IRIS Accounts Production v25.1.3.33 08943626 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh089436262023-09-30089436262024-09-30089436262023-10-012024-09-30089436262022-09-30089436262022-10-012023-09-30089436262023-09-3008943626ns15:EnglandWales2023-10-012024-09-3008943626ns14:PoundSterling2023-10-012024-09-3008943626ns10:Director12023-10-012024-09-3008943626ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3008943626ns10:SmallEntities2023-10-012024-09-3008943626ns10:AuditExemptWithAccountantsReport2023-10-012024-09-3008943626ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3008943626ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3008943626ns10:FullAccounts2023-10-012024-09-3008943626ns10:OrdinaryShareClass22023-10-012024-09-3008943626ns10:OrdinaryShareClass32023-10-012024-09-3008943626ns10:OrdinaryShareClass42023-10-012024-09-3008943626ns10:Director22023-10-012024-09-3008943626ns10:Director32023-10-012024-09-3008943626ns10:RegisteredOffice2023-10-012024-09-3008943626ns5:CurrentFinancialInstruments2024-09-3008943626ns5:CurrentFinancialInstruments2023-09-3008943626ns5:Non-currentFinancialInstruments2024-09-3008943626ns5:Non-currentFinancialInstruments2023-09-3008943626ns5:ShareCapital2024-09-3008943626ns5:ShareCapital2023-09-3008943626ns5:RetainedEarningsAccumulatedLosses2024-09-3008943626ns5:RetainedEarningsAccumulatedLosses2023-09-3008943626ns5:PlantMachinery2023-10-012024-09-3008943626ns5:FurnitureFittings2023-10-012024-09-3008943626ns5:MotorVehicles2023-10-012024-09-3008943626ns5:LandBuildings2023-09-3008943626ns5:PlantMachinery2023-09-3008943626ns5:FurnitureFittings2023-09-3008943626ns5:MotorVehicles2023-09-3008943626ns5:LandBuildings2023-10-012024-09-3008943626ns5:LandBuildings2024-09-3008943626ns5:PlantMachinery2024-09-3008943626ns5:FurnitureFittings2024-09-3008943626ns5:MotorVehicles2024-09-3008943626ns5:LandBuildings2023-09-3008943626ns5:PlantMachinery2023-09-3008943626ns5:FurnitureFittings2023-09-3008943626ns5:MotorVehicles2023-09-3008943626ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3008943626ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3008943626ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-3008943626ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3008943626ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3008943626ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3008943626ns5:DeferredTaxation2023-09-3008943626ns5:DeferredTaxation2023-10-012024-09-3008943626ns5:DeferredTaxation2024-09-3008943626ns10:OrdinaryShareClass22024-09-3008943626ns10:OrdinaryShareClass32024-09-3008943626ns10:OrdinaryShareClass42024-09-30
REGISTERED NUMBER: 08943626 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Future Contracts Limited

Future Contracts Limited (Registered number: 08943626)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Future Contracts Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: K Woods Jnr
K J Woods
D R Bentley





REGISTERED OFFICE: 3 Bridge Street
Oakengates
Telford
Shropshire
TF2 6AH





REGISTERED NUMBER: 08943626 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Future Contracts Limited (Registered number: 08943626)

Balance Sheet
30 September 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,001,126 1,024,373

CURRENT ASSETS
Stocks 105,000 148,000
Debtors 5 1,154,411 756,130
Cash at bank and in hand 61,109 4,778
1,320,520 908,908
CREDITORS
Amounts falling due within one year 6 (1,016,232 ) (765,206 )
NET CURRENT ASSETS 304,288 143,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,305,414

1,168,075

CREDITORS
Amounts falling due after more than one
year

7

(295,460

)

(348,146

)

PROVISIONS FOR LIABILITIES 8 (26,400 ) (58,700 )
NET ASSETS 983,554 761,229

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 983,454 761,129
SHAREHOLDERS' FUNDS 983,554 761,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Future Contracts Limited (Registered number: 08943626)

Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





K J Woods - Director


Future Contracts Limited (Registered number: 08943626)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Future Contracts 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Future Contracts Limited (Registered number: 08943626)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 755,978 20,991 24,455 494,574 1,295,998
Additions - 26,000 6,458 17,700 50,158
Disposals - - - (13,350 ) (13,350 )
At 30 September 2024 755,978 46,991 30,913 498,924 1,332,806
DEPRECIATION
At 1 October 2023 - 8,852 14,927 247,846 271,625
Charge for year - 3,328 3,970 63,183 70,481
Eliminated on disposal - - - (10,426 ) (10,426 )
At 30 September 2024 - 12,180 18,897 300,603 331,680
NET BOOK VALUE
At 30 September 2024 755,978 34,811 12,016 198,321 1,001,126
At 30 September 2023 755,978 12,139 9,528 246,728 1,024,373

Future Contracts Limited (Registered number: 08943626)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023
and 30 September 2024 363,988
DEPRECIATION
At 1 October 2023 152,978
Charge for year 52,753
At 30 September 2024 205,731
NET BOOK VALUE
At 30 September 2024 158,257
At 30 September 2023 211,010

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,049,158 668,505
Other debtors 105,253 87,625
1,154,411 756,130

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,724 20,225
Hire purchase contracts 63,485 73,996
Trade creditors 188,543 136,624
Taxation and social security 408,287 312,588
Other creditors 341,193 221,773
1,016,232 765,206

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 274,051 289,234
Hire purchase contracts 21,409 58,912
295,460 348,146

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 215,155 230,338

Future Contracts Limited (Registered number: 08943626)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 26,400 58,700

Deferred
tax
£   
Balance at 1 October 2023 58,700
Provided during year (32,300 )
Balance at 30 September 2024 26,400

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary A £1 80 80
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
100 100

All classes of shares rank pari-passu in all respects except that each class of share is entitled to dividends declared on a discretionary basis as a separate class right.

10. RELATED PARTY DISCLOSURES

Dividends paid to directors £349,572 (2024 - £340,947).

Future Facilities Management Limited
A company of which Miss A Woods, the daughter of Mr K Woods, is a director and shareholder

Amount owed to Future Facilities Management Limited at 30 September 2024 £114,811. (2023 - £104,504)

The amount owed to Future Facilities Management Limited is unsecured and has no specific terms regarding payments of interest. The amount owed is payable on demand but the director of Future Facilities Management Limited has given her assurance that the amount payable will not be demanded until such time as Future Contracts Limited can afford to do so without detriment to its operating and working capital commitments.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Future Contracts Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Future Contracts Limited for the year ended 30 September 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Future Contracts Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Future Contracts Limited and state those matters that we have agreed to state to the Board of Directors of Future Contracts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Future Contracts Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Future Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Future Contracts Limited. You consider that Future Contracts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Future Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


23 May 2025