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Registration number: 07911576

Future Pro USA Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Future Pro USA Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Future Pro USA Ltd

Company Information

Directors

Mr D R Bainbridge

Mr B L Rodda

Registered office

Oakfields Town End Lane
Swinscoe
Ashbourne
Derbyshire
DE6 2HS

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Future Pro USA Ltd

(Registration number: 07911576)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,610

1,393

Current assets

 

Debtors

5

40,292

10,918

Cash at bank and in hand

 

109,303

67,882

 

149,595

78,800

Creditors: Amounts falling due within one year

6

(110,087)

(39,736)

Net current assets

 

39,508

39,064

Total assets less current liabilities

 

41,118

40,457

Creditors: Amounts falling due after more than one year

6

(5,580)

(9,645)

Provisions for liabilities

(346)

(265)

Net assets

 

35,192

30,547

Capital and reserves

 

Called up share capital

100

100

Retained earnings

35,092

30,447

Shareholders' funds

 

35,192

30,547

 

Future Pro USA Ltd

(Registration number: 07911576)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
Mr D R Bainbridge
Director

   
     
 

Future Pro USA Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 07911576.

The address of its registered office is:
Oakfields Town End Lane
Swinscoe
Ashbourne
Derbyshire
DE6 2HS
England

These financial statements were authorised for issue by the Board on 8 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Future Pro USA Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Computer equipment

33% straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

 

Future Pro USA Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

6,507

6,507

Additions

1,208

1,208

Disposals

(2,170)

(2,170)

At 31 March 2024

5,545

5,545

Depreciation

At 1 April 2023

5,114

5,114

Charge for the year

991

991

Eliminated on disposal

(2,170)

(2,170)

At 31 March 2024

3,935

3,935

Carrying amount

At 31 March 2024

1,610

1,610

At 31 March 2023

1,393

1,393

5

Debtors

Current

2024
£

2023
£

Trade debtors

37,629

8,030

Prepayments

370

340

Other debtors

2,293

2,548

 

40,292

10,918

 

Future Pro USA Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,065

3,964

Taxation and social security

 

28,335

9,556

Accruals and deferred income

 

73,601

1,730

Other creditors

 

4,086

24,486

 

110,087

39,736

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £4,065 (2022 - £3,964)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

5,580

9,645

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £5,580 (2023 - £9,645)

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £534 (2023 - £374).