Futuregov. Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06472420 (England and Wales)

Futuregov. Ltd

Unaudited Financial Statements for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Bishop

D Campbell

P J Martin

REGISTERED OFFICE:

Wenlock Studios Suite

201 50-52 Wharf Road

London

N1 7EU

REGISTERED NUMBER:

06472420 (England and Wales)

FIXED ASSETS

Tangible assets

4

20,818

14,946

CURRENT ASSETS

Debtors

5

725,530

491,169

Cash at bank

338,897

198,509

1,064,427

689,678

CREDITORS

Amounts falling due within one year

6

(501,068

)

(416,812

)

NET CURRENT ASSETS

563,359

272,866

TOTAL ASSETS LESS CURRENT LIABILITIES

584,177

287,812

CREDITORS

Amounts falling due after more than one year

7

(500,000

)

(500,000

)

PROVISIONS FOR LIABILITIES

8

(3,539

)

-

NET ASSETS/(LIABILITIES)

80,638

(212,188

)

CAPITAL AND RESERVES

Called up share capital

385

384

Share premium

499,729

499,729

Retained earnings

(419,476

)

(712,301

)

SHAREHOLDERS' FUNDS

80,638

(212,188

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 September 2018 and were signed on its behalf by:

D Campbell - Director

1.	STATUTORY INFORMATION

Futuregov. Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the 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

Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is

sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or

support will be more than adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that the

company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date

of approval of these financial statements.

Share based payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding

increase in equity, over the period in which the employees become unconditionally entitled to the awards.

The fair value of the awards granted is measured using an option pricing model, taking into account the terms and conditions upon which the

awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service

and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number

of awards that do meet the related service and non-market performance conditions at the vesting date.

For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect

such conditions and there is no true-up for differences between expected and actual outcomes.

Significant judgements and estimates

In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions that affect

the amounts reported or assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the

year. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period

in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects

both current and future periods.

The following judgements, estimates and assumptions have had the most significant effect on the amounts recognised in these financial

statements:

Share option charges

At the end of each financial period the directors review options, as part of the review process, the number of options expected to vest at

maturity are assessed and the share option charge is adjusted accordingly. The actual vesting of these options depends on future events and

as such there is significant estimation uncertainty.

Turnover

Revenue is recognised to the extent that it is probable 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.

Revenue from the contract of providing services is recognised in the period in which the services are provided.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Computer equipment - 4 years on a straight line basis

- Fixtures and Fittings - 4 years on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount

of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised

immediately as an expense within the profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount

and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates

to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because

certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or

smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company

pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The

contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.

3.	STAFF NUMBERS

The average number of employees during the year was 27 (2016 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

23,278

18,829

42,107

Additions

6,176

12,065

18,241

At 31 December 2017

29,454

30,894

60,348

DEPRECIATION

At 1 January 2017

16,125

11,036

27,161

Charge for year

6,777

5,592

12,369

At 31 December 2017

22,902

16,628

39,530

NET BOOK VALUE

At 31 December 2017

6,552

14,266

20,818

At 31 December 2016

7,153

7,793

14,946

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

386,520

250,832

Other debtors

22,200

149,541

Prepayments and accrued income

316,810

90,796

725,530

491,169

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

93,918

40,677

Social security and other taxes

220,274

158,629

Other creditors

17,756

185,619

Accruals and deferred income

169,120

31,887

501,068

416,812

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Other creditors

500,000

500,000

8.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

Other timing differences

3,539

-

Deferred tax

£

Provided during year

3,539

Balance at 31 December 2017

3,539

9.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an

independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to

£18,428 (2016 - £2,733). Contributions totalling £1,889 (2016 : £1,398) were payable to the fund at the balance sheet date and are included

in creditors.

10.	RELATED PARTY DISCLOSURES

During the year, the company received repayment of the loan £50,000 (2016: £nil) from Futuregov Australia PTY Ltd, a company in which

D Campbell is also a director and shareholder. As at 31 December 2017, the company was owed £nil (2016: £50,000) by Futuregov Australia

Pty Ltd.

During the year, the company recharged expenses to Futuregov Australia Pty Ltd totalling £283,860 (2016: £458,870).

As at the 31 December 2017, Futuregov Australia Pty Ltd owed the company £142,020 (2016: £90) in accrued income.

Included in creditors: amounts falling due in one year are loans from Nesta of £375,000 (2016: £375,000) and Surrey County Council of

£125,000 (2016: 125,000). During the year the company was charged loan interest by Nesta of £28,664 (2016: £28,125) and by Surrey

County Council of £9,554 (2016: £9,336), both shareholders. As at 31 December 2017, the company owed interest of £7,089 (2016:

£63,447) to Nesta and the company owed interest of £2,412 (2016: £21,324) to Surrey County Council.These loans received from Nesta and

Surrey County Council are repayable on demand.