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Registered number: 03402686










FUTURE NATION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
FUTURE NATION LIMITED
REGISTERED NUMBER: 03402686

BALANCE SHEET
AS AT 31 JULY 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
71,313
57,991

Cash at bank and in hand
 5 
2,266
6,808

  
73,579
64,799

Creditors: amounts falling due within one year
 6 
(13,833)
(7,922)

Net current assets
  
 
 
59,746
 
 
56,877

  

Net assets
  
59,746
56,877


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
59,646
56,777

  
59,746
56,877


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




J Bramley
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
FUTURE NATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
100
34,412
34,512


Comprehensive income for the year

Profit for the year
-
22,365
22,365
Total comprehensive income for the year
-
22,365
22,365



At 1 August 2022
100
56,777
56,877


Comprehensive income for the year

Profit for the year
-
2,869
2,869
Total comprehensive income for the year
-
2,869
2,869


At 31 July 2023
100
59,646
59,746


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The Company is a limited company and is incorporated in England and Wales and details of its registered office are set out in the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is £ sterling. The financial statements are roiunded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors intend for the Company to cease trading within the next 12 months and therefore have considered the preparation of the accounts on a going concern basis to be inappropriate. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable writing down the Company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution 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 profit or loss 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.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
71,240
49,169

Other debtors
73
8,822

71,313
57,991


Page 4

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,266
6,808



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
5,344

Other taxation and social security
242
1,547

Other creditors
-
1,031

Accruals and deferred income
13,591
-

13,833
7,922



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



8.


Pension commitments

The Company operates a defined contributions 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 £1,002 (2022: £2,561) . No Contributions (2022: £Nil) were payable to the fund at the balance sheet date.


9.


Related party transactions

The Company has taken advantage of the exemption available within the FRS102 not to disclose details
of any transactions between itself and its fellow group undertakings on the basis that it is a subsidiary
undertaking where 100% of the voting rights are controlled within the group whose consolidated financial
statements are publicly available.


10.


Post balance sheet events

Subsequent to the year end, in October 2023, the Company ceased trading. 

Page 5

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Controlling party

At 31 July 2023. The immediate parent undertaking is Babington Business Limited, a company incorporated in England and Wales. The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Marshal Topco Limited, a company incorporated in England & Wales, which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
Marshal Topco Limited is considered to be under the control of funds managed by an affliate of Unigestion SA.
The directors consider that there is no one ultimate controlling party by virtue of there being no majority shareholder within the ultimate parent entity.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 of the financial statements, which explains that the directors intend to liquidate the Company and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 30 July 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 6