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REGISTERED NUMBER: 02293034 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FUTURESOURCE CONSULTING LIMITED

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FUTURESOURCE CONSULTING LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: R B Gaddy
G Kutwaroo





REGISTERED OFFICE: 4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD





REGISTERED NUMBER: 02293034 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STRATEGIC REPORT
For The Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Principal activity
The principal activity of the company is the provision of specialist market research, market tracking, strategic market reports and consulting services to the global entertainment, consumer electronics and business electronics industries.

Result and performance
The results for the year ending 31 December 2023 show a decrease in revenue of 14.7% (2022: Increase of 1.87%) and a decrease in profit before taxation of 85% (2022: Decrease of 0.51%).

As noted in the 2022 strategic report, business conditions in 2023 were challenging with businesses in the technology sector dramatically reducing spend on market research services. The impact of these cuts significantly impacted top line revenue. Proactive steps were taken to control major cost lines but unforeseen costs, including rises in market rates for subcontractors and adverse FX variances, largely countered these measures.

Whilst the average spend across client contracts has fallen, customer loyalty remains high with solid renewable business. Futuresource maintains a well diversified portfolio of services and client contracts. Both these factors give confidence to the directors. However, pressures on client budgets and subsequent spend on market research will remain challenging into 2024.


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STRATEGIC REPORT
For The Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in price risk, credit risk, liquidity risk, currency risk and interest rate risk. The company has processes and internal controls that seek to limit the adverse effects on the financial performance of the company. The board of directors are responsible for monitoring financial risks that the company faces.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of goods and services. The company has no exposure to equity securities price risk as it holds no listed or other equity instruments.

Credit risk
The primary credit risks faced by the company are trade debtors and cash reserves. Trade debtor risk is managed by credit control procedures which are monitored by the board of directors and further mitigated by the financial strength of our blue-chip client base. Risks associated with cash reserves are limited as the company has deposits with banks that have solid credit ratings.

Liquidity risk
The company manages liquidity risk by managing cash flow and cash reserves to maintain sufficient funds for operations and planned expansions.

Currency risk
The company's exposure to exchange rate changes is mitigated by invoicing a substantial percentage of customers in pounds sterling. We also invoice in other major currencies and to mitigate the currency fluctuation, we have been exploring the hedging option with our bank. The business also incurs operating expenses in these currencies which further mitigates the risk.

Interest rate risk
The company holds cash balances which earn very low rates of interest due to the present economic situation. Therefore, exposure to interest rate drops is negligible.

Economic risk
The global economy is showing signs of stabilising after several years of significant disruption. The directors monitor rising inflation but see limited impact to the business. Increasing geopolitical tensions are a cause for some concern with the potential impact on supply chains and subsequent impact on the technology sector. The Futuresource Senior Management team maintain a number of cash flow forecast scenarios to help understand the impact economic downfall on the business.

FINANCIAL KEY PERFORMANCE INDICATORS
2023 2022

Revenue 7,276,380 8,528,431
Pre-tax profit 358,831 2,416,477

FUTURE DEVELOPMENTS
The company intends to perform under the guidance of its new board of directors and trustee.

SUBSEQUENT EVENTS
There was changes in the group structure of the company in January 2023 where by the company is now ultimately under a trust and is being managed by trustee and board of directors. In April and May 2024, there has been changes in the trustee and board of directors.


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STRATEGIC REPORT
For The Year Ended 31 December 2023

RESEARCH & DEVELOPMENT
The directors are optimistic that the investment in development of new services will create greater marketing opportunities and increased sales.

ON BEHALF OF THE BOARD:





G Kutwaroo - Director


17 April 2025

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is the provision of specialist market research, market tracking, strategic market reports and consulting services to the global entertainment, consumer electronics and business electronics industries.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 is £nil (2022: £500,000).

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

M H Greenspan - resigned 29 November 2023
J G Holbrook - resigned 27 January 2023
S Gilroy - appointed 27 January 2023 - resigned 30 September 2023
H L Block - appointed 27 January 2023 - resigned 29 November 2023

R B Gaddy and G Kutwaroo were appointed as directors after 31 December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company utilises various financial instruments including loans, cash and items such as trade debtors and
trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the Strategic Report.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties and Key performance indicators.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Kutwaroo - Director


17 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING LIMITED


Opinion
We have audited the financial statements of Futuresource Consulting Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURESOURCE CONSULTING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Rebecca Pickard FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

