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Registered number: 03402686










FUTURE NATION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
FUTURE NATION LIMITED
REGISTERED NUMBER: 03402686

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
58,434
71,313

Cash at bank and in hand
 5 
2,204
2,266

  
60,638
73,579

Creditors: amounts falling due within one year
 6 
(1,101)
(13,833)

Net current assets
  
 
 
59,537
 
 
59,746

  

Net assets
  
59,537
59,746


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
59,437
59,646

  
59,537
59,746


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 statement of comprehensive income 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 on 7 March 2025.




J Bramley
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
FUTURE NATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100
56,777
56,877


Comprehensive income for the year

Profit for the year
-
2,869
2,869
Total comprehensive income for the year
-
2,869
2,869



At 1 August 2023
100
59,646
59,746


Comprehensive income for the year

Loss for the year
-
(209)
(209)
Total comprehensive income for the year
-
(209)
(209)


At 31 July 2024
100
59,437
59,537


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales and details of its registered office are set out in the Company information page.

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 £ sterling. The financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has ceased and the directors therefore have considered the preparation of the accounts on a going concern basis to be inappropriate. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing down the Company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 income 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.


 
2.7

Debtors

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

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
58,357
71,240

Other debtors
77
73

58,434
71,313


Page 4

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,204
2,266



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
-
242

Accruals and deferred income
1,101
13,591

1,101
13,833



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Pension commitments

The Company operates a defined contributions pension 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 £Nil (2023: £1,002) . No Contributions (2023: £Nil) were payable to the fund at the balance sheet date.


9.


Related party transactions

The Company has taken advantage of the exemption available within the FRS102 not to disclose details
of any transactions between itself and its fellow group undertakings on the basis that it is a subsidiary
undertaking where 100% of the voting rights are controlled within the group whose consolidated financial
statements are publicly available.

Page 5

 
FUTURE NATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Controlling party

At 31 July 2024, the immediate parent undertaking is Babington Business Limited, a company incorporated in England and Wales, which has prepared consolidated financial statements which are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate parent undertaking is Marshal Topco Limited, a company incorporated in England & Wales, 
Marshal Topco Limited is considered to be under the control of funds managed by an affiliate of Unigestion SA.
The directors consider that there is no one ultimate controlling party by virtue of there being no majority shareholder within the ultimate parent entity.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 of the financial statements, which explains that the directors intend to liquidate the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter

The audit report was signed on 7 March 2025 by James Delve (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 6