Company No:
Contents
DIRECTORS | Neville Wayne Joyce |
Malcolm Peter Maginnis |
REGISTERED OFFICE | Unit 2 Birch Business Park |
Whittle Lane | |
Heywood | |
Greater Manchester | |
OL10 2SX | |
United Kingdom |
COMPANY NUMBER | 07056157 (England and Wales) |
AUDITOR | Dixon Wilson Audit Services LLP |
Statutory Auditor | |
22 Chancery Lane | |
London | |
WC2A 1LS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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2,183 | 745 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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477,107 | 336,931 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 331,490 | 208,263 | ||
Total assets less current liabilities | 333,673 | 209,008 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Future Fibre Technologies Europe Ltd (registered number:
Neville Wayne Joyce
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Unit 2 Birch Business Park
Whittle Lane
Heywood
Greater Manchester
OL10 2SX
United Kingdom
The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The company is reliant on the support of its parent company in terms of revenue and cash flow and the parent company has confirmed it will provide support for at least 12 months from the date of the signing of the accounts.
The company has two principal income streams, that of provision of services to its parent and provision of goods and services to non-related parties.
The company recognises revenue from the parent when the consideration in exchange for providing services has been agreed with the parent, and in the period in which services are provided. The company recognises revenue from non-related parties in the period in which the goods or services were provided.
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
**Depreciation**
Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:
Computer equipment |
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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.
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.