ACCOUNTS - Final Accounts preparation

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2019 - higher than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:

FUTURE TECHNOLOGY (UK) LTD. - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31false2020-01-01falseNo description of principal activity21falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03898401 2020-01-01 2020-12-31 03898401 2019-01-01 2019-12-31 03898401 2020-12-31 03898401 2019-12-31 03898401 c:Director1 2020-01-01 2020-12-31 03898401 c:Director1 2020-12-31 03898401 c:Director2 2020-01-01 2020-12-31 03898401 c:Director2 2020-12-31 03898401 c:Director3 2020-01-01 2020-12-31 03898401 c:Director3 2020-12-31 03898401 c:Director4 2020-01-01 2020-12-31 03898401 c:Director4 2020-12-31 03898401 c:Director5 2020-01-01 2020-12-31 03898401 c:Director5 2020-12-31 03898401 c:RegisteredOffice 2020-01-01 2020-12-31 03898401 d:CurrentFinancialInstruments 2020-12-31 03898401 d:CurrentFinancialInstruments 2019-12-31 03898401 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03898401 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 03898401 d:ShareCapital 2020-12-31 03898401 d:ShareCapital 2019-12-31 03898401 d:RetainedEarningsAccumulatedLosses 2020-12-31 03898401 d:RetainedEarningsAccumulatedLosses 2019-12-31 03898401 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-12-31 03898401 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-12-31 03898401 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2020-12-31 03898401 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2019-12-31 03898401 c:FRS102 2020-01-01 2020-12-31 03898401 c:Audited 2020-01-01 2020-12-31 03898401 c:FullAccounts 2020-01-01 2020-12-31 03898401 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 03898401

FUTURE TECHNOLOGY (UK) LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FUTURE TECHNOLOGY (UK) LTD

COMPANY INFORMATION

Directors	R A Jenner (appointed 30 October 2020)
	R A Harris (appointed 30 October 2020)
	C A Harris (appointed 30 October 2020)


Registered number	03898401


Registered office	4b Banner Court
	Henry Boot Way
	Hull
	East Yorkshire
	HU4 7DX

FUTURE TECHNOLOGY (UK) LTD

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Notes to the financial statements	9 - 11

FUTURE TECHNOLOGY (UK) LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The directors present their report and the financial statements for the year ended 31 December 2020.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

M P Hogan (resigned 30 October 2020)

R A Jenner (appointed 30 October 2020)

N Hunt (appointed 30 October 2020, resigned 21 June 2021)

R A Harris (appointed 30 October 2020)

C A Harris (appointed 30 October 2020)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

FUTURE TECHNOLOGY (UK) LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 September 2021 and signed on its behalf.

R A Jenner

Director

Page 2

FUTURE TECHNOLOGY (UK) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE TECHNOLOGY (UK) LTD

Opinion

We have audited the financial statements of Future Technology (UK) Ltd (the 'Company') for the year ended 31 December 2020, which comprise the Statement of comprehensive income, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2020 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 3

FUTURE TECHNOLOGY (UK) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE TECHNOLOGY (UK) LTD (CONTINUED)

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

Page 4

FUTURE TECHNOLOGY (UK) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE TECHNOLOGY (UK) LTD (CONTINUED)

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company
  and determined that the most significant are those that relate to the reporting framework (FRS 102 and
the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data
Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of
  management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
• enquiries of management; and
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
  understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5

FUTURE TECHNOLOGY (UK) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FUTURE TECHNOLOGY (UK) LTD (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Eifion Roberts (Senior statutory auditor)

for and on behalf of

Langtons Professional Services Limited

Chartered Accountants

Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ

27 September 2021

Page 6

FUTURE TECHNOLOGY (UK) LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2020

	2020	2019
Note	£	£


Turnover	40,000	40,000
Gross profit	40,000	40,000
Administrative expenses	(64,401)	(62,366)
Operating loss	(24,401)	(22,366)
Loss for the financial year	(24,401)	(22,366)

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 9 to 11 form part of these financial statements.

Page 7

FUTURE TECHNOLOGY (UK) LTD

REGISTERED NUMBER: 03898401

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£


Current assets
Cash at bank and in hand	5	35,532		27,674
		35,532		27,674
Creditors: amounts falling due within one year	6	(107,667)		(75,408)
Net current liabilities			(72,135)		(47,734)
Total assets less current liabilities			(72,135)		(47,734)

Net liabilities			(72,135)		(47,734)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(72,235)	(47,834)
	(72,135)	(47,734)

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 were approved and authorised for issue by the board and were signed on its behalf on 27 September 2021.

R A Jenner

Director

The notes on pages 9 to 11 form part of these financial statements.

Page 8

FUTURE TECHNOLOGY (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 03898401). The address of the registered office is 4b Banner Court, Henry Boot Way, Hull, East Yorkshire, England, HU4 7DX.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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.

2.4

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.

Page 9

FUTURE TECHNOLOGY (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.5

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 year was 2 (2019 - 1).

4.	Taxation

Loss on ordinary activities before tax

(24,401)

(22,366)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	(4,636)	(4,250)
Effects of:
Unrelieved tax losses carried forward	4,636	4,250
Total tax charge for the year	-	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	35,532	27,674
	35,532	27,674

Page 10

FUTURE TECHNOLOGY (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	101,898	71,898
Corporation tax	5	5
Other taxation and social security	3,969	1,505
Accruals and deferred income	1,795	2,000
	107,667	75,408

7.	Financial instruments
		2020	2019
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	35,532	27,674

	Financial liabilities
	Financial liabilities measured at amortised cost	(103,693)	(73,898)

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial liabilities measured at amortised cost comprise of other debtors and accruals.

8.	Related party transactions
	Included within the accounts are the following debtor/(creditor) balances with related parties:

		2020	2019
		£	£

	Medi-Clear Limited	(101,898)	(71,898)
		(101,898)	(71,898)

Medi-Clear Limited is a fellow subsidiary. All transactions are at an arms length basis.

9.	Controlling party

The ultimate parent company is Jones Packaging Inc, a company registered in Canada. The directors of the parent company are the ultimate controlling parties.

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FUTURE TECHNOLOGY (UK) LTD

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