Company registration number 06937076 (England and Wales)
SANDWELL FUTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
SANDWELL FUTURES LIMITED
COMPANY INFORMATION
Directors
JS Gordon
CJ Marsh
S McGhee
(Appointed 25 August 2025)
PR Hepburn
Secretary
Resolis Limited
Company number
06937076
Registered office
1 Park Row
Leeds
LS1 5AB
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
United Kingdom
EH3 7PE
SANDWELL FUTURES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
SANDWELL FUTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The Company's business primarily is to provide management services, develop and build educational establishments in Sandwell. The Strategic Partnering Agreement with Sandwell Metropolitan Borough Council ("the Council") came to an end in July 2019. T his only affects the exclusivity to future secondary school construction projects. The Company will continue to run a number of educational establishments and provide management services to these and to Environments for Learning Sandwell PFI One Limited.

There have not been any changes in the Company's activities in the year under review, and the directors are not aware, at the date of this report, of any changes in activity for the foreseeable future.

Results and dividends

The profit for the financial year, after taxation, amounted to £54,000 (2024: £38,000 loss).

The directors are satisfied with the overall performance of the company and do not foresee any significant change in the company's activities in the coming financial year.

The company paid dividends of £nil (2024: £-).

Key performance indicators

The Company's operations are managed under the supervision of its shareholders and funders and are largely determined by the detailed terms of the service contracts. For this reason, the Company's directors believe that no further key performance indicators apart from profit are necessary or appropriate for an understanding of the performance or position of the business.

Going concern

The directors have reviewed the forecast for future cashflows of the company covering at least twelve months from the date of approval of these financial statements which indicate that the company will have sufficient funds to meet its liabilities as the y fall due for that period. Those forecasts are dependent on the underlying customer continuing to meet its obligations under the Project Agreement and Directors expect these amounts to be received in downside scenarios. As a result, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

The Company is in a net asset position and the directors are confident that this will be the position for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

The directors confirm the completeness of the information provided regarding events and conditions relating to going concern at the date of approval of the financial statements, including plans for future actions.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

JS Gordon
CJ Marsh
S McGhee
(Appointed 25 August 2025)
KA Cunningham
(Resigned 25 August 2025)
PR Hepburn
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

SANDWELL FUTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

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 of the profit or loss of the company 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; and

- 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 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. They are 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S McGhee
Director
31 March 2026
SANDWELL FUTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANDWELL FUTURES LIMITED
- 3 -
Opinion

We have audited the financial statements of Sandwell Futures Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 company's affairs as at 30 September 2025 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 Auditor 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 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 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 other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual 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.

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 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.

SANDWELL FUTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANDWELL FUTURES LIMITED (CONTINUED)
- 4 -
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 Directors’ Report.

We have nothing to report in respect of the following matters in relation to which 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 Directors’ 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 Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Directors

As explained more fully in the Statement of directors' responsibilities set out on page 1 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 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 Directors are 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 Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SANDWELL FUTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANDWELL FUTURES LIMITED (CONTINUED)
- 5 -

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006;

- UK Corporation Tax legislation;

- VAT legislation; and

- United Kingdom Generally Accepted Accounting Practice.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls; and

- Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

- Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

- Recalculating the unitary charge received by taking the base charge per the project agreement and uplifting for RPI;

- Agreeing a sample of income receipts to supporting documents and bank statements;

- Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

SANDWELL FUTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANDWELL FUTURES LIMITED (CONTINUED)
- 6 -

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 an auditor’s 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.

Grant Roger (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP, Statutory Auditor
7 - 11 Melville Street
Edinburgh
EH3 7PE
United Kingdom
31 March 2026
SANDWELL FUTURES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
2025
2024
Notes
£'000
£'000
Turnover
3
8,894
8,670
Cost of sales
(8,330)
(8,195)
Gross profit
564
475
Administrative expenses
(508)
(554)
Operating profit/(loss)
4
56
(79)
Interest receivable from group undertakings
86
76
Other interest receivable and similar income
-
0
47
Interest payable to group undertakings
(86)
(76)
Profit/(loss) before taxation
56
(32)
Tax on profit/(loss)
(2)
(6)
Profit/(loss) for the financial year
54
(38)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SANDWELL FUTURES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 8 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
6
1
1
Current assets
Debtors falling due after more than one year
8
518
515
Debtors falling due within one year
8
855
288
Cash at bank and in hand
7,722
8,726
9,095
9,529
Creditors: amounts falling due within one year
9
(8,553)
(9,044)
Net current assets
542
485
Total assets less current liabilities
543
486
Creditors: amounts falling due after more than one year
10
(518)
(515)
Net assets/(liabilities)
25
(29)
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
20
(34)
Total equity
25
(29)

