Future Gateways Limited
Registered number: 09657225
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 48,031 1,952
Current assets
Debtors 4 93,353 77,945
Cash at bank and in hand 104,008 97,832
197,361 175,777
Creditors: amounts falling due within one year 5 (32,844) (53,900)
Net current assets 164,517 121,877
Total assets less current liabilities 212,548 123,829
Creditors: amounts falling due after more than one year 6 (37,000) -
Net assets 175,548 123,829
Capital and reserves
Called up share capital 1 1
Profit and loss account 175,547 123,828
Shareholders' funds 175,548 123,829
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Welham
Director
Approved by the board on 26 November 2023
Future Gateways Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 8,228 - 8,228
Additions 5,306 57,000 62,306
At 30 June 2023 13,534 57,000 70,534
Depreciation
At 1 July 2022 6,276 - 6,276
Charge for the year 1,977 14,250 16,227
At 30 June 2023 8,253 14,250 22,503
Net book value
At 30 June 2023 5,281 42,750 48,031
At 30 June 2022 1,952 - 1,952
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
4 Debtors 2023 2022
£ £
Trade debtors 93,353 77,945
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,248 4,248
Obligations under finance lease and hire purchase contracts 158 -
Trade creditors (45) (45)
Corporation tax 21,867 27,522
Other taxes and social security costs 4,956 20,695
Other creditors 1,660 1,480
32,844 53,900
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 37,000 -
7 Other information
Future Gateways Limited is a private company limited by shares and incorporated in England. Its registered office is: Unit 3-5, Alton Business Centre, Valley Lane, Ipswich, IP9 2AX
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