ACCOUNTS - Final Accounts preparation

FUTURE RECYCLING LTD - Company Information

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Registered number: 13165895

FUTURE RECYCLING LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2021

FUTURE RECYCLING LIMITED

REGISTERED NUMBER:13165895

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021
Note		£


Current assets
Debtors: amounts falling due within one year	4	709,318
Cash at bank and in hand	5	685,022
		1,394,340
Creditors: amounts falling due within one year	6	(1,394,330)
Net current assets			10
Total assets less current liabilities			10

Net assets			10

Capital and reserves
Called up share capital	7	10
		10

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

W S Ghali

Director

Date: 12 July 2022

The notes on pages 2 to 4 form part of these financial statements.

Page 1

FUTURE RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

Future Recycling Limited is a private limited company incorporated in the United Kingdom. The registered office is: Fermentation Building South, Hawkins Lane, Finzels Reach, Bristol, BS1 6JQ.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Stratofi Limited as at 31 December 2021 and these financial statements may be obtained from Companies House.

2.3

GOING CONCERN

The company operates as a membership fund, receiving and disbursing funds on behalf of it's members. As such the company has limited liabilities of it's own.
The directors have prepared forecasts that show the company is able to realise its assets and meet its liabilities as they fall due in the normal course of business for a period of at least 12 months from the date of approval of the financial statements.

2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

FUTURE RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.6

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

EMPLOYEES

The average monthly number of employees, including directors, during the period was 4.

DEBTORS

					2021
					£


	Trade debtors	639,907
	Other debtors	10
	Prepayments and accrued income	69,401
		709,318

5.	CASH AND CASH EQUIVALENTS
		2021
		£

	Cash at bank and in hand	685,022
		685,022

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021
		£

	Trade creditors	7,800
	Amounts owed to group undertakings	72,000
	Other taxation and social security	98,460
	Accruals and deferred income	1,216,070
		1,394,330

Page 3

FUTURE RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

7.	SHARE CAPITAL
		2021
		£

		ALLOTTED, CALLED UP AND NOT PAID

		10 Ordinary shares of £1.00 each	10

The company was incorporated on 28 January 2021, and on that date issued 10 Ordinary shares of £1.00 each.

8.	RELATED PARTY TRANSACTIONS
	At the year end the company owed Ecosurety Limited, it's immediate parent company, £72,000. This amout is included within 'Amounts owed to group undertakings' within creditors.

9.	CONTROLLING PARTY

The immediate parent undertaking is Ecosurety Limited, a private limited company registered in the United Kingdom. It's registered office is the same as the company.
The ultimate parent undertaking is Stratofi Limited, a private limited company registered in the United Kingdom. It's registered office is the same as the company. Stratofi Limited is the only company that prepares consolidated accounts that include this company.
The ultimate controlling party is Mr S C Clark, by virtue of their shareholding in Stratofi Limited.

10.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 31 December 2021 was unqualified.

The audit report was signed on 12 July 2022 by Simon Morrison FCA (Senior statutory auditor) on behalf of Bishop Fleming Bath Limited.

Page 4