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REGISTERED NUMBER: 02840500 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FUTURE PRODUCTS LIMITED

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)






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





Page


Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FUTURE PRODUCTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: S G Bower
M C Lindsey
C Thompson
A Francis





SECRETARY: A Francis





REGISTERED OFFICE: Enterprise Road
Millennium Business Park
Mansfield
Nottinghamshire
NG19 7JX





REGISTERED NUMBER: 02840500 (England and Wales)





AUDITORS: Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STRATEGIC REPORT
for the Year Ended 31 October 2023

The company is principally engaged in the manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire doors.

REVIEW OF BUSINESS
The results for the year and financial position of the company are shown in the annexed financial statements.

The company continued profitability in the year to 31 October 2023. Revenue reported for the year of £18.1m decreased in comparison to 2022 (£19.6m). Pre-tax profits for the year are £169,865 (2022: profit £934,250). Gross margin has decreased from 28% in 2022 to 26% in 2023.

The company retains a strong balance sheet and is continuing to trade successfully in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principal risks and uncertainties faced by the company to be as follows:

Global raw material supplies shortages jeopardising fulfilment of sales orders;

Because of the supply chain threats, supplier surcharges threaten profit margins;

Re-occurrence of the pandemic.

ECONOMIC RISK
The company continues to seek out new and improved product to ensure the volume of trade is maintained, and continues to employ high standard staff to continue to supply high quality products to give customer satisfaction, itself protecting the company against economic risk as far as it is able to do.

COMPETITION AND SUPPLY RISK
The company has faced reduced competition in their market which has added to turnover and profitability, with fewer operating in our sector. The risk of price competition has been greatly ameliorated, and there is a continuing trend towards increased profitability. The company considers that there is no significant risk to supply chains in this sector because of global changes, or Brexit.

FINANCIAL RISK
The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

The company uses various financial instruments, which include sales invoice financing, hire purchase contracts, and cash to finance its activities. The main purpose of these financial instruments is to raise finance for the company's operations. No transactions of a speculative nature are undertaken. The main risks arising from the company's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.

LIQUIDITY RISK
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

CREDIT RISK
The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the commercial manager, credit controller and the directors on a regular basis in conjunction with debt ageing and collection.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STRATEGIC REPORT
for the Year Ended 31 October 2023

The company monitors its performance by reviewing profit before taxation. The company continues to emerge strengthened from recent challenging periods.

ON BEHALF OF THE BOARD:





A Francis - Director


24 July 2024

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
Dividends of £58,000 (2022: £420,000) were paid in the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

S G Bower
M C Lindsey
C Thompson

Other changes in directors holding office are as follows:

D Thorpe - resigned 31 October 2023
K Harvey - resigned 16 December 2022
A L Thorpe - resigned 31 October 2023
A Francis - appointed 14 February 2023

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023


AUDITORS
The auditors, Beeley Hawley & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Francis - Director


24 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED

Opinion
We have audited the financial statements of Future Products Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims,
including non-compliance with laws and regulations and fraud;
- Reviewing minutes of meetings of those charged with governance where available;
- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and
fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including where appropriate testing of
journal entries, reviewing individual account balances over the year and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing
accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Mr G M Beeley (Senior Statutory Auditor)
for and on behalf of Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

24 July 2024

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

INCOME STATEMENT
for the Year Ended 31 October 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 18,139,691 19,595,232

Cost of sales 13,316,888 14,023,981
GROSS PROFIT 4,822,803 5,571,251

Distribution costs 1,282,056 1,409,450
Administrative expenses 3,364,770 3,292,974
4,646,826 4,702,424
175,977 868,827

Other operating income 6,735 78,727
OPERATING PROFIT 5 182,712 947,554


Interest payable and similar expenses 6 12,847 13,304
PROFIT BEFORE TAXATION 169,865 934,250

Tax on profit 7 74,820 (235,730 )
PROFIT FOR THE FINANCIAL YEAR 95,045 1,169,980

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 95,045 1,169,980


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

95,045

1,169,980

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 549,232 721,653

CURRENT ASSETS
Stocks 10 1,519,750 1,251,504
Debtors 11 2,451,609 1,770,770
Cash at bank and in hand 739,761 2,034,335
4,711,120 5,056,609
CREDITORS
Amounts falling due within one year 12 2,636,868 3,209,544
NET CURRENT ASSETS 2,074,252 1,847,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,623,484

