FUTURERATE_LIMITED - Accounts

FUTURERATE LIMITED - Company Information

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Company Registration No. 03129011 (England and Wales)

FUTURERATE LIMITED

TRADING AS VERE PHILLIPPS

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

FUTURERATE LIMITED

TRADING AS VERE PHILLIPPS

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

FUTURERATE LIMITED

TRADING AS VERE PHILLIPPS

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

60,236

51,614

Current assets

Stocks

547,003

479,635

Debtors

29,263

52,890

Cash at bank and in hand

268,032

205,037

844,298

737,562

Creditors: amounts falling due within one year

(193,412)

(78,316)

Net current assets

650,886

659,246

Total assets less current liabilities

711,122

710,860

Provisions for liabilities

(3,683)

(5,665)

707,439

705,195

Capital and reserves

Called up share capital

100

Profit and loss account

707,339

705,095

Shareholder's funds

707,439

705,195

For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 June 2017

V M Phillipps

Director

Company Registration No. 03129011

FUTURERATE LIMITED

TRADING AS VERE PHILLIPPS

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

10% on cost

Plant and machinery

10% or 20% on cost

Fixtures, fittings & equipment

10%, 20% or 25% on cost

Motor vehicles

25% on cost

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

FUTURERATE LIMITED

TRADING AS VERE PHILLIPPS

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2015

301,493

Additions

25,514

At 31 August 2016

327,007

Depreciation

At 1 September 2015

249,879

Charge for the year

16,892

At 31 August 2016

266,771

Net book value

At 31 August 2016

60,236

At 31 August 2015

51,614

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100