Futureform Building Systems Limited - Period Ending 2016-12-31

Registration number: 06734493

Futureform Building Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

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

Futureform Building Systems Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Futureform Building Systems Limited

Company Information

Directors

Mr C J Gibbard Mr M L Rosso Mr A P Fox Mr S J Barrett

Registered office

1 Free Wharf Brighton Road Shoreham by Sea West Sussex BN43 6RN

Accountants

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

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Futureform Building Systems Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Futureform Building Systems Limited for the year ended 31 December 2016 as set out on pages 3 to 10 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Futureform Building Systems 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 Building Systems Limited and state those matters that we have agreed to state to the Board of Directors of Futureform Building Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futureform Building Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Futureform Building Systems 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 loss of Futureform Building Systems Limited. You consider that Futureform Building Systems 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 Building Systems 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
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

12 June 2017

Page 2

Futureform Building Systems Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Loss for the year		(117,000)	(117,000)
Total comprehensive income for the year		(117,000)	(117,000)

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Futureform Building Systems Limited

(Registration number: 06734493)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Intangible assets	3	702,000	819,000
Current assets
Debtors	4	1	1
Net assets		702,001	819,001
Capital and reserves
Called up share capital		1	1
Revaluation reserve		1,170,000	1,170,000
Profit and loss account		(468,000)	(351,000)
Total equity		702,001	819,001

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 June 2017 and signed on its behalf by:
 

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

Mr S J Barrett

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Futureform Building Systems Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 January 2016	1	1,170,000	(351,000)	819,001
Loss for the year	-	-	(117,000)	(117,000)
Total comprehensive income	-	-	(117,000)	(117,000)
At 31 December 2016	1	1,170,000	(468,000)	702,001

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 January 2015	1	1,170,000	(234,000)	936,001
Loss for the year	-	-	(117,000)	(117,000)
Total comprehensive income	-	-	(117,000)	(117,000)
At 31 December 2015	1	1,170,000	(351,000)	819,001

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Futureform Building Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
1 Free Wharf
Brighton Road
Shoreham by Sea
West Sussex
BN43 6RN

These financial statements were authorised for issue by the Board on 12 June 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 6

Futureform Building Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2016	1,170,000	1,170,000
At 31 December 2016	1,170,000	1,170,000
Amortisation
At 1 January 2016	351,000	351,000
Amortisation charge	117,000	117,000
At 31 December 2016	468,000	468,000
Carrying amount
At 31 December 2016	702,000	702,000
At 31 December 2015	819,000	819,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
 

4

Debtors

	2016 £	2015 £
Other debtors	1	1
Total current trade and other debtors	1	1

5	Parent and ultimate parent undertaking

The company's immediate parent is Futureform Europe Limited, incorporated in England.

 The ultimate parent is Futureform Global Investments Limited, incorporated in England.

 

6	Transition to FRS 102

Balance Sheet at 1 January 2015
 

Page 7

Futureform Building Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Intangible assets		936,000	-	-	936,000
Current assets
Debtors		1	-	-	1
Net assets		936,001	-	-	936,001
Capital and reserves
Called up share capital		(1)	-	-	(1)
Revaluation reserve		(1,170,000)	-	-	(1,170,000)
Profit and loss account		234,000	-	-	234,000
Total equity		(936,001)	-	-	(936,001)

Page 8

Futureform Building Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Intangible assets		819,000	-	-	819,000
Current assets
Debtors		1	-	-	1
Net assets		819,001	-	-	819,001
Capital and reserves
Called up share capital		(1)	-	-	(1)
Revaluation reserve		(1,170,000)	-	-	(1,170,000)
Profit and loss account		351,000	-	-	351,000
Total equity		(819,001)	-	-	(819,001)

Page 9

Futureform Building Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Administrative expenses		117,000	-	-	117,000
Operating profit		117,000	-	-	117,000
Profit before tax		117,000	-	-	117,000
Profit for the financial year		117,000	-	-	117,000

Page 10