Future Cheer Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07027622

Future Cheer Limited

Filleted Unaudited Financial Statements

30 September 2024

Future Cheer Limited

Financial Statements

Year ended 30 September 2024

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Balance sheet	2 to 3

Notes to the financial statements	4 to 9

Future Cheer Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Future Cheer Limited

Year ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Future Cheer Limited for the year ended 30 September 2024, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Future Cheer Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Future Cheer Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Future Cheer Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Future Cheer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Future Cheer Limited. You consider that Future Cheer Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Future Cheer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MILLER DAVIES LLP Chartered accountants

A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN

30 October 2025

Future Cheer Limited

Balance Sheet

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		89,874	70,479

Current assets

Stocks		82,389	76,294
Debtors	7	162,258	164,388
Cash at bank and in hand		553,111	301,188
		---------	---------
		797,758	541,870

Creditors: amounts falling due within one year	8	412,524		351,107
		---------		---------
Net current assets			385,234	190,763
			---------	---------
Total assets less current liabilities			475,108	261,242
			---------	---------
Net assets			475,108	261,242
			---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	474,108	260,242
	---------	---------
Shareholder funds	475,108	261,242
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Future Cheer Limited

Balance Sheet (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 30 October 2025 , and are signed on behalf of the board by:

Mrs T. A. Crow	Mr I.C. Crow
Director	Director

Company registration number: 07027622

Future Cheer Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Competition equipment	-	25% straight line
Floor mats	-	20% straight line
Motor vehicles	-	25% straight line
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2023: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2023 and 30 September 2024	40,000
	--------
Amortisation
At 1 October 2023 and 30 September 2024	40,000
	--------
Carrying amount
At 30 September 2024	–
	--------
At 30 September 2023	–
	--------

6. Tangible assets

	Competition equipment	Floor mats	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 October 2023	91,925	32,534	56,748	53,149	234,356
Additions	18,362	12,593	15,000	10,451	56,406
Disposals	( 9,995)	–	( 24,754)	–	( 34,749)
	---------	--------	--------	--------	---------
At 30 September 2024	100,292	45,127	46,994	63,600	256,013
	---------	--------	--------	--------	---------
Depreciation
At 1 October 2023	60,811	21,910	32,753	48,403	163,877
Charge for the year	12,544	6,260	11,749	6,458	37,011
Disposals	( 9,994)	–	( 24,755)	–	( 34,749)
	---------	--------	--------	--------	---------
At 30 September 2024	63,361	28,170	19,747	54,861	166,139
	---------	--------	--------	--------	---------
Carrying amount
At 30 September 2024	36,931	16,957	27,247	8,739	89,874
	---------	--------	--------	--------	---------
At 30 September 2023	31,114	10,624	23,995	4,746	70,479
	---------	--------	--------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	5,360	2,290
Other debtors	156,898	162,098
	---------	---------
	162,258	164,388
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	61,936	29,021
Corporation tax	16,361	53,450
Social security and other taxes	14,216	9,405
Other creditors	320,011	259,231
	---------	---------
	412,524	351,107
	---------	---------

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	558,472	351,194
	---------	---------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	382,948	289,252
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	24,956	25,003
Later than 1 year and not later than 5 years	21,454	29,949
	--------	--------
	46,410	54,952
	--------	--------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mrs T. A. Crow	47,849	( 48,280)	( 431)
Miss B. J. Crow	( 133)	( 5)	( 138)
	--------	--------	----
	47,716	( 48,285)	( 569)
	--------	--------	----

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mrs T. A. Crow	( 12)	47,861	47,849
Miss B. J. Crow	–	( 133)	( 133)
	----	--------	--------
	( 12)	47,728	47,716
	----	--------	--------