IRIS Accounts Production v24.2.0.383 02293034 Board of Directors 1.1.22 31.12.22 31.12.22 true true false true true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022930342021-12-31022930342022-12-31022930342022-01-012022-12-31022930342020-12-31022930342021-01-012021-12-31022930342021-12-3102293034ns15:EnglandWales2022-01-012022-12-3102293034ns14:PoundSterling2022-01-012022-12-3102293034ns10:Director12022-01-012022-12-3102293034ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3102293034ns10:FRS1022022-01-012022-12-3102293034ns10:Audited2022-01-012022-12-3102293034ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-3102293034ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-01-012022-12-3102293034ns10:FullAccounts2022-01-012022-12-310229303412022-01-012022-12-3102293034ns10:Director52022-01-012022-12-3102293034ns10:RegisteredOffice2022-01-012022-12-3102293034ns10:Director32022-01-012022-12-3102293034ns5:CurrentFinancialInstruments2022-12-3102293034ns5:CurrentFinancialInstruments2021-12-3102293034ns5:Non-currentFinancialInstruments2022-12-3102293034ns5:Non-currentFinancialInstruments2021-12-3102293034ns5:ShareCapital2022-12-3102293034ns5:ShareCapital2021-12-3102293034ns5:SharePremium2022-12-3102293034ns5:SharePremium2021-12-3102293034ns5:CapitalRedemptionReserve2022-12-3102293034ns5:CapitalRedemptionReserve2021-12-3102293034ns5:RetainedEarningsAccumulatedLosses2022-12-3102293034ns5:RetainedEarningsAccumulatedLosses2021-12-3102293034ns5:ShareCapital2020-12-3102293034ns5:RetainedEarningsAccumulatedLosses2020-12-3102293034ns5:SharePremium2020-12-3102293034ns5:CapitalRedemptionReserve2020-12-3102293034ns5:RetainedEarningsAccumulatedLosses2021-01-012021-12-3102293034ns5:CapitalRedemptionReserve2021-01-012021-12-3102293034ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102293034ns5:CapitalRedemptionReserve2022-01-012022-12-3102293034ns5:NetGoodwill2022-01-012022-12-3102293034ns5:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3102293034ns15:UnitedKingdom2022-01-012022-12-3102293034ns15:UnitedKingdom2021-01-012021-12-3102293034ns15:Europe2022-01-012022-12-3102293034ns15:Europe2021-01-012021-12-3102293034ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102293034ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-01-012021-12-3102293034ns5:OwnedAssets2022-01-012022-12-3102293034ns5:OwnedAssets2021-01-012021-12-3102293034ns5:ComputerSoftware2022-01-012022-12-3102293034ns5:ComputerSoftware2021-01-012021-12-310229303412022-01-012022-12-310229303412021-01-012021-12-3102293034ns5:NetGoodwill2021-12-3102293034ns5:ComputerSoftware2021-12-3102293034ns5:NetGoodwill2022-12-3102293034ns5:ComputerSoftware2022-12-3102293034ns5:NetGoodwill2021-12-3102293034ns5:ComputerSoftware2021-12-3102293034ns5:LeaseholdImprovements2021-12-3102293034ns5:PlantMachinery2021-12-3102293034ns5:FurnitureFittings2021-12-3102293034ns5:LeaseholdImprovements2022-01-012022-12-3102293034ns5:PlantMachinery2022-01-012022-12-3102293034ns5:FurnitureFittings2022-01-012022-12-3102293034ns5:LeaseholdImprovements2022-12-3102293034ns5:PlantMachinery2022-12-3102293034ns5:FurnitureFittings2022-12-3102293034ns5:LeaseholdImprovements2021-12-3102293034ns5:PlantMachinery2021-12-3102293034ns5:FurnitureFittings2021-12-3102293034ns5:Subsidiary22022-01-012022-12-31022930343ns5:Subsidiary22022-01-012022-12-3102293034ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102293034ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-3102293034ns5:WithinOneYear2022-12-3102293034ns5:WithinOneYear2021-12-3102293034ns5:BetweenOneFiveYears2022-12-3102293034ns5:BetweenOneFiveYears2021-12-3102293034ns5:MoreThanFiveYears2022-12-3102293034ns5:MoreThanFiveYears2021-12-3102293034ns5:AllPeriods2022-12-3102293034ns5:AllPeriods2021-12-3102293034ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3102293034ns5:AcceleratedTaxDepreciationDeferredTax2021-12-3102293034ns5:DeferredTaxation2021-12-3102293034ns5:DeferredTaxation2022-01-012022-12-3102293034ns5:DeferredTaxation2022-12-310229303412022-01-012022-12-31
REGISTERED NUMBER: 02293034 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

FUTURESOURCE CONSULTING LIMITED

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FUTURESOURCE CONSULTING LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2022







DIRECTOR: R B Gaddy
G Kutwaroo





REGISTERED OFFICE: 4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD





REGISTERED NUMBER: 02293034 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STRATEGIC REPORT
For The Year Ended 31 December 2022


The director presents her strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
Principal activity
The principal activity of the company is the provision of specialist market research, market tracking, strategic market reports and consulting services to the global entertainment, consumer electronics and business electronics industries.

