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REGISTERED NUMBER: 05583557 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

FUTURENERGY LTD

FUTURENERGY LTD (REGISTERED NUMBER: 05583557)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUTURENERGY LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: Mrs H P McLeish
D Nangle
S L McLeish





SECRETARY:





REGISTERED OFFICE: Ettington Park Business Centre
Alderminster
Stratford Upon Avon
Warwickshire
CV37 8BT





REGISTERED NUMBER: 05583557 (England and Wales)





ACCOUNTANTS: Vicki Dawes Ltd
32 Faversham Road
London
SE6 4XF

FUTURENERGY LTD (REGISTERED NUMBER: 05583557)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,685 342

CURRENT ASSETS
Stocks 73,948 96,417
Debtors 5 406,635 296,040
Cash at bank and in hand 47,216 132,863
527,799 525,320
CREDITORS
Amounts falling due within one year 6 2,002,186 2,000,786
NET CURRENT LIABILITIES (1,474,387 ) (1,475,466 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,468,702

)

(1,475,124

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (1,469,702 ) (1,476,124 )
SHAREHOLDERS' FUNDS (1,468,702 ) (1,475,124 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FUTURENERGY LTD (REGISTERED NUMBER: 05583557)

BALANCE SHEET - continued
31 August 2023


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 29 February 2024 and were signed on its behalf by:




Mrs H P McLeish - Director



S L McLeish - Director


FUTURENERGY LTD (REGISTERED NUMBER: 05583557)

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

1. STATUTORY INFORMATION

Futurenergy Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

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.


FUTURENERGY LTD (REGISTERED NUMBER: 05583557)

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

2. ACCOUNTING POLICIES - continued

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.

Grant income
Grant income for capital expenditure is credited to the profit and loss account on a basis consistent with the depreciation policy. Grant income for revenue expenditure is credited to the profit and loss account in the same period as the expenditure to which the grant relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 27,874 2,124 19,553 2,263 51,814
Additions - - - 8,270 8,270
At 31 August 2023 27,874 2,124 19,553 10,533 60,084
DEPRECIATION
At 1 September 2022 27,874 2,124 19,553 1,921 51,472
Charge for year - - - 2,927 2,927
At 31 August 2023 27,874 2,124 19,553 4,848 54,399
NET BOOK VALUE
At 31 August 2023 - - - 5,685 5,685
At 31 August 2022 - - - 342 342

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,500 5,210
Other debtors 1,000 1,000
VAT - 1,226
Deferred tax asset 387,135 288,604
406,635 296,040

FUTURENERGY LTD (REGISTERED NUMBER: 05583557)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,467 20,735
Tax (24,993 ) (34,248 )
Social security and other taxes 4,269 5,811
VAT 541 -
Other creditors 38,764 49,888
Special EFX Limited Loan 1,974,438 1,974,438
Accrued expenses 2,700 (15,838 )
2,002,186 2,000,786

7. RELATED PARTY DISCLOSURES

Special EFX Limited loan of £1,974,438 (2022: £1,974,438) in Futurenergy Limited is repayable on demand to Special EFX Limited. As part of a management buy out of Special EFX Ltd, on repayment, the loan is owed personally to Special EFX Ltd director Mrs HP McLeish in the form of preference shares in Special EFX Holdings Ltd and to Special EFX director Mrs MP Osborne as a mixture of preference shares in Special EFX Holdings Ltd and loan notes. Mrs HP McLeish is also a director and shareholder of Futurenergy Ltd and Mrs MP Osborne is a shareholder of Futurenergy Ltd. Mrs HP McLeish and Mrs MP Osborne are directors and shareholders of Special EFX Holdings Ltd. It is expected that Fururenergy Ltd will be in a position to start loan repayments in less than one year but the directors of Special EFX Ltd will not demand repayment until Futurenergy has sufficient funds.