Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 9586731 Mr Mark Goddard-Watts Mrs Helen Goddard-Watts Ms Katherine Barker iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 9586731 2022-12-31 9586731 2023-12-31 9586731 2023-01-01 2023-12-31 9586731 frs-core:CurrentFinancialInstruments 2023-12-31 9586731 frs-core:Non-currentFinancialInstruments 2023-12-31 9586731 frs-core:OtherReservesSubtotal 2023-12-31 9586731 frs-core:ShareCapital 2023-12-31 9586731 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 9586731 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 9586731 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 9586731 frs-bus:SmallEntities 2023-01-01 2023-12-31 9586731 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 9586731 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 9586731 frs-core:UnlistedNon-exchangeTraded 2023-12-31 9586731 frs-core:UnlistedNon-exchangeTraded 2022-12-31 9586731 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 9586731 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 9586731 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 9586731 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 9586731 frs-bus:Director1 2023-01-01 2023-12-31 9586731 frs-bus:Director2 2023-01-01 2023-12-31 9586731 frs-bus:Director3 2023-01-01 2023-12-31 9586731 frs-countries:EnglandWales 2023-01-01 2023-12-31 9586731 2021-12-31 9586731 2022-12-31 9586731 2022-01-01 2022-12-31 9586731 frs-core:CurrentFinancialInstruments 2022-12-31 9586731 frs-core:Non-currentFinancialInstruments 2022-12-31 9586731 frs-core:OtherReservesSubtotal 2022-12-31 9586731 frs-core:ShareCapital 2022-12-31 9586731 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 9586731
Futureneed Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 9586731
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,974,985 1,974,985
Investments 5 2,716,984 2,716,984
4,691,969 4,691,969
CURRENT ASSETS
Debtors 6 6,782,185 7,115,578
Cash at bank and in hand - 69,396
6,782,185 7,184,974
Creditors: Amounts Falling Due Within One Year 7 (185,769 ) (460,700 )
NET CURRENT ASSETS (LIABILITIES) 6,596,416 6,724,274
TOTAL ASSETS LESS CURRENT LIABILITIES 11,288,385 11,416,243
Creditors: Amounts Falling Due After More Than One Year (8,433,325 ) (8,666,406 )
NET ASSETS 2,855,060 2,749,837
CAPITAL AND RESERVES
Called up share capital 8 2 2
Other reserves 2,487,757 2,487,757
Profit and Loss Account 367,301 262,078
SHAREHOLDERS' FUNDS 2,855,060 2,749,837
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Goddard-Watts
Director
27 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Futureneed Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 9586731 . The registered office is Technology House, 16/18 Whiteladies Road, Clifton, Bristol, BS8 2LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 2)
3 2
4. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,974,985
5. Investments
Unlisted
£
Cost
As at 1 January 2023 2,716,984
As at 31 December 2023 2,716,984
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2,716,984
As at 1 January 2023 2,716,984
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Futureneed Ltd: 100% of the voting rights and shares held.
Registered office: 18 Whiteladies Road, Clifton, Bristol BS48 2LG.
Principal activity is property letting and its loss after taxation for the financial year ended 31 December 2023 was £78,614.
Aggregate amount of capital and reserves at the end of the period was £1,760,182.
Hanwey LLP, a two-third share of the partnership of Hanwey LLP.
Registered office: 18 Whiteladies Road, Clifton, Bristol BS48 2LG.
Principal activity is property letting and its profit before taxation for the financial year ended 31 March 2024 was £433,724.
Aggregate amount of capital and reserves at the end of theyear was £3,731,772.
...CONTINUED
Page 4
Page 5
5. Investments - continued
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 79,414 62,880
Other debtors 44,394 74,321
Amounts owed by group undertakings 5,713,333 6,033,333
Amounts owed by subsidiaries 945,044 945,044
6,782,185 7,115,578
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 29 230,000
Other loans 30,000 100,000
Corporation tax 104,927 83,746
VAT 6,318 5,525
Accruals and deferred income 44,495 41,429
185,769 460,700
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Page 5