2,568,718

CREDITORS
Amounts falling due after more than one
year

13

(13,722

)

-

PROVISIONS FOR LIABILITIES 16 (132,119 ) (128,120 )
NET ASSETS 2,477,643 2,440,598

CAPITAL AND RESERVES
Called up share capital 17 22,000 22,000
Retained earnings 18 2,455,643 2,418,598
SHAREHOLDERS' FUNDS 2,477,643 2,440,598

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





A Francis - Director


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 22,000 1,668,618 1,690,618

Changes in equity
Profit for the year - 1,169,980 1,169,980
Total comprehensive income - 1,169,980 1,169,980
Dividends - (420,000 ) (420,000 )
Balance at 31 October 2022 22,000 2,418,598 2,440,598

Changes in equity
Profit for the year - 95,045 95,045
Total comprehensive income - 95,045 95,045
Dividends - (58,000 ) (58,000 )
Balance at 31 October 2023 22,000 2,455,643 2,477,643

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

1. STATUTORY INFORMATION

Future Products 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
As permitted by FRS102 Section 1.12, the company has taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a cash flow statement and the aggregate remuneration of key management personnel. Where required, equivalent disclosures are given in the group accounts of Castlegate 263 Limited. The group accounts of Castlegate 263 Limited are available and can be obtained as set out in our note 24.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Impairment of non-current assets
The company assesses the impairment of leasehold alterations, plant and machinery, motor vehicles and fixtures and fittings, subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

• significant underperformance relative to historical or projected future operating results;
• significant changes in the manner of the use of the acquired assets or the strategy for the overall business;
and
• significant negative industry or economic trends.

Carrying value of stocks
The directors review the market value of and demand for the company's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

2. ACCOUNTING POLICIES - continued
Recoverability of trade debtors
Trade debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The directors make allowances for doubtful debts based on an assessment of recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

• The company has transferred the significant risks and rewards of ownership to the buyer;
• The company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
• The amount of turnover can be measured reliably;
• It is probable that the company will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary to for it to be capable of operating in the manner intended by the directors.

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided on the following basis:

Improvements to property-10%Straight line
Plant and machinery-20%Straight line
Fixtures and fittings-20%Straight line
Computer hardware and software-33%Straight line
Motor vehicles-25%Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

2. ACCOUNTING POLICIES - continued

At each balance sheet date, the directors review the carrying amounts of its tangible fixed 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 the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than the carrying amount,the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from related parties.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3. TURNOVER

The whole of the turnover is attributable to the principal activity of the company,

All turnover arose within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,977,165 4,013,976
Social security costs 335,973 333,446
Other pension costs 183,038 186,432
4,496,176 4,533,854

The average number of employees during the year was as follows:
2023 2022

Production 119 116
Administration 27 21
146 137

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 577,266 616,194
Directors' pension contributions to money purchase schemes 11,968 12,944

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 200,999 204,611

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 22,378 17,080
Depreciation - owned assets 246,013 267,049
Depreciation - assets on hire purchase contracts 33,919 124,139
Profit on disposal of fixed assets (11,000 ) (50,852 )
Auditors' remuneration 17,445 18,000
Foreign exchange differences 14,583 2,803
Land and building operating lease rentals 473,764 505,452

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest expense 12,847 13,304

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 70,821 158,322
Adjustments to previous years - (385,215 )
Total current tax 70,821 (226,893 )

Deferred tax 3,999 (8,837 )
Tax on profit 74,820 (235,730 )

UK corporation tax has been charged at 22.51% (2022 - 19%).

