Futura Group Management Limited - Limited company accounts 18.2

REGISTERED NUMBER: 03897766 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

FUTURA GROUP MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

C Strychaluk

E Strychaluk

G Giuffrida

SECRETARY:

G Giuffrida

REGISTERED OFFICE:

9 Mansfield Street

London

W1G 9NY

REGISTERED NUMBER:

03897766 (England and Wales)

AUDITORS:

Arithma Accountants Limited Statutory Auditor

9 Mansfield Street

London

W1G 9NY

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing management services to

other companies within its group.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of

this report.

C Strychaluk

E Strychaluk

G Giuffrida

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in

accordance with applicable law and regulations.

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;

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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps

that he ought to have taken as a director in order to make himself aware of any relevant audit information and

to establish that the company's auditors are 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.

ON BEHALF OF THE BOARD:

G Giuffrida - Director

26 July 2019

Opinion

We have audited the financial statements of Futura Group Management Limited (the 'company') for the year

ended 31 December 2018 which comprise the Income Statement, Balance Sheet, Statement of Changes in

Equity and Notes to the Financial Statements, including a summary of 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 31 December 2018 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of
accounting for a period of at least twelve months from the date when the financial statements are
authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the

Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are required to determine whether there is a

material misstatement in the financial statements or a material misstatement of the other information. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

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 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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Report of the Auditors.

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 a Report of the Auditors 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.

Narendrakumar Mistry FCA (Senior Statutory Auditor)

for and on behalf of Arithma Accountants Limited Statutory Auditor

9 Mansfield Street

London

W1G 9NY

26 July 2019

TURNOVER

263,500

256,278

Administrative expenses

165,126

233,680

OPERATING PROFIT

4

98,374

22,598

Interest payable and similar expenses

4

-

PROFIT BEFORE TAXATION

98,370

22,598

Tax on profit

18,741

-

PROFIT FOR THE FINANCIAL YEAR

79,629

22,598

FIXED ASSETS

Tangible assets

5

78

104

CURRENT ASSETS

Debtors

6

1,123,143

1,020,605

Cash at bank

158,585

135,111

1,281,728

1,155,716

CREDITORS

Amounts falling due within one year

7

122,423

76,066

NET CURRENT ASSETS

1,159,305

1,079,650

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,159,383

1,079,754

CAPITAL AND RESERVES

Called up share capital

15,635

Retained earnings

1,143,748

1,064,119

SHAREHOLDERS' FUNDS

1,159,383

1,079,754

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 July 2019 and were signed on its
behalf by:

G Giuffrida - Director

Called up

share

Retained

Total

capital

earnings

equity

€

Balance at 1 January 2017

15,635

1,541,521

1,557,156

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

22,598

Balance at 31 December 2017

15,635

1,064,119

1,079,754

Changes in equity

Total comprehensive income

-

79,629

Balance at 31 December 2018

15,635

1,143,748

1,159,383

1.	STATUTORY INFORMATION

Futura Group Management Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Euro (€).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

TURNOVER

Turnover represents net invoiced sales of services, excluding value added tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any

accumulated depreciation and impairment losses.

FINANCIAL INSTRUMENTS

The Company's principal financial instruments comprise cash, short term deposits and trade creditors

that arise directly from its operation. The main purpose of these financial instruments is to fund the

company's operation as well as working capital, liquidity and invest surplus funds.

A financial asset or a financial liability is recognised only when the company becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost. Where contractual obligations of

financial instruments are equivalent similar to debt instrument, those financial instruments are classed

as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs

and gains or losses relating to financial liabilities are included in the profit and loss account.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually

significant, these are assessed individually for impairment. Other financial assets are either assessed

individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal

does not result in a carrying amount of the financial asset that exceeds what the carrying amount

would have been had the impairment not previously been recognised.

TAXATION

The taxation expense represents the aggregate amount of current and deferred tax recognised in the

reporting period. Tax is recognised in the profit and 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other 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. Deferred tax is

measured using the 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

IMPAIRMENT

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 2 ) .

2018

2017

€

Directors' remuneration

8,501

8,596

4.	OPERATING PROFIT

The operating profit is stated after charging:

2018

2017

€

Depreciation - owned assets

26

34

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

€

COST

At 1 January 2018

and 31 December 2018

9,679

DEPRECIATION

At 1 January 2018

9,575

Charge for year

26

At 31 December 2018

9,601

NET BOOK VALUE

At 31 December 2018

78

At 31 December 2017

104

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

€

Amounts owed by group undertakings

1,123,143

1,020,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

€

Trade creditors

205

3,756

Taxation and social security

18,006

3,352

Other creditors

104,212

68,958

122,423

76,066

8.	RELATED PARTY DISCLOSURES

During the year the company received management fees amounting to €263,500 (2017: €256,278)

from fellow group company, DMG SpA. At the balance sheet date the company was owed €263,500

(2017: €155,650) by DMG SpA.

At the balance sheet date the company was owed €844,178 (2017: €849,108) by fellow subsidiary,

Futura Europe Limited and €3,484 (2017: €3,484) from it's fellow subsidiary, Futura China Holdings

Limited.