Acorah Software Products - Accounts Production 15.0.600 false true true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 09326175 Mr Daniel Jefferys Mr Jack Jenkins false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09326175 2022-08-31 09326175 2023-08-31 09326175 2022-09-01 2023-08-31 09326175 frs-core:CurrentFinancialInstruments 2023-08-31 09326175 frs-core:Non-currentFinancialInstruments 2023-08-31 09326175 frs-core:ComputerEquipment 2023-08-31 09326175 frs-core:ComputerEquipment 2022-09-01 2023-08-31 09326175 frs-core:ComputerEquipment 2022-08-31 09326175 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 09326175 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 09326175 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 09326175 frs-core:FurnitureFittings 2023-08-31 09326175 frs-core:FurnitureFittings 2022-09-01 2023-08-31 09326175 frs-core:FurnitureFittings 2022-08-31 09326175 frs-core:MotorVehicles 2022-09-01 2023-08-31 09326175 frs-core:SharePremium 2023-08-31 09326175 frs-core:ShareCapital 2023-08-31 09326175 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 09326175 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09326175 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 09326175 frs-bus:SmallEntities 2022-09-01 2023-08-31 09326175 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 09326175 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09326175 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 09326175 frs-bus:OrdinaryShareClass1 2023-08-31 09326175 1 2022-09-01 2023-08-31 09326175 frs-bus:Director1 2022-09-01 2023-08-31 09326175 frs-bus:Director2 2022-09-01 2023-08-31 09326175 frs-countries:EnglandWales 2022-09-01 2023-08-31 09326175 2021-08-31 09326175 2022-08-31 09326175 2021-09-01 2022-08-31 09326175 frs-core:CurrentFinancialInstruments 2022-08-31 09326175 frs-core:Non-currentFinancialInstruments 2022-08-31 09326175 frs-core:SharePremium 2022-08-31 09326175 frs-core:ShareCapital 2022-08-31 09326175 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31 09326175 frs-bus:OrdinaryShareClass1 2021-09-01 2022-08-31
Registered number: 09326175
Future Residential Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09326175
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 64,166 62,562
Tangible Assets 5 115 197
64,281 62,759
CURRENT ASSETS
Debtors 6 143,598 143,163
Cash at bank and in hand 27,444 687
171,042 143,850
Creditors: Amounts Falling Due Within One Year 7 (419,505 ) (396,795 )
NET CURRENT ASSETS (LIABILITIES) (248,463 ) (252,945 )
TOTAL ASSETS LESS CURRENT LIABILITIES (184,182 ) (190,186 )
Creditors: Amounts Falling Due After More Than One Year 8 (47,985 ) (54,248 )
NET LIABILITIES (232,167 ) (244,434 )
CAPITAL AND RESERVES
Called up share capital 9 465 465
Share premium account 637,264 637,264
Profit and Loss Account (869,896 ) (882,163 )
SHAREHOLDERS' FUNDS (232,167) (244,434)
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For the year ending 31 August 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 Daniel Jefferys
Director
09/10/2024
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
Future Residential Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09326175 . The registered office is 113-116 Bute Street, Cardiff Bay, Cardiff, South Glamorgan, CF10 5EQ.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the Company's ability to continue as a going concern for at least 12 months from the date of signing these financial statements. The creditors remain supportive of the Company. The Company has continued to develop significant customer traction in 2023 and grown its new customer numbers above and beyond cash flow positive numbers. Given the nature of customer contract start dates, however, the associated revenues will not be realised fully until the 2024 financial year and onwards. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. 
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Research and Development
Expenditure on research is written off in the year it is incurred. Development expenditure is also written off on the same basis, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In surch cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between two and five years. Provision is made for any impairment.
2.5. 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:
Motor Vehicles 25% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
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 year 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 asset reflects 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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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Intangible Assets
Development Costs
£
Cost
As at 1 September 2022 277,754
Additions 33,130
As at 31 August 2023 310,884
Amortisation
As at 1 September 2022 215,192
Provided during the period 31,526
As at 31 August 2023 246,718
Net Book Value
As at 31 August 2023 64,166
As at 1 September 2022 62,562
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2022 1,341 1,725 3,066
As at 31 August 2023 1,341 1,725 3,066
Depreciation
As at 1 September 2022 1,144 1,725 2,869
Provided during the period 82 - 82
As at 31 August 2023 1,226 1,725 2,951
Net Book Value
As at 31 August 2023 115 - 115
As at 1 September 2022 197 - 197
The Company has a fixed and floating charge over all of its fixed assets.
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,000 4,217
Prepayments and accrued income 15,113 -
Other debtors 17,896 33,378
45,009 37,595
Due after more than one year
Deferred tax current asset 98,589 105,568
143,598 143,163
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 173,277 158,757
Bank loans and overdrafts 21,042 27,884
Other taxes and social security 114,363 78,625
Other creditors 47,464 36,788
Directors' loan accounts 63,359 94,741
419,505 396,795
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 41,044 47,307
Other creditors 6,941 6,941
47,985 54,248
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
464,597 Ordinary Shares of £ 0.001 each 465 465
10. Related Party Transactions
Included in Creditors is an unsecured director's loan of £59,160 (2022: £76,818) owed to Mr Daniel William Jefferys. The loan is interest-free and is repayable on demand. 
Included in Creditors is an unsecured director's loan of £4,198 (2022: £17,923) owed to Mr Jack Jenkins. The loan is interest-free and is repayable on demand. 
During the financial year ended 31 August 2023 the company paid £34,426 to California Ventures Limited, a company with common Directors, for services provided. 
11. Controlling Party
The directors do not consider there to be one controlling party.
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