Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetruetruetrue45false2023-01-01No description of principal activity46false 04082552 2023-01-01 2023-12-31 04082552 2022-01-01 2022-12-31 04082552 2023-12-31 04082552 2022-12-31 04082552 2022-01-01 04082552 2 2022-01-01 2022-12-31 04082552 3 2023-01-01 2023-12-31 04082552 3 2022-01-01 2022-12-31 04082552 7 2023-01-01 2023-12-31 04082552 7 2022-01-01 2022-12-31 04082552 d:Director2 2023-01-01 2023-12-31 04082552 d:Director3 2023-01-01 2023-12-31 04082552 d:Director4 2023-01-01 2023-12-31 04082552 d:Director5 2023-01-01 2023-12-31 04082552 d:RegisteredOffice 2023-01-01 2023-12-31 04082552 e:FurnitureFittings 2023-01-01 2023-12-31 04082552 e:FurnitureFittings 2023-12-31 04082552 e:FurnitureFittings 2022-12-31 04082552 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082552 e:ComputerEquipment 2023-01-01 2023-12-31 04082552 e:ComputerEquipment 2023-12-31 04082552 e:ComputerEquipment 2022-12-31 04082552 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082552 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04082552 e:OtherPropertyPlantEquipment 2023-12-31 04082552 e:OtherPropertyPlantEquipment 2022-12-31 04082552 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082552 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082552 e:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 04082552 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04082552 e:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04082552 e:IntangibleAssetsOtherThanGoodwill 2023-12-31 04082552 e:IntangibleAssetsOtherThanGoodwill 2022-12-31 04082552 e:CurrentFinancialInstruments 2023-12-31 04082552 e:CurrentFinancialInstruments 2022-12-31 04082552 e:Non-currentFinancialInstruments 2023-12-31 04082552 e:Non-currentFinancialInstruments 2022-12-31 04082552 e:Non-currentFinancialInstruments 3 2023-12-31 04082552 e:Non-currentFinancialInstruments 3 2022-12-31 04082552 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04082552 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04082552 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04082552 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 04082552 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 04082552 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 04082552 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 04082552 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 04082552 f:UnitedKingdom 2023-01-01 2023-12-31 04082552 f:UnitedKingdom 2022-01-01 2022-12-31 04082552 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 04082552 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 04082552 f:RestWorldOutsideUK 2023-01-01 2023-12-31 04082552 f:RestWorldOutsideUK 2022-01-01 2022-12-31 04082552 e:UKTax 2023-01-01 2023-12-31 04082552 e:UKTax 2022-01-01 2022-12-31 04082552 e:ShareCapital 2023-12-31 04082552 e:ShareCapital 2022-01-01 2022-12-31 04082552 e:ShareCapital 2022-12-31 04082552 e:ShareCapital 2022-01-01 04082552 e:SharePremium 2023-01-01 2023-12-31 04082552 e:SharePremium 2023-12-31 04082552 e:SharePremium 2022-01-01 2022-12-31 04082552 e:SharePremium 2022-12-31 04082552 e:SharePremium 2022-01-01 04082552 e:SharePremium 2 2022-01-01 2022-12-31 04082552 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 04082552 e:OtherMiscellaneousReserve 2023-12-31 04082552 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 04082552 e:OtherMiscellaneousReserve 2022-12-31 04082552 e:OtherMiscellaneousReserve 2022-01-01 04082552 e:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 04082552 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04082552 e:RetainedEarningsAccumulatedLosses 2023-12-31 04082552 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04082552 e:RetainedEarningsAccumulatedLosses 2022-12-31 04082552 e:RetainedEarningsAccumulatedLosses 2022-01-01 04082552 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 04082552 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04082552 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04082552 d:OrdinaryShareClass4 2023-01-01 2023-12-31 04082552 d:OrdinaryShareClass4 2023-12-31 04082552 d:OrdinaryShareClass4 2022-12-31 04082552 d:FRS101 2023-01-01 2023-12-31 04082552 d:Audited 2023-01-01 2023-12-31 04082552 d:FullAccounts 2023-01-01 2023-12-31 04082552 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04082552 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04082552 2 2023-01-01 2023-12-31 04082552 6 2023-01-01 2023-12-31 04082552 e:CurrentFinancialInstruments 7 2023-12-31 04082552 e:CurrentFinancialInstruments 7 2022-12-31 04082552 e:WithinOneYear 2023-12-31 04082552 e:WithinOneYear 2022-12-31 04082552 e:BetweenOneFiveYears 2023-12-31 04082552 e:BetweenOneFiveYears 2022-12-31 04082552 e:WithinOneYear e:ContractualUndiscountedValue 2023-12-31 04082552 e:WithinOneYear e:ContractualUndiscountedValue 2022-12-31 04082552 e:BetweenOneFiveYears e:ContractualUndiscountedValue 2023-12-31 04082552 e:BetweenOneFiveYears e:ContractualUndiscountedValue 2022-12-31 04082552 e:ContractualUndiscountedValue 2023-12-31 04082552 e:ContractualUndiscountedValue 2022-12-31 04082552 g:PoundSterling 2023-01-01 2023-12-31 04082552 e:ShareCapital 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 04082552












