160,138
Total assets less current liabilities
210,768
214,565
Creditors: amounts falling due after more than one year
(280,128)
(283,508)
Net liabilities
(69,360)
(68,943)
Called up share capital
1,000
1,000
Profit and loss account
(70,360)
(69,943)
Shareholders' funds
(69,360)
(68,943)
For the year ending 31 July 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by
VINCENT SANTENG
Director
Company Registration No. 06644262
Absolute Financial Software Solutions (AFSS) Limited
Notes to the Accounts
for the year ended 31 July 2023
Absolute Financial Software Solutions (AFSS) Limited is a private company, limited by shares, registered in England and Wales, registration number 06644262. The registered office is Unit 322B, Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 1JH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The turnover shown in the profit and loss account represents revenue earned during the period, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
Motor vehicles - 15% on cost subject to a maximum of £3,000.00
Other tangible fixed assets
15%
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Absolute Financial Software Solutions (AFSS) Limited
Notes to the Accounts
for the year ended 31 July 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred if is below threshold.
Software development cost is capitalised.
Whereby incurred cost on Software Development is significant for uncertainty projects, cost is not written - off immediately till it is reasonable to do so. Such cost would be treated as off-balance sheet if all developers involved agree to such treatment.
This is OBS valuation Prudent Revaluation - till it is probable to realise sale of Basel 2 and ERM software solutions. The value FCA requested to be written-off from Balance Sheet to Off-Balance Sheet for Basel 2 software implementation is £1,145,570.00. The project has high levels of uncertainty due to Basel 3 and Basel 4
Absolute Financial Software Solutions (AFSS) Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Other debtors
213,138
195,138
6
Creditors: amounts falling due within one year
2023
2022
Other creditors
18,000
16,000
Loans from directors
30,000
20,000
7
Creditors: amounts falling due after more than one year
2023
2022
Trade creditors
280,128
283,508
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).