Registered number
SC647783
Futureark Ltd
Unaudited Filleted Accounts
30 November 2024
Futureark Ltd
Registered number: SC647783
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,099 -
Current assets
Debtors 4 28,313 14,292
Cash at bank and in hand 10,946 27,982
39,259 42,274
Creditors: amounts falling due within one year 5 (1,439) (10,140)
Net current assets 37,820 32,134
Net assets 38,919 32,134
Capital and reserves
Called up share capital 100 100
Profit and loss account 38,819 32,034
Shareholders' funds 38,919 32,134
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J O'Hara
Director
Approved by the board on 21 August 2025
Futureark Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). 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 £.
Going Concern
The accounts have been prepared on the going concern basis. The directors have considered a period of twelve months from the date of signature of the accounts and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is therefore considered appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets as follows:
Computer equipment over 3 years, straight line
Motor vehicles 20% reducing balance
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Computer equipment
£
Cost
Additions 1,099
At 30 November 2024 1,099
Depreciation
At 30 November 2024 -
Net book value
At 30 November 2024 1,099
4 Debtors 2024 2023
£ £
Trade debtors 1,856 7,203
Other debtors 26,457 7,089
28,313 14,292
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 102 102
Taxation and social security costs 1,337 10,038
1,439 10,140
6 Loans to / (from) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan (interest free) 3,672 28,818 (6,033) 26,457
3,672 28,818 (6,033) 26,457
7 Other information
Futureark Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
5 South Charlotte Street
Edinburgh
EH2 4AN
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