Futura Design Limited - Accounts to registrar (filleted) - small 18.2
Futura Design Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 APRIL 2019 |
| FOR |
| FUTURA DESIGN LIMITED |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FUTURA DESIGN LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| No. 3 Caroline Court |
| 13 Caroline Street |
| St Paul's Square |
| Birmingham |
| B3 1TR |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| BALANCE SHEET |
| 30 APRIL 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 1. | STATUTORY INFORMATION |
| Futura Design Limited is a |
| 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 Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Futura Design Limited as an individual company |
| and do not contain consolidated financial information as the parent of a group. The company is exempt |
| under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated |
| financial statements. |
| 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 is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Fixed assets that have been previously revalued are depreciated on their revalued amount, with a |
| transfer for the difference between the historic and revalued depreciation being made between the |
| revaluation and profit and loss reserves. Revaluations are made as and when the directors consider it |
| necessary to do so to reflect the fair value of the assets involved. |
| Government grants |
| Government grant receipts in respect of capital expenditure are credited to the profit and loss account |
| at the same annual rate as the fixed asset relating to the grant is depreciated. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| 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 tax |
| 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. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| Impairment of assets |
| Assets, other than those measured at fair value, are assessed for indicators of impairment at each |
| balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in |
| profit or loss. |
| For financial assets carried at amortised costs, the amount of an impairment is the difference between |
| the asset's carrying amount and the present value of estimated future cash flows, discounted at the |
| financial asset's original effective interest rate. |
| For financial assets carried at cost less impairment, the impairment loss is the difference between the |
| asset's carrying amount and the best estimate of the amount that would be received for the asset if it |
| were to be sold at the reporting date. |
| Where indicators exist for the decrease in impairment loss, and the decrease can be related |
| objectively to an event occuring after the impairment was recognised, the prior impairment loss is |
| tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset |
| to the extent that the revised recoverable value does not lead to a revised carrying amount higher than |
| the carrying value had no impairment been recognised. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 May 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 April 2019 |
| DEPRECIATION |
| At 1 May 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 April 2019 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| Cost or valuation at 30 April 2019 is represented by: |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2017 | - | (250,938 | ) | 53,694 | - | (197,244 | ) |
| Cost | 205,613 | 1,545,360 | 179,065 | 124,791 | 2,054,829 |
| 205,613 | 1,294,422 | 232,759 | 124,791 | 1,857,585 |
| If Plant, Fixtures and Fittings had not been revalued they would have been included at the following |
| historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 1,724,425 | 1,506,134 |
| Aggregate depreciation | 746,525 | 603,645 |
| Plant and Machinery and Fixtures and Fittings were revalued as at 30 April 2017 by the directors. |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 May 2018 |
| and 30 April 2019 |
| PROVISIONS |
| At 1 May 2018 |
| and 30 April 2019 | 21,393 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| Futura Design Deutschland GmbH, incorporated in Germany, is 100% owned by the company. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 586,709 | 599,488 |
| The bank overdraft is secured over the assets of the company whilst the hire purchase liabilities are |
| secured over the specific assets that they relate to. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 184,090 | 168,900 |
| Deferred tax on Asset Revaluation | 51,080 | 51,080 |
| 235,170 | 219,980 |
| Deferred |
| tax |
| £ |
| Balance at 1 May 2018 |
| Provided during year |
| Balance at 30 April 2019 |
| FUTURA DESIGN LIMITED (REGISTERED NUMBER: 02905985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| The provision for deferred tax consists of £184,090 in respect of accelerated capital allowances and |
| £51,080 in respect of the revaluation of assets. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |