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

REGISTERED NUMBER: 11394800 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

FUTURE MOTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Potts

J Verjee

Mrs R Gundry

S Morrish

REGISTERED OFFICE:

Kingfisher House

Radford Way

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

11394800 (England and Wales)

ACCOUNTANTS:

Haines Watts

Advantage

87 Castle Street

Reading

Berkshire

RG1 7SN

FIXED ASSETS

Tangible assets

4

144,503

965

CURRENT ASSETS

Stocks

853,372

329,592

Debtors

5

1,958,528

1,217,074

Cash at bank

5,204

30,296

2,817,104

1,576,962

CREDITORS

Amounts falling due within one year

6

841,946

1,089,724

NET CURRENT ASSETS

1,975,158

487,238

TOTAL ASSETS LESS CURRENT LIABILITIES

2,119,661

488,203

CREDITORS

Amounts falling due after more than one year

7

81,131

-

NET ASSETS

2,038,530

488,203

CAPITAL AND RESERVES

Called up share capital

2,490

1,975

Share premium

2,347,510

1,098,025

Retained earnings

(311,470

)

(611,797

)

2,038,530

488,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and authorised for issue by the Board of Directors and authorised for issue on 31 March 2022 and were signed on its behalf by:

Mrs R Gundry - Director

1.	STATUTORY INFORMATION

Future Motors 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.

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.

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

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2020

965

Additions

169,472

At 30 June 2021

170,437

DEPRECIATION

Charge for year

25,934

At 30 June 2021

25,934

NET BOOK VALUE

At 30 June 2021

144,503

At 30 June 2020

965

As at the year end assets with a net book value of £74,242 (2020 - £Nil) were purchased on hire purchase.

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

257,148

20,662

Other debtors

1,662,067

1,196,412

1,919,215

1,217,074

Amounts falling due after more than one year:

Other debtors

39,313

-

Aggregate amounts

1,958,528

1,217,074

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

18,756

-

Trade creditors

210,311

(32,918

)

Taxation and social security

21,464

177,933

Other creditors

591,415

944,709

841,946

1,089,724

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,493

-

Hire purchase contracts

40,638

-

81,131

-

8.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had operating lease commitments of £389,411 (2020 - £NIL).

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

2021

2020

£

£

S Potts

Balance outstanding at start of year

-

-

Amounts advanced

35,782

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,782

-

Interest was charged on the above loan at 3%.