Future Leap Finance Ltd 13982042 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is a financial intermediary providing lease finance and loan arrangements. The market predominantly served is the SME market. Digita Accounts Production Advanced 6.30.9574.0 true true 13982042 2023-04-01 2024-03-31 13982042 2024-03-31 13982042 bus:OrdinaryShareClass1 2024-03-31 13982042 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 13982042 core:ParentEntities 2024-03-31 13982042 bus:SmallEntities 2023-04-01 2024-03-31 13982042 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13982042 bus:FilletedAccounts 2023-04-01 2024-03-31 13982042 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13982042 bus:RegisteredOffice 2023-04-01 2024-03-31 13982042 bus:Director1 2023-04-01 2024-03-31 13982042 bus:Director2 2023-04-01 2024-03-31 13982042 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13982042 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13982042 countries:EnglandWales 2023-04-01 2024-03-31 13982042 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 13982042 2022-03-16 2023-03-31 13982042 bus:OrdinaryShareClass1 2023-03-31 13982042 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 13982042 core:ParentEntities 2023-03-31 13982042 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-16 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP

Registration number: 13982042

Future Leap Finance Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Future Leap Finance Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Future Leap Finance Ltd

Company Information

Directors

D Proctor

A Bailey

Registered office

1-3 Gloucester Road
Bishopston
Bristol
BS7 8AA

Registered number

13982042

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Future Leap Finance Ltd

(Registration number: 13982042)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

12,586

2,303

Cash at bank and in hand

 

2,082

2,311

 

14,668

4,614

Creditors: Amounts falling due within one year

5

(9,486)

(5,310)

Net assets/(liabilities)

 

5,182

(696)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

5,082

(796)

Total equity

 

5,182

(696)

 

Future Leap Finance Ltd

(Registration number: 13982042)
Balance Sheet as at 31 March 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................

A Bailey
Director

 

Future Leap Finance Ltd

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

1

Statutory information

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

The address of its registered office is:
1-3 Gloucester Road
Bishopston
Bristol
BS7 8AA

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The comparative information is for the period from 16 March 2022 to 31 March 2023 and thus not entirely comparable.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

 

Future Leap Finance Ltd

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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 recognised at the transaction price.

 

Future Leap Finance Ltd

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

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.

3

Staff numbers

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

4

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

9,660

-

Amounts owed by group undertakings

7

50

50

Prepayments

 

2,363

2,250

Other debtors

 

513

3

 

12,586

2,303

 

Future Leap Finance Ltd

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

5

Creditors

Note

2024
£

2023
£

Amounts falling due within one year

 

Trade creditors

 

3,780

2,700

Amounts owed to group undertakings

7

650

850

Taxation and social security

 

1,771

-

Other creditors

 

100

-

Accruals

 

1,735

1,500

Corporation tax

 

1,190

-

Directors' loan accounts

 

260

260

 

9,486

5,310

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Future Leap Finance Ltd

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

7

Related party transactions

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

50

2023

Parent
£

Amounts receivable from related party

50

Loans from related parties

2024

Entities with joint control or significant influence
£

At start of period

850

At end of period

850

2023

Entities with joint control or significant influence
£

Advanced

900

Repaid

(50)

At end of period

850