Futuremost Group Limited 07132187 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is holding company Digita Accounts Production Advanced 6.30.9574.0 true false false true 07132187 2023-01-01 2023-12-31 07132187 2023-12-31 07132187 bus:OrdinaryShareClass1 2023-12-31 07132187 core:RetainedEarningsAccumulatedLosses 2023-12-31 07132187 core:ShareCapital 2023-12-31 07132187 core:CurrentFinancialInstruments 2023-12-31 07132187 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07132187 core:FurnitureFittings 2023-12-31 07132187 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 07132187 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 07132187 core:MotorVehicles 2023-12-31 07132187 core:PlantMachinery 2023-12-31 07132187 bus:SmallEntities 2023-01-01 2023-12-31 07132187 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07132187 bus:FullAccounts 2023-01-01 2023-12-31 07132187 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07132187 bus:RegisteredOffice 2023-01-01 2023-12-31 07132187 bus:Director1 2023-01-01 2023-12-31 07132187 bus:Director2 2023-01-01 2023-12-31 07132187 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07132187 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07132187 bus:Agent1 2023-01-01 2023-12-31 07132187 core:Buildings 2023-01-01 2023-12-31 07132187 core:FurnitureFittings 2023-01-01 2023-12-31 07132187 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 07132187 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07132187 core:MotorVehicles 2023-01-01 2023-12-31 07132187 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07132187 core:PlantMachinery 2023-01-01 2023-12-31 07132187 core:Subsidiary1 2023-01-01 2023-12-31 07132187 core:Subsidiary1 1 2023-01-01 2023-12-31 07132187 core:Subsidiary1 countries:England 2023-01-01 2023-12-31 07132187 1 2023-01-01 2023-12-31 07132187 countries:England 2023-01-01 2023-12-31 07132187 2022-12-31 07132187 core:CostValuation 2022-12-31 07132187 core:FurnitureFittings 2022-12-31 07132187 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 07132187 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07132187 core:MotorVehicles 2022-12-31 07132187 core:PlantMachinery 2022-12-31 07132187 2022-01-01 2022-12-31 07132187 2022-12-31 07132187 bus:OrdinaryShareClass1 2022-12-31 07132187 core:RetainedEarningsAccumulatedLosses 2022-12-31 07132187 core:ShareCapital 2022-12-31 07132187 core:CurrentFinancialInstruments 2022-12-31 07132187 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07132187 core:FurnitureFittings 2022-12-31 07132187 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 07132187 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07132187 core:MotorVehicles 2022-12-31 07132187 core:PlantMachinery 2022-12-31 07132187 core:Subsidiary1 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07132187

Futuremost Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Futuremost Group Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Futuremost Group Limited

Company Information

Directors

Mr G C Sheath

Mr D Barrett

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Futuremost Group Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Futuremost Group Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Futuremost Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Futuremost Group Limited and state those matters that we have agreed to state to the Board of Directors of Futuremost Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futuremost Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Futuremost Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Futuremost Group Limited. You consider that Futuremost Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Futuremost Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

4 April 2024

 

Futuremost Group Limited

(Registration number: 07132187)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

858,712

874,715

Investments

5

1,000

1,000

 

859,712

875,715

Current assets

 

Debtors

6

3,832,346

3,080,736

Cash at bank and in hand

 

16,354

16,354

 

3,848,700

3,097,090

Creditors: Amounts falling due within one year

7

(8,390)

(7,880)

Net current assets

 

3,840,310

3,089,210

Total assets less current liabilities

 

4,700,022

3,964,925

Provisions for liabilities

(9,690)

(11,367)

Net assets

 

4,690,332

3,953,558

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

4,688,332

3,951,558

Shareholders' funds

 

4,690,332

3,953,558

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Futuremost Group Limited

(Registration number: 07132187)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr D Barrett
Director

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
The Pyramid Centre
Airport Service Road
Portsmouth
PO3 5SH
England

These financial statements were authorised for issue by the Board on 4 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

none

Leasehold property

over period of lease

Plant and amcj=hinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

273,852

600,333

26,386

261,731

4,088

1,166,390

At 31 December 2023

273,852

600,333

26,386

261,731

4,088

1,166,390

Depreciation

At 1 January 2023

-

65,404

24,045

198,446

3,780

291,675

Charge for the year

-

6,075

360

9,491

77

16,003

At 31 December 2023

-

71,479

24,405

207,937

3,857

307,678

Carrying amount

At 31 December 2023

273,852

528,854

1,981

53,794

231

858,712

At 31 December 2022

273,852

534,929

2,341

63,285

308

874,715

Included within the net book value of land and buildings above is £273,852 (2022 - £273,852) in respect of freehold land and buildings and £528,855 (2022 - £534,930) in respect of long leasehold land and buildings.
 

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,000

Provision

Carrying amount

At 31 December 2023

1,000

At 31 December 2022

1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Futuremost Limited

Wellesley House
204 London Road
Waterlooville
PO7 7AN

England

Ordinary

100%

100%

Subsidiary undertakings

Futuremost Limited

The principal activity of Futuremost Limited is manufacture of UPVC products.

 

Futuremost Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

3,830,346

3,078,736

Other debtors

 

2,000

2,000

 

3,832,346

3,080,736

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6,878

6,879

Other creditors

 

1,512

1,001

 

8,390

7,880

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

         

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr G C Sheath.