Result and performance
The results for the year ending 31 December 2022 show an increase in revenue of 1.875% (2021: Increase of 19.36%) and a decrease in profit before taxation of 0.51% (2021: Increase of 51.63%).

The directors are satisfied with the performance of the business. The global pandemic causes a surge in demand for technology from its clients in the sector which translated into strong demand for research and consulting services. The business maintains a high renewal rate across a loyal customer base which, along with a focus on account management and experience workforce, allows it to benefit from this sector confidence. There are flags for a more challenging year ahead with businesses in the technology sector reacting to slowing demand and expected to cut budgets. However, the directors are confident that the range of services and diversified client contracts will allow to maintain a positive performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in price risk, credit risk, liquidity risk, currency risk and interest rate risk. The company has processes and internal controls that seek to limit the adverse effects on the financial performance of the company. The board of directors are responsible for monitoring financial risks that the company faces.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of goods and services. The company has no exposure to equity securities price risk as it holds no listed or other equity instruments.

Credit risk
The primary credit risks faced by the company are trade debtors and cash reserves. Trade debtor risk is managed by credit control procedures which are monitored by the board of directors and further mitigated by the financial strength of our blue-chip client base. Risks associated with cash reserves are limited as the company has deposits with banks that have solid credit ratings.

Liquidity risk
The company manages liquidity risk by managing cash flow and cash reserves to maintain sufficient funds for operations and planned expansions.

Currency risk
The company's exposure to exchange rate changes is mitigated by invoicing a substantial percentage of customers in pounds sterling. We also invoice in other major currencies, but these do not usually suffer large swings against the pound within typical collection periods. The business also incurs operating expenses in these currencies which further mitigates the risk.

Interest rate risk
The company holds cash balances which earn very low rates of interest due to the present economic situation. Therefore, exposure to interest rate drops is negligible.

Economic risk
The global economy is showing signs of stabilising after several years of significant disruption. The directors monitor rising inflation but see limited impact to the business. Increasing geopolitical tensions are a cause for some concern with the potential impact on supply chains and subsequent impact on the technology sector. The Futuresource Senior Management team maintain a number of cash flow forecast scenarios to help understand the impact economic downfall on the business.


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STRATEGIC REPORT
For The Year Ended 31 December 2022

FINANCIAL KEY PERFORMANCE INDICATORS
2022 2021

Revenue 8,528,431 8,258,375
Pre-tax profit 2,416,477 2,415,775

FUTURE DEVELOPMENTS
The company intends to perform under the guidance of its new board of directors and trustee.

SUBSEQUENT EVENTS
There has been changes in the group structure of the company in January 2023. The company is now ultimately under a trust and is being managed by trustee and board of directors. In April and May 2024, there has been changes in the trustee and board of directors.

RESEARCH & DEVELOPMENT
The directors are optimistic that the investment in development of new services will create greater marketing opportunities and increased sales.

ON BEHALF OF THE BOARD:





G Kutwaroo - Director


16 September 2024

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

REPORT OF THE DIRECTOR
For The Year Ended 31 December 2022


The director presents her report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company is the provision of specialist market research, market tracking, strategic market reports and consulting services to the global entertainment, consumer electronics and business electronics industries.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2022 is £500,000 (2021: £2,101,251).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 January 2022 to the date of this report are as follows:

S R Hall - resigned 22 December 2022

H L Block, S Gilroy, R B Gaddy and G Kutwaroo were appointed as directors after 31 December 2022 but prior
to the date of this report.

J G Holbrook, S Gilroy, H L Block and M H Greenspan ceased to be directors after 31 December 2022 but prior
to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties and Key performance indicators.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

REPORT OF THE DIRECTOR
For The Year Ended 31 December 2022


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 she ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Kutwaroo - Director


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING LIMITED


Opinion
We have audited the financial statements of Futuresource Consulting Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 2022 and of its profit for the year 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

- We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

- We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

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.




