IRIS Accounts Production v24.1.0.578 08011293 Board of Directors 1.1.23 31.12.23 31.12.23 10.4.24 false true false false true false Auditors Opinion Ordinary 0.01000 EO Shares 0.01000 Deferred shares 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh080112932022-12-31080112932023-12-31080112932023-01-012023-12-31080112932021-12-31080112932022-01-012022-12-31080112932022-12-3108011293ns15:EnglandWales2023-01-012023-12-3108011293ns14:PoundSterling2023-01-012023-12-3108011293ns10:Director12023-01-012023-12-3108011293ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108011293ns10:SmallEntities2023-01-012023-12-3108011293ns10:Audited2023-01-012023-12-3108011293ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108011293ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108011293ns10:FullAccounts2023-01-012023-12-3108011293ns10:OrdinaryShareClass12023-01-012023-12-3108011293ns10:OrdinaryShareClass22023-01-012023-12-3108011293ns10:OrdinaryShareClass32023-01-012023-12-3108011293ns10:Director22023-01-012023-12-3108011293ns10:Director32023-01-012023-12-3108011293ns10:Director42023-01-012023-12-3108011293ns10:Director52023-01-012023-12-3108011293ns10:RegisteredOffice2023-01-012023-12-3108011293ns5:CurrentFinancialInstruments2023-12-3108011293ns5:CurrentFinancialInstruments2022-12-3108011293ns5:ShareCapital2023-12-3108011293ns5:ShareCapital2022-12-3108011293ns5:SharePremium2023-12-3108011293ns5:SharePremium2022-12-3108011293ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3108011293ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3108011293ns5:RetainedEarningsAccumulatedLosses2023-12-3108011293ns5:RetainedEarningsAccumulatedLosses2022-12-3108011293ns5:PlantMachinery2023-01-012023-12-3108011293ns5:PlantMachinery2022-12-3108011293ns5:PlantMachinery2023-12-3108011293ns5:PlantMachinery2022-12-3108011293ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108011293ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108011293ns5:WithinOneYear2023-12-3108011293ns5:WithinOneYear2022-12-3108011293ns5:BetweenOneFiveYears2023-12-3108011293ns5:BetweenOneFiveYears2022-12-3108011293ns5:AllPeriods2023-12-3108011293ns5:AllPeriods2022-12-3108011293ns10:OrdinaryShareClass12023-12-3108011293ns10:OrdinaryShareClass22023-12-3108011293ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 08011293 (England and Wales)













AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FUTURICE LIMITED

FUTURICE LIMITED (REGISTERED NUMBER: 08011293)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FUTURICE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: D J Mitchell
M Viikari
M D Edwards
T J Didcock
S Leisti





REGISTERED OFFICE: Herschel House
58 Herschel Street
Slough
SL1 1HD





REGISTERED NUMBER: 08011293 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

FUTURICE LIMITED (REGISTERED NUMBER: 08011293)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,912 9,325

CURRENT ASSETS
Debtors 5 648,815 1,418,596
Cash at bank 672,144 520,683
1,320,959 1,939,279
CREDITORS
Amounts falling due within one year 6 478,902 958,158
NET CURRENT ASSETS 842,057 981,121
TOTAL ASSETS LESS CURRENT
LIABILITIES

843,969

990,446

CAPITAL AND RESERVES
Called up share capital 8 2,338 2,338
Share premium 8,687 8,687
Other reserves 1,248 1,248
Retained earnings 831,696 978,173
SHAREHOLDERS' FUNDS 843,969 990,446

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





M D Edwards - Director


FUTURICE LIMITED (REGISTERED NUMBER: 08011293)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Futurice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The parent company, Futurice Oy, will continue to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period of twelve months and one day from the date of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Where work has been performed but not yet invoiced, accrued revenue is accounted for within the financial statements. Where work has not yet been performed, but has been invoiced, deferred revenue is accounted for within the financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% - 33% on cost

Financial instruments
Basic financial instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any other financial instrument as covered by Section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
The company recognises Research and Development Tax Credits with HMRC on the receipts basis.

FUTURICE LIMITED (REGISTERED NUMBER: 08011293)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 61,403
Disposals (44,158 )
At 31 December 2023 17,245
DEPRECIATION
At 1 January 2023 52,078
Charge for year 4,078
Eliminated on disposal (40,823 )
At 31 December 2023 15,333
NET BOOK VALUE
At 31 December 2023 1,912
At 31 December 2022 9,325

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
(Unaudited)
£    £   
Trade debtors 421,914 910,278
Amounts owed by group undertakings 15,735 -
Other debtors 211,166 508,318
648,815 1,418,596

FUTURICE LIMITED (REGISTERED NUMBER: 08011293)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
(Unaudited)
£    £   
Trade creditors 35,284 160,245
Taxation and social security 159,346 263,233
Other creditors & accruals 284,272 534,680
478,902 958,158

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
(Unaudited)
£    £   
Within one year 7,648 -
Between one and five years 8,081 -
15,729 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
201,582 Ordinary £0.01 2,016 2,016
14,767 EO Shares £0.01 148 148
17,397 Deferred shares £0.01 174 174
2,338 2,338

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

As stated above, the Report of the Auditors was unqualified. It did, however, contain the following modification: -
"Other information
The financial statements for the previous accounting period were not audited."

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

FUTURICE LIMITED (REGISTERED NUMBER: 08011293)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. RELATED PARTY DISCLOSURES

In the year, Futurice Limited made purchases of £106,218 from and sales of £8,034 to the parent company, Futurice Oy. The balance outstanding due from Futurice Oy at the year end is £8,106 (2022: £Nil).

In the year, Futurice Limited made purchases of £25,534 from and sales of £12,993 to a sister company, Futurice GmbH.The balance outstanding due from Futurice GmbH at the year end is £7,629 (2022: £Nil).

In the year, Futurice Limited made purchases of £115,704 from a sister company, Futurice Hubs Oy.

In the year, Futurice Limited made purchases of £104,465 from a group company, Columbia Road AB.

As at 31 December 2023, other creditors includes a loan balance to Trevor Didcock, a director, of £100,750 (2022: £100,000).

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party in the opinion of the Directors.

12. ULTIMATE PARENT COMPANY

The ultimate parent company is Futurice OY., a company incorporated in Finland. Futurice OY's registered office is Kansakoulukatu 3, 00100 Helsinki, Finland. Futurice OY is the largest group company to prepare consolidated financial statements.