IRIS Accounts Production v25.1.4.42 02840500 Board of Directors 1.11.23 31.10.24 31.10.24 Medium entities manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire door true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028405002023-10-31028405002024-10-31028405002023-11-012024-10-31028405002022-10-31028405002022-11-012023-10-31028405002023-10-3102840500ns15:EnglandWales2023-11-012024-10-3102840500ns14:PoundSterling2023-11-012024-10-3102840500ns10:Director12023-11-012024-10-3102840500ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3102840500ns10:MediumEntities2023-11-012024-10-3102840500ns10:Audited2023-11-012024-10-3102840500ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3102840500ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3102840500ns10:FullAccounts2023-11-012024-10-3102840500ns10:OrdinaryShareClass12023-11-012024-10-3102840500ns10:Director22023-11-012024-10-3102840500ns10:Director42023-11-012024-10-3102840500ns10:CompanySecretary12023-11-012024-10-3102840500ns10:RegisteredOffice2023-11-012024-10-3102840500ns10:Director32023-11-012024-10-3102840500ns5:CurrentFinancialInstruments2024-10-3102840500ns5:CurrentFinancialInstruments2023-10-3102840500ns5:Non-currentFinancialInstruments2024-10-3102840500ns5:Non-currentFinancialInstruments2023-10-3102840500ns5:ShareCapital2024-10-3102840500ns5:ShareCapital2023-10-3102840500ns5:RetainedEarningsAccumulatedLosses2024-10-3102840500ns5:RetainedEarningsAccumulatedLosses2023-10-3102840500ns5:ShareCapital2022-10-3102840500ns5:RetainedEarningsAccumulatedLosses2022-10-3102840500ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3102840500ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3102840500ns5:OwnedAssets2023-11-012024-10-3102840500ns5:OwnedAssets2022-11-012023-10-3102840500ns5:LeasedAssets2023-11-012024-10-3102840500ns5:LeasedAssets2022-11-012023-10-3102840500112023-11-012024-10-3102840500112022-11-012023-10-3102840500ns5:HirePurchaseContracts2023-11-012024-10-3102840500ns5:HirePurchaseContracts2022-11-012023-10-3102840500ns10:OrdinaryShareClass12022-11-012023-10-3102840500ns5:LeaseholdImprovements2023-10-3102840500ns5:PlantMachinery2023-10-3102840500ns5:FurnitureFittings2023-10-3102840500ns5:MotorVehicles2023-10-3102840500ns5:LeaseholdImprovements2023-11-012024-10-3102840500ns5:PlantMachinery2023-11-012024-10-3102840500ns5:FurnitureFittings2023-11-012024-10-3102840500ns5:MotorVehicles2023-11-012024-10-3102840500ns5:LeaseholdImprovements2024-10-3102840500ns5:PlantMachinery2024-10-3102840500ns5:FurnitureFittings2024-10-3102840500ns5:MotorVehicles2024-10-3102840500ns5:LeaseholdImprovements2023-10-3102840500ns5:PlantMachinery2023-10-3102840500ns5:FurnitureFittings2023-10-3102840500ns5:MotorVehicles2023-10-3102840500ns5:LeasedAssetsHeldAsLessee2023-11-012024-10-3102840500ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3102840500ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3102840500ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-10-3102840500ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-10-3102840500ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-10-3102840500ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-3102840500ns5:HirePurchaseContracts2024-10-3102840500ns5:HirePurchaseContracts2023-10-3102840500ns5:WithinOneYear2024-10-3102840500ns5:WithinOneYear2023-10-3102840500ns5:BetweenOneFiveYears2024-10-3102840500ns5:BetweenOneFiveYears2023-10-3102840500ns5:AllPeriods2024-10-3102840500ns5:AllPeriods2023-10-3102840500ns5:AcceleratedTaxDepreciationDeferredTax2024-10-3102840500ns5:AcceleratedTaxDepreciationDeferredTax2023-10-3102840500ns5:DeferredTaxation2023-10-3102840500ns5:DeferredTaxation2023-11-012024-10-3102840500ns5:DeferredTaxation2024-10-3102840500ns10:OrdinaryShareClass12024-10-3102840500ns5:RetainedEarningsAccumulatedLosses2023-10-31
REGISTERED NUMBER: 02840500 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

