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Registration number: 07224723

Future House Capital Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Future House Capital Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Future House Capital Ltd

(Registration number: 07224723)
Balance Sheet as at 30 April 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

182,331

666

Investment property

5

3,100,000

2,341,040

 

3,282,331

2,341,706

Current assets

 

Debtors

6

1,875

1,875

Cash at bank and in hand

 

6,170

59,761

 

8,045

61,636

Creditors: Amounts falling due within one year

7

(1,651,686)

(1,401,398)

Net current liabilities

 

(1,643,641)

(1,339,762)

Total assets less current liabilities

 

1,638,690

1,001,944

Creditors: Amounts falling due after more than one year

7

(1,457,475)

(1,033,134)

Provisions for liabilities

(50,264)

-

Net assets/(liabilities)

 

130,951

(31,190)

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

309,325

-

Profit and loss account

(178,375)

(31,191)

Total equity

 

130,951

(31,190)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Future House Capital Ltd

(Registration number: 07224723)
Balance Sheet as at 30 April 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 April 2024
 

SM Attia
Director

   
     
 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the director on 15 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's statement of financial position as at 30 April 2023 shows a net asset position of £130,951 (2022 - net liabilities of £31,190). The net current liabilities of £1,643,641 (2022 - net current liabilities of £1,339,762) give rise to uncertainty in relation to the company's future activity, however the director will continue to monitor the company with paying its debts as and when due, should it be required, therefore the director believes it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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

Buildings

1% straight line

Fixtures and fittings

25% straight line

Office equipment

25% straight line

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.

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.

 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

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

 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

1,000

137

1,137

Additions

244,904

-

244,904

At 30 April 2023

245,904

137

246,041

Depreciation

At 1 May 2022

437

34

471

Charge for the year

63,205

34

63,239

At 30 April 2023

63,642

68

63,710

Carrying amount

At 30 April 2023

182,262

69

182,331

At 30 April 2022

563

103

666

5

Investment properties

2023
£

B/Fwd

2,341,040

Additions

449,635

Fair value adjustments

309,325

At 30 April

3,100,000

Included within total investment properties of £3,100,000 are four investment properties valued by an independent valuer at £2,725,000 and a single investment property valued by the director at £375,000.

6

Debtors

2023
£

2022
£

Prepayments

1,875

1,875

1,875

1,875

 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

48,201

22,556

Trade creditors

 

11,275

-

Amounts due to related parties

10

1,587,335

1,375,297

Other creditors

 

1,875

1,875

Accruals

 

3,000

1,670

 

1,651,686

1,401,398

Due after one year

 

Loans and borrowings

9

1,457,475

1,033,134

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of investment properties

309,325

(309,325)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,457,475

1,033,134

2023
£

2022
£

Current loans and borrowings

Bank borrowings

48,201

22,556

Bank borrowings

The borrowings are secured by way of a charge and negative pledge on each of the properties held in the company.

 

Future House Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

1,375,297

1,375,297

Advanced

483,173

483,173

Repaid

(271,135)

(271,135)

At end of period

1,587,335

1,587,335

2022

Key management
£

Total
£

At start of period

1,323,238

1,323,238

Advanced

78,706

78,706

Repaid

(26,647)

(26,647)

At end of period

1,375,297

1,375,297

Terms of loans to related parties

Loans to key management are provided interest free and are repayable on demand.
 

11

Prior Period Adjustment

The balance sheet has been restated for properties previously held at cost under freehold property, which have been reclassified to investment properties and held at fair value.

As a result, accumulated depreciation on freehold property has been reversed, with the adjustment made as follows:

£

Depreciation of freehold property brought forward

31,654

Profit and loss reserve account

(31,654)

The adjustment above relates to before the comparative period commenced. This adjustment reduced brought forward accumulated depreciation which has resulted in the increase of the brought forward profit and loss reserve.