Revision by Replacement
The financial statements of the year ended 31 December 2025 have been revised.
These financial statements:
-
replace the original financial statements;
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are now the statutory financial statements;
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have been prepared as at the date of the original financial statements, and not as at the date of the revision and accordingly do not deal with events between those dates.
Deferred income was overstated and was reviewed/altered.
Share capital was also found to be wrong as an employee share with a nominal value of £0.01 was converted to an ordinary share with a nominal value of £1.00. So, the number of shares in issue remained the same but the capital rose from £2.11 to £3.12 and this was not identified previously.
Deferred income has been reduced by approximately £142,000 and released to the profit and loss account.
Share capital has been increased rom £2 to £3
General Information
Ownership Futures Ltd is a private company, limited by shares, registered in England and Wales, registration number 11549169, registration address The Fisheries, 1 Mentmore Terrace, London, E8 3PN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future.
If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past years and it is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant & Machinery |
33% Straight Line
|
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
|
| 2. |
Average number of employees Average number of employees during the period was 14 (2024 : 10). |
| 3. |
Financial Commitments, Guarantees and Contingencies
At the reporting year end` the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases falling due within one year of £19,500 (2024: £8,100).
Lease payments recognised as an expense in the year amounted to £66,447 (2024: £33,021).
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant & Machinery |
|
Total |
| |
£ |
|
£ |
| At 01 January 2025 |
18,149 |
|
18,149 |
| Additions |
6,933 |
|
6,933 |
| Disposals |
(675) |
|
(675) |
| At 31 December 2025 |
24,407 |
|
24,407 |
| Depreciation |
| At 01 January 2025 |
14,574 |
|
14,574 |
| Charge for year |
4,253 |
|
4,253 |
| On disposals |
(223) |
|
(223) |
| At 31 December 2025 |
18,604 |
|
18,604 |
| Net book values |
| Closing balance as at 31 December 2025 |
5,803 |
|
5,803 |
| Opening balance as at 01 January 2025 |
3,575 |
|
3,575 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
5,700 |
|
98,574 |
| Prepayments & Accrued Income |
22,349 |
|
30,872 |
| Other Debtors |
17,131 |
|
3,573 |
|
45,180 |
|
133,019 |
|
| 6. |
Investments
|
2025
£ |
|
2024
£ |
| Other Investments - Unlisted |
292,494 |
|
284,611 |
|
292,494 |
|
284,611 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
2,352 |
|
26,051 |
| Amounts Owed to Group Undertakings |
- |
|
121,844 |
| PAYE & Social Security |
21,038 |
|
13,594 |
| Accrued Expenses |
1,802 |
|
62,765 |
| Deferred Grants |
295,401 |
|
450,557 |
| Other Creditors |
11,114 |
|
7,620 |
|
331,707 |
|
682,431 |
|
| 8. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
1,102 |
|
679 |
|
1,102 |
|
679 |
|
| 9. |
Share Capital
The company has two classes of shares 'ordinary' with a nominal value of £1 and 'employee' with a nominal value of £0.01. In 2025 one employee share was converted into an ordinary share. Two employee shares were issued. At the year end there were 3 ordinary shares and 12 employee shares in issue.
In accordance with the company's Articles of Association neither class of share is entitled to receive dividends.
|
| 10. |
Revised accounts
Following a review of the level of deferred income at 31 December 2025 amended and replacing accounts were prepared and filed at Companies House. The share capital note was also updated.
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4
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