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REGISTERED NUMBER: 01376547 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Future Forwarding Company Limited

Future Forwarding Company Limited (Registered number: 01376547)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Future Forwarding Company Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: C G Smith
R J Lawford





REGISTERED OFFICE: Unit 7 Turnberry Park
Turnberry Park Road
Gildersome
Leeds
West Yorkshire
LS27 7LE





REGISTERED NUMBER: 01376547 (England and Wales)





AUDITORS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Future Forwarding Company Limited (Registered number: 01376547)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company's key financial performance indicators during the period were as follows.

Turnover £30,462,868 (2023 - £33,592,658)

Operating profit £607,725 (2023 - £1,209,166)

Gross profit percentage 10.8% (2023 - 12.5%)

The financial year 2024 presented a more competitive transportation market, with reduced freight rates from carriers contributing to a decline in net revenue. Despite this, the group achieved a volume growth of 3%, driven by an increase in both air and sea freight shipments. This was supported by further investment in sales activities.
Significant investments were also made in infrastructure, including new office premises for Head Office in Leeds and also for the site in Manchester. Furthermore, the group expanded its UK presence by launching a new Scottish subsidiary, Future Forwarding Glasgow Limited, enhancing its freight forwarding capabilities and broadening its geographic footprint.

Looking ahead to 2025, global economic uncertainty remains a concern. Ongoing trade tensions - particularly between the USA and China - pose risks to global supply chains. Additionally, geopolitical instability stemming from conflicts in Ukraine and the Middle East may continue to disrupt ocean and air freight markets, adding pressure to logistics costs worldwide. Domestically, a change in government, along with anticipated reductions in inflation and interest rates, may help boost confidence among UK businesses and consumers although this is also offset with increased Employer National Insurance contributions and rises to the National Minimum Wage.

The group remains committed to innovation and continuous improvement. It will continue to adopt new technologies to enhance operational efficiency and deliver greater value-added services to clients. With a strong focus on customer engagement and proactive strategies, the group anticipates further growth in shipment volumes and market share, despite the challenging economic climate.

ON BEHALF OF THE BOARD:





R J Lawford - Director


22 July 2025

Future Forwarding Company Limited (Registered number: 01376547)

Report of the Directors
for the Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of freight forwarding.

DIVIDENDS
The total interim distribution of dividends for the year ended 31 December 2024 were £110,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

C G Smith
R J Lawford

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Lawford - Director


22 July 2025

Report of the Independent Auditors to the Members of
Future Forwarding Company Limited

Opinion
We have audited the financial statements of Future Forwarding Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Forwarding Company Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Future Forwarding Company Limited


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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006 and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations;
- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation
- Enquiring of management as to actual and potential litigation and claims;
- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and
- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Forwarding Company 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.




Richard Smedley (Senior Statutory Auditor)
for and on behalf of Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

28 July 2025

Future Forwarding Company Limited (Registered number: 01376547)

Consolidated Income Statement
for the Year Ended 31 December 2024

Period
1.11.22
Year Ended to
31.12.24 31.12.23
Notes £    £   

TURNOVER 3 31,098,682 33,592,658

Cost of sales 27,724,052 29,391,500
GROSS PROFIT 3,374,630 4,201,158

Administrative expenses 2,947,946 2,999,936
426,684 1,201,222

Other operating income 4 14,787 7,943
OPERATING PROFIT 6 441,471 1,209,165

Interest receivable and similar income 7 128,694 56,497
570,165 1,265,662

Interest payable and similar expenses 8 3,274 581
PROFIT BEFORE TAXATION 566,891 1,265,081

Tax on profit 9 136,877 314,853
PROFIT FOR THE FINANCIAL YEAR 430,014 950,228
Profit attributable to:
Owners of the parent 474,318 950,228
Non-controlling interests (44,304 ) -
430,014 950,228

Future Forwarding Company Limited (Registered number: 01376547)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2024

Period
1.11.22
Year Ended to
31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 430,014 950,228


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

430,014

950,228

Total comprehensive income attributable to:
Owners of the parent 474,318 950,228
Non-controlling interests (44,304 ) -
430,014 950,228

Future Forwarding Company Limited (Registered number: 01376547)

Consolidated Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 326,802 179,608
Investments 13 - -
326,802 179,608

CURRENT ASSETS
Debtors 14 3,569,235 2,331,062
Cash at bank and in hand 4,563,721 4,433,493
8,132,956 6,764,555
CREDITORS
Amounts falling due within one year 15 4,243,617 3,047,526
NET CURRENT ASSETS 3,889,339 3,717,029
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,216,141

