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REGISTERED NUMBER: 02905985 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

FUTURA DESIGN LIMITED

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


FUTURA DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: M L Abel
D A Abel
D B Elsmore





REGISTERED OFFICE: EDM House
Rowley Drive
Coventry
CV3 4FG





REGISTERED NUMBER: 02905985 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

Futura Design Ltd operates within the automotive design industry, delivering high-quality services to some of the world's leading OEM automotive brands. We specialise in two core divisions: DMO (Design Model Operations) and Technical Recruitment. In DMO, we collaborate with clients to create design models, show cars, and other bespoke models tailored to their requirements. In Technical Recruitment, we provide clients across the UK and wider Europe with skilled contract and permanent resources to meet their evolving workforce needs.

Futura delivers exceptional value to its clients by leveraging an industry-leading skilled workforce and fostering a culture of innovation. We continually push the boundaries of design within the automotive sector, ensuring that our solutions meet the highest standards. Understanding the critical importance of adhering to strict timelines and maintaining exemplary quality, we consistently exceed client expectations to deliver projects on time and to the highest specifications.

The financial year ending April 2024 was successful, marked by consecutive growth following the industry's reopening after COVID-19. Our primary focus was on delivering exceptional service across both divisions, enhancing operational efficiency to safeguard margins amidst macroeconomic pressures, and strategically investing in an additional facility and other key asset classes. These efforts were aimed at expanding our footprint and bolstering operational capabilities to support sustained growth in 2025 and beyond.

In 2024, the company's financial performance was robust, with revenue reaching approximately £19.9m, reflecting a 31% increase from £15.2m in 2023. Pre-tax profit rose to £1.41m, marking a 26% growth compared to £1.12m in the prior year. Pre-tax profit margins remained steady at 7.1% compared to 7.4% in 2023. We maintained a strong cash position, ensuring timely payment to creditors and efficient cash flow management. Our robust accounts receivable procedures have enabled effective and prompt collection of amounts due, contributing to our overall financial stability.

REVIEW OF BUSINESS
The industry experienced notable fluctuations during the year, presenting both risks and opportunities. The emergence of new startups in the electric automotive space, bolstered by significant overseas investment in UK corporations and branches, has created avenues to acquire new clients. However, challenges such as the insolvency of companies like the Arrival Group underscore the inherent risks within this competitive and evolving sector.

The past couple of years have brought significant macroeconomic challenges that have dominated headlines across industries. At the start of the financial year, the UK faced very high inflation, which gradually eased as the year progressed. Interest rates, however, remained a challenge, rising from 4.25% in May 2023 to 5.25% in August 2023, where they stayed for the remainder of the financial year before slightly reducing to 5% in August 2024. These economic conditions have had a broad impact on our operations:

- Suppliers faced increased costs, which they attempted to pass on to maintain their margins.
- We incurred increases in various overheads and cost of sales.
- Employees experienced cost-of-living pressures, driving demands for pay increases.
- Clients dealt with rising costs, leading to efforts to reduce their expenditures wherever possible.


FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
To navigate these challenges and remain competitive, we have focused on increasing project volumes with existing clients while expanding our client base. Additionally, we have streamlined internal processes, embraced a culture of continual improvement, and maintained close monitoring of our pricing model to balance rising costs effectively.

The inherent risks to our business include:
- Economic Uncertainty: Fluctuations in the economy can directly impact the production of new vehicles, subsequently affecting the demand and timelines for design models.
- Industry Competition: The automotive design sector remains competitive within our niche.
- Government Policy Changes: Recent policy changes, such as the increase in corporation tax from 19% to 25%, have directly impacted us. Additionally, the shift in government from Conservative to Labour and the October 2024 Labour budget introduced increased Employers National Insurance, further escalating wage costs and operational expenses. The uncertainty around further taxes and regulations creates a risk.

We manage our risks by continually evaluating and adapting where needed. Ultimately, we focus on providing exceptional service to ensure continuity of work.

Key areas of focus include significant investment in our Leamington facility to develop world-class infrastructure for show car and model making production, to include building infrastructure and plant and machinery. Additionally, we are enhancing our Coventry facility through building upgrades and new plant and machinery acquisitions, further increasing operational capacity and enabling diversification into new markets.

We have also created our "Greener Futura" campaign, which includes various initiatives and investments across the company to reduce our carbon footprint, which includes completing our solar panel investment in 2025.

