Futureform Modular Limited - Period Ending 2015-12-31

Registration number: 04737496

Futureform Modular Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Carter Nicholls Limited
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Futureform Modular Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Futureform Modular Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Futureform Modular Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Futureform Modular Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Futureform Modular Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futureform Modular Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Futureform Modular Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Futureform Modular Limited. You consider that Futureform Modular Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Futureform Modular Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Carter Nicholls Limited
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

20 August 2015

Page 1

Futureform Modular Limited
(Registration number: 04737496)
Abbreviated Balance Sheet at 31 December 2014

		Note			31 December 2014 £			31 December 2013 £
Fixed assets
Intangible fixed assets					39,922			47,912
Tangible fixed assets					4,229			6,312
					44,151			54,224
Current assets
Stocks					53,000			68,000
Debtors					141,121			29,632
Cash at bank and in hand					7,160			93,564
					201,281			191,196
Creditors: Amounts falling due within one year					(129,610)			(175,808)
Net current assets					71,671			15,388
Net assets					115,822			69,612
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					115,722			69,512
Shareholders' funds					115,822			69,612

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 August 2015 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Futureform Modular Limited
(Registration number: 04737496)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr Steven John Barrett
Director

.........................................
Mr Christopher James Gibbard
Director

.........................................
Mr Anthony Fox
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Futureform Modular Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight line

Depreciation

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Equipment	33% Reducing balance

Stock

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Futureform Modular Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		79,895			17,464			97,359
At 31 December 2014		79,895			17,464			97,359
Depreciation
At 1 January 2014		31,983			11,152			43,135
Charge for the year		7,990			2,083			10,073
At 31 December 2014		39,973			13,235			53,208
Net book value
At 31 December 2014		39,922			4,229			44,151
At 31 December 2013		47,912			6,312			54,224

3	Share capital

Allotted, called up and fully paid shares

	31 December 2014						31 December 2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4

Control

The company is controlled by Futureform Europe Limited The ultimate parent undertaking is Futureform Europe Limited, a company incorporated in England and Wales..

Page 5