Futurepump Ltd false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacture and sale of high quality affordable solar irrigation pumps. Futurepump make durable and robust solar irrigation pumps that are also designed to be portable, making them uniquely suited to small farms in sub-saharan Africa and across the tropics. The pumps are sold globally through selected distributors and also retail online. true true false false true 08609110 2023-04-01 2024-03-31 08609110 2024-03-31 08609110 bus:OrdinaryShareClass1 bus:Consolidated 2024-03-31 08609110 bus:Consolidated 2024-03-31 08609110 core:FinancialAssetsAmortisedCost core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 08609110 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments 2024-03-31 08609110 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 08609110 core:CurrentFinancialInstruments 2024-03-31 08609110 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2024-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-03-31 08609110 core:Non-currentFinancialInstruments 2024-03-31 08609110 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 08609110 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08609110 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-03-31 08609110 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-03-31 08609110 core:AdditionsToInvestments 2024-03-31 08609110 core:CostValuation 2024-03-31 08609110 core:FurnitureFittings bus:Consolidated 2024-03-31 08609110 core:LandBuildings core:ShortLeaseholdAssets bus:Consolidated 2024-03-31 08609110 core:MotorVehicles bus:Consolidated 2024-03-31 08609110 core:OfficeEquipment bus:Consolidated 2024-03-31 08609110 core:PlantMachinery bus:Consolidated 2024-03-31 08609110 core:DeferredTaxation bus:Consolidated 2024-03-31 08609110 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-03-31 08609110 bus:FRS102 bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:AuditExemptWithAccountantsReport bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:FullAccounts bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:RegisteredOffice bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 08609110 bus:CompanySecretaryDirector2 bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:Director2 2023-04-01 2024-03-31 08609110 bus:Director2 bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:OrdinaryShareClass1 bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:Consolidated 2023-04-01 2024-03-31 08609110 bus:Consolidated 1 2023-04-01 2024-03-31 08609110 bus:Consolidated 3 2023-04-01 2024-03-31 08609110 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-04-01 2024-03-31 08609110 core:FurnitureFittings bus:Consolidated 2023-04-01 2024-03-31 08609110 core:LandBuildings core:ShortLeaseholdAssets bus:Consolidated 2023-04-01 2024-03-31 08609110 core:MotorVehicles bus:Consolidated 2023-04-01 2024-03-31 08609110 core:OfficeEquipment bus:Consolidated 2023-04-01 2024-03-31 08609110 core:PlantMachinery bus:Consolidated 2023-04-01 2024-03-31 08609110 core:DeferredTaxation bus:Consolidated 2023-04-01 2024-03-31 08609110 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-04-01 2024-03-31 08609110 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 08609110 countries:AllCountries bus:Consolidated 2023-04-01 2024-03-31 08609110 2023-03-31 08609110 bus:Consolidated 2023-03-31 08609110 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-03-31 08609110 core:CostValuation 2023-03-31 08609110 core:FurnitureFittings bus:Consolidated 2023-03-31 08609110 core:LandBuildings core:ShortLeaseholdAssets bus:Consolidated 2023-03-31 08609110 core:MotorVehicles bus:Consolidated 2023-03-31 08609110 core:OfficeEquipment bus:Consolidated 2023-03-31 08609110 core:PlantMachinery bus:Consolidated 2023-03-31 08609110 core:DeferredTaxation bus:Consolidated 2023-03-31 08609110 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-03-31 08609110 2022-04-01 2023-03-31 08609110 2023-03-31 08609110 bus:OrdinaryShareClass1 bus:Consolidated 2023-03-31 08609110 bus:Consolidated 2023-03-31 08609110 core:CurrentFinancialInstruments 2023-03-31 08609110 core:CurrentFinancialInstruments bus:Consolidated 2023-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2023-03-31 08609110 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-03-31 08609110 core:Non-currentFinancialInstruments 2023-03-31 08609110 core:Non-currentFinancialInstruments bus:Consolidated 2023-03-31 08609110 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08609110 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-03-31 08609110 core:FurnitureFittings bus:Consolidated 2023-03-31 08609110 core:LandBuildings core:ShortLeaseholdAssets bus:Consolidated 2023-03-31 08609110 core:MotorVehicles bus:Consolidated 2023-03-31 08609110 core:OfficeEquipment bus:Consolidated 2023-03-31 08609110 core:PlantMachinery bus:Consolidated 2023-03-31 08609110 bus:Consolidated 2022-04-01 2023-03-31 08609110 bus:Consolidated 1 2022-04-01 2023-03-31 08609110 bus:Consolidated 3 2022-04-01 2023-03-31 08609110 core:UKTax bus:Consolidated 2022-04-01 2023-03-31 08609110 2022-03-31 08609110 bus:Consolidated 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08609110

