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Registration number: 09950081

Future 19 Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Future 19 Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

Future 19 Group Limited

(Registration number: 09950081)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

194,290

1,260

Investment property

6

425,000

425,000

Investments

7

80

80

 

619,370

426,340

Current assets

 

Debtors

8

398,725

269,077

Cash at bank and in hand

 

1,753

-

 

400,478

269,077

Creditors: Amounts falling due within one year

9

(581,757)

(326,488)

Net current liabilities

 

(181,279)

(57,411)

Total assets less current liabilities

 

438,091

368,929

Creditors: Amounts falling due after more than one year

9

(298,595)

(186,228)

Provisions for liabilities

(32,115)

(44,439)

Net assets

 

107,381

138,262

Capital and reserves

 

Called up share capital

100

100

Retained earnings

107,281

138,162

Shareholders' funds

 

107,381

138,262

For the financial year ending 31 January 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

 

Future 19 Group Limited

(Registration number: 09950081)
Balance Sheet as at 31 January 2024

.........................................
Mr A Roberts
Director

.........................................
Mr M Roberts
Director

 

Future 19 Group Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ
England

These financial statements were authorised for issue by the Board on 16 January 2025.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. .

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

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 company operates and generates taxable income.

 

Future 19 Group Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the 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:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Future 19 Group Limited

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

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 company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Future 19 Group Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

64,765

423

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

9,472

-

9,472

Additions

-

257,795

257,795

At 31 January 2024

9,472

257,795

267,267

Depreciation

At 1 February 2023

8,212

-

8,212

Charge for the year

316

64,449

64,765

At 31 January 2024

8,528

64,449

72,977

Carrying amount

At 31 January 2024

944

193,346

194,290

At 31 January 2023

1,260

-

1,260

 

Future 19 Group Limited

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

6

Investment properties

2024
£

At 31 January 2018

425,000

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The directors reviewed and revalued the property at the year end based on market information available.

7

Investments

2024
£

2023
£

Investments in subsidiaries

80

80

Subsidiaries

£

Cost or valuation

At 1 February 2023

80

Provision

Carrying amount

At 31 January 2024

80

At 31 January 2023

80

 

Future 19 Group Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Future 19 Limited

England and Wales

Ordinary

80%

80%

Subsidiary undertakings

Future 19 Limited

The principal activity of Future 19 Limited is other letting and operating of own or leased real estate. .

8

Debtors

2024
£

2023
£

Other debtors

398,725

269,077

398,725

269,077

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

109,423

67,126

Trade creditors

 

4,627

3,279

Corporation tax

 

35,077

31,533

Other creditors

 

428,505

222,055

Accrued expenses

 

4,125

2,495

 

581,757

326,488


A bank loan of £16,308 (2023 £21,560) is secured by a fixed charge over the property.

A loan of £66,535 (2023 £44,599) is secured by a fixed charge over the property by the Trustees of the Windsor Homes Pension Trust.

 

Future 19 Group Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

298,595

186,228


A bank loan of £34,424 (2023 £44,297) is secured by a fixed charge over the property.

A loan of £53,399 (2023 £141,931) is secured by a fixed charge over the property by the Trustees of the Windsor Homes Pension Trust.

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,308

21,560

Bank overdrafts

-

967

Hire purchase contracts

26,579

-

Other borrowings

66,536

44,599

109,423

67,126

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

34,424

44,297

Hire purchase contracts

210,772

-

Other borrowings

53,399

141,931

298,595

186,228

 

Future 19 Group Limited

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

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr A Roberts

Directors loan account

(7,516)

(91,370)

-

(98,886)

-

-

-

-

(7,516)

(91,370)

-

(98,886)

Mr M Roberts

Directors loan account

(8,108)

(72,221)

51,000

(29,329)

-

-

-

-

(8,108)

(72,221)

51,000

(29,329)

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr A Roberts

Directors loan account

26,773

(55,839)

21,550

(7,516)

-

-

-

-

26,773

(55,839)

21,550

(7,516)

Mr M Roberts

Directors loan account

26,181

(59,339)

25,050

(8,108)

-

-

-

-

26,181

(59,339)

25,050

(8,108)