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Registered number: 05280682
Consultant Futurity Services Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05280682
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 55,295 69,119
Tangible Assets 5 105,993 105,058
161,288 174,177
CURRENT ASSETS
Stocks 6 61,377 42,172
Debtors 7 197,148 253,722
Cash at bank and in hand 52,644 22,793
311,169 318,687
Creditors: Amounts Falling Due Within One Year 8 (270,586 ) (209,685 )
NET CURRENT ASSETS (LIABILITIES) 40,583 109,002
TOTAL ASSETS LESS CURRENT LIABILITIES 201,871 283,179
Creditors: Amounts Falling Due After More Than One Year 9 (16,667 ) (26,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,290 ) (11,240 )
NET ASSETS 172,914 245,272
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 172,913 245,271
SHAREHOLDERS' FUNDS 172,914 245,272
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S I Dajani
Director
25th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Consultant Futurity Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05280682 . The registered office is 5 Riverside, Bishopstoke, Hampshire, SO50 6LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2022: 8)
23 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 287,999
As at 30 November 2023 287,999
Amortisation
As at 1 December 2022 218,880
Provided during the period 13,824
As at 30 November 2023 232,704
Net Book Value
As at 30 November 2023 55,295
As at 1 December 2022 69,119
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 64,674 72,087 134,146 270,907
Additions - - 19,475 19,475
As at 30 November 2023 64,674 72,087 153,621 290,382
Depreciation
As at 1 December 2022 18,773 50,540 96,536 165,849
Provided during the period 4,591 5,386 8,563 18,540
As at 30 November 2023 23,364 55,926 105,099 184,389
Net Book Value
As at 30 November 2023 41,310 16,161 48,522 105,993
As at 1 December 2022 45,901 21,547 37,610 105,058
6. Stocks
2023 2022
£ £
Finished goods 61,377 42,172
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 169,652 179,295
Prepayments and accrued income 4,118 4,718
Other debtors - 133
VAT asset 23,378 32,401
Directors' loan accounts - 37,175
197,148 253,722
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 205,697 185,686
Bank loans and overdrafts 10,000 10,000
Corporation tax 3,134 10,811
Other taxes and social security 4,119 2,672
Other creditors 659 516
Directors' loan accounts 46,977 -
270,586 209,685
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 16,667 26,667
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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