Company registration number 12246353 (England and Wales)
FUTURE CIRCLE HOSPITALITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
FUTURE CIRCLE HOSPITALITY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FUTURE CIRCLE HOSPITALITY LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
105,100
Debtors falling due within one year
3
20,476
2,281
Cash at bank and in hand
3,029
16,617
23,505
123,998
Creditors: amounts falling due within one year
4
(371,179)
(243,499)
Net current liabilities
(347,674)
(119,501)
Creditors: amounts falling due after more than one year
5
(25,312)
(29,167)
Net liabilities
(372,986)
(148,668)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(372,988)
(148,670)
Total equity
(372,986)
(148,668)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr J Holder
Director
Company registration number 12246353 (England and Wales)
FUTURE CIRCLE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Future Circle Hospitality Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Perrins Court, London, NW3 1QS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 October 2023, the company’s Balance Sheet shows net liabilities of £372,986. The shareholders are continuing to provide funding to the company, in order for it to meet its liabilities as they fall due. The director therefore considers it appropriate to prepare the company’s financial statements on a going concern basis and has considered a period of twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
FUTURE CIRCLE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
9
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,285
Other debtors
14,191
2,281
20,476
2,281
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
105,100
Total debtors
20,476
107,381
FUTURE CIRCLE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,125
10,000
Trade creditors
33,423
1,059
Amounts owed to group undertakings and undertakings in which the company has a participating interest
92,674
92,271
Taxation and social security
9,758
2,228
Other creditors
225,199
137,941
371,179
243,499
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,312
29,167
6
Related party transactions
As at the balance sheet date the company owed a parent company £48,585 (2022: £48,585).
As at the balance sheet date the company owed a parent company £44,089 (2022: £43,686).
As at the balance sheet date the company owed £211,286 (2022: £130,806) to a connected company.