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Registration number: 02893740

Futura Retail Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Futura Retail Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Futura Retail Solutions Limited

Company Information

Directors

Mr Ian Oliver Royall

Mr Nicholas Giddings

Mr David Royall

Mrs Christina Beverly Royall

Mr Jason Smith

Registered office

The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

Accountants

David Jones & Co 2018 Limited
Accountants
The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

 

Futura Retail Solutions Limited

(Registration number: 02893740)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,879

8,330

Current assets

 

Debtors

6

422,661

251,560

Cash at bank and in hand

 

652,180

745,247

 

1,074,841

996,807

Creditors: Amounts falling due within one year

7

(212,549)

(137,290)

Net current assets

 

862,292

859,517

Net assets

 

873,171

867,847

Capital and reserves

 

Called up share capital

8

370

370

Capital redemption reserve

630

630

Retained earnings

872,171

866,847

Shareholders' funds

 

873,171

867,847

For the financial 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
Mr Jason Smith
Director

 

Futura Retail Solutions Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

370

630

866,847

867,847

Profit for the year

-

-

5,324

5,324

At 31 December 2023

370

630

872,171

873,171

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

370

630

856,293

857,293

Profit for the year

-

-

10,554

10,554

At 31 December 2022

370

630

866,847

867,847

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB

These financial statements were authorised for issue by the Board on 16 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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:

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Fixtures & Fittings

25% Reducing Balance

Office equipment

25% Reducing Balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

The Patents and Licences shown in the accounts are a licence to sell which was acquired for a 4 year period and is being written off over that 4 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and Licences

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 16 (2022 - 16).

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

401,100

401,100

At 31 December 2023

401,100

401,100

Amortisation

At 1 January 2023

401,100

401,100

At 31 December 2023

401,100

401,100

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

4,199

21,996

26,195

Additions

-

6,175

6,175

At 31 December 2023

4,199

28,171

32,370

Depreciation

At 1 January 2023

3,227

14,578

17,805

Charge for the year

288

3,398

3,686

At 31 December 2023

3,515

17,976

21,491

Carrying amount

At 31 December 2023

684

10,195

10,879

At 31 December 2022

912

7,418

8,330

6

Debtors

Current

2023
£

2022
£

Trade debtors

418,057

246,979

Prepayments

4,604

4,581

 

422,661

251,560

 

Futura Retail Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

64,992

51,529

Taxation and social security

92,088

70,006

Accruals and deferred income

51,348

11,910

Other creditors

4,121

3,845

212,549

137,290

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

370

370

370

370

       

9

Dividends

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

284,412

267,656

Contributions paid to money purchase schemes

27,912

26,162

312,324

293,818