Company registration number 04709420 (England and Wales)
FUTERRA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FUTERRA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
FUTERRA LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
45,971
98,613
Investments
7
1,295,715
1,188,652
1,341,686
1,287,265
Current assets
Debtors
8
773,569
1,250,277
Cash at bank and in hand
180,026
120,938
953,595
1,371,215
Creditors: amounts falling due within one year
9
(950,450)
(1,111,768)
Net current assets
3,145
259,447
Total assets less current liabilities
1,344,831
1,546,712
Creditors: amounts falling due after more than one year
10
(46,875)
(109,375)
Provisions for liabilities
21,936
(6,816)
Net assets
1,319,892
1,430,521
Capital and reserves
Called up share capital
11
109
109
Share premium account
67,440
67,440
Capital redemption reserve
50
50
Profit and loss reserves
1,252,293
1,362,922
Total equity
1,319,892
1,430,521
FUTERRA LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
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 31 January 2025 and are signed on its behalf by:
K Brennan
Director
Company registration number 04709420 (England and Wales)
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Futerra Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Belgrave House, 39-43 Monument Hill, Weybridge, Surrey, KT13 8RN.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have carried out a review of the company's expected performance in conjunction with the budgets and cash flow requirements of the business to assess going concern. Whilst the directors recognise that the company remains exposed to the risk of an uncertain environment and its impact on the global economy, they have considered a number of impacts on sales, profits and cash flows. This review happens regularly throughout the year by the directors to assess business performance.
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have assumed that operations remain open and that the company will continue to service its customers. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, and has the ability to take mitigating actions should they be required, for a period not less than 12 months from approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Plant and machinery
20% & 25% Straight line
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
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.
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.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.10
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.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
30
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(4,414)
Deferred tax
Origination and reversal of timing differences
(28,752)
(8,791)
Total tax credit
(28,752)
(13,205)
The company has estimated losses of £123,830 (2023: £12,399) to carry forward and use against future profits.
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
15,271
Amortisation and impairment
At 1 May 2023 and 30 April 2024
15,271
Carrying amount
At 30 April 2024
At 30 April 2023
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
740,862
Additions
3,570
At 30 April 2024
744,432
Depreciation and impairment
At 1 May 2023
642,249
Depreciation charged in the year
56,212
At 30 April 2024
698,461
Carrying amount
At 30 April 2024
45,971
At 30 April 2023
98,613
7
Fixed asset investments
2024
2023
£
£
(as restated)
Shares in group undertakings and participating interests
10
10
Loans to group undertakings and participating interests
1,295,705
1,188,642
1,295,715
1,188,652
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 May 2023 (as restated)
10
1,188,642
1,188,652
Additions (as restated)
-
107,063
107,063
At 30 April 2024
10
1,295,705
1,295,715
Carrying amount
At 30 April 2024
10
1,295,705
1,295,715
At 30 April 2023 (as restated)
10
1,188,642
1,188,652
Please refer to Note 15 for restatement details.
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
369,502
715,369
Other debtors
404,067
534,908
773,569
1,250,277
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
65,242
62,500
Trade creditors
544,600
458,843
Taxation and social security
65,384
97,370
Other creditors
275,224
493,055
950,450
1,111,768
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
46,875
109,375
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
3,500
3,500
35
35
Ordinary C shares of 1p each
1,500
1,500
15
15
Ordinary D shares of 1p each
1,165
1,165
12
12
Ordinary E shares of 1p each
3,568
3,568
36
36
Ordinary F shares of 1p each
333
333
3
3
Ordinary L shares of 1p each
848
848
8
8
10,914
10,914
109
109
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
12
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
£
£
104,074
13
Related party transactions
At the year end the company was owed £1,295,705 (2023: £1,188,642) by Futerra PBC, a company incorporated in the United States of America and in which Futerra Ltd holds a participating interest, holding 66% of the shares. Amounts are considered fully recoverable by the directors.
During the year Futerra Ltd provided services totalling £880,857 (2023: £1,853,535) to the subsidiary Futerra PBC. Futerra Ltd also recharged direct costs of £309,238 (2023: £419,014) to Futerra PBC.
