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Company No: 14666434 (England and Wales)

FUTURE FORCES PRIZE LIMITED
(Formerly Global Security Forces Prize Limited)

Unaudited Financial Statements
For the financial period from 16 February 2023 to 31 May 2024
Pages for filing with the registrar

FUTURE FORCES PRIZE LIMITED

Unaudited Financial Statements

For the financial period from 16 February 2023 to 31 May 2024

Contents

FUTURE FORCES PRIZE LIMITED

BALANCE SHEET

As at 31 May 2024
FUTURE FORCES PRIZE LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.2024
£
Fixed assets
Intangible assets 3 1,448
Tangible assets 4 797
2,245
Current assets
Cash at bank and in hand 35,452
35,452
Creditors: amounts falling due within one year 5 ( 40,095)
Net current liabilities (4,643)
Total assets less current liabilities (2,398)
Net liabilities ( 2,398)
Capital and reserves
Called-up share capital 6 1
Profit and loss account ( 2,399 )
Total shareholders' deficit ( 2,398)

For the financial period ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Future Forces Prize Limited (registered number: 14666434) were approved and authorised for issue by the Board of Directors on 11 November 2024. They were signed on its behalf by:

Mr R A Pass
Director
FUTURE FORCES PRIZE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 February 2023 to 31 May 2024
FUTURE FORCES PRIZE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 February 2023 to 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Future Forces Prize Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Abbey Oak, Wherwell, Andover, SP11 7HY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
16.02.2023 to
31.05.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 16 February 2023 0 0
Additions 1,510 1,510
At 31 May 2024 1,510 1,510
Accumulated amortisation
At 16 February 2023 0 0
Charge for the financial period 62 62
At 31 May 2024 62 62
Net book value
At 31 May 2024 1,448 1,448

4. Tangible assets

Computer equipment Total
£ £
Cost
At 16 February 2023 0 0
Additions 1,195 1,195
At 31 May 2024 1,195 1,195
Accumulated depreciation
At 16 February 2023 0 0
Charge for the financial period 398 398
At 31 May 2024 398 398
Net book value
At 31 May 2024 797 797

5. Creditors: amounts falling due within one year

31.05.2024
£
Other creditors 40,095

6. Called-up share capital

31.05.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1

During the period, 100 Ordinary £0.01 shares were issued at par value.