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REGISTERED NUMBER: 12140129 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Future Power Team Limited

Future Power Team Limited (Registered number: 12140129)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Future Power Team Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: L Harvey
K Emerson





REGISTERED OFFICE: 3 Park Square East
Leeds
LS1 2NE





REGISTERED NUMBER: 12140129 (England and Wales)





ACCOUNTANTS: Charles Stewart & Co Limited
Chartered Accountants
3 Park Square
Leeds
LS1 2NE

Future Power Team Limited (Registered number: 12140129)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 168,637 530

CURRENT ASSETS
Stocks 5 190,500 95,000
Debtors 6 150,627 92,181
Cash at bank and in hand 174,601 75,476
515,728 262,657
CREDITORS
Amounts falling due within one year 7 208,511 143,901
NET CURRENT ASSETS 307,217 118,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

475,854

119,286

CREDITORS
Amounts falling due after more than one
year

8

(112,981

)

(16,315

)

PROVISIONS FOR LIABILITIES 9 (36,283 ) (101 )
NET ASSETS 326,590 102,870

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 326,490 102,770
SHAREHOLDERS' FUNDS 326,590 102,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Future Power Team Limited (Registered number: 12140129)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





K Emerson - Director


Future Power Team Limited (Registered number: 12140129)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Future Power Team Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents revenue recognised in the accounts. Revenue comprises the fair value of the consideration received or receivable, net of value added tax.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is measured by surveys of work performed to date. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Future Power Team Limited (Registered number: 12140129)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2022 - - 921 921
Additions 4,883 169,627 1,924 176,434
At 31 August 2023 4,883 169,627 2,845 177,355
DEPRECIATION
At 1 September 2022 - - 391 391
Charge for year 610 7,068 649 8,327
At 31 August 2023 610 7,068 1,040 8,718
NET BOOK VALUE
At 31 August 2023 4,273 162,559 1,805 168,637
At 31 August 2022 - - 530 530

5. STOCKS
31.8.23 31.8.22
£    £   
Stocks 190,500 95,000

Future Power Team Limited (Registered number: 12140129)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 31,907 30,641
S455 tax recoverable 25,629 -
Directors' current accounts 76,048 -
VAT 12,056 61,540
Prepayments 4,987 -
150,627 92,181

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loan 6,000 6,000
Hire purchase contracts 31,256 -
Trade creditors 22,808 2,017
Tax 84,838 52,058
Other creditors 37,498 -
Directors' current accounts 111 432
Accruals and deferred income 26,000 83,394
208,511 143,901

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 103,161 -
Bank loan 9,820 16,315
112,981 16,315

The bank loan represents a loan under HM Government Coronavirus Bounce Back Loan Scheme. The loan carries interest at a rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme.

9. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 36,283 101

Deferred
tax
£   
Balance at 1 September 2022 101
Provided during year 36,182
Balance at 31 August 2023 36,283

Future Power Team Limited (Registered number: 12140129)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
98 Ordinary £1 98 98
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
100 100

11. RESERVES
Retained
earnings
£   

At 1 September 2022 102,770
Profit for the year 343,720
Dividends (120,000 )
At 31 August 2023 326,490

12. ULTIMATE CONTROLLING PARTY

The company is under the control of its directors.