THE FUTURE LABORATORY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

THE FUTURE LABORATORY LIMITED

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 7
Profit and loss account
 
8
Balance sheet
 
9 - 10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 31


 

THE FUTURE LABORATORY LIMITED
 
COMPANY INFORMATION


Directors
M J Raymond 
C G Sanderson 
Together Group Studios Limited 
Together Group Ventures & Projects Limited 




Registered number
04082552



Registered office
6 Orsman Road

London

N1 5QJ




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

THE FUTURE LABORATORY LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The loss for the year, after taxation, amounted to £210,561 (2022 - loss £58,735).

A dividend was not declared during the year.

Directors

The directors who served during the year were:

M J Raymond 
C G Sanderson 
Together Group Studios Limited 
Together Group Ventures & Projects Limited 
C Bunting (resigned 6 October 2023)

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C G Sanderson
Director

Date: 4 October 2024

Page 2

 

THE FUTURE LABORATORY LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 3

 

THE FUTURE LABORATORY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FUTURE LABORATORY LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion


We have audited the financial statements of The Future Laboratory Limited (the 'company') for the year ended 31 December 2023, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 2023 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 

THE FUTURE LABORATORY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FUTURE LABORATORY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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. 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 course of 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.


Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


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 directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.



Page 5

 

THE FUTURE LABORATORY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FUTURE LABORATORY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor's 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 an auditor's report 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:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

 
Page 6

 

THE FUTURE LABORATORY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FUTURE LABORATORY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor's responsibilities for the audit of the financial statements (continued)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 auditor's report.


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 2006Our 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 an auditor's report 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.





Thomas Dickinson (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
4 October 2024
Page 7

 

THE FUTURE LABORATORY LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
4,624,369
5,133,092

Cost of sales
  
(769,954)
(734,269)

Gross profit
  
3,854,415
4,398,823

Administrative expenses
  
(4,049,122)
(4,427,735)

Other operating income
  
-
3,908

Operating loss
 5 
(194,707)
(25,004)

Interest receivable and similar income
 8 
1,579
4,998

Interest payable and similar expenses
 9 
(17,433)
(17,980)

Loss before taxation
  
(210,561)
(37,986)

Tax on loss
 10 
-
(20,749)

Loss for the financial year
  
(210,561)
(58,735)

The profit and loss account has been prepared on the basis that all activities are continuing operations.
There are no items of other comprehensive income for either the year or the prior year other than the loss for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 8


 
REGISTERED NUMBER:04082552
THE FUTURE LABORATORY LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 11 
58,301
59,916

Tangible assets
 12 
369,584
193,943

Investments
 13 
13
13

  
427,898
253,872

Current assets
  

Debtors: amounts falling due after more than one year
 14 
31,513
31,513

Debtors: amounts falling due within one year
 14 
894,656
1,151,977

Cash at bank and in hand
 15 
526,477
763,195

  
1,452,646
1,946,685

Creditors: amounts falling due within one year
 16 
(2,045,247)
(2,320,887)

Net current liabilities
  
 
 
(592,601)
 
 
(374,202)

Total assets less current liabilities
  
(164,703)
(120,330)

  

Creditors: amounts falling due after more than one year
 17 
(168,298)
(2,110)

  
(333,001)
(122,440)

  

  

Net liabilities
  
(333,001)
(122,440)

Page 9


 
REGISTERED NUMBER:04082552
THE FUTURE LABORATORY LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
1,091
1,091

Share premium account
 21 
78,557
78,557

Profit and loss account
 21 
(412,649)
(202,088)

Total equity
  
(333,001)
(122,440)




The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C G Sanderson
Director

Date: 4 October 2024

The notes on pages 12 to 31 form part of these financial statements.

Page 10

 

THE FUTURE LABORATORY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
950
-
43,383
(681,294)
(636,961)



Loss for the year
-
-
-
(58,735)
(58,735)

Shares issued during the year
141
78,557
-
-
78,698

Share-based payment expense
-
-
494,558
-
494,558

Release of share-based payment reserve
-
-
(537,941)
537,941
-



At 1 January 2023
1,091
78,557
-
(202,088)
(122,440)



Loss for the year
-
-
-
(210,561)
(210,561)


At 31 December 2023
1,091
78,557
-
(412,649)
(333,001)


The notes on pages 12 to 31 form part of these financial statements.

Page 11

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 6 Orsman Road, London, United Kingdom, N1 5QJ.
The company's principal activity consists of the provision of strategic foresight advisory and of research services.
The company's financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The company was, at the end of the year, a wholly-owned subsidiary of TGHB3 Limited, whose registered address is North Suite Third Floor, 32/34 Great Marlborough Street, London, United Kingdom, W1F 7JB. TGHB3 Limited and its subsidiaries, including The Future Laboratory Limited and its own subsidiaries, are included in the consolidated financial statements of Together Group Holdings PLC, whose registered address is North Suite Third Floor, 32/34 Great Marlborough Street, London, United Kingdom, W1F 7JB. In accordance with the exemption given in Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.

The following principal accounting policies have been applied:

Page 12

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member


 
2.3

Going concern

The directors of the controlling entity, Together Group Holdings Plc, have prepared forecasts until 31 December 2025 which show that the Group will have sufficient cash available from a combination of existing facilities and generated from its principal trading activity in order to settle liabilities in the due course of business and will maintain compliance with covenants with the borrowing facilities (a $55m borrowing facility entered into on 7 April 2023 which is due for repayment in quarterly instalments commencing on 31 March 2025 and a $65m borrowing facility entered into on 19 May 2024 which is due for repayment on 19 October 2029). 
Group management has performed sensitivity analysis on these forecasts which show that if growth, which is forecast by the Group’s acquired agencies, were not achieved in the timeframe which is expected the Group would continue to maintain compliance with its borrowing covenants.
The directors of the company have received a letter of support from the controlling entity, Together Group Holdings Plc, which confirms that it will provide financial support to the company for a period of at least twelve months from the date of approval of the financial statements if it were necessary.
Accordingly, the directors have prepared the financial statements on the going concern basis, notwithstanding the fact that the company has a deficiency on total equity at the end of the year, having assessed that the Group and the company has a reasonable expectation of continuing to settle liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

Page 13

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company adjusts the transaction prices of these contracts for the time value of money.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue is adjusted for amounts invoiced to customers in advance or arrears at both the beginning and end of the year, such that the revenue is recognised in line with the performance obligations under the contract.
Amounts invoiced to customers in advance of services being provided are included within creditors until the promised services are transferred to the customer. The company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.

Page 14

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leases

The company as a lessee

At the inception of the contact, the company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The company recognises a right-of-use asset and a lease liability at the commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement day and any initial direct costs, less any lease incentives received. The assets are depreciated over the shorter period of the lease term and useful life of the underlying asset on a straight line basis. The lease term includes periods covered by an option to extend if the company is reasonably certain to exercise that option.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, then the company uses its incremental borrowing rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising in rate, extension or termination options.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected to apply the practical expedient not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Website platform - 7 years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% Straight line
Computer equipment
-
25% Straight line
Right-of-use assets
-
Length of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.15

Financial instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Trade and other receivables
Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscounted amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss. If payment is due after more than one year or if there is any other indication of a financing transaction, trade and other receivables are recorded initially at fair value less attributable transaction costs. In this situation, fair value is equal to the amount expected to be received, discounted at a market related interest rate.
All trade and other receivables are subsequently measured at amortised cost, net of impairment.

Page 17

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16

Financial instruments (continued)

Impairment and write-offs
The company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables. See note 14 for the net carrying amount of the receivables and associated impairment provision.
The company writes off a receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets written off are still subject to enforcement activities. Any recoveries made are recognised in the profit or loss.

Financial liabilities

Trade and other payables
Trade and other payables are initially recognised at fair value less attributable transaction costs. They are subsequently measured at amortised cost.


Page 18

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, that management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Financial assets
The company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables. See note 14 for the net carrying amount of the receivables and associated impairment provision.

Financial liabilities

The company makes an estimate of the incremental borrowing rate which is used to calculate the present value of lease obligations on agreements entered that do not contain an implicit rate of interest. When assessing the incremental borrowing rate management consider current interest rates on group loans and interest rates available in the market place. Any adjustment to the discount rate would have an impact on the value of the financial liabilities. See note 18 for the future minimum lease payments and the present value of minimum lease payments.
Share-based payments
The company operated an equity settled share-based payment arrangement in which share options were issued to employees of the company in respect of B Ordinary shares, as part of an Enterprise Management Incentive scheme. The options vested and were exercisable upon an exit event, which took place during the year ended 31 December 2022. The fair value of the options was determined at the grant date using the Binomial model. The key assumptions of this model are the market value of the shares at grant date, which takes into consideration EBITDA multiples of listed entities operating in similar industries with a non-marketability deduction applied thereon, an annual volatility of 30 - 45% and an annual risk-free rate of 0.2 - 1.3%. The directors assess the probability of an exit event at each balance sheet date and recognise a share-based payment expense in respect of these options accordingly. The share options fully vested and were exercised during the year ended 31 December 2022.

Page 19

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Foresight
4,523,517
4,924,711

Strategic
100,852
208,381

4,624,369
5,133,092


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,604,949
1,436,716

Rest of Europe
1,205,990
1,248,999

Rest of the world
1,813,430
2,447,377

4,624,369
5,133,092



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
169,047
165,100

Amortisation of intangible assets, including goodwill
12,024
12,024

Fees payable to company's auditor for the audit of the financial statements
18,530
20,500

Exchange differences
24,687
(162,788)

Share-based payment expense
-
494,558

Defined contribution pension cost
98,631
145,104

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 20

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

2023
2022
£
£

Wages and salaries
2,635,994
2,605,988

Social security costs
328,263
326,884

Cost of defined contribution scheme
98,631
145,104

3,062,888
3,077,976


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Staff
42
43

45
46


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
425,069
471,666

Company contributions to defined contribution pension schemes
18,649
23,583

443,718
495,249


During the year retirement benefits were accruing to 2 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £186,244 (2022 - £184,100).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,858 (2022 - £9,000).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company. There are no members of key management personnel for the company besides the directors.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
1,579
4,998

Page 21

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
1,310

Loans from group undertakings
5,203
1,578

Interest on lease liabilities
12,230
15,092

17,433
17,980


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
20,749


Total current tax
-
20,749

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
20,749
Page 22

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). From 1 April 2023, the corporation tax rate increased to 25% for companies with profits over £250,000. A small profits rate was also introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. For the financial year ended 31 December 2023, the current weighted average tax rate was 23.5%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(210,561)
(37,986)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(49,482)
(7,217)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
42,390
37,371

Capital allowances for year in excess of depreciation
(293)
(1,098)

Short-term timing difference leading to an increase (decrease) in taxation
1,119
-

Tax deduction arising from exercise of employee options
-
(6,519)

Group relief
6,266
(1,788)

Total tax charge for the year
-
20,749


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets




Website platform

£



Cost


At 1 January 2023
85,164


Additions
10,409



At 31 December 2023

95,573



Amortisation


At 1 January 2023
25,248


Charge for the year
12,024



At 31 December 2023

37,272



Net book value



At 31 December 2023
58,301



At 31 December 2022
59,916




Page 24

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Right of use assets
Total

£
£
£
£



Cost


At 1 January 2023
19,499
121,616
292,273
433,388


Additions
-
24,900
321,453
346,353


Disposals
-
(4,160)
-
(4,160)



At 31 December 2023

19,499
142,356
613,726
775,581



Depreciation


At 1 January 2023
6,599
89,112
143,734
239,445


Charge for the year
4,267
18,643
146,137
169,047


Disposals
-
(2,495)
-
(2,495)