We have an optimistic outlook for the future, underpinned by the solid foundation established post-COVID-19, current investments, and planned initiatives for 2025. Our primary objective is to achieve sustainable growth by minimising risks, continuing to strengthen our relationships with clients, and maintaining a robust profit margin to support continued reinvestment in the years ahead and further growth.

ON BEHALF OF THE BOARD:





D A Abel - Director


30 January 2025

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
During the year dividends of £750,000(2023: £Nil) were paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M L Abel
D A Abel

Other changes in directors holding office are as follows:

D B Elsmore - appointed 1 May 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




D A Abel - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA DESIGN LIMITED


Opinion
We have audited the financial statements of Futura Design Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 30 April 2024 and of its profit 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 Auditors' 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 UK, including the FRC'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.

Other matter - prior period financial statements not audited
The company was exempt from audit for the year ended 30 April 2023 and consequently the corresponding figures were unaudited.

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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA DESIGN LIMITED


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have 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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA DESIGN LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- 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 industry 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, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

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 journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates 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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

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. 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURA DESIGN LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

30 January 2025

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 3 19,871,419 15,210,743

Cost of sales 16,263,298 12,745,388
GROSS PROFIT 3,608,121 2,465,355

Administrative expenses 2,178,135 1,313,727
1,429,986 1,151,628

Other operating income 6,427 7,639
OPERATING PROFIT 5 1,436,413 1,159,267

Interest receivable and similar income 8,261 4,689
1,444,674 1,163,956

Interest payable and similar expenses 6 35,768 44,689
PROFIT BEFORE TAXATION 1,408,906 1,119,267

Tax on profit 7 361,446 92,089
PROFIT FOR THE FINANCIAL YEAR 1,047,460 1,027,178

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 1,047,460 1,027,178


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,047,460

1,027,178

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

BALANCE SHEET
30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,821,986 1,187,022
Investments 10 - -
1,821,986 1,187,022

CURRENT ASSETS
Stocks 11 17,194 10,388
Debtors 12 4,668,162 2,868,460
Cash at bank and in hand 809,219 1,497,072
5,494,575 4,375,920
CREDITORS
Amounts falling due within one year 13 3,222,366 1,863,484
NET CURRENT ASSETS 2,272,209 2,512,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,094,195

3,699,458

CREDITORS
Amounts falling due after more than one
year

14

(272,488

)

(311,147

)

PROVISIONS FOR LIABILITIES 18 (399,644 ) (263,708 )
NET ASSETS 3,422,063 3,124,603

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Retained earnings 3,322,063 3,024,603
SHAREHOLDERS' FUNDS 3,422,063 3,124,603

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





D A Abel - Director


FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100,000 1,997,425 2,097,425

Changes in equity
Total comprehensive income - 1,027,178 1,027,178
Balance at 30 April 2023 100,000 3,024,603 3,124,603

Changes in equity
Total comprehensive income - 1,047,460 1,047,460
Dividends - (750,000 ) (750,000 )
Balance at 30 April 2024 100,000 3,322,063 3,422,063

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Futura Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
The Company continues to be profitable and the directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Futura Design Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, International Design (Services) Limited, EDM House, Rowley Road, Coventry, CV3 4LE.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance and at variable rates on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Fixed assets that have been previously revalued are depreciated on their revalued amount, with a transfer for the difference between the historic and revalued depreciation being made between the revaluation and profit and loss reserves. Revaluations are made as and when the directors consider it necessary to do so to reflect the fair value of the assets involved.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
(Unaudited)
£    £   
United Kingdom 17,634,262 12,689,816
Europe 2,237,157 2,520,927
19,871,419 15,210,743

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 2,731,552 2,028,837
Social security costs 319,382 239,815
Other pension costs 50,616 33,126
3,101,550 2,301,778

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Staff 47 39
Directors 3 2
50 41

2024 2023
(Unaudited)
£    £   
Directors' remuneration 126,687 31,481
Directors' pension contributions to money purchase schemes 12,901 5,806

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
(Unaudited)
£    £   
Depreciation - owned assets 235,042 140,871
Depreciation - assets on hire purchase contracts 60,986 57,593
Auditors' remuneration 15,900 -
Operating lease rentals 182,500 70,000
Government grants (6,427 ) (7,639 )
Net (gains)/losses on foreign exchange (11,134 ) (9,349 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Bank loan interest 20,294 14,940
Hire purchase 15,474 29,749
35,768 44,689

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 225,509 -

Deferred tax 135,937 92,089
Tax on profit 361,446 92,089

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 1,408,906 1,119,267
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.500%)

