Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3172022-04-01falseNo description of principal activitytrue7falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09404270 2022-04-01 2023-03-31 09404270 2021-04-01 2022-03-31 09404270 2023-03-31 09404270 2022-03-31 09404270 c:Director1 2022-04-01 2023-03-31 09404270 d:MotorVehicles 2022-04-01 2023-03-31 09404270 d:MotorVehicles 2023-03-31 09404270 d:MotorVehicles 2022-03-31 09404270 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09404270 d:FurnitureFittings 2022-04-01 2023-03-31 09404270 d:FurnitureFittings 2023-03-31 09404270 d:FurnitureFittings 2022-03-31 09404270 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09404270 d:OfficeEquipment 2022-04-01 2023-03-31 09404270 d:OfficeEquipment 2023-03-31 09404270 d:OfficeEquipment 2022-03-31 09404270 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09404270 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09404270 d:CurrentFinancialInstruments 2023-03-31 09404270 d:CurrentFinancialInstruments 2022-03-31 09404270 d:Non-currentFinancialInstruments 2023-03-31 09404270 d:Non-currentFinancialInstruments 2022-03-31 09404270 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09404270 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09404270 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09404270 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09404270 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 09404270 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 09404270 d:ShareCapital 2023-03-31 09404270 d:ShareCapital 2022-03-31 09404270 d:RetainedEarningsAccumulatedLosses 2023-03-31 09404270 d:RetainedEarningsAccumulatedLosses 2022-03-31 09404270 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 09404270 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 09404270 c:FRS102 2022-04-01 2023-03-31 09404270 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09404270 c:FullAccounts 2022-04-01 2023-03-31 09404270 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09404270 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09404270 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 09404270










FUTURE ISLANDS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FUTURE ISLANDS LIMITED
REGISTERED NUMBER: 09404270

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,783
15,679

  
11,783
15,679

Current assets
  

Stocks
 5 
33,855
51,804

Debtors: amounts falling due within one year
 6 
10,130
8,045

Cash at bank and in hand
 7 
13,637
5,835

  
57,622
65,684

Creditors: amounts falling due within one year
 8 
(24,593)
(29,023)

Net current assets
  
 
 
33,029
 
 
36,661

Total assets less current liabilities
  
44,812
52,340

Creditors: amounts falling due after more than one year
 9 
-
(6,146)

Provisions for liabilities
  

Deferred tax
 12 
(194)
(935)

  
 
 
(194)
 
 
(935)

Net assets
  
44,618
45,259


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
44,518
45,159

  
44,618
45,259


Page 1

 
FUTURE ISLANDS LIMITED
REGISTERED NUMBER: 09404270
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2024.




A J O'Leary
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (No. 09404270).  The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 6

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

2023
2022
£
£

Wages and salaries
55,894
47,695

Cost of defined contribution scheme
2,119
3,083

58,013
50,778


The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 7

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
8,995
38,960
660
48,615


Disposals
(8,995)
-
(660)
(9,655)



At 31 March 2023

-
38,960
-
38,960



Depreciation


At 1 April 2022
8,995
23,281
660
32,936


Charge for the year on owned assets
-
3,896
-
3,896


Disposals
(8,995)
-
(660)
(9,655)



At 31 March 2023

-
27,177
-
27,177



Net book value



At 31 March 2023
-
11,783
-
11,783



At 31 March 2022
-
15,679
-
15,679


5.


Stocks

2023
2022
£
£

Raw materials and consumables
33,855
51,804

33,855
51,804



6.


Debtors

2023
2022
£
£


Prepayments and accrued income
10,130
8,045

10,130
8,045


Page 8

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,637
5,835

13,637
5,835



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
139

Trade creditors
14,021
15,059

Corporation tax
590
5,752

Other taxation and social security
2,485
1,029

Other creditors
6,197
5,744

Accruals and deferred income
1,300
1,300

24,593
29,023



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
6,146

-
6,146


Page 9

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
139

Amounts falling due 1-2 years

Bank loans
-
6,146



-
6,285



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,637
5,835




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


12.


Deferred taxation




2023


£






At beginning of year
(935)


Charged to profit or loss
741



At end of year
(194)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(194)
(935)

Page 10

 
FUTURE ISLANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Controlling party

The company is controlled by its directors.

 
Page 11