Company registration number 05450959 (England and Wales)
FUTURE1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
FUTURE1 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FUTURE1 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
30 April 2025
30 November 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
2,874
Investments
6
-
0
24,019
-
0
26,893
Current assets
Debtors
7
345,066
411,325
Cash at bank and in hand
64,375
-
0
409,441
411,325
Creditors: amounts falling due within one year
8
(124,683)
(258,146)
Net current assets
284,758
153,179
Total assets less current liabilities
284,758
180,072
Creditors: amounts falling due after more than one year
9
-
(19,167)
Provisions for liabilities
-
0
(381)
Net assets
284,758
160,524
Capital and reserves
Called up share capital
100
100
Other reserves
-
0
(15,787)
Profit and loss reserves
284,658
176,211
Total equity
284,758
160,524
FUTURE1 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2025
30 April 2025
- 2 -

For the financial period ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 September 2025 and are signed on its behalf by:
Mr R D Lee
Director
Company registration number 05450959 (England and Wales)
FUTURE1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

Future1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodcote, 50 Woodlands Lane, Quarndon, Derby, DE22 5JU. The company registration number is 05450959.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% on reducing balance
IT Equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FUTURE1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2023
Number
Number
Total
1
1
FUTURE1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 April 2025
500,000
Amortisation and impairment
At 1 December 2023 and 30 April 2025
500,000
Carrying amount
At 30 April 2025
-
0
At 30 November 2023
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023
13,558
Disposals
(13,558)
At 30 April 2025
-
0
Depreciation and impairment
At 1 December 2023
10,684
Eliminated in respect of disposals
(10,684)
At 30 April 2025
-
0
Carrying amount
At 30 April 2025
-
0
At 30 November 2023
2,874
6
Fixed asset investments
2025
2023
£
£
Other investments other than loans
-
0
24,019
FUTURE1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2023
24,019
Disposals
(24,019)
At 30 April 2025
-
Carrying amount
At 30 April 2025
-
At 30 November 2023
24,019
7
Debtors
2025
2023
Amounts falling due within one year:
£
£
Other debtors
345,066
411,325
8
Creditors: amounts falling due within one year
2025
2023
£
£
Bank loans and overdrafts
-
0
34,692
Corporation tax
120,715
220,454
Other taxation and social security
19
-
0
Other creditors
3,949
3,000
124,683
258,146
9
Creditors: amounts falling due after more than one year
2025
2023
£
£
Bank loans and overdrafts
-
0
19,167
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