Benjamin Young FCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

18 September 2024

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 December 2022

2022 2021
Notes £    £   

TURNOVER 3 8,528,431 8,258,375

Administrative expenses 6,183,599 5,892,176
2,344,832 2,366,199

Other operating income 36,909 49,314
OPERATING PROFIT 5 2,381,741 2,415,513

Interest receivable and similar income 34,736 1,906
2,416,477 2,417,419

Interest payable and similar expenses 6 - 1,644
PROFIT BEFORE TAXATION 2,416,477 2,415,775

Tax on profit 7 453,039 494,762
PROFIT FOR THE FINANCIAL YEAR 1,963,438 1,921,013

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,963,438

1,921,013

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,583 17,957
Tangible assets 10 101,831 93,698
Investments 11 - -
105,414 111,655

CURRENT ASSETS
Debtors 12 8,396,598 7,330,782
Cash at bank and in hand 271,491 331,133
8,668,089 7,661,915
CREDITORS
Amounts falling due within one year 13 2,824,390 3,155,643
NET CURRENT ASSETS 5,843,699 4,506,272
TOTAL ASSETS LESS CURRENT LIABILITIES 5,949,113 4,617,927

CREDITORS
Amounts falling due after more than one
year

14

(124,529

)

(254,876

)

PROVISIONS FOR LIABILITIES 16 (24,854 ) (26,759 )
NET ASSETS 5,799,730 4,336,292

CAPITAL AND RESERVES
Called up share capital 17 18,515 18,515
Share premium 5,570 5,570
Capital redemption reserve 4,525 4,525
Retained earnings 5,771,120 4,307,682
5,799,730 4,336,292

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed by:





G Kutwaroo - Director


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2022

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2021 18,515 4,487,920 5,570 4,525 4,516,530

Changes in equity
Dividends - (2,101,251 ) - - (2,101,251 )
Total comprehensive income - 1,921,013 - - 1,921,013
Balance at 31 December 2021 18,515 4,307,682 5,570 4,525 4,336,292

Changes in equity
Dividends - (500,000 ) - - (500,000 )
Total comprehensive income - 1,963,438 - - 1,963,438
Balance at 31 December 2022 18,515 5,771,120 5,570 4,525 5,799,730

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022


1. STATUTORY INFORMATION

Futuresource Consulting 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
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Compliance with accounting standards
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures that standard.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Futuresource Consulting Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Futuresource Holdings Limited, 4 Beaconsfield Road, St. Albans, England, AL1 3RD.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. We have considered the estimates and assumptions made by the company and have not identified any which are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

There are significant intercompany and related party receivables held in the balance sheet of the company. The directors consider that the recoverability of these represents a significant point of judgement within the presentation of the financial statements.

Those balances due from it's UK holding companies are considered to be potentially settled at a later date through the issue of dividends from the company to the UK parent companies, and the company retains sufficient reserves to do so. There have been no provisions against intercompany receivables.

Those balances due from overseas related parties have been given personal support by the ultimate . shareholder of the related entities. There have been no provisions against related party receivables.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value, net of value added tax, of goods and services supplied to customers during the year. Sales are recognised at the point at which the company has fulfilled its contractual obligations.

The entity recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the customer; (b) the entity retains no continuing involvement or control over the services; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset as follows:

Goodwill - 10% straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised over 3 years straight line.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is calculated so as to write off the cost or revaluation of an assets, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:

Improvements to property - lease term
Fixtures & fittings - 20% straight line
Office equipment - 20% straight line
Software - 33% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development are written off in the year in which they are incurred, except that development expenditures incurred on an individual project are carried forward when its future recoverability can reasonably be regarded as assured. Any expenditures carried forward are amortised in line with the expected future sales from the related project.

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
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.

Going concern
The directors have considered the impact of the current economic environment (including any residual issues relating to the COVID-19 pandemic) in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

The ultimate shareholder of the related entities has agreed to support the recovery of balances with overseas related party entities should this be required. Support is also available, if required, from an additional related party entity.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 487,622 660,670
Europe 1,327,126 1,321,340
Rest of world 6,713,683 6,276,365
8,528,431 8,258,375

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 3,020,005 3,091,249
Social security costs 398,244 332,294
Other pension costs 161,746 193,565
3,579,995 3,617,108

The average number of employees during the year was as follows:
2022 2021

Research 34 35
IT/Technology 4 5
Sales and marketing 12 9
Operations 2 2
52 51

2022 2021
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Other operating leases 190,166 186,044
Depreciation - owned assets 37,896 42,189
Loss on disposal of fixed assets - 9
Computer software amortisation 14,974 22,592
Auditors' remuneration 16,770 8,750
Auditors' remuneration for non audit work 8,990 5,700
Foreign exchange differences (82,435 ) 90,047

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Other interest - 1,644

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 455,257 482,734
Over/under provision (313 ) 14,602
Total current tax 454,944 497,336

Deferred tax (1,905 ) (2,574 )
Tax on profit 453,039 494,762

UK corporation tax has been charged at 19% (2021 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 2,416,477 2,415,775
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2021 - 19%)

459,131

458,997

Effects of:
Expenses not deductible for tax purposes 58 11,596
Income not taxable for tax purposes (2,608 ) (169 )
Capital allowances in excess of depreciation (1,324 ) -
Depreciation in excess of capital allowances - 12,310
Adjustments to tax charge in respect of previous periods (313 ) 14,602
Deferred tax movement (1,905 ) (2,574 )


Total tax charge 453,039 494,762

At Spring Budget 2021, the government announced an increase in the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023. Deferred tax has therefore been calculated at the future rate of 25%.

