REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
FUTURA DESIGN LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,429,986 | 1,151,628 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,444,674 | 1,163,956 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 April 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Europe |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
(Unaudited) |
Staff | 47 | 39 |
Directors | 3 | 2 |
2024 | 2023 |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
(Unaudited) |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Operating lease rentals |
Government grants | ( |
) | ( |
) |
Net (gains)/losses on foreign exchange | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Bank loan interest |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
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 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 377,497 | 186,446 |
Other creditors |
Accruals and deferred income |
Deferred government grants |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
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 |
Hire purchase contracts | 318,446 | 174,438 |
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 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |