10 01/01/2024 31/12/2024 2024-12-31 false false false false true false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2024-01-01 Sage Accounts Production 24.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07438779 2024-01-01 2024-12-31 07438779 2024-12-31 07438779 2023-12-31 07438779 2023-01-01 2023-12-31 07438779 2023-12-31 07438779 2022-12-31 07438779 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 07438779 bus:RegisteredOffice 2024-01-01 2024-12-31 07438779 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 07438779 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 07438779 bus:Director1 2024-01-01 2024-12-31 07438779 bus:Director2 2024-01-01 2024-12-31 07438779 bus:CompanySecretary1 2024-01-01 2024-12-31 07438779 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 07438779 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 07438779 core:FurnitureFittingsToolsEquipment 2023-12-31 07438779 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 07438779 core:FurnitureFittingsToolsEquipment 2024-12-31 07438779 core:WithinOneYear 2024-12-31 07438779 core:WithinOneYear 2023-12-31 07438779 core:AfterOneYear 2024-12-31 07438779 core:AfterOneYear 2023-12-31 07438779 core:UKTax 2024-01-01 2024-12-31 07438779 core:UKTax 2023-01-01 2023-12-31 07438779 core:ShareCapital 2024-12-31 07438779 core:ShareCapital 2023-12-31 07438779 core:RevaluationReserve 2024-12-31 07438779 core:RevaluationReserve 2023-12-31 07438779 core:RetainedEarningsAccumulatedLosses 2024-12-31 07438779 core:RetainedEarningsAccumulatedLosses 2023-12-31 07438779 bus:OrdinaryShareClass1 core:ShareCapital 2024-12-31 07438779 bus:OrdinaryShareClass1 core:ShareCapital 2023-12-31 07438779 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 07438779 core:Non-currentFinancialInstruments 2024-12-31 07438779 core:Non-currentFinancialInstruments 2023-12-31 07438779 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 07438779 core:FurnitureFittingsToolsEquipment 2023-12-31 07438779 bus:SmallEntities 2024-01-01 2024-12-31 07438779 bus:Audited 2024-01-01 2024-12-31 07438779 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07438779 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07438779 bus:FullAccounts 2024-01-01 2024-12-31
Company registration number: 07438779
Future Brands Limited
Filleted financial statements
31 December 2024
Future Brands Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Future Brands Limited
Directors and other information
Directors R. Batra
P. Rudran
Secretary P. Rudran
Company number 07438779
Registered office Unit 1
Colonial Business Park
Colonial Way
Watford
WD24 4PR
Business address Unit 1
Colonial Business Park
Colonial Way
Watford
WD24 4PR
Auditor SRV Delson
Maruti House
1st floor
369 Station Road
Harrow
HA1 2AW
Bankers HSBC Bank Plc
The Belfry Business Park Colonial Way
Watford
WD24 4WH
Future Brands Limited
Directors responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the directors report 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 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
Future Brands Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 1,300,478 1,283,194
Investments 9 29,112 29,112
_______ _______
1,329,590 1,312,306
Current assets
Stocks - 168,585
Debtors 10 1,429,025 3,167,776
Cash at bank and in hand 7,840,838 14,309,848
_______ _______
9,269,863 17,646,209
Creditors: amounts falling due
within one year 11 ( 1,121,632) ( 1,656,321)
_______ _______
Net current assets 8,148,231 15,989,888
_______ _______
Total assets less current liabilities 9,477,821 17,302,194
Creditors: amounts falling due
after more than one year 12 ( 722,867) ( 1,488,795)
Provisions for liabilities ( 40,000) ( 40,000)
_______ _______
Net assets 8,714,954 15,773,399
_______ _______
Capital and reserves
Called up share capital 14 1,000 1,000
Revaluation reserve 15 200,000 200,000
Profit and loss account 15 8,513,954 15,572,399
_______ _______
Shareholders funds 8,714,954 15,773,399
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 May 2025 , and are signed on behalf of the board by:
P. Rudran
Director
Company registration number: 07438779
Future Brands Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England & wales. The address of the registered office is Unit 1, Colonial Business Park, Colonial Way, Watford, WD24 4PR.
