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Company No: 07056157 (England and Wales)

FUTURE FIBRE TECHNOLOGIES EUROPE LTD

Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FUTURE FIBRE TECHNOLOGIES EUROPE LTD

Financial Statements

For the financial year ended 30 June 2024

Contents

FUTURE FIBRE TECHNOLOGIES EUROPE LTD

COMPANY INFORMATION

For the financial year ended 30 June 2024
FUTURE FIBRE TECHNOLOGIES EUROPE LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
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
FUTURE FIBRE TECHNOLOGIES EUROPE LTD

BALANCE SHEET

As at 30 June 2024
FUTURE FIBRE TECHNOLOGIES EUROPE LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,183 745
2,183 745
Current assets
Debtors 4 468,040 289,877
Cash at bank and in hand 9,067 47,054
477,107 336,931
Creditors: amounts falling due within one year 5 ( 145,617) ( 128,668)
Net current assets 331,490 208,263
Total assets less current liabilities 333,673 209,008
Net assets 333,673 209,008
Capital and reserves
Called-up share capital 100 100
Profit and loss account 333,573 208,908
Total shareholder's funds 333,673 209,008

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

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: 07056157) were approved and authorised for issue by the Board of Directors on 13 March 2025. They were signed on its behalf by:

Neville Wayne Joyce
Director
FUTURE FIBRE TECHNOLOGIES EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FUTURE FIBRE TECHNOLOGIES EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Defined contribution pension scheme

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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 July 2023 13,150 13,150
Additions 2,555 2,555
At 30 June 2024 15,705 15,705
Accumulated depreciation
At 01 July 2023 12,405 12,405
Charge for the financial year 1,117 1,117
At 30 June 2024 13,522 13,522
Net book value
At 30 June 2024 2,183 2,183
At 30 June 2023 745 745

4. Debtors

2024 2023
£ £
Trade debtors 23,563 0
Amounts owed by group undertakings 441,615 267,724
Prepayments 1,698 230
Corporation tax 0 20,809
Other debtors 1,164 1,114
468,040 289,877

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 259 597
Amounts owed to group undertakings 79,075 90,642
Accruals 22,909 35,643
Corporation tax 42,015 0
Other taxation and social security 1,050 1,050
Other creditors 309 736
145,617 128,668

6. Audit Opinion

The auditor's report on the accounts for the financial year ended 30 June 2024 was unqualified.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.

7. Ultimate controlling party

AVA Risk Group Ltd is the parent undertaking of the smallest and largest group which consolidates the financial information of the Company. Copies of the Group's financial statements may be obtained from AVA Risk Group Ltd (https://www.theavagroup.com).