REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 November 2022 to 31 December 2023 |
for |
Future Forwarding Company Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 November 2022 to 31 December 2023 |
for |
Future Forwarding Company Limited |
Future Forwarding Company Limited (Registered number: 01376547) |
Contents of the Financial Statements |
for the Period 1 November 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Future Forwarding Company Limited |
Company Information |
for the Period 1 November 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Future Forwarding Company Limited (Registered number: 01376547) |
Strategic Report |
for the Period 1 November 2022 to 31 December 2023 |
The directors present their strategic report for the period 1 November 2022 to 31 December 2023. |
REVIEW OF BUSINESS |
The company's key financial performance indicators during the period were as follows. |
Turnover £33,592,658 (2022 - £35,435,557) |
Operating profit £1,209,166 (2022 - £1,914,112) |
Gross profit percentage 12.5 % (2022 - 12.1%) |
2023 was a year of unrest, both geopolitically with the continued wars in Ukraine and latterly the Middle East and economically as the financial markets in the UK and other countries also struggled with high inflation and interest rates. |
As expected the transportation markets became more competitive with reduced freight rates from the carriers reflecting a reduction in net revenue, however the Company managed to increase its volumes with increased shipment counts in both air and sea freight through further investment in sales. |
In 2024 the Company expects the geopolitical landscape to remain, with elections in a lot of the western countries and the continued wars in Ukraine and the Middle East providing further continued uncertainty. While disruption to the ocean markets caused by the Red Sea will put further strain on supply chains globally, increasing ocean freight costs. The expected reductions in inflation may help to inject some confidence with businesses and consumers alike. |
The Company will continue on its journey of adapting new technologies to give improved efficiency operationally and also greater "value add" services to clients. Whilst also continuing to focus on sales activities, staying close to customers and therefore expects to see volumes increase despite the tough economic conditions. The Company remains optimistic of growing their market share and becoming an even higher profile brand in logistics across the UK, looking for further opportunities to expand the business and customer base |
Future Forwarding Company Limited (Registered number: 01376547) |
Strategic Report |
for the Period 1 November 2022 to 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and competition. |
Foreign exchange transactional currency exposure |
The company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by utilising currency accounts and maximising currency revenue streams. |
Liquidity risk |
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. The company reviews cashflow projections as well as regular information regarding cash balances. These reviews indicate the company expects to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. |
International Trade |
The company's business is affected to some extent by the overall level of international trade, particularly the volume of UK exports and imports. International Trade is also influenced by foreign laws and regulations relating to tariffs and trade restrictions, consequently the company cannot predict the effects of any such changes on the company's business. |
Competitive risk The company operates in an extremely competitive marketplace, where prices respond to trade volumes and freight capacity. To mitigate these risks the company looks to build strong customer relationships and to constantly develop and improve the service it provides. |
ON BEHALF OF THE BOARD: |
Director |
17 September 2024 |
Future Forwarding Company Limited (Registered number: 01376547) |
Report of the Directors |
for the Period 1 November 2022 to 31 December 2023 |
The directors present their report with the financial statements of the company for the period 1 November 2022 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of freight forwarding. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 December 2023 will be £ |
FUTURE DEVELOPMENTS |
The directors remain optimistic about future developments and intend to continue to expand the company's operations and profits, whilst maintaining efficiencies within the business. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Future Forwarding Company Limited (Registered number: 01376547) |
Report of the Directors |
for the Period 1 November 2022 to 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Future Forwarding Company Limited |
Opinion |
We have audited the financial statements of Future Forwarding Company Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Future Forwarding Company Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Future Forwarding Company Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006 and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations; |
- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind any significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation |
- Enquiring of management as to actual and potential litigation and claims; |
- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and |
- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Future Forwarding Company Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Future Forwarding Company Limited (Registered number: 01376547) |
Income Statement |
for the Period 1 November 2022 to 31 December 2023 |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,201,223 | 1,913,854 |
Other operating income | 4 |
OPERATING PROFIT | 7 |
Interest receivable and similar income | 8 |
1,265,663 | 1,914,114 |
Interest payable and similar expenses | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL PERIOD |
Future Forwarding Company Limited (Registered number: 01376547) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Future Forwarding Company Limited (Registered number: 01376547) |
Statement of Changes in Equity |
for the Period 1 November 2022 to 31 December 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Future Forwarding Company Limited (Registered number: 01376547) |
Cash Flow Statement |
for the Period 1 November 2022 to 31 December 2023 |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
2,019,868 |
Cash and cash equivalents at end of period | 2 | 4,433,493 | 3,899,276 |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Cash Flow Statement |
