Registered number
08201001
FUTURE VISION BUSINESS LTD
Filleted Accounts
29 February 2024
FUTURE VISION BUSINESS LTD
Registered number: 08201001
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 891 1,048
Current assets
Debtors 4 23,499 17,652
Cash at bank and in hand 4,260 9,174
27,759 26,826
Creditors: amounts falling due within one year 5 (31,372) (29,692)
Net current liabilities (3,613) (2,866)
Total assets less current liabilities (2,722) (1,818)
Creditors: amounts falling due after more than one year 6 (14,692) (17,086)
Net liabilities (17,414) (18,904)
Capital and reserves
Called up share capital 1 1
Profit and loss account (17,415) (18,905)
Shareholder's funds (17,414) (18,904)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Muhammad Mohsin Naseer
Director
Approved by the board on 20 August 2024
FUTURE VISION BUSINESS LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15 % Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 March 2023 7,735
At 29 February 2024 7,735
Depreciation
At 1 March 2023 6,687
Charge for the year 157
At 29 February 2024 6,844
Net book value
At 29 February 2024 891
At 28 February 2023 1,048
4 Debtors 2024 2023
£ £
Trade debtors 22,824 16,977
Other debtors 675 675
23,499 17,652
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 31,372 29,692
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back Loan 14,692 17,086
7 Other information
FUTURE VISION BUSINESS LTD is a private company limited by shares and incorporated in England. Its registered office is:
66 Seymour Grove
Manchester
England
M16 0LN
8 Related party transactions 2024 2023
£ £
During the period the director provided an unsecured loan to the company. The loan is sub-ordinated in favour of all third-party creditors. No interest is charged on the outstanding amount. 24,649 19,845
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