During the period, Futerra Ltd made purchases of £1,557,080 (2023: £1,719,526) from Futerra PBC.
At the year end the company owed £39,000 (2023: £39,000) to Wildpet Limited, a company in which directors. S Townsend. L Shea, K Brennan and C Pinnington are also directors and shareholders.
During the period the company paid interest of £4,225 (2023: £975) to Wildpet Limited in respect of this loan.
14
Controlling party
The board of directors is the ultimate controlling party by virtue of their combined shareholdings.
15
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
14,592
Profit as adjusted
14,592
FUTERRA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Prior period adjustment
(Continued)
- 12 -
Notes to reconciliation
Reclassification of loan to subsidiary
During the current financial year, the company reclassified certain balances within Debtors to the Loans to group undertakings and participating interests category.
Upon review, it was determined that this reclassification correctly reflects the nature of the transactions in accordance with FRS 102 and is in line with recognition criteria
Similar reclassification was performed in the prior financial year to ensure correctness of opening balances and to correctly reflect the nature of the transactions.
For both periods, the reclassification has no impact on the carrying amount of the amounts due. There is no change to accounting policy as a result of this.
Current period: £1,295,715 value of Amounts owed by group undertakings was reclassified from Debtors to Loans to subsidiaries.
Prior period: £1,188,642 value of Amounts owed by group undertakings was reclassified from Debtors to Loans to subsidiaries.
2024-04-302023-05-01falsefalsefalse31 January 2025CCH SoftwareCCH Accounts Production 2024.310The principal activity of the company continued to be that of management consultant and advisors in the field of sustainable development.
S TownsendL SheaK BrennanC PinningtonM SextonM YoungK Brennan047094202023-05-012024-04-30047094202024-04-30047094202023-04-3004709420core:OtherPropertyPlantEquipment2024-04-3004709420core:OtherPropertyPlantEquipment2023-04-3004709420core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3004709420core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3004709420core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3004709420core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3004709420core:CurrentFinancialInstruments2024-04-3004709420core:CurrentFinancialInstruments2023-04-3004709420core:ShareCapital2024-04-3004709420core:ShareCapital2023-04-3004709420core:SharePremium2024-04-3004709420core:SharePremium2023-04-3004709420core:CapitalRedemptionReserve2024-04-3004709420core:CapitalRedemptionReserve2023-04-3004709420core:RetainedEarningsAccumulatedLosses2024-04-3004709420core:RetainedEarningsAccumulatedLosses2023-04-3004709420core:ShareCapitalOrdinaryShares2024-04-3004709420core:ShareCapitalOrdinaryShares2023-04-3004709420bus:CompanySecretaryDirector12023-05-012024-04-3004709420core:Goodwill2023-05-012024-04-3004709420core:PlantMachinery2023-05-012024-04-30047094202022-05-012023-04-3004709420core:UKTax2023-05-012024-04-3004709420core:UKTax2022-05-012023-04-3004709420core:NetGoodwill2023-04-3004709420core:NetGoodwill2024-04-3004709420core:NetGoodwill2023-04-3004709420core:OtherPropertyPlantEquipment2023-04-3004709420core:OtherPropertyPlantEquipment2023-05-012024-04-3004709420core:Non-currentFinancialInstruments2024-04-3004709420core:Non-currentFinancialInstruments2023-04-3004709420core:WithinOneYear2024-04-3004709420core:WithinOneYear2023-04-3004709420bus:PrivateLimitedCompanyLtd2023-05-012024-04-3004709420bus:FRS1022023-05-012024-04-3004709420bus:AuditExemptWithAccountantsReport2023-05-012024-04-3004709420bus:Director12023-05-012024-04-3004709420bus:Director22023-05-012024-04-3004709420bus:Director32023-05-012024-04-3004709420bus:Director42023-05-012024-04-3004709420bus:Director52023-05-012024-04-3004709420bus:Director62023-05-012024-04-3004709420bus:CompanySecretary12023-05-012024-04-3004709420bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3004709420bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP