ACCOUNTS - Final Accounts preparation

FUTURES TRADING PARTNERS LTD - Company Information

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Registered number: 12077602

FUTURES TRADING PARTNERS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2020

FUTURES TRADING PARTNERS LTD

REGISTERED NUMBER: 12077602

BALANCE SHEET

AS AT 31 JULY 2020

		2020
Note		£

FIXED ASSETS
Tangible assets	4		1,138
			1,138
CURRENT ASSETS
Debtors: amounts falling due within one year	5	184,250
Cash at bank and in hand		100
		184,350
Creditors: amounts falling due within one year	6	(183,810)
NET CURRENT ASSETS			540
TOTAL ASSETS LESS CURRENT LIABILITIES			1,678

NET ASSETS			1,678

CAPITAL AND RESERVES
Called up share capital	7	100
Profit and loss account	8	1,578
		1,678

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Neil Potter

Director

Date: 25 March 2021

The notes on pages 2 to 5 form part of these financial statements.

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2020

1.	GENERAL INFORMATION

Futures Trading Partners Ltd is a private company, limited by shares, incorporated in England and Wales. The company is not a member of a group. The company registration number is 12077602. The address of its registered office is 54 Brassie Wood, Chelmsford, England, CM3 3FQ.
The functional and presentational currency of the company is considered to be Pound Sterling (£).

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis, which assumes that the company will continue operation for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
In view of the above, and the fact the company has remained active during COVID-19 pandemic since the year end, the director is confident that company will have sufficent resources to enable it to continue operation for the foreseeable future.

2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.4

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2020

2.ACCOUNTING POLICIES (CONTINUED)

2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment

33%

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.

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

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2.9

CREDITORS

Short term creditors are measured at the transaction price.

EMPLOYEES

The average monthly number of employees, including the directors, during the period was as follows:

			2020
			No.

		Employees	2

Page 3

FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2020

4.	TANGIBLE FIXED ASSETS

		Computer equipment
		£
	COST OR VALUATION
	Additions	1,199
	At 31 July 2020	1,199
	DEPRECIATION
	Charge for the period on owned assets	61
	At 31 July 2020	61
	NET BOOK VALUE
	At 31 July 2020	1,138

DEBTORS

					2020
					£


	Other debtors	167,500
	Accrued income	16,750
		184,250

6.	CREDITORS: Amounts falling due within one year
		2020
		£

	Corporation tax	767
	Other creditors	171,379
	Accruals and deferred income	11,664
		183,810

Page 4

FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2020

7.	SHARE CAPITAL
		2020
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £1.00 each	100

During the year 100 ordinary shares of £1 were allocated and fully paid at par for cash consideration.

RESERVES

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.

9.	RELATED PARTY TRANSACTIONS
	During the year the company operated loans with the directors of the Company. The amount payable to the directors of the Company at the year end was £171,379. These loans are interest free and repayable on demand.

10.	CONTROLLING PARTY

The controlling party is the directors by virtue of their 100% shareholding.

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