17 April 2025

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 7,276,380 8,528,431

Administrative expenses 6,995,178 6,183,599
281,202 2,344,832

Other operating income 32,020 36,909
OPERATING PROFIT 5 313,222 2,381,741

Interest receivable and similar income 52,071 34,736
365,293 2,416,477

Interest payable and similar expenses 6 6,462 -
PROFIT BEFORE TAXATION 358,831 2,416,477

Tax on profit 7 98,584 453,039
PROFIT FOR THE FINANCIAL YEAR 260,247 1,963,438

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

260,247

1,963,438

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 251 3,583
Tangible assets 10 55,289 101,831
Investments 11 - -
55,540 105,414

CURRENT ASSETS
Debtors 12 8,092,521 8,396,598
Cash at bank and in hand 236,028 271,491
8,328,549 8,668,089
CREDITORS
Amounts falling due within one year 13 2,259,178 2,824,390
NET CURRENT ASSETS 6,069,371 5,843,699
TOTAL ASSETS LESS CURRENT LIABILITIES 6,124,911 5,949,113

CREDITORS
Amounts falling due after more than one
year

14

(51,051

)

(124,529

)

PROVISIONS FOR LIABILITIES 16 (13,883 ) (24,854 )
NET ASSETS 6,059,977 5,799,730

CAPITAL AND RESERVES
Called up share capital 17 18,515 18,515
Share premium 5,570 5,570
Capital redemption reserve 4,525 4,525
Retained earnings 6,031,367 5,771,120
6,059,977 5,799,730

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





G Kutwaroo - Director


FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 18,515 4,307,682 5,570 4,525 4,336,292

Changes in equity
Dividends - (500,000 ) - - (500,000 )
Total comprehensive income - 1,963,438 - - 1,963,438
Balance at 31 December 2022 18,515 5,771,120 5,570 4,525 5,799,730

Changes in equity
Total comprehensive income - 260,247 - - 260,247
Balance at 31 December 2023 18,515 6,031,367 5,570 4,525 6,059,977

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Futuresource Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures that standard.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Futuresource Consulting Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Futuresource Holdings Limited, 4 Beaconsfield Road, St. Albans, England, AL1 3RD.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. We have considered the estimates and assumptions made by the company and have not identified any which are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

There are significant intercompany and related party receivables held in the balance sheet of the company. The directors consider that the recoverability of these represents a significant point of judgement within the presentation of the financial statements.

Those balances due from it's UK holding companies are considered to be potentially settled at a later date through the issue of dividends from the company to the UK parent companies, and the company retains sufficient reserves to do so. There have been no provisions against intercompany receivables.

Those balances due from overseas related parties have been given personal support by the ultimate . shareholder of the related entities. There have been no provisions against related party receivables.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value, net of value added tax, of goods and services supplied to customers during the year. Sales are recognised at the point at which the company has fulfilled its contractual obligations.

The entity recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the customer; (b) the entity retains no continuing involvement or control over the services; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset as follows:

Goodwill - 10% straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised over 3 years straight line.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is calculated so as to write off the cost or revaluation of an assets, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:

Improvements to property - lease term
Fixtures & fittings - 20% straight line
Office equipment - 20% straight line
Software - 33% straight line

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development are written off in the year in which they are incurred, except that development expenditures incurred on an individual project are carried forward when its future recoverability can reasonably be regarded as assured. Any expenditures carried forward are amortised in line with the expected future sales from the related project.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

The ultimate shareholder of the related entities has agreed to support the recovery of balances with overseas related party entities should this be required. Support is also available, if required, from an additional related party entity.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 451,672 487,622
Europe 1,224,545 1,327,126
Rest of world 5,600,163 6,713,683
7,276,380 8,528,431

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,663,826 3,020,005
Social security costs 391,551 398,244
Other pension costs 97,001 161,746
4,152,378 3,579,995

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Research 43 34
IT/Technology 4 4
Sales and marketing 11 12
Operations 2 2
HR 2 -
62 52

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 170,475 190,166
Depreciation - owned assets 32,548 37,896
Computer software amortisation 3,332 14,974
Auditors' remuneration 24,120 16,770
Auditors' remuneration for non audit work 5,860 8,990
Foreign exchange differences 49,881 (82,435 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 6,462 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 104,993 455,257
Over/under provision 4,562 (313 )
Total current tax 109,555 454,944

Deferred tax (10,971 ) (1,905 )
Tax on profit 98,584 453,039

UK corporation tax has been charged at 23.50% (2022 - 19%).

