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Registration number: 02893740

Futura Retail Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Futura Retail Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Futura Retail Solutions Limited

Company Information

Directors

Mr Ian Oliver Royall

Mr Nicholas Giddings

Mr David Royall

Mrs Christina Beverly Royall

Mr Jason Smith

Registered office

The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

Accountants

David Jones & Co 2018 Limited
Accountants
The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

 

Futura Retail Solutions Limited

(Registration number: 02893740)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

8,330

8,421

Current assets

 

Debtors

6

251,560

194,077

Cash at bank and in hand

 

745,247

800,279

 

996,807

994,356

Creditors: Amounts falling due within one year

7

(137,290)

(145,484)

Net current assets

 

859,517

848,872

Net assets

 

867,847

857,293

Capital and reserves

 

Called up share capital

8

370

370

Capital redemption reserve

630

630

Retained earnings

866,847

856,293

Shareholders' funds

 

867,847

857,293

For the financial year ending 31 December 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

.........................................
Mr Jason Smith
Director

 

Futura Retail Solutions Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

370

630

856,293

857,293

Profit for the year

-

-

10,554

10,554

At 31 December 2022

370

630

866,847

867,847

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2021

370

630

825,918

826,918

Profit for the year

-

-

30,375

30,375

At 31 December 2021

370

630

856,293

857,293

 

Futura Retail Solutions Limited

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

1

General information

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

The address of its registered office is:
The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

These financial statements were authorised for issue by the Board on 26 September 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.

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 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.

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Fixtures & Fittings

25% Reducing Balance

Office equipment

25% Reducing Balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

The Patents and Licences shown in the accounts are a licence to sell which was acquired for a 4 year period and is being written off over that 4 years

Amortisation

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

Asset class

Amortisation method and rate

Patents and Licences

25% Straight Line

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.

 

Futura Retail Solutions Limited

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

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.

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 16 (2021 - 16).

 

Futura Retail Solutions Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2022

401,100

401,100

At 31 December 2022

401,100

401,100

Amortisation

At 1 January 2022

401,100

401,100

At 31 December 2022

401,100

401,100

Carrying amount

At 31 December 2022

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

4,199

19,310

23,509

Additions

-

2,686

2,686

At 31 December 2022

4,199

21,996

26,195

Depreciation

At 1 January 2022

2,983

12,105

15,088

Charge for the year

304

2,473

2,777

At 31 December 2022

3,287

14,578

17,865

Carrying amount

At 31 December 2022

912

7,418

8,330

At 31 December 2021

1,216

7,205

8,421

6

Debtors

 

Futura Retail Solutions Limited

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

Current

2022
£

2021
£

Trade debtors

246,979

156,916

Prepayments

4,581

10,172

Other debtors

-

26,989

 

251,560

194,077

 

Futura Retail Solutions Limited

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

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

51,529

88,385

Taxation and social security

70,006

45,445

Accruals and deferred income

11,910

8,529

Other creditors

3,845

3,125

137,290

145,484

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

370

370

370

370

         

9

Dividends

Final dividends paid

   

2022
£

 

2021
£

Final dividend of Nil per each

 

-

 

-

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

267,656

244,627

Contributions paid to money purchase schemes

26,162

22,812

293,818

267,439