Registered number
11824600
Future Agency Consulting Ltd
Unaudited Filleted Accounts
31 December 2023
Future Agency Consulting Ltd
Registered number: 11824600
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 5 1,667 2,917
Tangible assets 6 117,244 87,782
118,911 90,699
Current assets
Debtors 7 367,417 324,711
Cash at bank and in hand 70,375 123,496
437,792 448,207
Creditors: amounts falling due within one year 8 (649,154) (458,861)
Net current liabilities (211,362) (10,654)
Total assets less current liabilities (92,451) 80,045
Creditors: amounts falling due after more than one year 9 (46,129) (12,341)
Provisions for liabilities - (15,517)
Net (liabilities)/assets (138,580) 52,187
Capital and reserves
Called up share capital 20 20
Profit and loss account (138,600) 52,167
Shareholders' funds (138,580) 52,187
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O J Swanton
Director
Approved by the board on 23 September 2024
Future Agency Consulting Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Fixtures, fittings and equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Dividends
The company distributed dividends to shareholders to the value of £12,500 on 7 June 2023. In respect of this distribution, relevant accounts were drawn up and it was determined that profits at this date, coupled with distributable reserves available at the end of the previous financial year, were of a sufficient level to justify this distribution. Following this period, no further dividends were distributed to shareholders.
3 Going concern
At the balance sheet date, the company had net liabilities of £138,580. Trading results through to the date of the approval of the accounts have been positive and the directors are of the opinion that the company remains a going concern.
4 Employees 2023 2022
Number Number
Average number of persons employed by the company 38 19
5 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 5,000
At 31 December 2023 5,000
Amortisation
At 1 January 2023 2,083
Provided during the year 1,250
At 31 December 2023 3,333
Net book value
At 31 December 2023 1,667
At 31 December 2022 2,917
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
6 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 21,133 101,403 122,536
Additions 52,617 58,215 110,832
Disposals (10,339) (9,246) (19,585)
At 31 December 2023 63,411 150,372 213,783
Depreciation
At 1 January 2023 4,652 30,102 34,754
Charge for the year 20,995 46,341 67,336
On disposals (3,438) (2,113) (5,551)
At 31 December 2023 22,209 74,330 96,539
Net book value
At 31 December 2023 41,202 76,042 117,244
At 31 December 2022 16,481 71,301 87,782
7 Debtors 2023 2022
£ £
Trade debtors 309,523 274,186
Other debtors 57,894 50,525
367,417 324,711
8 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 36,279 7,373
Trade creditors 80,973 34,349
Taxation and social security costs 177,294 117,359
Other creditors 354,608 299,780
649,154 458,861
9 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 46,129 12,341
# Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 272,128 279,854
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L J Nicholson
Interest free loan 9,583 6,254 (7,546) 8,291
9,583 6,254 (7,546) 8,291
# Related party transactions
During the year, the company received services from PLW Creative Ltd, a company in which the director P L Wood also serves as a director, to the value of £60,000 (2022 - £46,000). No amounts were outstanding at the balance sheet date.

During the year, the company received services from Fizz Fozz Management Services Limited, a company in which the director L J Nicholson also serves as a director, to the value of £120,700 (2022 - £112,583). No amounts were outstanding at the balance sheet date.

During the year, the company received services from Roonell Limited, a company in which the director G B G Corrin also serves as a director, to the value of £90,280 (2022 - £74,000). No amounts were outstanding at the balance sheet date.

During the year, the company received services from Larkbarow Limited, a company in which the director O J Swanton also serves as a director, to the value of £72,000 (2022 - £60,000). No amounts were outstanding at the balance sheet date. Larkbarrow Limited provided the company with funding and at the balance sheet date, no amounts were outstanding (2022 - £68,750) to Larkbarrow Limited. Interest of £1,719 (2022 - £5,469) was paid to Larkbarrow Limited in respect of this funding.

During the year, the company received services from Agency A Limited, a company in which the directors O J Swanton and L J Nicholson also serve as a directors, to the value of £191,550 (2022 - £46,738). Amounts of £9,600 (2022 - £12,503) were outstanding at the balance sheet date. The company provided services to Agency A Limited to the value of £23,506 (2022 - £28,502). No amounts were outstanding at the balance sheet date.
# Other information
Future Agency Consulting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Innovation Close
Heslington
York
YO10 5ZF
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