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Registration number: 02786964

Future Machines Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Future Machines Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Future Machines Limited

Company Information

Director

Mr GD Tresidder

Registered office

Unit 20
14-16 Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7LD

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Future Machines Limited

(Registration number: 02786964)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

53,806

78,875

Investments

7

1

1

 

53,807

78,876

Current assets

 

Debtors

8

186,299

37,063

Cash at bank and in hand

 

43,423

19,080

 

229,722

56,143

Creditors: Amounts falling due within one year

9

(58,254)

(177,132)

Net current assets/(liabilities)

 

171,468

(120,989)

Total assets less current liabilities

 

225,275

(42,113)

Creditors: Amounts falling due after more than one year

9

(8,333)

(18,333)

Net assets/(liabilities)

 

216,942

(60,446)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

216,842

(60,546)

Shareholders' funds/(deficit)

 

216,942

(60,446)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 April 2025
 

.........................................
Mr GD Tresidder
Director

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 20
14-16 Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7LD
England

These financial statements were authorised for issue by the director on 25 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 assets

Tangible assets are stated in the balance sheet 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.

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings - short leasehold

20% straight line basis

Furniture, fittings and equipment

25% straight line basis

Plant and equipment

10% straight line basis

Motor vehicles

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 & 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

27,366

31,311

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

188,504

188,504

At 31 July 2024

188,504

188,504

Amortisation

At 1 August 2023

188,504

188,504

At 31 July 2024

188,504

188,504

Carrying amount

At 31 July 2024

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

45,421

6,704

11,115

869,474

932,714

Additions

-

-

-

7,650

7,650

Disposals

-

-

-

(99,123)

(99,123)

At 31 July 2024

45,421

6,704

11,115

778,001

841,241

Depreciation

At 1 August 2023

45,420

6,703

11,115

790,601

853,839

Charge for the year

1

1

-

27,364

27,366

Eliminated on disposal

-

-

-

(93,770)

(93,770)

At 31 July 2024

45,421

6,704

11,115

724,195

787,435

Carrying amount

At 31 July 2024

-

-

-

53,806

53,806

At 31 July 2023

1

1

-

78,873

78,875

Included within the net book value of land and buildings above is £Nil (2023 - £1) in respect of short leasehold land and buildings.
 

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 August 2023

150,000

Provision

At 1 August 2023

149,999

Carrying amount

At 31 July 2024

1

At 31 July 2023

1

8

Debtors

Current

2024
£

2023
£

Trade debtors

16,800

21,414

Prepayments

3,455

5,423

Other debtors

166,044

10,226

 

186,299

37,063

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,999

10,000

Trade creditors

 

10,818

22,279

Taxation and social security

 

8,500

13,929

Accruals and deferred income

 

4,500

4,500

Other creditors

 

24,437

126,424

 

58,254

177,132

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,333

18,333

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,333

18,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,999

10,000

 

Future Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £113,980 (2023 - £155,573).