Future Research Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08128604 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

FUTURE RESEARCH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P D Clarke

REGISTERED OFFICE:

2 Wortley Road

Deepcar

Sheffield

South Yorkshire

S36 2UZ

REGISTERED NUMBER:

08128604 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

FIXED ASSETS

Tangible assets

4

1,044

-

CURRENT ASSETS

Debtors

5

31,631

200

Cash at bank

212

386

31,843

586

CREDITORS

Amounts falling due within one year

6

48,524

14,812

NET CURRENT LIABILITIES

(16,681

)

(14,226

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(15,637

)

(14,226

)

PROVISIONS FOR LIABILITIES

198

21

NET LIABILITIES

(15,835

)

(14,247

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(15,935

)

(14,347

)

SHAREHOLDERS' FUNDS

(15,835

)

(14,247

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 February 2021 and were signed by:

Mr P D Clarke - Director

1.	STATUTORY INFORMATION

Future Research 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover from the sale of services is recognised when services have been provided to the customer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of services.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office equipment

- 20% straight line

Computer equipment

- 33 % straight line

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.

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.

Going concern

The financial statements have been prepared on a going concern basis. At the time of approval the UK economy was subject to the initial impact of the coronavirus pandemic outbreak. Projections and forecasts have been prepared based on a number of underlying assumptions, which are subject to significant uncertainty at this time.

The directors have also confirmed that they will continue to give financial support to the company for the foreseeable future and as such they consider it appropriate to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

203

1,060

1,263

Additions

-

1,558

1,558

At 31 March 2020

203

2,618

2,821

DEPRECIATION

At 1 April 2019

203

1,060

1,263

Charge for year

-

514

514

At 31 March 2020

203

1,574

1,777

NET BOOK VALUE

At 31 March 2020

-

1,044

1,044

At 31 March 2019

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other debtors

31,581

-

VAT

-

150

Prepayments

50

50

31,631

200

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

50

-

Corporation tax

1,561

-

Social security and other taxes

25

-

VAT

8,806

-

Other creditors

37,602

14,407

Accruals and deferred income

480

405

48,524

14,812

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

99

Ordinary

£1

99

100

1

A Ordinary

£1

1

-

100

100

8.	RELATED PARTY DISCLOSURES

Other related parties

2020

2019

£

£

Sales made to related parties

43,520

-

Purchases from related parties

25,846

-

Amounts due to related parties

33,270

14,317

Amounts due from related parties

31,498

-

9.	POST BALANCE SHEET EVENTS

The directors have considered the global pandemic in producing these financial statements. Any impacts of the pandemic on the company is considered by the directors to be a non-adjusting event for these financial statements. At the time of review, the impact on the business and results is limited.