Company Registration No. 08694623 (England and Wales)
Future Construction Ltd
Unaudited accounts
for the period from 1 April 2022 to 31 December 2022
Future Construction Ltd
Unaudited accounts
Contents
Future Construction Ltd
Company Information
for the period from 1 April 2022 to 31 December 2022
Directors
G Hughes
M Ashton
Company Number
08694623 (England and Wales)
Registered Office
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
Accountants
The Fresh Accountancy Company Limited
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
Future Construction Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
15,475
20,633
Debtors
3,932,124
2,494,503
Cash at bank and in hand
(17,970)
108,064
Creditors: amounts falling due within one year
(3,313,700)
(2,051,260)
Net current assets
600,454
551,307
Total assets less current liabilities
615,929
571,940
Creditors: amounts falling due after more than one year
(187,500)
(246,774)
Net assets
428,429
325,166
Called up share capital
105
105
Profit and loss account
428,324
325,061
Shareholders' funds
428,429
325,166
For the period ending 31 December 2022 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 17 October 2023 and were signed on its behalf by
G Hughes
Director
Company Registration No. 08694623
Future Construction Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 2022
Future Construction Ltd is a private company, limited by shares, registered in England and Wales, registration number 08694623. The registered office is Orchard House, Clyst St Mary, Exeter, Devon, EX5 1BR.
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 period, 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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% - Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Future Construction Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 2022
The accounts have been prepared on a going concern basis. The going concern of the company and the group is dependent of the continued support of its directors and lenders.
4
Tangible fixed assets
Plant & machinery
At 31 December 2022
45,549
Charge for the period
5,158
At 31 December 2022
30,074
At 31 December 2022
15,475
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Debtors
31/12/2022
31/03/2022
Amounts falling due within one year
Amounts due from group undertakings etc.
3,491,495
1,462,192
Accrued income and prepayments
-
979,790
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Creditors: amounts falling due within one year
31/12/2022
31/03/2022
Bank loans and overdrafts
75,000
75,000
Obligations under finance leases and hire purchase contracts
-
1,356
Trade creditors
555,875
688,274
Amounts owed to group undertakings and other participating interests
2,603,590
1,192,692
Taxes and social security
27,246
81,266
Other creditors
40,839
1,516
Loans from directors
11,150
11,156
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Creditors: amounts falling due after more than one year
31/12/2022
31/03/2022
Bank loans
187,500
243,750
Obligations under finance leases and hire purchase contracts
-
3,024
Future Construction Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 2022
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Transactions with related parties
During the period the company transacted with various related parties, related by virtue of the directors have an interest in the management or ownership.
Amounts due from related parties at the balance sheet date £1,332,263 (31.3.22 £15,134)
Amounts due to related parties at the balance sheet date £392,616 (31.3.22 £405,518)
Amounts borrowed from related parties during the period £185,391
Amounts lent/repaid to related parties during the period £3,605
The amounts are interest free with no fixed repayment terms.
All other transactions were on an arms length basis, or with wholly owned group companies.
The company is controlled by Harrington Homes (SW) Limited, registered in England and Wales under number 11166928. Registered office; Orchard House, Clyst St Mary, EX5 1BR.
Harrington Homes (SW) Limited is also the ultimate controlling party.
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Average number of employees
During the period the average number of employees was 6 (31/03/2022: 6).