The Future Economy Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC357635 (Scotland)

THE FUTURE ECONOMY COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Gibbons

Dr A McLeod

Ms R O Brown

REGISTERED OFFICE:

Studio 236

Southblock

Osborne Street

Glasgow

G1 5QH

REGISTERED NUMBER:

SC357635 (Scotland)

ACCOUNTANTS:

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

FIXED ASSETS

Tangible assets

4

856

2,748

Investments

5

1

1

857

2,749

CURRENT ASSETS

Debtors

6

2,057

10,349

Cash at bank and in hand

20,452

6

22,509

10,355

CREDITORS

Amounts falling due within one year

7

100,984

60,101

NET CURRENT LIABILITIES

(78,475

)

(49,746

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(77,618

)

(46,997

)

CREDITORS

Amounts falling due after more than one year

8

(80,750

)

(25,500

)

PROVISIONS FOR LIABILITIES

(163

)

(522

)

NET LIABILITIES

(158,531

)

(73,019

)

RESERVES

Income and expenditure account

(158,531

)

(73,019

)

(158,531

)

(73,019

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 surplus or deficit 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 March 2022 and were signed on its behalf by:

G Gibbons - Director

1.	STATUTORY INFORMATION

The Future Economy Company Ltd is a private company, limited by guarantee , registered in Scotland. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents grant funding, funds from public bodies and trading activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have prepared the accounts on a going concern basis despite there being net liabilities at the balance sheet date as the company has met all liabilities as they fall due since the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

24,078

Additions

1,145

Disposals

(2,326

)

At 31 March 2021

22,897

DEPRECIATION

At 1 April 2020

21,330

Charge for year

2,649

Eliminated on disposal

(1,938

)

At 31 March 2021

22,041

NET BOOK VALUE

At 31 March 2021

856

At 31 March 2020

2,748

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

1

NET BOOK VALUE

At 31 March 2021

1

At 31 March 2020

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

926

8,720

Other debtors

1,131

1,629

2,057

10,349

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

7,500

6,304

Trade creditors

9,624

14,032

Taxation and social security

49,623

24,035

Other creditors

12,237

7,855

Loans

22,000

7,875

100,984

60,101

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Loans

80,750

25,500

Bank loans repayable by instalments falling due in more than five years are £2,500 (2020, £0).

9.	MEMBERS OF THE COMPANY

The company is limited by guarantee, each member being liable for not more than £1 in the event of winding up.