Principal Activities
The principal activity of the company is that of design, manufacture and distribution of branded apparel, accessories and footwear.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the bank to the company. The company has sufficient confirmed future orders for the next 12 months. On this basis the directors consider that it is appropriate to prepare the financial statements on a going concern basis.These financial statements do not include any adjustments that would result if the company would cease trading.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
6. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 141,422 229,033
_______ _______
Tax on profit 141,422 229,033
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 24.26 % (2023: 23.58%).
2024 2023
£ £
Profit before taxation 582,977 971,235
_______ _______
Profit multiplied by rate of tax 141,430 229,017
Effect of capital allowances and depreciation ( 8) 16
_______ _______
Tax on profit 141,422 229,033
_______ _______
Factors affecting future tax expense
Deferred tax of £40,000 has been provided on the revaluation of the property.
7. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2024 and 31 December 2024 329,057 329,057
_______ _______
Amortisation
At 1 January 2024 and 31 December 2024 329,057 329,057
_______ _______
Carrying amount
At 31 December 2024 - -
_______ _______
At 31 December 2023 - -
_______ _______
8. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2024 1,275,755 138,727 1,414,482
Additions - 22,170 22,170
_______ _______ _______
At 31 December 2024 1,275,755 160,897 1,436,652
_______ _______ _______
Depreciation
At 1 January 2024 - 131,288 131,288
Charge for the year - 4,886 4,886
_______ _______ _______
At 31 December 2024 - 136,174 136,174
_______ _______ _______
Carrying amount
At 31 December 2024 1,275,755 24,723 1,300,478
_______ _______ _______
At 31 December 2023 1,275,755 7,439 1,283,194
_______ _______ _______
In accordance with the Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.
9. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2024 and 31 December 2024 29,112 29,112
_______ _______
Impairment
At 1 January 2024 and 31 December 2024 - -
_______ _______
Carrying amount
At 31 December 2024 29,112 29,112
_______ _______
At 31 December 2023 29,112 29,112
_______ _______
The company has a wholly owned subsidiary namely Future Brands GMBH incorporated in Germany.
10. Debtors
2024 2023
£ £
Trade debtors 1,235,063 2,713,764
Amounts owed by group undertakings and undertakings in which the company has a participating interest 166,758 391,779
Other debtors 27,204 62,233
_______ _______
1,429,025 3,167,776
_______ _______
11. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 507,925 646,762
Corporation tax 149,504 139,753
Social security and other taxes 104,330 75,008
Other creditors 359,873 794,798
_______ _______
1,121,632 1,656,321
_______ _______
12. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 722,867 1,488,795
_______ _______
Other creditors include a loan balance of £722,867 (31 December 2023 - £1,488,795)
13. Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.The company enters into foreign currency contracts to mitigate the exchange rate risks.The forward currency contracts are measured at fair value using forward exchange rates.
14. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
Called-up share capital represents the nominal value of shares that have been issued.
15. Reserves
The company has revaluation reserve of £200,000 on the property. In accordance with FRS102 deferred tax of £40,000 has been provided on the revaluation.The profit & loss reserve includes all current and prior year's retained profits and losses
16. Summary audit opinion
The auditor's report dated 30 May 2025 was unqualified.
The senior statutory auditor was Sailesh Rameshchandra Vaghjee for and on behalf of SRV Delson
17. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Future Brands GMBH - 703,573 166,758 882,348
_______ _______ _______ _______
The company is also owed an amount of £1,308,595 from companies with common directors.All transactions have been carried out on an arm's length basis.
18. Controlling party
During the year, the company was controlled by R. Batra who is a director and shareholder of the company.