General Information
Future Asset Management LLP is a limited liability partnership, registered in England and Wales, registration number OC309979, registration address Number Three , Waterton Park, Bridgend, CF31 3PH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnerships operations and its principal activities are given in the members report.
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.
The functional currency of Future Asset Management LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
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 LLP's activities. Turnover is shown net of discounts, rebates and other sales tax or duty.
The LLP recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the LLP's activities.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members. The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and machinery etc |
15%/25% reducing balance |
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
|
| 2. |
Average number of employees
Average number of employees during the period was 2 (2024 : 2).
|
| 3. |
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 £42,000 (2024 - £57,400).
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 May 2024 |
162,683 |
|
162,683 |
| Additions |
3,036 |
|
3,036 |
| Disposals |
(8,688) |
|
(8,688) |
| At 31 March 2025 |
157,031 |
|
157,031 |
| Depreciation |
| At 01 May 2024 |
134,739 |
|
134,739 |
| Charge for period |
6,166 |
|
6,166 |
| On disposals |
(7,108) |
|
(7,108) |
| At 31 March 2025 |
133,797 |
|
133,797 |
| Net book values |
| Closing balance as at 31 March 2025 |
23,234 |
|
23,234 |
| Opening balance as at 01 May 2024 |
27,944 |
|
27,944 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025 £ |
|
2024 £ |
| Trade Debtors |
2,821 |
|
6,605 |
| Other Debtors |
19,849 |
|
13,569 |
|
22,670 |
|
20,174 |
|
| 6. |
Creditors: amount falling due within one year
|
2025 £ |
|
2024 £ |
| Taxation and Social Security |
3,644 |
|
2,163 |
| Other Creditors |
6,121 |
|
5,185 |
|
9,765 |
|
7,348 |
|
2
|