352,227

218,257

Effects of:
Expenses not deductible for tax purposes 1,099 1,039
Income not taxable for tax purposes - (1,694 )
Capital allowances in excess of depreciation (127,817 ) (29,566 )
Adjustments to tax charge in respect of previous periods - (188,036 )
Deferred Tax movement 135,937 92,089
Total tax charge 361,446 92,089

8. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 750,000 -

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2023 242,290 1,421,940 297,851 322,817 2,284,898
Additions 258,164 262,542 216,539 193,747 930,992
At 30 April 2024 500,454 1,684,482 514,390 516,564 3,215,890
DEPRECIATION
At 1 May 2023 56,330 745,464 150,516 145,566 1,097,876
Charge for year 63,833 149,327 40,040 42,828 296,028
At 30 April 2024 120,163 894,791 190,556 188,394 1,393,904
NET BOOK VALUE
At 30 April 2024 380,291 789,691 323,834 328,170 1,821,986
At 30 April 2023 185,960 676,476 147,335 177,251 1,187,022

Cost or valuation at 30 April 2024 is represented by:

Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2017 - (250,938 ) 53,694 - (197,244 )
Cost 500,454 1,935,420 460,696 516,564 3,413,134
500,454 1,684,482 514,390 516,564 3,215,890

If Plant, Fixtures and Fittings had not been revalued they would have been included at the following historical cost:

2024 2023
(Unaudited)
£    £   
Cost 2,396,116 1,917,035
Aggregate depreciation 1,282,591 1,090,167

Plant and Machinery and Fixtures and Fittings were revalued as at 30 April 2017 by the directors.

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 265,501 168,367 433,868
Additions - 143,615 143,615
At 30 April 2024 265,501 311,982 577,483
DEPRECIATION
At 1 May 2023 132,461 15,923 148,384
Charge for year 28,509 32,477 60,986
At 30 April 2024 160,970 48,400 209,370
NET BOOK VALUE
At 30 April 2024 104,531 263,582 368,113
At 30 April 2023 133,040 152,444 285,484

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023 21,393
Disposals (21,393 )
At 30 April 2024 -
PROVISIONS
At 1 May 2023 21,393

Eliminated on disposal (21,393 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Futura Design Deutschland GmbH, incorporated in Germany, is 100% owned by the company. The company is dormant and has negligible aggregate capital and reserves. Its registered office address is C14, Unskala Str.65428 Russelsheim, Germany. This has been written off in this year's accounts as the company was dissolved in 2020.

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 17,194 10,388

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 3,212,372 1,949,044
Amounts owed by group undertakings 542,971 379,645
Tax 190,317 -
Prepayments and accrued income 722,502 539,771
4,668,162 2,868,460

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 15) 154,916 123,307
Hire purchase contracts (see note 16) 105,592 77,841
Trade creditors 1,695,121 1,109,639
Tax 225,509 -
Social security and other taxes 107,353 68,726
VAT 377,497 186,446
Other creditors 10,929 7,623
Accruals and deferred income 517,711 264,737
Deferred government grants 27,738 25,165
3,222,366 1,863,484

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Bank loans (see note 15) 59,634 214,550
Hire purchase contracts (see note 16) 212,854 96,597
272,488 311,147

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 154,916 123,307

Amounts falling due between one and two years:
Bank loans - 1-2 years 59,634 132,125

Amounts falling due between two and five years:
Bank loans - 2-5 years - 82,425

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 105,592 77,841
Between one and five years 212,854 96,597
318,446 174,438

Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 205,000 70,000
Between one and five years 685,000 -
890,000 70,000

FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Bank loans 214,550 337,857
Hire purchase contracts 318,446 174,438
532,996 512,295

The bank loans are secured over the assets of the company whilst the hire purchase liabilities are secured over the specific assets that they relate to.

18. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax
Accelerated capital allowances 399,644 263,708

Deferred
tax
£   
Balance at 1 May 2023 263,708
Charge to Income Statement during year 135,936
Balance at 30 April 2024 399,644

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

20. PARENT AND ULTIMATE PARENT UNDERTAKING

The immediate parent undertaking, the ultimate parent undertaking and the parent undertaking of the largest and smallest group within which the company belongs and for which group accounts are prepared is International Design (Services) Limited. Its registered office is EDM House, Rowley Drive, Coventry CV3 4FG. The group accounts can be obtained from Companies House, Cardiff. There is no single ultimate controlling party.