Future Workplace Limited - Period Ending 2016-12-31

Registration number: 03141893

Future Workplace Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Future Workplace Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Future Workplace Limited

Company Information

Directors

Mr Michael David James Blunt Mrs Karen Ann Blunt

Company secretary

Mrs Karen Ann Blunt

Registered office

Unit 21 Pulloxhill Business Park Greenfield Road Pulloxhill Bedfordshire MK45 5EU

Accountants

Michael J Emery & Co Limited 22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Future Workplace 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 Future Workplace Limited for the year ended 31 December 2016 as set out on pages 3 to 6 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 Future Workplace Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Future Workplace Limited and state those matters that we have agreed to state to the Board of Directors of Future Workplace 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 Future Workplace Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Future Workplace 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 Future Workplace Limited. You consider that Future Workplace 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 Future Workplace 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.

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

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

29 September 2017

Page 2

Future Workplace Limited

(Registration number: 03141893)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Current assets
Debtors	4	59,837	64,566
Cash at bank and in hand		17,145	116
		76,982	64,682
Creditors: Amounts falling due within one year	5	(24,717)	(11,552)
Net assets		52,265	53,130
Capital and reserves
Called up share capital		200	200
Profit and loss account		52,065	52,930
Total equity		52,265	53,130

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 29 September 2017 and signed on its behalf by:
 

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

Mrs Karen Ann Blunt

Company secretary and director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Future Workplace 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 and Wales.

The address of its registered office is:
Unit 21 Pulloxhill Business Park
Greenfield Road
Pulloxhill
Bedfordshire
MK45 5EU
UK

These financial statements were authorised for issue by the Board on 29 September 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.

Going concern

The financial statements have been prepared on a going concern basis with the continued support from the directors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 4

Future Workplace Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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	Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2015 - 2).

4

Debtors

	Note	2016 £	2015 £
Trade debtors		-	4,327
Intercompany	7	59,833	60,235
Other debtors		4	4
Total current trade and other debtors		59,837	64,566

5

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		20,486	7,327
Taxation and social security		1,209	1,208
Other creditors		2,682	2,682
Accruals		340	335
		24,717	11,552

Page 5

Future Workplace Limited

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

6	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £69,330 (2015 - £69,330).

7	Related party transactions

Summary of transactions with other related parties

Tula Tables
 (A company in which the directors hold an interest).
 During the year, the company charged rent of £69,330 (2015: £69,330) to Tula Tables Limited.

The company has an agreement with Tula Tables Limited in order that leasing obligations paid in respect of rented properties are recharged to Tula Tables Limited. The company held the head lease relating to a property used exclusively by Tula Tables Limited. These lease costs are recharged in full to Tula Tables Limited and netted off in these accounts. At the balance sheet date the amount due from Tula Tables Limited was £59,833 (2015: £64,562).
 

8	Transition to FRS 102

There are no fundamental differences between the accounting policies applied under FRS 102 and the previous financial reporting framework (UK GAAP). In accordance with the transitional provisions within FRS 102, no material adjustments are required to the comparative financial statements of the opening balance sheet/ equity position at the date of transition (1 January 2015).

Page 6