Company registration number 13267614 (England and Wales)
FUTURA FINANCIAL SERVICES GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FUTURA FINANCIAL SERVICES GROUP LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FUTURA FINANCIAL SERVICES GROUP LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FUTURA FINANCIAL SERVICES GROUP LTD FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Futura Financial Services Group Ltd for the year ended 31 December 2024 which comprise, the balance sheet 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Futura Financial Services Group Ltd, as a body, in accordance with the terms of our engagement letter dated 29 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Futura Financial Services Group Ltd and state those matters that we have agreed to state to the board of directors of Futura Financial Services Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futura Financial Services Group Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Futura Financial Services Group Ltd 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 Futura Financial Services Group Ltd. You consider that Futura Financial Services Group Ltd 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 Futura Financial Services Group Ltd. 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.
Carpenter Box
8 July 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
FUTURA FINANCIAL SERVICES GROUP LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
8,218,861
8,559,296
Tangible assets
5
11,111
5,694
Investments
6
5,045,231
3,295,080
13,275,203
11,860,070
Current assets
Debtors
7
148,718
109,060
Cash at bank and in hand
35,344
106,290
184,062
215,350
Creditors: amounts falling due within one year
8
(6,173,494)
(5,118,022)
Net current liabilities
(5,989,432)
(4,902,672)
Total assets less current liabilities
7,285,771
6,957,398
Creditors: amounts falling due after more than one year
9
(8,431,194)
(8,427,945)
Net liabilities
(1,145,423)
(1,470,547)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(1,145,523)
(1,470,647)
Total equity
(1,145,423)
(1,470,547)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FUTURA FINANCIAL SERVICES GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
Mr P M Ollerton
Director
Company registration number 13267614 (England and Wales)
FUTURA FINANCIAL SERVICES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Futura Financial Services Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directortrues have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.
The company is reliant on the continued support of its creditors in meeting the company's liabilities as needed. The financial statements do not include any adjustments that would result from a withdrawal of the creditors' support.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% per annum on a straight line basis
Computers
25% per annum on a straight line basis
FUTURA FINANCIAL SERVICES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Change in accounting policy
The Company has changed its accounting policy to measure investments in subsidiaries under the revaluation model. Previously, the Company measured its investments in subsidiaries at cost.
The change in policy has been made as it's management's opinion that the revaluation model provides more reliable and relevant information in respect of its investments in subsidiaries.
FUTURA FINANCIAL SERVICES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2023 - 5).
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
8,985,661
Additions
558,131
At 31 December 2024
9,543,792
Amortisation and impairment
At 1 January 2024
426,365
Amortisation charged for the year
898,566
At 31 December 2024
1,324,931
Carrying amount
At 31 December 2024
8,218,861
At 31 December 2023
8,559,296
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
5,744
428
6,172
Additions
726
7,288
8,014
At 31 December 2024
6,470
7,716
14,186
Depreciation and impairment
At 1 January 2024
411
67
478
Depreciation charged in the year
1,533
1,064
2,597
At 31 December 2024
1,944
1,131
3,075
Carrying amount
At 31 December 2024
4,526
6,585
11,111
At 31 December 2023
5,333
361
5,694
FUTURA FINANCIAL SERVICES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Fixed asset investments
2024
2023
as restated
£
£
Shares in group undertakings and participating interests
5,045,231
3,295,080
Movements in fixed asset investments
Shares in subsidiaries
as restated
£
Cost or valuation
At 1 January 2024
3,295,080
Additions
1,230
Valuation changes
1,748,921
At 31 December 2024
5,045,231
Carrying amount
At 31 December 2024
5,045,231
At 31 December 2023
3,295,080
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,753
75,131
Amounts owed by group undertakings
5,000
Other debtors
51,965
28,929
148,718
109,060
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,578
10,699
Amounts owed to group undertakings
2,930,315
2,964,630
Taxation and social security
11,395
4,206
Other creditors
5,637
72,614
Accruals and deferred income
3,189,569
2,065,873
6,173,494
5,118,022
FUTURA FINANCIAL SERVICES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
as restated
£
£
Other borrowings
6,772,572
4,418,627
Accruals and deferred income
1,658,622
4,009,318
8,431,194
8,427,945
The amounts included in other borrowings are secured by a charge over the company's assets.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
73,800
95,400
12
Prior period adjustment
The prior period has been restated to account for the change in accounting policy for measuring investment in subsidiaries at fair value rather than at cost. The effect on profit and equity in the prior year as a result of this is an increase of £200,208.
There has also been a restatement to other fixed asset investments and other borrowings to correctly reflect the underlying agreements. There was no net effect on profit and equity.