FUTURE GEOSCIENCE LTD

Company Registration Number:
11033973 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

FUTURE GEOSCIENCE LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

FUTURE GEOSCIENCE LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company during the period was that of geological consultants.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

P A Cornick
F J Gregory
T J Pearce
V Ridge
E Daneshvar
G S Aillud
E W Merrick


The director shown below has held office during the period of
1 January 2023 to 31 July 2023

J Warrington


The director shown below has held office during the period of
20 September 2023 to 31 December 2023

M S Jhooty


Secretary V Ridge

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 September 2024

And signed on behalf of the board by:
Name: V Ridge
Status: Secretary

FUTURE GEOSCIENCE LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 772,427 907,479
Cost of sales: ( 471,361 ) ( 653,287 )
Gross profit(or loss): 301,066 254,192
Administrative expenses: ( 367,851 ) ( 201,017 )
Operating profit(or loss): (66,785) 53,175
Profit(or loss) before tax: (66,785) 53,175
Profit(or loss) for the financial year: (66,785) 53,175

FUTURE GEOSCIENCE LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 203 0
Total fixed assets: 203 0
Current assets
Debtors: 4 419,441 582,202
Cash at bank and in hand: 26,521 60,872
Total current assets: 445,962 643,074
Creditors: amounts falling due within one year: 5 ( 479,141 ) ( 609,265 )
Net current assets (liabilities): (33,179) 33,809
Total assets less current liabilities: (32,976) 33,809
Total net assets (liabilities): (32,976) 33,809
Capital and reserves
Called up share capital: 10,000 10,000
Profit and loss account: (42,976 ) 23,809
Total Shareholders' funds: ( 32,976 ) 33,809

The notes form part of these financial statements

FUTURE GEOSCIENCE LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 17 September 2024
and signed on behalf of the board by:

Name: T J Pearce
Status: Director

The notes form part of these financial statements

FUTURE GEOSCIENCE LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

    Other accounting policies

    GOING CONCERN The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed and approved detailed cash flow forecasts for the period to December 2025. The forecasts demonstrate that the company has an operational business generating positive cash flows for the foreseeable future. On this basis the directors believe that it is appropriate to prepare the financial statements on a going concern basis. PENSION COSTS The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. TAXATION The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period. 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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future that occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which that are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. FOREIGN CURRENCIES Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at the market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been effected. If the asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risk and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deduction all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled or they expire.

FUTURE GEOSCIENCE LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 1

FUTURE GEOSCIENCE LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 0 0
Additions 271 271
Disposals
Revaluations
Transfers
At 31 December 2023 271 271
Depreciation
At 1 January 2023 0 0
Charge for year 68 68
On disposals
Other adjustments
At 31 December 2023 68 68
Net book value
At 31 December 2023 203 203
At 31 December 2022 0 0

FUTURE GEOSCIENCE LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 269,721 443,220
Prepayments and accrued income 10,874 6,421
Other debtors 138,846 132,561
Total 419,441 582,202

FUTURE GEOSCIENCE LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 50,579 43,166
Taxation and social security 3,676 2,315
Accruals and deferred income 207,181 130,302
Other creditors 217,705 433,482
Total 479,141 609,265