Company Registration No. 05317459 (England and Wales)
Future Foundations Training Ltd.
Unaudited filleted accounts
for the year ended 31 August 2024
Future Foundations Training Ltd.
Unaudited filleted accounts
Contents
Future Foundations Training Ltd.
Company Information
for the year ended 31 August 2024
Company Number
05317459 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
Accountants
Caseron Cloud Accounting Ltd
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
Future Foundations Training Ltd.
Statement of financial position
as at 31 August 2024
Intangible assets
106
1,676
Tangible assets
3,001
1,547
Cash at bank and in hand
131,708
4,354
Creditors: amounts falling due within one year
(213,799)
(234,753)
Net current liabilities
(17,959)
(28,313)
Total assets less current liabilities
(14,852)
(25,090)
Creditors: amounts falling due after more than one year
(101,233)
(118,857)
Net liabilities
(116,085)
(143,947)
Called up share capital
100
100
Profit and loss account
(116,185)
(144,047)
Shareholders' funds
(116,085)
(143,947)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 May 2025 and were signed on its behalf by
Jonathan Harper
Director
Company Registration No. 05317459
Future Foundations Training Ltd.
Notes to the Accounts
for the year ended 31 August 2024
Future Foundations Training Ltd. is a private company, limited by shares, registered in England and Wales, registration number 05317459. The registered office is 20-22 Wenlock Road, London, N1 7GU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 also have been consistently applied within the same accounts.
The accounts have been prepared on a going concern basis. The directors are pleased to report that the company has returned to profitability during the year, reflecting the benefits of prior recovery efforts and strategic investment following the Covid-19 pandemic.
Although the company reports net current liabilities at the year end, the directors have carefully reviewed cashflow forecasts and financial performance up to the date of signing these financial statements. Based on this review, they are confident that the company has sufficient resources and a positive outlook to meet its obligations as they fall due.
Accordingly, the directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the accounts, and have prepared the financial statements on a going concern basis.
The accounts have been prepared under the historical cost convention.
The accounts are presented in ã sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20.00% straight line
Computer equipment
33.33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation charged on a 33.33% straight line basis.
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.
The company 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 company's activities.
Future Foundations Training Ltd.
Notes to the Accounts
for the year ended 31 August 2024
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.
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.
Interest income is recognised using the effective interest method.
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 company will not be able to collect all amounts due according to the original terms of the receivables.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Interest paid and finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Future Foundations Training Ltd.
Notes to the Accounts
for the year ended 31 August 2024
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Intangible fixed assets
Total
At 1 September 2023
30,524
At 1 September 2023
28,848
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Tangible fixed assets
Total
At 1 September 2023
24,626
At 1 September 2023
23,079
Future Foundations Training Ltd.
Notes to the Accounts
for the year ended 31 August 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans made to director during the year, repayable on demand
7,967
500
-
8,467
7
Average number of employees
During the year the average number of employees was 12 (2023: 14).