Futura Design Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02905985 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

FUTURA DESIGN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M L Abel

D A Abel

D B Elsmore

REGISTERED OFFICE:

EDM House

Rowley Drive

Coventry

CV3 4FG

REGISTERED NUMBER:

02905985 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

161 Newhall Street

Birmingham

B3 1SW

FIXED ASSETS

Tangible assets

4

1,187,022

1,062,625

Investments

5

-

-

1,187,022

1,062,625

CURRENT ASSETS

Stocks

10,388

20,614

Debtors

6

2,868,460

2,916,494

Cash at bank and in hand

1,497,072

978,709

4,375,920

3,915,817

CREDITORS

Amounts falling due within one year

7

1,863,484

2,269,293

NET CURRENT ASSETS

2,512,436

1,646,524

TOTAL ASSETS LESS CURRENT LIABILITIES

3,699,458

2,709,149

CREDITORS

Amounts falling due after more than one year

8

(311,147

)

(440,106

)

PROVISIONS FOR LIABILITIES

(263,708

)

(171,618

)

NET ASSETS

3,124,603

2,097,425

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

3,024,603

1,997,425

SHAREHOLDERS' FUNDS

3,124,603

2,097,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:

D A Abel - Director

1.	STATUTORY INFORMATION

Futura Design 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 presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Futura Design Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on cost

Plant and machinery

-

15% on reducing balance and at variable rates on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Fixed assets that have been previously revalued are depreciated on their revalued amount, with a transfer for the difference between the historic and revalued depreciation being made between the revaluation and profit and loss reserves. Revaluations are made as and when the directors consider it necessary to do so to reflect the fair value of the assets involved.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 May 2022

187,272

1,339,388

248,417

186,960

1,962,037

Additions

55,018

82,552

49,434

135,857

322,861

At 30 April 2023

242,290

1,421,940

297,851

322,817

2,284,898

DEPRECIATION

At 1 May 2022

14,849

622,996

133,148

128,419

899,412

Charge for year

41,481

122,468

17,368

17,147

198,464

At 30 April 2023

56,330

745,464

150,516

145,566

1,097,876

NET BOOK VALUE

At 30 April 2023

185,960

676,476

147,335

177,251

1,187,022

At 30 April 2022

172,423

716,392

115,269

58,541

1,062,625

Cost or valuation at 30 April 2023 is represented by:

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2017

-

(250,938

)

53,694

-

(197,244

)

Cost

242,290

1,672,878

244,157

322,817

2,482,142

242,290

1,421,940

297,851

322,817

2,284,898

If Plant, Fixtures and Fittings had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

1,758,644

1,758,644

Aggregate depreciation

1,003,084

1,003,084

Plant and Machinery and Fixtures and Fittings were revalued as at 30 April 2017 by the directors.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 May 2022

482,001

45,490

527,491

Additions

-

122,877

122,877

Transfer to ownership

(216,500

)

-

(216,500

)

At 30 April 2023

265,501

168,367

433,868

DEPRECIATION

At 1 May 2022

224,390

3,791

228,181

Charge for year

45,461

12,132

57,593

Transfer to ownership

(137,390

)

-

(137,390

)

At 30 April 2023

132,461

15,923

148,384

NET BOOK VALUE

At 30 April 2023

133,040

152,444

285,484

At 30 April 2022

257,611

41,699

299,310

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2022

and 30 April 2023

21,393

PROVISIONS

At 1 May 2022

and 30 April 2023

21,393

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

Futura Design Deutschland GmbH, incorporated in Germany, is 100% owned by the company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,949,044

2,066,500

Amounts owed by group undertakings

379,645

56,403

Other debtors

539,771

793,591

2,868,460

2,916,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

123,307

125,000

Hire purchase contracts (see note 9)

77,841

54,655

Trade creditors

1,109,639

932,882

Amounts owed to group undertakings

-

174,319

Taxation and social security

255,172

254,292

Other creditors

297,525

728,145

1,863,484

2,269,293

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

214,550

322,917

Hire purchase contracts (see note 9)

96,597

117,189

311,147

440,106

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2023

2022

£

£

Net obligations repayable:

Within one year

77,841

54,655

Between one and five years

96,597

117,189

174,438

171,844

Non-cancellable

operating leases

2023

2022

£

£

Within one year

70,000

70,000

Between one and five years

-

70,000

70,000

140,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

337,857

447,917

Hire purchase contracts

174,438

171,844

512,295

619,761

The bank loans are secured over the assets of the company whilst the hire purchase liabilities are secured over the specific assets that they relate to.

11.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is International Design (Services) Limited, a company registered in England and Wales.

During the year, no single individual had control of the company.