FUTURE PRODUCTS LIMITED

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FUTURE PRODUCTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTORS: S G Bower
C Thompson
A Francis





SECRETARY: A Francis





REGISTERED OFFICE: Enterprise Road
Millennium Business Park
Mansfield
Nottinghamshire
NG19 7JX





REGISTERED NUMBER: 02840500 (England and Wales)





AUDITORS: Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STRATEGIC REPORT
for the Year Ended 31 October 2024

The company is principally engaged in the manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire doors.

REVIEW OF BUSINESS
The results for the year and financial position of the company are shown in the annexed financial statements.

The company continued profitability in the year to 31 October 2024. Revenue reported for the year of £17.3m decreased in comparison to 2023 (£18.1m) due to a strategic decision to consolidate its product lines and replace with newer lines towards the end of the year and continuing into the future. Pre-tax profits for the year are £74,243 (2023: profit £169,865) after an exceptional impairment of old stock acquired on purchase of the company of £404,391. Gross margin has decreased from 26.6% in 2023 to 24.6% in 2024.The margin has been affected by the stock impairment.

The company retains a strong balance sheet and is continuing to trade successfully in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principal risks and uncertainties faced by the company to be as follows:-

ECONOMIC RISK
The company continues to seek out new and improved product to ensure the volume of trade is enhanced, and continues to employ high standard staff to continue to supply high quality products to give customer satisfaction, itself protecting the company against economic risk as far as it is able to do.

COMPETITION AND SUPPLY RISK
The company has faced reduced competition in their market which has added to turnover and profitability, with fewer operating in our sector. The risk of price competition has been greatly ameliorated, and there is a continuing trend towards increased profitability. The company considers that there is no significant risk to supply chains in this sector because of global changes.

FINANCIAL RISK
The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

The company uses various financial instruments, which include sales invoice financing, hire purchase contracts, and cash to finance its activities. The main purpose of these financial instruments is to raise finance for the company's operations. No transactions of a speculative nature are undertaken. The main risks arising from the company's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.

LIQUIDITY RISK
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

CREDIT RISK
The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the commercial manager, credit controller and the directors on a regular basis in conjunction with debt ageing and collection.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STRATEGIC REPORT
for the Year Ended 31 October 2024

The company monitors its performance by reviewing profit before taxation. The company continues to emerge strengthened from recent challenging periods.

ON BEHALF OF THE BOARD:



A Francis - Director


23 July 2025

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

DIVIDENDS
Dividends of £109,990 (2023: £58,000) were paid in the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

S G Bower
C Thompson
A Francis

Other changes in directors holding office are as follows:

M C Lindsey ceased to be a director after 31 October 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2024


AUDITORS
The auditors, Beeley Hawley & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Francis - Director


23 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED

Opinion
We have audited the financial statements of Future Products Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims, including non-compliance with laws and regulations and fraud;
- Reviewing minutes of meetings of those charged with governance where available;
- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including where appropriate testing of journal entries, reviewing individual account balances over the year and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing
accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUTURE PRODUCTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr G M Beeley (Senior Statutory Auditor)
for and on behalf of Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

23 July 2025

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

INCOME STATEMENT
for the Year Ended 31 October 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 17,275,048 18,139,691

Cost of sales 13,026,403 13,316,888
GROSS PROFIT 4,248,645 4,822,803

Distribution costs 1,225,675 1,282,056
Administrative expenses 2,936,458 3,364,770
4,162,133 4,646,826
86,512 175,977

Other operating income - 6,735
OPERATING PROFIT 5 86,512 182,712


Interest payable and similar expenses 6 12,269 12,847
PROFIT BEFORE TAXATION 74,243 169,865