Futurepump Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Futurepump Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

5

Consolidated Profit and Loss Account and Statement of Retained Earnings

7

Consolidated Balance Sheet

8

Balance Sheet

9

Consolidated Statement of Cash Flows

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 25

 

Futurepump Ltd

Company Information

Directors

Quentin Baynes

Toby Hammond

Company secretary

Quentin Baynes

Registered office

Unit 1 The Silo
Pirnhow Street
Bungay
Suffolk
NR35 2RU

 

Futurepump Ltd

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the group is the manufacture and sale of high quality affordable solar irrigation pumps. Futurepump make durable and robust solar irrigation pumps that are also designed to be portable, making them uniquely suited to small farms in sub-saharan Africa and across the tropics. The pumps are sold globally through selected distributors and also retail online.

Fair review of the business

Another strong year of sales for the Futurepump group saw revenues for the year ending 31 March 2024 in line with the previous year at £1,512,529 (2023: £1,497,658). Although this represents our highest recorded sales we had been looking to grow sales but the current market is proving tough with existing customers and new prospects finding it difficult to invest in maintaining their inventory levels.

Gross profit margin has decreased in the period 30% (2023: 33%), which has resulted in gross profits being 9% lower year on year despite the stable sales. This was largely due to increases in the costs of raw materials and subcontract services. The company continues to benefit from strong supplier relationships of our manufacturing subsidiary in India to maintain our material costs given continued inflation.

We have managed to reduce our administrative expenses to £417,147 for the year (2023: £446,324). This means we have managed to slightly reduce our net loss after tax for the financial year, which was £76,484.

The group remain focussed on increasing sales revenue, whilst continuing to maintain production and administration costs at comparable rates.

Increase in our fixed assets is due to investment in our manufacturing facility in India, as prescribed in the share raise, to increase production capacity and efficiency.

The non-current debtor is a deferred tax asset resulting from tax deducted at source under a double tax convention on sales from the UK to India. The Directors have included a provision against this value on the basis that the UK subsidiary is currently recording a loss and is therefore unable to recover the asset.

Principal risks and uncertainties

The principal risk facing the business is that sales levels do not continue to grow. Competition continues to grow with new entrants to the solar irrigation offering for small farms, however it is our assessment that the market for solar irrigation pumps is still nascent and our pumps remain a premium option within the target market.

A lot of the competition we are now facing is lower priced pumps. These are lower quality products and prove more expensive across the whole lifetime the product, however, given the economic position a lot of our customers face, we are finding it harder to compete with these pumps. We are focussing our development activities to address this risk.

Given our end user customers are inherently price sensitive we consider an increase to our sales price would have a negative impact on sales volumes. As such we are at risk from material price inflation, which would erode our profit margins.

 

Futurepump Ltd

Strategic Report for the Year Ended 31 March 2024

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Toby Hammond
Director

 

Futurepump Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the group

The directors who held office during the year were as follows:

Quentin Baynes - Company secretary and director

Toby Hammond

Research and development

The group has spent £36,455 (2023: £25,892) on research and development costs in the year. Futurepump is continually looking to develop the best solar irrigation options for our targert customers.

 

Futurepump Ltd

Directors' Report for the Year Ended 31 March 2024

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Futurepump Ltd

Directors' Report for the Year Ended 31 March 2024

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Toby Hammond
Director

 

Futurepump Ltd

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

1,512,529

1,497,658

Cost of sales

 

(1,053,561)

(994,410)

Gross profit

 

458,968

503,248

Distribution costs

 

(81,989)

(112,516)

Administrative expenses

 

(417,147)

(446,324)

Other operating income

4

-

4,171

Operating loss

6

(40,168)

(51,421)

Other interest receivable and similar income

7

331

169

Interest payable and similar charges

8

4,332

(46,268)

 

4,663

(46,099)

Loss before tax

 

(35,505)

(97,520)

Taxation

12

(40,979)

(7,252)

Loss for the financial year

 

(76,484)

(104,772)

Profit/(loss) attributable to:

 

Owners of the company

 

(91,542)

(111,261)

Minority interests

 

15,058

6,489

 

(76,484)

(104,772)

Retained earnings brought forward

 

(407,413)

(275,824)

Retained earnings carried forward

 