3,896,637

PROVISIONS FOR LIABILITIES 18 44,389 44,902
NET ASSETS 4,171,752 3,851,735

CAPITAL AND RESERVES
Called up share capital 19 21,315 21,315
Capital redemption reserve 20 10,719 10,719
Retained earnings 20 4,184,019 3,819,701
SHAREHOLDERS' FUNDS 4,216,053 3,851,735

NON-CONTROLLING INTERESTS (44,301 ) -
TOTAL EQUITY 4,171,752 3,851,735

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





R J Lawford - Director


Future Forwarding Company Limited (Registered number: 01376547)

Company Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 282,967 179,608
Investments 13 8 -
282,975 179,608

CURRENT ASSETS
Debtors 14 3,761,666 2,331,062
Cash at bank and in hand 4,569,285 4,433,493
8,330,951 6,764,555
CREDITORS
Amounts falling due within one year 15 4,231,532 3,047,525
NET CURRENT ASSETS 4,099,419 3,717,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,382,394

3,896,638

PROVISIONS FOR LIABILITIES 18 33,430 44,902
NET ASSETS 4,348,964 3,851,736

CAPITAL AND RESERVES
Called up share capital 19 21,315 21,315
Capital redemption reserve 20 10,719 10,719
Retained earnings 20 4,316,930 3,819,702
SHAREHOLDERS' FUNDS 4,348,964 3,851,736

Company's profit for the financial year 607,228 950,229

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





R J Lawford - Director


Future Forwarding Company Limited (Registered number: 01376547)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 November 2022 21,315 3,429,473 10,719

Changes in equity
Dividends - (560,000 ) -
Total comprehensive income - 950,228 -
Balance at 31 December 2023 21,315 3,819,701 10,719

Changes in equity
Dividends - (110,000 ) -
Total comprehensive income - 474,318 -
Balance at 31 December 2024 21,315 4,184,019 10,719
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 November 2022 3,461,507 - 3,461,507

Changes in equity
Dividends (560,000 ) - (560,000 )
Total comprehensive income 950,228 - 950,228
Balance at 31 December 2023 3,851,735 - 3,851,735

Changes in equity
Increase in share capital - 3 3
Dividends (110,000 ) - (110,000 )
Total comprehensive income 474,318 (44,304 ) 430,014
Balance at 31 December 2024 4,216,053 (44,301 ) 4,171,752

Future Forwarding Company Limited (Registered number: 01376547)

Company Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2022 21,315 3,429,473 10,719 3,461,507

Changes in equity
Dividends - (560,000 ) - (560,000 )
Total comprehensive income - 950,229 - 950,229
Balance at 31 December 2023 21,315 3,819,702 10,719 3,851,736

Changes in equity
Dividends - (110,000 ) - (110,000 )
Total comprehensive income - 607,228 - 607,228
Balance at 31 December 2024 21,315 4,316,930 10,719 4,348,964

Future Forwarding Company Limited (Registered number: 01376547)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

Period
1.11.22
Year Ended to
31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 661,867 1,494,235
Interest paid (3,274 ) (12 )
Interest element of hire purchase payments
paid

-

(569

)
Tax paid (305,536 ) (349,707 )
Net cash from operating activities 353,057 1,143,947

Cash flows from investing activities
Purchase of tangible fixed assets (276,159 ) (89,098 )
Sale of tangible fixed assets 39,694 -
Interest received 128,694 56,497
Net cash from investing activities (107,771 ) (32,601 )

Cash flows from financing activities
Capital repayments in year (5,061 ) (17,129 )
Share issue 3 -
Equity dividends paid (110,000 ) (560,000 )
Net cash from financing activities (115,058 ) (577,129 )

Increase in cash and cash equivalents 130,228 534,217
Cash and cash equivalents at beginning of
year

2

4,433,493

3,899,276

Cash and cash equivalents at end of year 2 4,563,721 4,433,493

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Profit before taxation 566,891 1,265,081
Depreciation charges 89,197 91,079
Loss on disposal of fixed assets 74 -
Finance costs 3,274 581
Finance income (128,694 ) (56,497 )
530,742 1,300,244
(Increase)/decrease in trade and other debtors (1,238,173 ) 2,356,401
Increase/(decrease) in trade and other creditors 1,369,298 (2,162,410 )
Cash generated from operations 661,867 1,494,235

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 4,563,721 4,433,493
Period ended 31 December 2023
31.12.23 1.11.22
£    £   
Cash and cash equivalents 4,433,493 3,899,276