Tax on profit 7 21,820 74,820
PROFIT FOR THE FINANCIAL YEAR 52,423 95,045

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 52,423 95,045


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

52,423

95,045

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 534,675 549,232

CURRENT ASSETS
Stocks 11 1,346,861 1,519,750
Debtors 12 3,346,180 2,451,609
Cash at bank and in hand 1,019,305 739,761
5,712,346 4,711,120
CREDITORS
Amounts falling due within one year 13 3,607,487 2,636,868
NET CURRENT ASSETS 2,104,859 2,074,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,639,534

2,623,484

CREDITORS
Amounts falling due after more than one
year

14

(86,403

)

(13,722

)

PROVISIONS FOR LIABILITIES 17 (133,055 ) (132,119 )
NET ASSETS 2,420,076 2,477,643

CAPITAL AND RESERVES
Called up share capital 18 22,000 22,000
Retained earnings 19 2,398,076 2,455,643
SHAREHOLDERS' FUNDS 2,420,076 2,477,643

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





A Francis - Director


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 22,000 2,418,598 2,440,598

Changes in equity
Profit for the year - 95,045 95,045
Total comprehensive income - 95,045 95,045
Dividends - (58,000 ) (58,000 )
Balance at 31 October 2023 22,000 2,455,643 2,477,643

Changes in equity
Profit for the year - 52,423 52,423
Total comprehensive income - 52,423 52,423
Dividends - (109,990 ) (109,990 )
Balance at 31 October 2024 22,000 2,398,076 2,420,076

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Future Products 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
As permitted by FRS102 Section 1.12, the company has taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a cash flow statement and the aggregate remuneration of key management personnel. Where required, equivalent disclosures are given in the group accounts of Bright Futures Notts Ltd. The group accounts of Bright Futures Notts Ltd are available and can be obtained as set out in our note 22.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Impairment of non-current assets
The company assesses the impairment of leasehold alterations, plant and machinery, motor vehicles and fixtures and fittings, subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

• significant underperformance relative to historical or projected future operating results;
• significant changes in the manner of the use of the acquired assets or the strategy for the overall business;
and
• significant negative industry or economic trends.

Carrying value of stocks
The directors review the market value of and demand for the company's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Recoverability of trade debtors
Trade debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The directors make allowances for doubtful debts based on an assessment of recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

• The company has transferred the significant risks and rewards of ownership to the buyer;
• The company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
• The amount of turnover can be measured reliably;
• It is probable that the company will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary to for it to be capable of operating in the manner intended by the directors.

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

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.

Depreciation is provided on the following basis:

Improvements to property-10%Straight line
Plant and machinery-20%Straight line
Fixtures and fittings-20%Straight line
Computer hardware and software-33%Straight line
Motor vehicles-25%Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

At each balance sheet date, the directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than the carrying amount,the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from related parties.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3. TURNOVER

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,631,260 3,977,165
Social security costs 329,298 335,973
Other pension costs 195,268 183,038
4,155,826 4,496,176

The average number of employees during the year was as follows:
2024 2023

Production 117 119
Administration 25 27
142 146

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 193,046 577,266
Directors' pension contributions to money purchase schemes 9,401 11,968

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 6

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 40,969 22,378
Depreciation - owned assets 200,242 246,013
Depreciation - assets on hire purchase contracts 40,018 33,919
Profit on disposal of fixed assets (23,200 ) (11,000 )
Auditors' remuneration 18,473 17,445
Foreign exchange differences 5,137 14,583
Land and building operating lease rentals 457,617 473,764

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest expense 12,269 12,847

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 20,884 70,821

Deferred tax 936 3,999
Tax on profit 21,820 74,820

UK corporation tax has been charged at 22.46% (2023 - 22.51%).

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 74,243 169,865
Profit multiplied by the standard rate of corporation tax in the UK of
22.465% (2023 - 22.517%)

16,679

38,249

Effects of:
Expenses not deductible for tax purposes 1,079 3,378
Depreciation in excess of capital allowances 4,062 41,117

Reversal of general provision - (7,924 )
Total tax charge 21,820 74,820

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 109,990 58,000

9. EXCEPTIONAL ITEMS

The company impaired its stock valuation by £404,391 during the year.

