| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants & Registered Auditors |
| Richmond House |
| Lawnswood Business Park |
| Redvers Close |
| Leeds |
| West Yorkshire |
| LS16 6QY |
| 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 |
| 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 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 18 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fixtures & equipment | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2024 |
| Transfer to ownership | (48,160 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Transfer to ownership | (45,150 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 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 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 31,698 | 4,052 |
| VAT | 104,922 | 51,417 |
| Prepayments and accrued income | 124,792 | 83,515 |
| 3,569,235 | 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 |
| Trade creditors | 2,945,020 | 2,238,768 |
| Amounts owed to group undertakings | 654,308 | 53,396 |
| Corporation tax | 140,621 | 308,767 |
| Social security and other taxes | 46,431 | 44,511 |
| Other creditors | 1,187 | 462 |
| Accruals and deferred income | 456,050 | 396,561 |
| 4,243,617 | 3,047,526 |
| 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 |
| Finance charges repayable: |
| Within one year |
| Net obligations repayable: |
| Within one year |
| 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 |
| Between one and five years |
| In more than five years |
| 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 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| 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: | £ | £ |
| 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 | 3,830,421 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 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. |