Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false32022-12-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13033365 2022-12-01 2023-11-30 13033365 2021-12-01 2022-11-30 13033365 2023-11-30 13033365 2022-11-30 13033365 c:Director1 2022-12-01 2023-11-30 13033365 d:FurnitureFittings 2022-12-01 2023-11-30 13033365 d:FurnitureFittings 2023-11-30 13033365 d:FurnitureFittings 2022-11-30 13033365 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 13033365 d:ComputerEquipment 2022-12-01 2023-11-30 13033365 d:ComputerEquipment 2023-11-30 13033365 d:ComputerEquipment 2022-11-30 13033365 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 13033365 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 13033365 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 13033365 d:ComputerSoftware 2023-11-30 13033365 d:ComputerSoftware 2022-11-30 13033365 d:CurrentFinancialInstruments 2023-11-30 13033365 d:CurrentFinancialInstruments 2022-11-30 13033365 d:Non-currentFinancialInstruments 2023-11-30 13033365 d:Non-currentFinancialInstruments 2022-11-30 13033365 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 13033365 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 13033365 d:ShareCapital 2023-11-30 13033365 d:ShareCapital 2022-11-30 13033365 d:RetainedEarningsAccumulatedLosses 2023-11-30 13033365 d:RetainedEarningsAccumulatedLosses 2022-11-30 13033365 c:OrdinaryShareClass1 2022-12-01 2023-11-30 13033365 c:OrdinaryShareClass1 2023-11-30 13033365 c:OrdinaryShareClass1 2022-11-30 13033365 c:FRS102 2022-12-01 2023-11-30 13033365 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13033365 c:FullAccounts 2022-12-01 2023-11-30 13033365 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13033365 d:WithinOneYear 2023-11-30 13033365 d:WithinOneYear 2022-11-30 13033365 d:BetweenOneFiveYears 2023-11-30 13033365 d:BetweenOneFiveYears 2022-11-30 13033365 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 13033365 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 13033365














FUTURE PRESENT LONDON LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
FUTURE PRESENT LONDON LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
FUTURE PRESENT LONDON LTD
REGISTERED NUMBER:13033365

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
55,003
62,001

Tangible assets
 5 
6,705
10,697

  
61,708
72,698

Current assets
  

Stocks
 6 
168,537
136,559

Debtors: amounts falling due after more than one year
 7 
13,500
13,500

Debtors: amounts falling due within one year
 7 
14,532
54,758

Cash at bank and in hand
 8 
6,165
30,770

  
202,734
235,587

Creditors: amounts falling due within one year
 9 
(794,345)
(638,120)

Net current liabilities
  
 
 
(591,611)
 
 
(402,533)

Total assets less current liabilities
  
(529,903)
(329,835)

  

Net liabilities
  
(529,903)
(329,835)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(530,003)
(329,935)

  
(529,903)
(329,835)


1

 
FUTURE PRESENT LONDON LTD
REGISTERED NUMBER:13033365
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V Cipriano
Director

Date: 17 January 2025

The notes on pages 3 to 8 form part of these financial statements.

2

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Future Present London Ltd is a private company, limited by shares, registered in England and Wales,
registration number 13033365. The registered office address is Elsley Court, 20-22 Great Titchfield
Street, London, W1W 8BE.
 
The principal activity of the company is the sale of fashion clothing and accessories.
 
2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the directors have confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilites in full for at least the next 12 months. On the basis, the directors are satisfied that the financial statements should be prepared on a ongoing basis.

 
2.3

Operating leases: the company as lessee

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

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.5

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporate tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

3

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 Amortisation is provided on the following bases:

Website development
-
10%

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight-line
Computer equipment
-
33%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

4

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

 Creditors

Short-term creditors are measured at the transaction price.
 
 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition
of financial assets and liabilities like trade and other debtors and creditors, loans from banks and
other third parties, loans to related parties.


3.


Employees

2023
£

Wages and salaries
16,102

Cost of defined contribution scheme
525

16,627


The average monthly number of employees, including directors, during the year was 3 (2022 -3).


4.


Intangible assets




Website development

£



Cost


At 1 December 2022
69,979



At 30 November 2023

69,979



Amortisation


At 1 December 2022
7,978


Charge for the year 
6,998



At 30 November 2023

14,976



Net book value



At 30 November 2023
55,003



At 30 November 2022
62,001



5

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 December 2022
14,237
1,299
15,536



At 30 November 2023

14,237
1,299
15,536



Depreciation


At 1 December 2022
4,415
424
4,839


Charge for the year 
3,559
433
3,992



At 30 November 2023

7,974
857
8,831



Net book value



At 30 November 2023
6,263
442
6,705



At 30 November 2022
9,822
876
10,698


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
168,537
136,559



7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
13,500
13,500


2023
2022
£
£

Due within one year

Trade debtors
945
4,278

Other debtors
1,958
37,277

Prepayments
11,629
13,203

14,532
54,758


6

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,165
30,770



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
710,219
447,466

Trade creditors
15,433
70,695

Corporation tax
100
-

Other taxation and social security
242
945

Other creditors
61,284
15,650

Accruals
7,067
103,364

794,345
638,120



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 -100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £525 (2022 - £450). Included in other creditors at the year end there is an amount payable of £Nil (2022 - £175).


12.


Commitments under operating leases

At 30 November 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
31,634
45,000

Later than 1 year and not later than 5 years
-
30,987

31,634
75,987

7

 
FUTURE PRESENT LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Related party transactions

Included within other loans at the year end is an aggregated amount due to companies under common control £710,219 (2022 - £447,466). The loan is interest free and repayable on demand.
 
At the year end, the company owed an amount of £55,484 (2022 - £4,071) to the director. This is an interest free loan that is repayable on demand.
8