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Company No: 14399320 (England and Wales)

SULLIVAN FUTURE LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

SULLIVAN FUTURE LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

SULLIVAN FUTURE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
SULLIVAN FUTURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 31.10.2024 31.10.2023
£ £
Fixed assets
Investments 3 220,120 220,120
220,120 220,120
Current assets
Cash at bank and in hand 115 56
115 56
Creditors: amounts falling due within one year 4 ( 236,841) ( 233,135)
Net current liabilities (236,726) (233,079)
Total assets less current liabilities (16,606) (12,959)
Net liabilities ( 16,606) ( 12,959)
Capital and reserves
Called-up share capital 5 15 15
Profit and loss account ( 16,621 ) ( 12,974 )
Total shareholders' deficit ( 16,606) ( 12,959)

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

Directors' responsibilities:

The financial statements of Sullivan Future Ltd (registered number: 14399320) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Sullivan
Director

20 July 2025

SULLIVAN FUTURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
SULLIVAN FUTURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Sullivan Future Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The comparative figures show results for the period from incorporation on 5 October 2022 to 31 October 2023.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

Year ended
31.10.2024
Period from
05.10.2022 to
31.10.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 0 0

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 220,120 220,120
At 31 October 2024 220,120 220,120
Carrying value at 31 October 2024 220,120 220,120
Carrying value at 31 October 2023 220,120 220,120

4. Creditors: amounts falling due within one year

31.10.2024 31.10.2023
£ £
Trade creditors 526 0
Other creditors 236,315 233,135
236,841 233,135

5. Called-up share capital

31.10.2024 31.10.2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 0.01 each 5 5
500 Ordinary A shares of £ 0.01 each 5 5
500 Ordinary B shares of £ 0.01 each 5 5
15 15