Future Platforms Limited - Accounts to registrar (filleted) - small 18.2

Future Platforms Limited - Accounts to registrar (filleted) - small 18.2

FUTURE PLATFORMS LIMITED - Company Information

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REGISTERED NUMBER: 04056500 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2020

for

Future Platforms Limited
Future Platforms Limited (Registered number: 04056500)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Future Platforms Limited


Company Information
for the Year Ended 31 December 2020







DIRECTOR: R Davies





REGISTERED OFFICE: West Bush House
Hailey Lane
Hailey
Hertford
Hertfordshire
SG13 7NY





REGISTERED NUMBER: 04056500 (England and Wales)
Page 1
Future Platforms Limited (Registered number: 04056500)


Balance Sheet
31 December 2020

31.12.20 31.12.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,971 49,189
Investments 5 35,001 35,001
85,972 84,190

CURRENT ASSETS
Debtors 6 744,100 899,907
Cash at bank and in hand 3,018,400 1,815,575
3,762,500 2,715,482
CREDITORS
Amounts falling due within one year 7 1,055,250 674,124
NET CURRENT ASSETS 2,707,250 2,041,358
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,793,222
2,125,548

CREDITORS
Amounts falling due after more than one
year
8
(44,167
)
-

PROVISIONS FOR LIABILITIES (9,578 ) (9,216 )
NET ASSETS 2,739,477 2,116,332

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,738,477 2,115,332
SHAREHOLDERS' FUNDS 2,739,477 2,116,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
Future Platforms Limited (Registered number: 04056500)


Balance Sheet - continued
31 December 2020


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 director and authorised for issue on 28 June 2021 and were signed by:





R Davies - Director


The notes form part of these financial statements

Page 3
Future Platforms Limited (Registered number: 04056500)


Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

Future Platforms Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Government grants
Grants relating to revenue are recognised on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes employer contributions into a money purchase pension scheme for the benefit of employees. Contributions are charged to the profit and loss account as they become payable.

Page 4 continued...
Future Platforms Limited (Registered number: 04056500)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2019 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2020 151,632
Additions 32,392
At 31 December 2020 184,024
DEPRECIATION
At 1 January 2020 102,443
Charge for year 30,610
At 31 December 2020 133,053
NET BOOK VALUE
At 31 December 2020 50,971
At 31 December 2019 49,189

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2020
and 31 December 2020 35,001
NET BOOK VALUE
At 31 December 2020 35,001
At 31 December 2019 35,001

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade debtors 527,311 673,444
Other debtors 216,789 226,463
744,100 899,907

Page 5 continued...
Future Platforms Limited (Registered number: 04056500)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Bank loans and overdrafts 5,833 -
Trade creditors 62,265 115,121
Amounts owed to group undertakings 100,987 114,939
Taxation and social security 509,996 306,622
Other creditors 376,169 137,442
1,055,250 674,124

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.20 31.12.19
£    £   
Bank loans 44,167 -

9. OTHER FINANCIAL COMMITMENTS

At the year end the company is committed to rental payments of £21,100 (2019: £53,762).

10. RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £30,000 to a company in which the director has an interest. This loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Vexed Limited, a company incorporated in England and Wales.

12. SHARE-BASED PAYMENT TRANSACTIONS

The parent company, Vexed Limited, has a share option scheme for all employees (including directors). Options are exercisable at a price equal to the agreed market value of the company's shares on the date of grant. The vesting period is 3 to 10 years from the date of grant of the option. The options are settled in equity once exercised.

If the options remain unexercised after a period of 10 years from the date of the grant, the options expire. Options are forfeited if the employee leaves the company before the options vest.

During the year options over 25,568 shares lapsed. At 31 December 2020 options over 2,273 (2019: 27,841) shares were outstanding with a weighted average exercise price of £4.50.

13. IMPACT OF COVID-19 AND BREXIT

As with most businesses we have been impacted by Covid-19. This has had an impact on our operations, customers, suppliers and staff. We have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps we can to protect the future of our business.

The director has also considered the effect of Brexit on the business but does not feel that there will be any major implications for the company.

Although the total impact of Covid-19 and Brexit are uncertain, the director believes that it is appropriate to prepare the accounts on a going concern basis.

Page 6