1 01/03/2023 29/02/2024 2024-02-29 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12475226 2023-03-01 2024-02-29 12475226 2024-02-29 12475226 2023-02-28 12475226 2022-03-01 2023-02-28 12475226 2023-02-28 12475226 2022-02-28 12475226 bus:Director1 2023-03-01 2024-02-29 12475226 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 12475226 core:IntangibleAssetsOtherThanGoodwill 2024-02-29 12475226 core:WithinOneYear 2024-02-29 12475226 core:WithinOneYear 2023-02-28 12475226 core:AfterOneYear 2024-02-29 12475226 core:AfterOneYear 2023-02-28 12475226 core:ShareCapital 2024-02-29 12475226 core:ShareCapital 2023-02-28 12475226 core:RetainedEarningsAccumulatedLosses 2024-02-29 12475226 core:RetainedEarningsAccumulatedLosses 2023-02-28 12475226 core:IntangibleAssetsOtherThanGoodwill 2023-03-01 2024-02-29 12475226 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 12475226 bus:SmallEntities 2023-03-01 2024-02-29 12475226 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12475226 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12475226 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12475226 bus:FullAccounts 2023-03-01 2024-02-29
Company registration number: 12475226
Future Makers Media Limited
Unaudited filleted financial statements
29 February 2024
Future Makers Media Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - 1,200
_______ _______
- 1,200
Current assets
Debtors 6 7,179 15,131
Cash at bank and in hand 106 1
_______ _______
7,285 15,132
Creditors: amounts falling due
within one year 7 ( 20,703) ( 17,438)
_______ _______
Net current liabilities ( 13,418) ( 2,306)
_______ _______
Total assets less current liabilities ( 13,418) ( 1,106)
Creditors: amounts falling due
after more than one year 8 ( 20,756) ( 20,352)
_______ _______
Net liabilities ( 34,174) ( 21,458)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 34,274) ( 21,558)
_______ _______
Shareholders deficit ( 34,174) ( 21,458)
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mr Sean Purcell
Director
Company registration number: 12475226
Future Makers Media Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is East Bridge House, East Street, Colchester, CO1 2TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 5 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 March 2023 and 29 February 2024 3,000 3,000
_______ _______
Amortisation
At 1 March 2023 1,800 1,800
Charge for the year 1,200 1,200
_______ _______
At 29 February 2024 3,000 3,000
_______ _______
Carrying amount
At 29 February 2024 - -
_______ _______
At 28 February 2023 1,200 1,200
_______ _______
6. Debtors
2024 2023
£ £
Other debtors 7,179 15,131
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,070 4,070
Trade creditors - 1,092
Social security and other taxes 11,131 11,131
Other creditors 5,502 1,145
_______ _______
20,703 17,438
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 20,756 20,352
_______ _______