8. DIVIDENDS
2022 2021
£    £   
shares of each
Final 500,000 2,101,251

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2022 509,050 292,942 801,992
Additions - 600 600
At 31 December 2022 509,050 293,542 802,592
AMORTISATION
At 1 January 2022 509,050 274,985 784,035
Amortisation for year - 14,974 14,974
At 31 December 2022 509,050 289,959 799,009
NET BOOK VALUE
At 31 December 2022 - 3,583 3,583
At 31 December 2021 - 17,957 17,957

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Office and
property equipment fittings Totals
£    £    £    £   
COST
At 1 January 2022 203,143 220,919 7,455 431,517
Additions - 46,029 - 46,029
Disposals (106,337 ) (100,042 ) (3,475 ) (209,854 )
At 31 December 2022 96,806 166,906 3,980 267,692
DEPRECIATION
At 1 January 2022 149,255 182,170 6,394 337,819
Charge for year 9,681 27,475 740 37,896
Eliminated on disposal (106,337 ) (100,042 ) (3,475 ) (209,854 )
At 31 December 2022 52,599 109,603 3,659 165,861
NET BOOK VALUE
At 31 December 2022 44,207 57,303 321 101,831
At 31 December 2021 53,888 38,749 1,061 93,698

11. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


11. FIXED ASSET INVESTMENTS - continued

Futuresource US LLC
Registered office: 2140 S Dupont Highway, Camden, Kent County, Delaware 19934
Nature of business: Consulting services
%
Class of shares: holding
Units of membership interest 100.00

The subsidiary was incorporated on 13 July 2021.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,459,018 1,407,597
Amounts owed by group undertakings 4,921,008 5,085,396
Other debtors 1,390,391 129,066
Tax 748 17,769
VAT 88,110 25,205
Prepayments and accrued income 537,323 665,749
8,396,598 7,330,782

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 673,545 256,375
Corporation tax - 315,234
Social security and other taxes - 5,444
Other creditors 31,427 17,582
Accruals and deferred income 2,119,418 2,561,008
2,824,390 3,155,643

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Accruals and deferred income 124,529 254,876

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 170,200 170,200
Between one and five years 581,517 680,800
In more than five years - 70,917
751,717 921,917

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


16. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 24,854 26,759

Deferred
tax
£   
Balance at 1 January 2022 26,759
Provided during year (1,905 )
Balance at 31 December 2022 24,854

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal Value: 2022 2021
£ £    £   
9,050 A Ordinary £1 9,050 9,050
4,525 B Ordinary £1 4,525 4,525
1,680 C Ordinary £1 1,680 1,680
1,420 D Non-Voting £1 1,420 1,420
1,070 E Non-Voting £1 1,070 1,070
520 F Non-Voting £1 520 520
250 G Non-Voting £1 250 250
18,515 18,515

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £161,745 (2021: £193,565).

Contributions totalling £nil (2021: £10,883) were payable to the scheme at the end of the period and are included in other creditors.

19. RELATED PARTY DISCLOSURES

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.

During the year the entity incurred management charges from related parties of £1,036,973 (2021: £474,558) and recharged costs to related parties of £281,566 (2021: £nil). At the year end an amount of £241,906 (2021: £194,395) was owed to the related party.

During the year the entity increased the loan to a related party at an interest rate of 5%. At the year end £1,090,257 (2021: £110,498) is due from the related party and is included in other debtors.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


20. POST BALANCE SHEET EVENTS

In January 2023, joint provisional liquidators of four Bermuda based insurance companies filed a complaint in the United States bankruptcy court (Southern District of New York) against certain individuals and all affiliated companies in the wider group of which the company is part. The directors consider that it is unclear what the plaintiffs allege as to the company's direct involvement, if anything. At this time the directors and legal counsel are not aware that this claim on members of the group has any implication for, or impact on, the company but have disclosed the matter for the purposes of transparency.

21. ULTIMATE CONTROLLING PARTY

The controlling party is Futuresource Holdings Limited.

From 27 January 2023 the ultimate controlling party was Robert Gaddy as sole beneficiary of the Futuresource Group Trust. (Previously G E Lindberg).