for the Period 1 November 2022 to 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 581 | 948 |
Finance income | (56,497 | ) | (2 | ) |
1,300,245 | 1,956,902 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 4,433,493 | 3,899,276 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 3,899,276 | 2,019,868 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.11.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,899,276 | 534,217 | 4,433,493 |
3,899,276 | 4,433,493 |
Debt |
Finance leases | (22,190 | ) | 17,129 | (5,061 | ) |
(22,190 | ) | 17,129 | (5,061 | ) |
Total | 3,877,086 | 551,346 | 4,428,432 |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements |
for the Period 1 November 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Future Forwarding Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£). |
Going concern |
After reviewing the company's forecasts and projections, the directors are confident the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
The directors recognise the principal risks and uncertainties which are currently affecting the business and have considered the extent to which they may materialise. |
Consequently the company has implemented procedures and policies which will mitigate the risks as much as possible and ensure the company continues to trade throughout these uncertain economic conditions, though at a reduced capacity. |
In considering the uncertainties ahead, the directors acknowledge that whilst operating results will deteriorate, the company is very well financially resourced, with excellent liquidity, and with the support of its banks and funding, it is well placed to withstand the effects of economic downturn. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Useful life of assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimate useful economic lives and residual values of the assets. The useful economic lives and residual vales are re-assessed annually. No changes to useful economic lives or residual values have been determined necessary this year. Details of depreciation rates can be found in note 2 and the deprecation charge. |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Rendering of Services |
Turnover represents amounts receivable in respect of freight forwarding and fulfilment, stated exclusive of Value Added Tax. |
Revenue on import, shipments are recognised on ETA (estimated time of arrival) at destination port/airport. |
Revenue on export, shipments remain recognised on ETD (estimated time of departure) from origin port/airport. |
Tangible fixed assets |
Fixtures & equipment | - |
Motor vehicles | - |
Financial instruments |
All financial assets and financial liabilities are initially measured at transaction price (including transactions costs), except for those financial assets classified as fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of future payments discounted at a market rate of interest similar to debt interest. |
Financial assets are derecognised when, and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to seel the asset in its entirety to an unrelated third party and is able to to exercise that ability unilaterally and without needing to impose additional restrictions on the the transfer. |
Financial liabilities are derecognised only when the obligation specified in the contracts is discharged, cancelled or expires. |
Derivative instruments |
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. |
Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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. |
Deferred tax and current 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 period 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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 transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
A geographical or segmented analysis of turnover is not presented as, in the opinion of the directors, to do so would be seriously prejudicial to the interests of the company. |
4. | OTHER OPERATING INCOME |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Sundry receipts | 7,943 | 258 |
5. | EMPLOYEES AND DIRECTORS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
Administration | 32 | 33 |
Sales and distribution | 9 | 8 |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
6. | DIRECTORS' EMOLUMENTS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
Freight charges and disbursements recognised as an expense |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Bank account interest |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Bank interest |
Hire purchase |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax changes | 11,965 | 19,148 |
Corporation tax refund | 5,879 | - |
Total tax charge | 314,853 | 374,733 |
11. | DIVIDENDS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
£ | £ |
Interim |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
12. | TANGIBLE FIXED ASSETS |
Fixtures | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 October 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 November 2022 |
and 31 December 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 October 2022 |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.10.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.10.22 |
£ | £ |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.10.22 |
£ | £ |
Hire purchase contracts (see note 16) |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.10.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.12.23 | 31.10.22 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.10.22 |
£ | £ |
Hire purchase contracts | 5,061 | 22,190 |
The company's bank hold an unlimited debenture dated 2 March 1989. |
18. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.10.22 |
£ | £ |
Deferred tax | 44,902 | 32,937 |
Future Forwarding Company Limited (Registered number: 01376547) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 December 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Provided during period |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 21,315 | 21,315 |
20. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 November 2022 | 3,440,192 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 3,830,421 |
21. | PENSION COMMITMENTS |
The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £75,567 (£67,329 in the previous year). |
22. | ULTIMATE PARENT COMPANY |
Future Forwarding Group Inc. (incorporated in United States of America ) is regarded by the directors as being the company's ultimate parent company. |
23. | RELATED PARTY DISCLOSURES |
During the year, a total of key management emoluments of £129,158 was paid. |