Company Registration No. 05502071 (England and Wales)
FUTURE SOURCING LTD
Unaudited accounts
for the year ended 5 April 2024
FUTURE SOURCING LTD
Unaudited accounts
Contents
FUTURE SOURCING LTD
Company Information
for the year ended 5 April 2024
Company Number
05502071 (England and Wales)
Registered Office
Unit 10, 80 Lytham Road
Fulwood
Preston
PR2 3AQ
England
Accountants
CheapAccounting.co.uk
Trading name of Evolve Accountancy
Solutions Ltd.
45 Daltons Fen, Pitsea, Basildon
Essex
SS13 1JE
FUTURE SOURCING LTD
Statement of financial position
as at 5 April 2024
Tangible assets
18,850
22,932
Cash at bank and in hand
243,623
186,844
Creditors: amounts falling due within one year
(42,021)
(128,535)
Net current assets
384,617
314,606
Total assets less current liabilities
403,467
337,538
Provisions for liabilities
Net assets
399,886
337,538
Called up share capital
1,000
1,000
Profit and loss account
398,886
336,538
Shareholders' funds
399,886
337,538
For the year ending 5 April 2024 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 September 2024 and were signed on its behalf by
Yanan Li
Director
Company Registration No. 05502071
FUTURE SOURCING LTD
Notes to the Accounts
for the year ended 5 April 2024
FUTURE SOURCING LTD is a private company, limited by shares, registered in England and Wales, registration number 05502071. The registered office is Unit 10, 80 Lytham Road, Fulwood, Preston, PR2 3AQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
FUTURE SOURCING LTD
Notes to the Accounts
for the year ended 5 April 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 6 April 2023
1,048
42,390
11,933
666
56,037
Additions
-
-
2,202
-
2,202
At 5 April 2024
1,048
42,390
14,135
666
58,239
At 6 April 2023
699
20,686
11,554
166
33,105
Charge for the year
88
5,426
645
125
6,284
At 5 April 2024
787
26,112
12,199
291
39,389
At 5 April 2024
261
16,278
1,936
375
18,850
At 5 April 2023
349
21,704
379
500
22,932
Amounts falling due within one year
Trade debtors
80,917
91,038
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
4,691
(89)
Other creditors
3,772
4,550
Loans from directors
20,851
32,699
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
FUTURE SOURCING LTD
Notes to the Accounts
for the year ended 5 April 2024
8
Average number of employees
During the year the average number of employees was 1 (2023: 2).