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 358,831 2,416,477
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

84,325

459,131

Effects of:
Expenses not deductible for tax purposes 28,219 58
Income not taxable for tax purposes - (2,608 )
Capital allowances in excess of depreciation (7,551 ) (1,324 )
Adjustments to tax charge in respect of previous periods 4,562 (313 )
Deferred tax movement (10,971 ) (1,905 )


Total tax charge 98,584 453,039

From 1st April 2023 the corporation tax main rate increased from 19% to 25% for companies with profits over £250,000. The small company rate remains at 19% for taxable profits under £50,000. For profits falling between £50,000 and £250,000 marginal relief is applied. Deferred tax has therefore been calculated at 25%.

8. DIVIDENDS
2023 2022
£    £   
shares of each
Final - 500,000

9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023 509,050 293,542 802,592
Disposals - (292,942 ) (292,942 )
At 31 December 2023 509,050 600 509,650
AMORTISATION
At 1 January 2023 509,050 289,959 799,009
Amortisation for year - 3,332 3,332
Eliminated on disposal - (292,942 ) (292,942 )
At 31 December 2023 509,050 349 509,399
NET BOOK VALUE
At 31 December 2023 - 251 251
At 31 December 2022 - 3,583 3,583

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Office and
property equipment fittings Totals
£    £    £    £   
COST
At 1 January 2023 96,806 166,906 3,980 267,692
Additions - 20,782 - 20,782
Disposals (96,806 ) (85,173 ) - (181,979 )
At 31 December 2023 - 102,515 3,980 106,495
DEPRECIATION
At 1 January 2023 52,599 109,603 3,659 165,861
Charge for year 9,681 22,602 265 32,548
Eliminated on disposal (62,280 ) (84,923 ) - (147,203 )
At 31 December 2023 - 47,282 3,924 51,206
NET BOOK VALUE
At 31 December 2023 - 55,233 56 55,289
At 31 December 2022 44,207 57,303 321 101,831

11. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:


Futuresource US LLC
Registered office: 2140 S Dupont Highway, Camden, Kent County, Delaware 19934
Nature of business: Consulting services
%
Class of shares: holding
Units of membership interest 100.00

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 926,511 1,459,018
Amounts owed by group undertakings 4,911,251 4,921,008
Other debtors 1,739,464 1,390,391
Tax 7,747 748
VAT 104,511 88,110
Prepayments and accrued income 403,037 537,323
8,092,521 8,396,598

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,045,013 673,545
Other creditors 31,427 31,427
Accruals and deferred income 1,182,738 2,119,418
2,259,178 2,824,390

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Accruals and deferred income 51,051 124,529

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 268,090 184,000
Between one and five years 626,862 628,667
894,952 812,667

The company sublets part of the rental property, receipts under non-cancellable leases fall due as follows:

2023 2022
£    £   

Within one year 167,360 -
Between one and five years 390,507 -
Over five years - -
557,867 -

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 13,883 24,854

Deferred
tax
£   
Balance at 1 January 2023 24,854
Provided during year (10,971 )
Balance at 31 December 2023 13,883

FUTURESOURCE CONSULTING LIMITED (REGISTERED NUMBER: 02293034)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal Value: 2023 2022
£ £    £   
9,050 A Ordinary £1 9,050 9,050
4,525 B Ordinary £1 4,525 4,525
1,680 C Ordinary £1 1,680 1,680
1,420 D Non-Voting £1 1,420 1,420
1,070 E Non-Voting £1 1,070 1,070
520 F Non-Voting £1 520 520
250 G Non-Voting £1 250 250
18,515 18,515

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £97,001 (2022: £161,746).

Contributions totalling £22,576 (2022: £24,854) were payable to the scheme at the end of the period and are included in accruals.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the entity incurred management charges from related parties of £728,041 (2022: £1,036,973 )and recharged costs to related parties of £254,709 (2022: £281,556). At the year end an amount of £254,775 (2022: £241,906) was owed to the related party.

At the year end the entity had an outstanding loan of £1,142,329 (2022: £1,090,257) due from a related party, included in other debtors. The loan is at an interest rate of 5%. During the year interest of £52,071 (2022: £29,760) was charged to the related party.

During the year, the entity paid director fees at a total of £60,954 (2022: £nil) and trustees fees of
£25,848 (2022: £nil).

During the year, a total of key management personnel compensation of £ 99,805 was paid.

20. ULTIMATE CONTROLLING PARTY

The controlling party is Futuresource Holdings Limited.

From 27 January 2023 the ultimate controlling party was Robert Gaddy as sole beneficiary of the Futuresource Group Trust. (Previously G E Lindberg).