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REGISTERED NUMBER: 04961083 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

FUTURLAB LIMITED

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)






Contents of the Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FUTURLAB LIMITED

Company Information
for the year ended 30 November 2023







DIRECTORS: J J E Marsden
K L Rigden



SECRETARY: K L Rigden



REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB



REGISTERED NUMBER: 04961083 (England and Wales)



SENIOR STATUTORY AUDITOR: Chris Morey



AUDITORS: Feist Hedgethorne Limited
Statutory Auditors
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 12,478 6,017
Tangible assets 5 284,359 160,951
296,837 166,968

CURRENT ASSETS
Stocks - 670
Debtors 6 1,217,714 2,228,339
Cash at bank and in hand 8,492,440 2,961,524
9,710,154 5,190,533
CREDITORS
Amounts falling due within one year 7 (4,525,252 ) (3,500,111 )
NET CURRENT ASSETS 5,184,902 1,690,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,481,739

1,857,390

CREDITORS
Amounts falling due after more than one year 8 - (129,177 )

PROVISIONS FOR LIABILITIES 10 (71,090 ) (40,238 )
NET ASSETS 5,410,649 1,687,975

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 5,410,549 1,687,875
SHAREHOLDERS' FUNDS 5,410,649 1,687,975

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 26 February 2024 and were signed on its behalf by:





K L Rigden - Director


FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Notes to the Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Futurlab 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 amounts in the accounts have been rounded to the nearest £.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. Turnover consists of:

- Revenue from game royalties which is recognised in the period to which they relate and become due.

- Revenue from game development contracts which is recognised when milestones have been achieved. Milestones are recognised on the basis of the stage of completion achieved for each game. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue due are included in creditors.

- Interest on deposit accounts is recognised on a receivable basis.

- Statutory interest is recognised in accordance with HMRC.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold-10 years on cost
Plant & machinery-25% reducing balance
Fixtures & fittings-25% reducing balance
Computer equipment-25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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
Expenditure on research and development is written off in the year in which it is incurred.


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.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2022 - 49 ) .

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 December 2022 6,144
Additions 7,862
At 30 November 2023 14,006
AMORTISATION
At 1 December 2022 127
Amortisation for year 1,401
At 30 November 2023 1,528
NET BOOK VALUE
At 30 November 2023 12,478
At 30 November 2022 6,017

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 7,564 39,152 15,908 262,976 325,600
Additions 34,706 - 35,896 139,967 210,569
At 30 November 2023 42,270 39,152 51,804 402,943 536,169
DEPRECIATION
At 1 December 2022 3,001 26,715 8,464 126,469 164,649
Charge for year 4,227 3,109 10,835 68,990 87,161
At 30 November 2023 7,228 29,824 19,299 195,459 251,810
NET BOOK VALUE
At 30 November 2023 35,042 9,328 32,505 207,484 284,359
At 30 November 2022 4,563 12,437 7,444 136,507 160,951

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 470,928 790,635
Other debtors 746,786 1,437,704
1,217,714 2,228,339

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 134,996
Trade creditors 318,621 53,658
Other creditors 4,206,631 3,311,457
4,525,252 3,500,111

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 129,177

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 7,474 37,368
Between one and five years - 7,474
7,474 44,842

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 71,090 40,238

Deferred
tax
£   
Balance at 1 December 2022 40,238
Accelerated capital allowances 30,852
Balance at 30 November 2023 71,090

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
Value: £   
760,000 Ordinary A 0.0001 £0.0001 76.00
240,000 Ordinary B 0.0001 £0.0001 39.00

100.00

FUTURLAB LIMITED (REGISTERED NUMBER: 04961083)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

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

As the Directors' report and income statement have been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with section 444(5B) of the Companies Act 2006.

The audit report was unqualified.
The senior statutory auditor was Chris Morey.
The auditor was Feist Hedgethorne Limited.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
K L Rigden and J J E Marsden
Balance outstanding at start of year 65 25,876
Amounts advanced - 4,625
Amounts repaid - (30,436 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65 65

Director's loan is interest free and repayable on demand.