(483,897)

(380,596)

 

Futurepump Ltd

(Registration number: 08609110)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

195,318

181,909

Debtors

18

123,625

127,451

Other financial assets

16

4,789

4,969

 

323,732

314,329

Current assets

 

Stocks

17

54,218

154,175

Debtors

18

622,870

503,041

Other financial assets

16

40,000

40,000

Cash at bank and in hand

 

110,711

146,241

 

827,799

843,457

Creditors: Amounts falling due within one year

20

(407,695)

(406,217)

Net current assets

 

420,104

437,240

Total assets less current liabilities

 

743,836

751,569

Creditors: Amounts falling due after more than one year

20

(164,396)

(94,051)

Provisions for liabilities

21

(328,156)

(269,249)

Net assets

 

251,284

388,269

Capital and reserves

 

Called up share capital

23

113

113

Share premium reserve

699,542

699,542

Other reserves

(78,746)

(38,573)

Retained earnings

(498,955)

(387,085)

Equity attributable to owners of the company

 

121,954

273,997

minority interests

 

129,330

114,272

Shareholders' funds

 

251,284

388,269

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Quentin Baynes
Company secretary and director

 

Futurepump Ltd

(Registration number: 08609110)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

45,483

34,999

Current assets

 

Debtors

18

518,852

494,336

Other financial assets

16

40,000

40,000

Cash at bank and in hand

 

44,931

79,991

 

603,783

614,327

Net assets

 

649,266

649,326

Capital and reserves

 

Called up share capital

23

113

113

Share premium reserve

699,542

699,542

Retained earnings

(50,389)

(50,329)

Shareholders' funds

 

649,266

649,326

The company made a loss after tax for the financial year of £60 (2023 - loss of £923).

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Quentin Baynes
Company secretary and director

 

Futurepump Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(76,484)

(104,772)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

20,483

16,760

Profit on disposal of tangible assets

5

(100)

(1,339)

Finance income

7

(331)

(169)

Finance costs

8

58

151

Income tax expense

12

40,979

7,252

Foreign exchange gains/losses

 

4,390

(46,117)

 

(11,005)

(128,234)

Working capital adjustments

 

Decrease in stocks

17

99,957

42,062

Increase in trade debtors

18

(61,173)

(180,448)

Increase in trade creditors

20

50,068

206,585

Increase in provisions

21

49,735

152,646

Cash generated from operations

 

127,582

92,611

Income taxes paid

12

(99,940)

(145,495)

Net cash flow from operating activities

 

27,642

(52,884)

Cash flows from investing activities

 

Interest received

331

169

Acquisitions of tangible assets

(34,009)

(69,887)

Proceeds from sale of tangible assets

 

217

2,891

Net cash flows from investing activities

 

(33,461)

(66,827)

Cash flows from financing activities

 

Interest paid

8

(58)

(151)

Repayment of other borrowing

 

(29,655)

(84,216)

Net cash flows from financing activities

 

(29,713)

(84,367)

Net decrease in cash and cash equivalents

 

(35,532)

(204,078)

Cash and cash equivalents at 1 April

 

146,241

350,319

Cash and cash equivalents at 31 March

 

110,709

146,241

 

Futurepump Ltd

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(60)

(923)

Working capital adjustments

 

Increase in trade debtors

18

(24,516)

(74,137)

Net cash flow from operating activities

 

(24,576)

(75,060)

Cash flows from investing activities

 

Acquisition of subsidiaries

15

(10,484)

-

Net decrease in cash and cash equivalents

 

(35,060)

(75,060)

Cash and cash equivalents at 1 April

 

79,991

155,051

Cash and cash equivalents at 31 March

 

44,931

79,991

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The address of its registered office is:
Unit 1 The Silo
Pirnhow Street
Bungay
Suffolk
NR35 2RU
United Kingdom

These financial statements were authorised for issue by the Board on 27 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

1,503,036

1,464,858

Rendering of services

9,493

32,762

Grants received

-

38

1,512,529

1,497,658

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

4,171

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

100

1,339

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,483

16,760

Research and development cost

36,455

25,892

Profit on disposal of property, plant and equipment

(100)

(1,339)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

137

169

Other finance income

194

-

331

169

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

1

-

Interest expense on other finance liabilities

57

151

Foreign exchange (losses)/gains

(4,390)

46,117

(4,332)

46,268

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

396,630

407,626

Social security costs

9,235

14,292

Other post-employment benefit costs

3,180

3,553

Other employee expense

4,794

3,095

413,839

428,566

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

132,510

147,826

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

1,798

1,853


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

41,440

42,877

UK corporation tax adjustment to prior periods

889

(35,870)

42,329

7,007

Deferred taxation

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(1,350)

245

Tax expense in the income statement

40,979

7,252

Deferred tax

Group

13

Intangible assets

Group

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

227,309

227,309

At 31 March 2024

227,309

227,309

Amortisation

At 1 April 2023

227,309

227,309

At 31 March 2024

227,309

227,309

Carrying amount

At 31 March 2024

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £36,455 (2023 - £25,892).
 

