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REGISTERED NUMBER: 03721592 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

FUTURTEK LTD

FUTURTEK LTD (REGISTERED NUMBER: 03721592)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUTURTEK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTOR: C Beltramo





REGISTERED OFFICE: Unit A Gateway 1000
Whittle Way
Stevenage
Hertfordshire
SG1 2FP





REGISTERED NUMBER: 03721592 (England and Wales)





ACCOUNTANTS: Avraam Associates Limited
Chartered Accountants
495 Green Lanes
London
N13 4BS

FUTURTEK LTD (REGISTERED NUMBER: 03721592)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,748 6,131

CURRENT ASSETS
Stocks 95,267 72,214
Debtors 5 274,172 180,174
Cash at bank and in hand 12,112 95,715
381,551 348,103
CREDITORS
Amounts falling due within one year 6 76,166 70,754
NET CURRENT ASSETS 305,385 277,349
TOTAL ASSETS LESS CURRENT LIABILITIES 310,133 283,480

CREDITORS
Amounts falling due after more than one
year

7

(37,501

)

(43,626

)

PROVISIONS FOR LIABILITIES 9 (1,054 ) (1,370 )
NET ASSETS 271,578 238,484

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 271,478 238,384
SHAREHOLDERS' FUNDS 271,578 238,484

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FUTURTEK LTD (REGISTERED NUMBER: 03721592)

BALANCE SHEET - continued
28TH FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10th October 2023 and were signed by:





C Beltramo - Director


FUTURTEK LTD (REGISTERED NUMBER: 03721592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Futurtek Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FUTURTEK LTD (REGISTERED NUMBER: 03721592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st March 2022 60,976
Additions 199
At 28th February 2023 61,175
DEPRECIATION
At 1st March 2022 54,845
Charge for year 1,582
At 28th February 2023 56,427
NET BOOK VALUE
At 28th February 2023 4,748
At 28th February 2022 6,131

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 84,966 51,496
Other debtors 189,206 128,678
274,172 180,174

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,786 4,986
Trade creditors 13,206 21,649
Taxation and social security 25,358 21,893
Other creditors 3,816 22,226
76,166 70,754

FUTURTEK LTD (REGISTERED NUMBER: 03721592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 37,501 43,626

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 15,278 23,683

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 28,230 -

Barclays Security Trustee Limited has a fixed and floating charge which covers all the property or undertakings of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,054 1,370

Deferred
tax
£   
Balance at 1st March 2022 1,370
Credit to Income Statement during year (316 )
Balance at 28th February 2023 1,054

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director Mr C Beltramo by virtue of his shareholding in Tek Group Holdings Limited, the ultimate parent company.