Company Registration No. 13364811 (England and Wales)
FUTURE BEGINNINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
30 April 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FUTURE BEGINNINGS LIMITED
COMPANY INFORMATION
Directors
Mrs A G F Ralphs
Ms M Francioli
Mr C P Sagar
Ms K E Sagar
Company number
13364811
Registered office
The Sunflower Children's Centre
Victoria Street
Hyde
SK14 4AA
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FUTURE BEGINNINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FUTURE BEGINNINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
137,075
136,682
Current assets
Debtors
4
39,589
-
0
Cash at bank and in hand
11,971
5,850
51,560
5,850
Creditors: amounts falling due within one year
5
(46,719)
(53,210)
Net current assets/(liabilities)
4,841
(47,360)
Total assets less current liabilities
141,916
89,322
Creditors: amounts falling due after more than one year
6
(295,644)
(131,665)
Net liabilities
(153,728)
(42,343)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(153,828)
(42,443)
Total equity
(153,728)
(42,343)

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Ms M Francioli
Ms K E Sagar
Director
Director
Company registration number 13364811 (England and Wales)
FUTURE BEGINNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Future Beginnings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Sunflower Children's Centre, Victoria Street, Hyde, SK14 4AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have confirmed that they will continue to provide support to the company and monies loaned will not be recalled unless the company has the ability to do so. true

1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and serices provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
5% straight line
Furniture, fixtures and fittings
33% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FUTURE BEGINNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
FUTURE BEGINNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Improvements to property
Furniture, fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
136,682
-
0
136,682
Additions
1,757
2,767
4,524
At 30 April 2024
138,439
2,767
141,206
Depreciation and impairment
At 1 May 2023
-
0
-
0
-
0
Depreciation charged in the year
3,463
668
4,131
At 30 April 2024
3,463
668
4,131
Carrying amount
At 30 April 2024
134,976
2,099
137,075
At 30 April 2023
136,682
-
0
136,682
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
38,541
-
0
Other debtors
1,048
-
0
39,589
-
0
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
26,010
Taxation and social security
5,059
-
0
Other creditors
41,660
27,200
46,719
53,210
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
295,644
131,665
FUTURE BEGINNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
35
35
35
35
B Ordinary of £1 each
35
35
35
35
C Ordinary of £1 each
30
30
30
30
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
60,000
60,000
Between two and five years
200,000
240,000
In over five years
-
0
20,000
260,000
320,000
9
Related party transactions

At the balance sheet date an amount of £1,048 was due to the company from a director. The maximum overdrawn balance in the year was 1,048, the loan is interest free and is repayable on demand.

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