REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FUTURICE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
FUTURICE LIMITED (REGISTERED NUMBER: 08011293) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Futurice Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Taxation and social security |
Other creditors & accruals |
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 |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £0.01 | 2,016 | 2,016 |
EO Shares | £0.01 | 148 | 148 |
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. |
for and on behalf of |
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. |