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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
Page
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Future Foundations Training Ltd. Company Information for the year ended 31 August 2024
Director
Jonathan Harper
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
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Future Foundations Training Ltd. Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
106 
1,676 
Tangible assets
3,001 
1,547 
3,107 
3,223 
Current assets
Debtors
64,132 
202,086 
Cash at bank and in hand
131,708 
4,354 
195,840 
206,440 
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)
Capital and reserves
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
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Future Foundations Training Ltd. Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
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.
3
Accounting policies
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.
Going concern
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.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ 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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation charged on a 33.33% straight line basis.
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. 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.
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Future Foundations Training Ltd. Notes to the Accounts for the year ended 31 August 2024
Taxation
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
Interest income is recognised using the effective interest method.
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 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 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.
Leased assets
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.
Pension costs
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.
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Future Foundations Training Ltd. Notes to the Accounts for the year ended 31 August 2024
Foreign exchange
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.
Financial instruments
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.
4
Intangible fixed assets
Total 
£ 
Cost
At 1 September 2023
30,524 
At 31 August 2024
30,524 
Amortisation
At 1 September 2023
28,848 
Charge for the year
1,570 
At 31 August 2024
30,418 
Net book value
At 31 August 2024
106 
At 31 August 2023
1,676 
5
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 September 2023
24,626 
Additions
2,807 
At 31 August 2024
27,433 
Depreciation
At 1 September 2023
23,079 
Charge for the year
1,353 
At 31 August 2024
24,432 
Net book value
At 31 August 2024
3,001 
At 31 August 2023
1,547 
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Future Foundations Training Ltd. Notes to the Accounts for the year ended 31 August 2024
6
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Jonathan Harper
Loans made to director during the year, repayable on demand
7,967 
500 
- 
8,467 
7,967 
500 
- 
8,467 
7
Average number of employees
During the year the average number of employees was 12 (2023: 14).
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