The notes on pages 10 to 15 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 31 March 2026 and are signed on its behalf by:
S McGhee
Director
Company registration number 06937076 (England and Wales)
SANDWELL FUTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
£'000
£'000
£'000
Balance at 1 October 2023
5
4
9
Year ended 30 September 2024:
Loss and total comprehensive income
-
(38)
(38)
Balance at 30 September 2024
5
(34)
(29)
Year ended 30 September 2025:
Profit and total comprehensive income
-
54
54
Balance at 30 September 2025
5
20
25
SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
1
Accounting policies
Company information

Sandwell Futures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Park Row, Leeds, LS1 5AB.

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 £'000.

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

1.2
Going concern

The directors have reviewed the forecast for future cashflows of the company covering at least twelve months from the date of approval of these financial statements which indicate that the company will have sufficient funds to meet its liabilities as the true y fall due for that period. Those forecasts are dependent on the underlying customer continuing to meet its obligations under the Project Agreement and Directors expect these amounts to be received in downside scenarios. As a result, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

The Company is in a net asset position and the directors are confident that this will be the position for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

The directors confirm the completeness of the information provided regarding events and conditions relating to going concern at the date of approval of the financial statements, including plans for future actions.

1.3
Turnover

Service contracts

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Construction contracts

Revenue is recognised once the works have been certified by the end client and costs are recognised by the stage in completion.

Interest

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest is accrued on a time basis by reference to the principal outstanding and the effective interest rate.

1.4
Fixed asset investments

Interests in subsidiaries 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.

SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Restricted cash

The company is obliged to keep separate cash reserves in respect of requirements in the company’s contractual agreements. The total restricted cash balance, which is shown on the balance sheet within the ‘cash at bank and in hand’ balance, amounts to £7,418,000 at the year end (202 4: £8,458,000).

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 cost 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 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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 cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 12 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

For the year ended 30 September 2025 no material estimates or critical judgements were made.

SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
3
Turnover and other revenue
2025
2024
£'000
£'000
Turnover analysed by geographical market
Turnover from operations
6,122
6,033
Pass through income
2,772
2,637
8,894
8,670
2025
2024
£'000
£'000
Other revenue
Interest income
86
123
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£'000
£'000
Fees payable to the company's auditor for the audit of the company's financial statements
10
13
Tax compliance services
2
1
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was: nil (2024: nil).

6
Fixed asset investments
2025
2024
£'000
£'000
Shares in group undertakings and participating interests
1
1
7
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Environments for Learning Sandwell PFI Holdco One Limited
1 Park Row, Leeds, United Kingdom, LS1 5AB
Direct
10.00
-
Environments for Learning Sandwell PFI One Limited
1 Park Row, Leeds, United Kingdom, LS1 5AB
Indirect
0
10.00
SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
8
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
26
86
Corporation tax recoverable
-
0
13
Amounts owed by group undertakings
-
0
2
Prepayments and accrued income
829
187
855
288
2025
2024
Amounts falling due after more than one year:
£'000
£'000
Amounts owed by group undertakings
518
515
Total debtors
1,373
803

The amounts owed by subsidiaries bear interest at 13% and are repayable over the life of the contract to 2036.

9
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Other borrowings
-
0
2
Trade creditors
1,643
318
Corporation tax
14
-
0
Other taxation and social security
18
203
Other creditors
6,651
8,392
Accruals and deferred income
227
129
8,553
9,044
10
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Amounts owed to group undertakings
518
515

The amounts owed to group undertakings bear interest at 13% and are repayable over the life of the contract to 2036.

Amounts included above which fall due after five years are as follows:
Payable by instalments
490
490
SANDWELL FUTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
11
Related party transactions

The Company has taken advantage of exemption, under the small companies regime, not to disclose related party transactions that have been concluded under normal market conditions.

12
Parent company

The Company is majority owned by Environments for Learning Sandwell PSP Limited, a company which is registered in England and having the same registered office as the Company. In the opinion of the Directors, there is no ultimate controlling party.

The smallest and largest group in which the Company’s results are consolidated is Environments for Learning Limited, a company registered in England. Copies of the consolidated accounts are available from Companies House.

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