Company registration number 11934102 (England and Wales)
FUTURE WORK FORCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FUTURE WORK FORCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FUTURE WORK FORCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,075
9,177
Current assets
Debtors
5
716,059
540,095
Cash at bank and in hand
411,777
131,759
1,127,836
671,854
Creditors: amounts falling due within one year
6
(1,192,623)
(971,051)
Net current liabilities
(64,787)
(299,197)
Net liabilities
(58,712)
(290,020)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(58,713)
(290,021)
Total equity
(58,712)
(290,020)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
B Dacian
Director
Company registration number 11934102 (England and Wales)
FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Future Work Force Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

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

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. The company is financially supported by its parent company, Future Work Force S.R.L. who have undertaken to provide such support for a period of at least twelve months from the date of signing the audited accountstrue.

 

Thus the director continues 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.

 

Revenue from contracts for the provision IT development 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, 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.

 

Revenue from software sales represents the amounts derived from the provision of agency services which fall within the company's ordinary activities. Software sales during the year relates to profit derived from software sales conducted in an agency capacity.

1.4
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:

Fixtures, fittings and equipment
25% straight line
Computer equipment
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.

FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
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.

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.

1.6
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.

1.7
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.

FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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 director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
20,077
Additions
1,228
At 31 December 2024
21,305
Depreciation and impairment
At 1 January 2024
10,900
Depreciation charged in the year
4,330
At 31 December 2024
15,230
Carrying amount
At 31 December 2024
6,075
At 31 December 2023
9,177
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
700,989
522,332
Other debtors
11,619
17,763
712,608
540,095
Deferred tax asset
3,451
-
0
716,059
540,095
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
318,445
227,234
Amounts owed to group undertakings
419,331
492,827
Taxation and social security
218,143
211,897
Other creditors
236,704
39,093
1,192,623
971,051

Included in the amounts owed to group undertakings is an amount of £55,465 (2023: £103,895) which is secured by a floating charge over the company's assets.

FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion

In our opinion, except for the effects of the matter described in Basis for Qualified Opinion paragraph the financial statements:

Basis for qualified opinion

In relation to the financial year ending 31 December 2023, the company had not recognised a deferred tax asset for unused tax losses of £75,363. This treatment was not in accordance with FRS 102 Section 29, "Income Taxes" which requires the recognition of deferred tax assets for all deductible temporary differences to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. Our audit opinion on the financial statements for the period ended December 31, 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the effect of this matter on the comparability of the current period’s figures and the corresponding figures. Had the company recognised the deferred tax asset in the previous year, current year equity would have decreased by £71,192.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Senior Statutory Auditor:
Sarah Squires BEng FCA
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
14 March 2025
9
Financial commitments, guarantees and contingent liabilities

At the year end contributions amounting to £1,101 (2023: £1,212) were outstanding and included within other creditors.

FUTURE WORK FORCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Parent company

Future Work Force SRL (incorporated in Romania) is regarded by the directors as the immediate parent company.

 

Arobs Transilvania Software S.A. (incorporated in Romania) is regarded by the directors as being the company's ultimate parent company and which heads the smallest and largest group for which consolidated accounts are prepared that include the company.

 

Copies of the consolidated accounts can be obtained from the registered office at Str. Donath, nr. 11, bl. M4, sc. 2, et. 3, ap. 28, ClujNapoca, Cluj County, Romania.

 

 

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