2023-04-012024-03-312024-03-31false06536832FUTURITY DESIGNS 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FUTURITY DESIGNS LTD

Registered Number
06536832
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FUTURITY DESIGNS LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

G C Jay
N J Jay

Registered Address

30 St Cleers Way
Somerton
TA11 6QZ

Registered Number

06536832 (England and Wales)
FUTURITY DESIGNS LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3190253
190253
Current assets
Stocks42,8602,428
Debtors6,2923,995
Cash at bank and on hand12,1989,336
21,35015,759
Creditors amounts falling due within one year5(4,841)(4,446)
Net current assets (liabilities)16,50911,313
Total assets less current liabilities16,69911,566
Net assets16,69911,566
Capital and reserves
Called up share capital100100
Profit and loss account16,59911,466
Shareholders' funds16,69911,566
The financial statements were approved and authorised for issue by the Board of Directors on 15 July 2024, and are signed on its behalf by:
N J Jay
Director
Registered Company No. 06536832
FUTURITY DESIGNS LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
Under the going concern basis of accounting, the financial statements are prepared on the assumption that the entity is a going concern and will continue its operations for the foreseeable future.
Revenue from sale of goods
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year01
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 231,6854892,174
At 31 March 241,6854892,174
Depreciation and impairment
At 01 April 231,4324891,921
Charge for year63-63
At 31 March 241,4954891,984
Net book value
At 31 March 24190-190
At 31 March 23253-253
4.Stocks

2024

2023

££
Raw materials and consumables2,8602,428
Total2,8602,428
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables428466
Amounts owed to related parties73683
Taxation and social security3,8932,881
Accrued liabilities and deferred income447416
Total4,8414,446
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.