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COMPANY REGISTRATION NUMBER: 02684259
FUTUREBEGIN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
FUTUREBEGIN LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
FUTUREBEGIN LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,746
7,969
Current assets
Stocks
6
260,021
248,071
Debtors
7
14,695
17,173
Cash at bank and in hand
323,114
305,898
------------
------------
597,830
571,142
Creditors: amounts falling due within one year
8
( 81,077)
( 98,201)
------------
------------
Net current assets
516,753
472,941
------------
------------
Total assets less current liabilities
522,499
480,910
Creditors: amounts falling due after more than one year
9
( 21,667)
( 31,667)
Provisions
( 1,200)
( 1,200)
------------
------------
Net assets
499,632
448,043
------------
------------
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss account
489,632
438,043
------------
------------
Shareholders funds
499,632
448,043
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
R S T Cartwright Director
Company registration number: 02684259
FUTUREBEGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alder Street, Fartown, Huddersfield, HD1 6LD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
25% straight line
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office and computer equipment
-
25% reducing balance/33.3% straight line
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Property improvements
Fixtures, fittings and equipment
Motor vehicles
Office and computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
14,568
73,418
35,034
17,195
140,215
------------
------------
------------
------------
------------
Depreciation
At 1 April 2022
14,192
70,980
30,421
16,653
132,246
Charge for the year
188
609
1,153
273
2,223
------------
------------
------------
------------
------------
At 31 March 2023
14,380
71,589
31,574
16,926
134,469
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2023
188
1,829
3,460
269
5,746
------------
------------
------------
------------
------------
At 31 March 2022
376
2,438
4,613
542
7,969
------------
------------
------------
------------
------------
6. Stocks
2023
2022
£
£
Finished goods and goods for resale
260,021
248,071
------------
------------
7. Debtors
2023
2022
£
£
Prepayments and accrued income
3,933
6,448
Other debtor (note 12)
10,762
10,725
------------
------------
14,695
17,173
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
7,076
10,233
Accruals and deferred income
5,972
6,070
Corporation tax
13,150
18,400
Social security and other taxes
2,560
6,551
Director's loan account (note 12)
42,319
46,947
------------
------------
81,077
98,201
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
21,667
31,667
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,200
1,200
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,200
1,200
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
------------
------------
------------
------------
12. Related party transactions
Transactions with the director The director's loan account of £42,319 (2022: £46,947) set out at note 8 above is unsecured, repayable on demand and currently interest free. R S T Cartwright is a director of Brighouse Motorcycle Training Centre Limited and controls that company's ordinary share capital. Included in other debtors is the amount of £10,762 (2022: £10,725) which represents a loan due from Brighouse Motorcycle Training Centre Limited. This loan is unsecured, repayable on demand and currently interest free. The company occupies premises owned by the director. The rent charge in the year payable by the company was £10,000 (2022: £10,000). Control of the company The company is controlled by R S T Cartwright .