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Registered Number: 03867261
England and Wales

 

 

 


Audited Financial Statements


for the year ended 31 December 2024

for

FUTURMASTER LIMITED

Futurmaster Limited
Contents Page
For the year ended 31 December 2024
Director Yacine Zeroual
Registered Number 03867261
Registered Office Spacemade
10 Brindley Place
Birmingham
West Midlands
B1 2JB
Auditors HB & O Ltd
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB
1
Director's report and financial statements
The director presents his report with the audited financial statements for the year ended 31 December 2024.
Principal activities
Principal activity of the company during the financial year was that of the supply of planning solutions to the manufacturing industry.
Directors
The directors who served the company throughout the year were as follows:
Bo Zhou (from 13/06/2017 to 29/10/2024)
Yacine Zeroual (from 29/10/2024)
Statement of directors' responsibilities
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


GOING CONCERN
The director has considered the principal risks and uncertainties in relation to the business.
Having considered the Company's cash flows and liquidity position, and after reviewing the budgets and cash projections for the next twelve months and beyond, the director believes that the Company has adequate resources to continue operations for the foreseeable future and for this reason he continues to adopt the going concern basis in preparing the financial statements.
Statement of disclosure of information to auditor
The director who held office at the date of approval of this report has confirmed that:
- so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
- This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the board and signed on its behalf by:


----------------------------------
Yacine Zeroual
Director

Date approved: 11 June 2025
2
Opinion

We have audited the financial statements of Futurmaster Limited (the company) for the year ended 31 December 2024  which comprise Statement of Profit and Loss, Statement of financial position and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 companys affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCs 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 director's 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 companys 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 director with respect to going concern are described in the relevant sections of this report.


Emphasis of Matter - Parental support

We draw attention to note 1 of the financial statements, which describes the impact of a parent company letter of support upon the Company's ability to continue trading as a going concern. Our opinion is not modified in respect of this matter.

Other Information
The other information comprises the information included in the Director's Report other than the financial statements and our auditors report thereon. The director is responsible for the other information contained within the Director's Report and financial statements. 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. 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 course of 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.
Opinion 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 directors report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.
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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the director's responsibilities statement set out on page 4, the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 an auditors report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.
Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.
As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.
Use of this 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 an auditors report 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.



Gregg Olner M Phil BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of HB & O Ltd
Chartered Accountants and Statutory Auditor
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB
Date: 11 June 2025
3
 
 		 Notes
 		 2024
£		   2023
£
Fixed assets      
Tangible fixed assets 3 18,132    23,982 
18,132    23,982 
Current assets      
Debtors 4 1,501,849    1,626,844 
Cash at bank and in hand 511,619    327,568 
2,013,468    1,954,412 
Creditors: amount falling due within one year 5 (2,024,025)   (1,977,066)
Net current liabilities (10,557)   (22,654)
 
Total assets less current liabilities 7,575    1,328 
Net assets / (liabilities) 7,575    1,328 
 

Capital and reserves 		     
Called up share capital 6 1,000    1,000 
Profit and loss account 6,575    328 
Shareholders' funds 7,575    1,328 
 


These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 June 2025 and were signed on its behalf by:


-------------------------------
Yacine Zeroual
Director
4
General Information
Futurmaster Limited is a private company, limited by shares, registered in England and Wales, registration number 03867261, registration address Spacemade, 10 Brindley Place, Birmingham, West Midlands, B1 2JB.

The presentation and functional currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Basis of preparation
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern basis
At the time of approval of the financial statements, the directors have a reasonable expectation that the Company has adequate resources available to continue in operational existence for the foreseeable future.
The directors have reviewed cash flow forecasts for at least a period of 12 months from the date of signing of the financial statements, to ensure the Company can maintain its day-to-day services, fulfil its statutory obligations and meet future obligations to funders and other stakeholders.


At 31 December 2024, the Company had sufficient cash balances to maintain a positive cash position and meet the Company's liabilities as they fall due for at least 12 months from the date of approval of the financial statements, based upon current expectations that the amounts due to group undertakings will not be called in, financial and operational support will be continued to be provided by its ultimate parent company for at least 12 months from the date of approval of the financial statements.


The ultimate parent company has confirmed its intention that it will provide unconditional financial and operational support and not call in its amounts owed to enable the Company to operate as a going concern and meet its liabilities as they fall due for a period of at least a period of 12 months from the date of approval of the financial statements.


On this basis, the director has a reasonable expectation that the Company will continue as a going concern for a period of at least 12 months from the signing date. The financial statements do not include any adjustments that would be required if the Company were unable to obtain sufficient financial support from its ultimate parent company.
The director considers it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business and is shown net of vat and other sales related taxes. The fair value of consideration takes into account trade discounts, statement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised on a straight line basis according to the length of the contract. Additional sources of income including consultancy and support tokens are recognised as incurred.
Operating leases: The Company as Lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit or Loss, 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 taxation
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.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss
Office Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Debtors and creditors receivable/payable within one year
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 profit and loss account in the other administrative expenses.

Cash and cash equivalents 

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts at a discounted at a market rate of interest.
Financial assets are classified as receivable within one year are not amortised.


Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised costs using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
2.

Average number of employees

Average number of employees during the year was 22 (2023 : 23).
3.

Tangible fixed assets

Cost or valuation Office Equipment   Fixtures and Fittings   Total
  £   £   £
At 01 January 2024 153,188    25,861    179,049 
Additions 184    -    184 
Disposals -    -    - 
At 31 December 2024 153,372    25,861    179,233 
Depreciation
At 01 January 2024 129,206    25,861    155,067 
Charge for year 6,034    -    6,034 
On disposals -    -    - 
At 31 December 2024 135,240    25,861    161,101 
Net book values
Closing balance as at 31 December 2024 18,132    -    18,132 
Opening balance as at 01 January 2024 23,982    -    23,982 


4.

Debtors: amounts falling due within one year

2024
£		   2023
£
Trade Debtors 914,608    929,678 
Prepayments 26,109    59,024 
Accrued Income 561,132    638,142 
1,501,849    1,626,844 

5.

Creditors: amount falling due within one year

2024
£		   2023
£
Trade Creditors 18,869    17,718 
Amounts Owed to Group Undertakings 384,379    393,200 
Corporation Tax 1,551    107,415 
PAYE & Social Security 40,075    80,874 
Accruals & Deferred Income 1,477,004    1,261,782 
Other Creditors 8,158    8,161 
VAT 93,989    107,916 
2,024,025    1,977,066 

6.

Share Capital

Allotted, called up and fully paid
2024
£		   2023
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

7.

Exceptional Item

Good Fortune
During the year a restatement of a balance amounting to £217,000 (2023: £582,000) has been reflected as an amount owing to the Parent Company Futurmaster SAS. This reconstitution of Parent Company debt is in accordance with the original write off agreement dated 10 December 2019 following Futurmaster Limited becoming profitable within 9 years from 1 January 2020.
8.

Leasing Agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

Period   2024
£		   2023
£
Within one year 108,000  99,000 
Between one and five years 9,000  117,000 
117,000  216,000 
9.

Related Party Transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
10.

Pension Commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69,920 (2023: £82,981). Contributions totalling £8,607 (2023: £8,610 ) were payable to the fund at the reporting date and are included in creditors.
11.

Parent Company

The immediate and ultimate parent undertaking is Futurmaster SAS , a company registered in France.
The largest and smallest group of undertakings for which group accounts for the year ending 31 December 2024 have been drawn up, is that headed by Futurmaster SAS. Copies of the group accounts are available from 30 cours de lile Seguin, 92100 Boulogne-Billancourt, France.
5