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 602,465 2,520,245 103,124 117,393 3,343,227
Additions - 126,367 13,554 85,782 225,703
Disposals - (167,579 ) - - (167,579 )
At 31 October 2024 602,465 2,479,033 116,678 203,175 3,401,351
DEPRECIATION
At 1 November 2023 584,319 2,039,487 85,796 84,393 2,793,995
Charge for year 18,146 201,430 8,110 12,574 240,260
Eliminated on disposal - (167,579 ) - - (167,579 )
At 31 October 2024 602,465 2,073,338 93,906 96,967 2,866,676
NET BOOK VALUE
At 31 October 2024 - 405,695 22,772 106,208 534,675
At 31 October 2023 18,146 480,758 17,328 33,000 549,232

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets with net book value of £240,185 (2023 : £118,294) were held under hire purchase agreements. The depreciation charge on these assets for the year was £40,018 (2023 :£33,919).

11. STOCKS
2024 2023
£    £   
Raw materials 1,314,491 1,379,995
Work-in-progress 32,370 139,755
1,346,861 1,519,750

Stock recognised in cost of sales during the year as an expense was £10,217,033 (2023: £10,363,943,). An impairment of £404,391 was made for old stock.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 883,394 728,170
Amounts owed by group undertakings 2,013,508 1,099,006
Other debtors 126,623 182,344
Prepayments 322,655 442,089
3,346,180 2,451,609

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 48,721 41,162
Trade creditors 2,522,815 1,497,712
Tax 20,884 70,821
Social security and other taxes 417,041 464,814
Other creditors 64,883 56,438
Accruals and deferred income 533,143 505,921
3,607,487 2,636,868

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 86,403 13,722

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 48,721 41,162
Between one and five years 86,403 13,722
135,124 54,884

Non-cancellable operating leases
2024 2023
£    £   
Within one year 417,148 421,232
Between one and five years 1,233,911 1,651,399
1,651,059 2,072,631

Obligations under hire purchase contracts are secured over the assets to which they relate.

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 135,124 54,884

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 133,055 132,119

Deferred
tax
£   
Balance at 1 November 2023 132,119
Provided during year 936
Balance at 31 October 2024 133,055

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
22,000 Ordinary £1 22,000 22,000

FUTURE PRODUCTS LIMITED (REGISTERED NUMBER: 02840500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

19. RESERVES
Retained
earnings
£   

At 1 November 2023 2,455,643
Profit for the year 52,423
Dividends (109,990 )
At 31 October 2024 2,398,076

20. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

Fixed and floating charges including a negative pledge over company assets was provided by debenture to D H Thorpe on 31 October 2023.At the date of the financial statements, the amount secured was £8,350,000.

21. RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of a company whose ultimate controlling party consolidate accounts include the results of the subsidiary and are publicly available, the company has taken advantage of the FRS 102 Section 33.1A exemption from disclosing transactions with group undertakings.

During the year the company paid rent of £nil (2023: £408,000) to a director. A balance of £nil (2023: £nil) was due to the company in respect of this charge at the year end..

Total sales of £nil (2023: £8,990) were made to a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2024 was £nil (2023: £3,136) and was included within debtors.

Total purchases of £nil (2023: £13,743) were made from a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2023 was £nil (2023 : £312).

22. ULTIMATE CONTROLLING PARTY

The controlling party is Castlegate 263 Ltd.

The ultimate controlling party is Bright Futures Notts Ltd.

The ultimate holding company is Bright Futures Notts Ltd, a company incorporated in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF4 3UZ.

No one individual controls Bright Futures Notts Ltd.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amounted to £195,268 (2023: £183,038).

Contributions totalling £11,001 (2023: £6,684) were payable to the fund at the balance sheet date and are included in other creditors.