At 31 December 2023

10,866
105,260
289,871
405,997



Net book value



At 31 December 2023
8,633
37,096
323,855
369,584



At 31 December 2022
12,900
32,504
148,539
193,943


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
13



At 31 December 2023
13




Page 25

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
31,513
31,513


2023
2022
£
£

Due within one year

Trade debtors
530,407
654,682

Amounts owed by group undertakings
51,564
66,691

Other debtors
147,491
370,178

Prepayments and accrued income
162,593
57,825

Deferred taxation
2,601
2,601

894,656
1,151,977


Trade debtors are stated after provisions for expected credit losses of £nil (2022: £nil).
Amounts owed by group undertakings are unsecured, interest-free, and are repayable on demand.
Amounts owed by group undertakings are stated after provisions for expected credit losses of £191,592 (2022: £191,592).


15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
526,477
763,195


Page 26

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
199,481
147,186

Amounts owed to group undertakings
85,745
131,391

Corporation tax
-
104,492

Other taxation and social security
87,104
75,595

Lease liabilities (see note 18)
155,265
152,334

Other creditors
28,426
33,769

Accruals and deferred income
1,489,226
1,676,120

2,045,247
2,320,887


Amounts owed to group undertakings are unsecured, interest-free, and are repayable on demand.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities (see note 18)
168,298
2,110


Page 27

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.

Leases

Company as a lessee

The company has entered into leases for office space in London, used in the conduct of business.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
155,265
152,334

Between one year and five years
168,298
2,110

323,563
154,444


Contractual undiscounted cash flows are due as follows:

2023
2022
£
£

Not later than one year
172,014
157,563

Between one year and five years
177,245
2,214

349,259
159,777

Included with contractual undiscounted cash flows shown above is unearned interest totalling £25,696 (2022: £5,333).
The directors do not perceive there to be a significant liquidity risk in respect of the company's leasing arrangements. Liquidity risk is monitored as part of the overall process of managing cash flows.


The following amounts in respect of leases, where the company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
12,230
15,092

Page 28

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023
2022


£

£






At beginning of year
2,601
2,601



At end of year
2,601
2,601

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
2,601
2,601

2,601
2,601


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,090,966 (2022:1,090,966) Ordinary shares of £0.001 each
1,091
1,091

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



21.


Reserves

Share premium account

The share premium reserve includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

An other reserve has arisen in respect of share-based payment expenses. The shares over which options were issued are those of the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 29

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share-based payments

The company issued share options over its B Ordinary shares as part of an Enterprise Management Incentive scheme. Share options were granted to employees in five tranches, dating between 14 November 2016 and 10 March 2022. The options granted would vest only upon an exit event. If any employees granted options were to leave prior to an exit event, the options would lapse. Upon the acquisition of the company by TGHB3 Limited on 16 November 2022 140,966 share options vested and were exercised with a weighted average exercise price of £0.56. No share options were forfeited or lapsed during the year (2022: none). There were no outstanding share options at the end of the year (2022: Nil).





2023
2022
£
£


Share-based payment expense
-
494,558


23.


Pension commitments

The company operates a defined contributions pension scheme. the assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £98,631 (2022: £145,104). Contributions totalling £15,677 (2022: £21,956) were payable to the fund at the reporting date and are included in creditors.

24.
Related party transactions

As permitted by FRS 101, the company has taken advantage of the exemption contained in IAS 24 Related Party Disclosures to not disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.
Directors' remuneration is disclosed in note 7 and transactions with (other) related parties are as follows:





Relationship

Transaction

Amount
Amount due (to)/from related parties




2023
 
2022 
2023 
2022 




£
 
£ 
£ 
£ 



Directors
Loans
189,535
-
-
189,535


Amounts owed by directors were unsecured and had interest charged at 2.5% up to 30 April 2023 when they were written off.
Page 30

 

THE FUTURE LABORATORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Controlling party

During the preceding year until 16 November 2022 the company had no ultimate controlling party.
On 16 November 2022 100% of the share capital was acquired by TGHB3 Limited which became the company's immediate parent company. The parent's registered office address is North Suite Third Floor, 32/34 Great Marlborough Street, London, United Kingdom, W1F 7JB.
The ultimate parent undertaking and for which group financial statements are drawn up and of which the company is a member is Together Group Holdings PLC, whose registered office is at North Suite Third Floor, 32/34 Great Marlborough Street, London, United Kingdom, W1F 7JB. Copies of the group financial statements are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 31