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 4,433,493 130,228 4,563,721
4,433,493 130,228 4,563,721
Debt
Finance leases (5,061 ) 5,061 -
(5,061 ) 5,061 -
Total 4,428,432 135,289 4,563,721

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Future Forwarding Company 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 General 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 presented in Sterling (£).
Going concern
After reviewing the company's forecasts and projections, the directors are confident the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

The directors recognise the principal risks and uncertainties which are currently affecting the business and have considered the extent to which they may materialise.
Consequently the company has implemented procedures and policies which will mitigate the risks as much as possible and ensure the company continues to trade throughout these uncertain economic conditions, though at a reduced capacity.

In considering the uncertainties ahead, the directors acknowledge that whilst operating results will deteriorate, the company is very well financially resourced, with excellent liquidity, and with the support of its banks and funding, it is well placed to withstand the effects of economic downturn.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Useful life of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimate useful economic lives and residual values of the assets. The useful economic lives and residual vales are re-assessed annually. No changes to useful economic lives or residual values have been determined necessary this year. Details of depreciation rates can be found in note 2 and the deprecation charge.

Turnover
Rendering of Services
Turnover represents amounts receivable in respect of freight forwarding and fulfilment, stated exclusive of Value Added Tax.

Revenue on import, shipments are recognised on ETA (estimated time of arrival) at destination port/airport.
Revenue on export, shipments remain recognised on ETD (estimated time of departure) from origin port/airport.

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.
Fixtures & equipment - 25% on cost
Motor vehicles - 25% on cost

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
All financial assets and financial liabilities are initially measured at transaction price (including transactions costs), except for those financial assets classified as fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of future payments discounted at a market rate of interest similar to debt interest.


Financial assets are derecognised when, and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to seel the asset in its entirety to an unrelated third party and is able to to exercise that ability unilaterally and without needing to impose additional restrictions on the the transfer.

Financial liabilities are derecognised only when the obligation specified in the contracts is discharged, cancelled or expires.

Derivative instruments
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates.
Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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


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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Services provided 19,406,833 20,028,437
Customers Duty and VAT 11,691,849 13,564,221
31,098,682 33,592,658

A geographical or segmented analysis of turnover is not presented as, in the opinion of the directors, to do so would be seriously prejudicial to the interests of the company.

4. OTHER OPERATING INCOME
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Sundry receipts 14,787 7,943

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

5. EMPLOYEES AND DIRECTORS
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Wages and salaries 1,623,585 1,638,909
Social security costs 167,774 158,997
Other pension costs 76,849 75,567
1,868,208 1,873,473

The average number of employees during the year was as follows:
Period
1.11.22
Year Ended to
31.12.24 31.12.23

Administration 34 32
Sales and distribution 9 9
43 41

The average number of employees by undertakings that were proportionately consolidated during the year was 3 (2023 - NIL ) .

Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Directors' remuneration 171,296 116,182

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

Money purchase schemes 1 1

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Other operating leases 182,495 166,218
Depreciation - owned assets 77,157 77,031
Depreciation - assets on hire purchase contracts 12,040 14,047
Loss on disposal of fixed assets 74 -
Auditors' remuneration 10,000 9,500
Auditors' remuneration for non audit work 2,675 5,300
Foreign exchange differences 9,862 9,241
Freight charges and disbursements recognised as an expense 27,724,052 29,391,500

7. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Bank account interest 128,694 56,497

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Bank interest 32 12
Other interest 3,242 -
Hire purchase - 569
3,274 581

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 137,390 302,888

Deferred tax (513 ) 11,965
Tax on profit 136,877 314,853

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

9. TAXATION - continued

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

Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Profit before tax 566,891 1,265,081
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22 %)

141,723

278,318

Effects of:
Expenses not deductible for tax purposes 4,808 19,088
Capital allowances in excess of depreciation (9,141 ) (397 )
Deferred tax changes (513 ) 11,965
Corporation tax refund - 5,879
Total tax charge 136,877 314,853

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
Period
1.11.22
Year Ended to
31.12.24 31.12.23
£    £   
Interim 110,000 560,000

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS

Group
Short Fixtures Motor
leasehold & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2024 - 130,840 215,957 346,797
Additions 111,303 103,906 60,950 276,159
Disposals - (65,578 ) (25,588 ) (91,166 )
At 31 December 2024 111,303 169,168 251,319 531,790
DEPRECIATION
At 1 January 2024 - 60,353 106,836 167,189
Charge for year 5,565 28,442 55,190 89,197
Eliminated on disposal - (31,141 ) (20,257 ) (51,398 )
At 31 December 2024 5,565 57,654 141,769 204,988
NET BOOK VALUE
At 31 December 2024 105,738 111,514 109,550 326,802
At 31 December 2023 - 70,487 109,121 179,608

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 48,160
Transfer to ownership (48,160 )
At 31 December 2024 -
DEPRECIATION
At 1 January 2024 33,110
Charge for year 12,040
Transfer to ownership (45,150 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 15,050

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Company
Short Fixtures Motor
leasehold & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2024 - 130,840 215,957 346,797
Additions 111,303 96,346 19,660 227,309
Disposals - (65,578 ) (25,588 ) (91,166 )
At 31 December 2024 111,303 161,608 210,029 482,940
DEPRECIATION
At 1 January 2024 - 60,353 106,836 167,189
Charge for year 5,565 26,867 51,750 84,182
Eliminated on disposal - (31,141 ) (20,257 ) (51,398 )
At 31 December 2024 5,565 56,079 138,329 199,973
NET BOOK VALUE
At 31 December 2024 105,738 105,529 71,700 282,967
At 31 December 2023 - 70,487 109,121 179,608

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 48,160
Transfer to ownership (48,160 )
At 31 December 2024 -
DEPRECIATION
At 1 January 2024 33,110
Charge for year 12,040
Transfer to ownership (45,150 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 15,050

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 8
At 31 December 2024 8
NET BOOK VALUE
At 31 December 2024 8


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 3,307,823 2,192,078 3,307,823 2,192,078
Amounts owed by group undertakings - - 201,146 -
Other debtors 31,698 4,052 29,165 4,052
VAT 104,922 51,417 103,583 51,417
Prepayments and accrued income 124,792 83,515 119,949 83,515
3,569,235 2,331,062 3,761,666 2,331,062

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Hire purchase contracts (see note 16) - 5,061 - 5,061
Trade creditors 2,945,020 2,238,768 2,944,434 2,238,767
Amounts owed to group undertakings 654,308 53,396 654,308 53,396
Corporation tax 140,621 308,767 140,621 308,767
Social security and other taxes 46,431 44,511 40,458 44,511
Other creditors 1,187 462 - 462
Accruals and deferred income 456,050 396,561 451,711 396,561
4,243,617 3,047,526 4,231,532 3,047,525

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year - 5,129

Finance charges repayable:
Within one year - 68

Net obligations repayable:
Within one year - 5,061

Company
Hire purchase contracts
31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year - 5,129

Finance charges repayable:
Within one year - 68

Net obligations repayable:
Within one year - 5,061

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 107,476 -
Between one and five years 428,071 -
In more than five years 384,642 -
920,189 -

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 107,476 69,079
Between one and five years 428,071 -
In more than five years 384,642 -
920,189 69,079

17. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.12.24 31.12.23
£    £   

The parent company's bank hold an unlimited debenture dated 2 March 1989.

18. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 44,389 44,902 33,430 44,902

Group
Deferred
tax
£   
Balance at 1 January 2024 44,902
Provided during year (513 )
Balance at 31 December 2024 44,389

Company
Deferred
tax
£   
Balance at 1 January 2024 44,902
Provided during year (11,472 )
Balance at 31 December 2024 33,430

Future Forwarding Company Limited (Registered number: 01376547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
21,315 Ordinary £1 21,315 21,315

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 3,819,701 10,719 3,830,420
Profit for the year 474,318 474,318
Dividends (110,000 ) (110,000 )
At 31 December 2024 4,184,019 10,719 4,194,738

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 3,819,702 10,719 3,830,421
Profit for the year 607,228 607,228
Dividends (110,000 ) (110,000 )
At 31 December 2024 4,316,930 10,719 4,327,649


21. RELATED PARTY DISCLOSURES

The following subsidiary is exempt from the requirements of Act relating to the audit of its individual accounts by virtue of s479A of the Companies Act 2006:

Future Forwarding Glasgow Limited (company no. 15430122)

Future Forwarding Company Limited (01376547) has provided a guarantee for the above subsidiary for the year ended 31 December 2024 by virtue of s479C of the Companies Act 2006.

Future Forwarding Company Limited guarantees all outstanding liabilities to which the subsidiary company was subject to at 1 March 2024, until they are satisfied in full. The guarantee is enforceable against Future Forwarding Company Limited by any person to whom the subsidiaries are liable in respect of those liabilities.