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REGISTERED NUMBER: 01376547 (England and Wales)















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: C G Smith
R J Lawford





REGISTERED OFFICE: Unit 4, Hawthorne House
Dark Lane
Birstall
West Yorkshire
WF17 9LW





REGISTERED NUMBER: 01376547 (England and Wales)





AUDITORS: Richard Smedley Limited
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 £ 560,000 .

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.

C G Smith
R J Lawford

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:





R J Lawford - Director


17 September 2024

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.




Richard Smedley (Senior Statutory Auditor)
for and on behalf of Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

17 September 2024

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 33,592,658 35,435,557

Cost of sales 29,391,500 31,141,267
GROSS PROFIT 4,201,158 4,294,290

Administrative expenses 2,999,935 2,380,436
1,201,223 1,913,854

Other operating income 4 7,943 258
OPERATING PROFIT 7 1,209,166 1,914,112

Interest receivable and similar income 8 56,497 2
1,265,663 1,914,114

Interest payable and similar expenses 9 581 948
PROFIT BEFORE TAXATION 1,265,082 1,913,166

Tax on profit 10 314,853 374,733
PROFIT FOR THE FINANCIAL PERIOD 950,229 1,538,433

Future Forwarding Company Limited (Registered number: 01376547)

Balance Sheet
31 December 2023

31.12.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 179,608 181,588

CURRENT ASSETS
Debtors 13 2,331,062 4,687,463
Cash at bank and in hand 4,433,493 3,899,276
6,764,555 8,586,739
CREDITORS
Amounts falling due within one year 14 3,047,525 5,266,368
NET CURRENT ASSETS 3,717,030 3,320,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,896,638

3,501,959

CREDITORS
Amounts falling due after more than one year 15 - (7,515 )

PROVISIONS FOR LIABILITIES 18 (44,902 ) (32,937 )
NET ASSETS 3,851,736 3,461,507

CAPITAL AND RESERVES
Called up share capital 19 21,315 21,315
Capital redemption reserve 20 10,719 10,719
Retained earnings 20 3,819,702 3,429,473
SHAREHOLDERS' FUNDS 3,851,736 3,461,507

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




C G Smith - Director



R J Lawford - Director


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 21,315 1,891,040 10,719 1,923,074

Changes in equity
Total comprehensive income - 1,538,433 - 1,538,433
Balance at 31 October 2022 21,315 3,429,473 10,719 3,461,507

Changes in equity
Dividends - (560,000 ) - (560,000 )
Total comprehensive income - 950,229 - 950,229
Balance at 31 December 2023 21,315 3,819,702 10,719 3,851,736

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 1,494,235 2,272,829
Interest paid (12 ) -
Interest element of hire purchase payments
paid

(569

)

(948

)
Tax paid (349,707 ) (274,627 )
Net cash from operating activities 1,143,947 1,997,254

Cash flows from investing activities
Purchase of tangible fixed assets (89,098 ) (127,024 )
Sale of tangible fixed assets - 23,398
Interest received 56,497 2
Net cash from investing activities (32,601 ) (103,624 )

Cash flows from financing activities
Capital repayments in year (17,129 ) (14,222 )
Equity dividends paid (560,000 ) -
Net cash from financing activities (577,129 ) (14,222 )

Increase in cash and cash equivalents 534,217 1,879,408
Cash and cash equivalents at beginning of
period

2

3,899,276

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 1,265,082 1,913,166
Depreciation charges 91,079 49,700
Profit on disposal of fixed assets - (6,910 )
Finance costs 581 948
Finance income (56,497 ) (2 )
1,300,245 1,956,902
Decrease in trade and other debtors 2,356,401 1,653,911
Decrease in trade and other creditors (2,162,411 ) (1,337,984 )
Cash generated from operations 1,494,235 2,272,829

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
3,899,276 534,217 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 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures & equipment - 25% on cost
Motor vehicles - 25% on cost

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
£    £   
Services provided 20,028,437 23,246,721
Customers Duty and VAT 13,564,221 12,188,836
33,592,658 35,435,557

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 1,638,909 1,305,354
Social security costs 158,997 130,283
Other pension costs 75,567 67,329
1,873,473 1,502,966

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
41 41

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 116,182 100,709

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

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 166,218 144,794
Depreciation - owned assets 77,031 37,661
Depreciation - assets on hire purchase contracts 14,047 12,040
Profit on disposal of fixed assets - (6,910 )
Auditors' remuneration 9,500 9,000
Auditors' remuneration for non audit work 5,300 5,000
Foreign exchange differences 9,241 13,796
Freight charges and disbursements recognised as an expense 29,391,500 31,141,267

8. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
1.11.22
to Year Ended
31.12.23 31.10.22
£    £   
Bank account interest 56,497 2

9. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.22
to Year Ended
31.12.23 31.10.22
£    £   
Bank interest 12 -
Hire purchase 569 948
581 948

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 302,888 355,585

Deferred tax 11,965 19,148
Tax on profit 314,853 374,733

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 1,265,082 1,913,166
Profit multiplied by the standard rate of corporation tax in the UK of 22%
(2022 - 19%)

278,318

363,502

Effects of:
Expenses not deductible for tax purposes 19,088 10,100
Capital allowances in excess of depreciation (397 ) (18,017 )
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 560,000 -

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 106,674 165,368 272,042
Additions 38,509 50,589 89,098
Disposals (14,343 ) - (14,343 )
At 31 December 2023 130,840 215,957 346,797
DEPRECIATION
At 1 November 2022 44,498 45,956 90,454
Charge for period 30,198 60,880 91,078
Eliminated on disposal (14,343 ) - (14,343 )
At 31 December 2023 60,353 106,836 167,189
NET BOOK VALUE
At 31 December 2023 70,487 109,121 179,608
At 31 October 2022 62,176 119,412 181,588

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 48,160
DEPRECIATION
At 1 November 2022 19,063
Charge for period 14,047
At 31 December 2023 33,110
NET BOOK VALUE
At 31 December 2023 15,050
At 31 October 2022 29,097

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 2,192,078 4,351,642
Amounts owed by group undertakings - 186,369
Other debtors 4,052 200
VAT 51,417 93,067
Prepayments and accrued income 83,515 56,185
2,331,062 4,687,463

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.10.22
£    £   
Hire purchase contracts (see note 16) 5,061 14,675
Trade creditors 2,238,767 4,571,788
Amounts owed to group undertakings 53,396 -
Corporation tax 308,767 355,586
Social security and other taxes 44,511 30,502
Other creditors 462 184
Accruals and deferred income 396,561 293,633
3,047,525 5,266,368

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.10.22
£    £   
Hire purchase contracts (see note 16) - 7,515

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 5,129 15,170
Between one and five years - 7,585
5,129 22,755

Finance charges repayable:
Within one year 68 495
Between one and five years - 70
68 565

Net obligations repayable:
Within one year 5,061 14,675
Between one and five years - 7,515
5,061 22,190

Non-cancellable operating leases
31.12.23 31.10.22
£    £   
Within one year 69,079 102,095
Between one and five years - 23,095
69,079 125,190

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 32,937
Provided during period 11,965
Balance at 31 December 2023 44,902

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.10.22
value: £    £   
21,315 Ordinary £1 21,315 21,315

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 3,429,473 10,719 3,440,192
Profit for the period 950,229 950,229
Dividends (560,000 ) (560,000 )
At 31 December 2023 3,819,702 10,719 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.