14

Tangible assets

Group

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

3,966

43,306

163,652

8,392

14,666

Additions

-

5,617

25,777

2,615

-

Disposals

-

(95)

-

(536)

-

At 31 March 2024

3,966

48,828

189,429

10,471

14,666

Depreciation

At 1 April 2023

3,966

7,497

25,251

9,115

6,244

Charge for the year

-

4,378

12,920

1,370

1,815

Eliminated on disposal

-

-

-

(514)

-

At 31 March 2024

3,966

11,875

38,171

9,971

8,059

Carrying amount

At 31 March 2024

-

36,953

151,258

500

6,607

At 31 March 2023

-

35,809

138,401

(723)

8,422

Total
£

Cost or valuation

At 1 April 2023

233,982

Additions

34,009

Disposals

(631)

At 31 March 2024

267,360

Depreciation

At 1 April 2023

52,073

Charge for the year

20,483

Eliminated on disposal

(514)

At 31 March 2024

72,042

Carrying amount

At 31 March 2024

195,318

At 31 March 2023

181,909

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

15

Investments

Company

2024
£

2023
£

Investments in subsidiaries

45,483

34,999

Subsidiaries

£

Cost or valuation

At 1 April 2023

34,999

Additions

10,484

At 31 March 2024

45,483

Provision

Carrying amount

At 31 March 2024

45,483

At 31 March 2023

34,999

16

Other financial assets

Group

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

4,789

4,789

At 31 March 2024

4,789

4,789

Impairment

Carrying amount

At 31 March 2024

4,789

4,789

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2023

40,000

40,000

At 31 March 2024

40,000

40,000

Impairment

Carrying amount

At 31 March 2024

40,000

40,000

Company

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2023

40,000

40,000

At 31 March 2024

40,000

40,000

Impairment

Carrying amount

At 31 March 2024

40,000

40,000

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

9,695

7,230

-

-

Merchandise

73,523

128,095

-

-

Production supplies

2,905

3,732

-

-

Work in progress

(39,664)

(52,119)

-

-

Finished goods and goods for resale

7,759

67,237

-

-

54,218

154,175

-

-

Group

18

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

218,536

76,138

-

-

Amounts owed by related parties

-

-

518,852

494,336

Other debtors

 

166,682

211,189

-

-

Prepayments

 

-

36,718

-

-

Deferred tax assets

12

(867)

(3,349)

-

-

Income tax asset

12

238,519

182,345

-

-

   

622,870

503,041

518,852

494,336

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

   

Group

Company

Non-current

Note

2024
£

2023
£

2024
£

2023
£

Deferred tax assets

12

123,625

127,451

-

-

   

123,625

127,451

-

-

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

643

737

90

90

Cash at bank

110,068

145,504

44,841

79,901

110,711

146,241

44,931

79,991

Bank overdrafts

(2)

-

-

-

Cash and cash equivalents in statement of cash flows

110,709

146,241

44,931

79,991

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

2

100,000

-

-

Trade creditors

 

140,365

83,746

-

-

Social security and other taxes

 

80,220

102,577

-

-

Outstanding defined contribution pension costs

 

19,239

18,681

-

-

Other payables

 

47,359

40,429

-

-

Accruals

 

22,036

10,357

-

-

Income tax liability

12

41,440

42,877

-

-

Gross amount due to customers for contract work

 

57,034

7,550

-

-

 

407,695

406,217

-

-

Due after one year

 

Loans and borrowings

24

164,396

94,051

-

-

21

Provisions for liabilities

Group

 

Futurepump Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax
£

Other provisions
£

Total
£

At 1 April 2023

116,581

152,668

269,249

Additional provisions

9,172

49,735

58,907

At 31 March 2024

125,753

202,403

328,156

22

Pension and other schemes

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.00 each

-

-

-

-

       

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other borrowings

164,396

94,051

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank overdrafts

2

-

-

-

Other borrowings

-

100,000

-

-

2

100,000

-

-