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 169,865 934,250
Profit multiplied by the standard rate of corporation tax in the UK of
22.517% (2022 - 19%)

38,249

177,508

Effects of:
Expenses not deductible for tax purposes 3,378 483
Capital allowances in excess of depreciation - (12,153 )
Depreciation in excess of capital allowances 41,117 -
Group relief - (10,151 )
Reversal of general provision (7,924 ) (6,202 )
Research and development tax credit claim covering 2020 and 2021 - (385,215 )
Total tax charge/(credit) 74,820 (235,730 )

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 58,000 420,000

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 602,465 2,427,625 88,233 226,392 3,344,715
Additions - 92,620 14,891 - 107,511
Disposals - - - (108,999 ) (108,999 )
At 31 October 2023 602,465 2,520,245 103,124 117,393 3,343,227
DEPRECIATION
At 1 November 2022 561,780 1,820,757 66,227 174,298 2,623,062
Charge for year 22,539 218,730 19,569 19,094 279,932
Eliminated on disposal - - - (108,999 ) (108,999 )
At 31 October 2023 584,319 2,039,487 85,796 84,393 2,793,995
NET BOOK VALUE
At 31 October 2023 18,146 480,758 17,328 33,000 549,232
At 31 October 2022 40,685 606,868 22,006 52,094 721,653

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 378,950 226,392 605,342
Transfer to ownership (54,950 ) (226,392 ) (281,342 )
At 31 October 2023 324,000 - 324,000
DEPRECIATION
At 1 November 2022 223,235 174,298 397,533
Charge for year 33,919 - 33,919
Transfer to ownership (52,078 ) (174,298 ) (226,376 )
At 31 October 2023 205,076 - 205,076
NET BOOK VALUE
At 31 October 2023 118,924 - 118,924
At 31 October 2022 155,715 52,094 207,809

10. STOCKS
2023 2022
£    £   
Raw materials 1,379,995 1,246,504
Work-in-progress 139,755 5,000
1,519,750 1,251,504

Stock recognised in cost of sales during the year as an expense was £10,282,854 (2022: £10,874,365).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 728,170 963,341
Amounts owed by group undertakings 1,099,006 297,006
Other debtors 182,344 119,399
Prepayments 442,089 391,024
2,451,609 1,770,770

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 41,162 104,831
Trade creditors 1,497,712 1,942,093
Tax 70,821 158,322
Social security and other taxes 464,814 477,023
Other creditors 56,438 57,459
Accruals and deferred income 505,921 469,816
2,636,868 3,209,544

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 13,722 -

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,162 104,831
Between one and five years 13,722 -
54,884 104,831

Non-cancellable operating leases
2023 2022
£    £   
Within one year 421,232 50,569
Between one and five years 1,651,399 124,424
2,072,631 174,993

Obligations under hire purchase contracts are secured over the assets to which they relate.

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 54,884 104,831

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 132,119 128,120

Deferred
tax
£   
Balance at 1 November 2022 128,120
Provided during year 3,999
Balance at 31 October 2023 132,119

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
22,000 Ordinary £1 22,000 22,000

18. RESERVES
Retained
earnings
£   

At 1 November 2022 2,418,598
Profit for the year 95,045
Dividends (58,000 )
At 31 October 2023 2,455,643

19. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

Fixed and floating charges including a negative pledge over company assets was provided by debenture to D H Thorpe on 31 October 2023.

20. RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of a company whose consolidated accounts include the results of the subsidiary and are publicly available, the company has taken advantage of the FRS 102 Section 33.1A exemption from disclosing transactions with group undertakings.

During the year the company paid rent of £408,000 (2022: £408,000) to a director. A balance of £nil (2022: £36,000) was due to the company in respect of this charge at the year end..

Total sales of £8,990 (2022: £42,609) were made to a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2023 was £3,136 (2022: £nil) and was included within debtors.

Total purchases of £13,743 (2022: £19,221) were made from a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2023 was £312 (2022 : £1,887).

At the year end, £800,000 was due from the company's ultimate controlling company.

21. ULTIMATE CONTROLLING PARTY

The controlling party is Castlegate 263 Ltd.

The ultimate controlling party is Bright Futures Notts Ltd.

During the year control changed from Mr D Thorpe to Bright Futures Notts Ltd, a company incorporated in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF4 3UZ.

Castlegate 263 Limited was controlled by D H Thorpe, by virtue of owning the entire issued share capital , until that company was purchased by Bright Futures Notts Ltd on 31 October 2023. There is no one controlling party of Bright Futures Notts Ltd.

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

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

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amounted to £183,038 (2022: £186,432).

Contributions totalling £6,684 (2022: £6,875) were payable to the fund at the balance sheet date and are included in other creditors.