Company registration number 02684259 (England and Wales)
FUTUREBEGIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FUTUREBEGIN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
The following pages do not form part of the statutory financial statements
FUTUREBEGIN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,038
5,746
Current assets
Stocks
198,863
260,021
Debtors
5
29,295
14,695
Cash at bank and in hand
405,765
323,114
633,923
597,830
Creditors: amounts falling due within one year
6
(104,832)
(81,077)
Net current assets
529,091
516,753
Total assets less current liabilities
533,129
522,499
Creditors: amounts falling due after more than one year
7
(11,667)
(21,667)
Provisions for liabilities
(900)
(1,200)
Net assets
520,562
499,632
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
510,562
489,632
Total equity
520,562
499,632

The notes on pages 3 to 6 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FUTUREBEGIN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2024
..............................................
Mr R S T Cartwright
Director
Company registration number 02684259 (England and Wales)
FUTUREBEGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Futurebegin Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alder Street, Fartown, Huddersfield, HD1 6LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods supplied and services rendered in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, and subsequently stated at cost less accumulated depreciation.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements
25% straight line
Fixtures, fittings and equipment
25% reducing balance
Office and computer equipment
25% reducing balance/33.3% straight line
Motor vehicles
25% reducing balance

The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.5
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FUTUREBEGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.7
Retirement benefits

Contributions to defined contribution retirement benefit schemes are recognised as an expense as they fall due.

1.8
Foreign exchange

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
FUTUREBEGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Property improvements
Fixtures, fittings and equipment
Office and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
14,568
73,418
17,195
35,034
140,215
Depreciation and impairment
At 1 April 2023
14,380
71,589
16,926
31,574
134,469
Depreciation charged in the year
188
457
198
865
1,708
At 31 March 2024
14,568
72,046
17,124
32,439
136,177
Carrying amount
At 31 March 2024
-
0
1,372
71
2,595
4,038
At 31 March 2023
188
1,829
269
3,460
5,746
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
25,373
10,762
Prepayments and accrued income
3,922
3,933
29,295
14,695
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
28,946
7,076
Corporation tax
5,862
13,150
Other taxation and social security
1,312
2,560
Other creditors
50,903
42,319
Accruals and deferred income
7,809
5,972
104,832
81,077
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11,667
21,667
FUTUREBEGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
900
1,200
2024
Movements in the year:
£
Liability at 1 April 2023
1,200
Credit to profit or loss
(300)
Liability at 31 March 2024
900
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
10
Related party transactions

Transactions with the director

Included in other creditors is the amount of £50,903 (2023: £42,319) which represents a loan due to the director. This loan is unsecured, repayable on demand and currently interest free.

 

Mr R S T Cartwright is a director of Brighouse Motorcycle Training Centre Limited and controls that company's ordinary share capital. Included in other debtors is the amount of £9,678 (2023: £10,762) which represents a loan due from Brighouse Motorcycle Training Centre Limited. This loan is unsecured, repayable on demand and currently interest free.

 

Mr R S T Cartwright is a director of Yorkshire Trainers Limited and holds 49% of that company's ordinary share capital. Included in other debtors is the amount of £15,500 (2023: £Nil) which represents a loan due from Yorkshire Trainers Limited. This loan is unsecured, repayable on demand and currently interest free.

 

The company occupies premises owned by the director. The rent charge in the year payable by the company was £10,000 (2023: £10,000).

 

Control of the company

The company is controlled by Mr R S T Cartwright.

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