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 YEAR ENDED 31 JULY 2021

FUTURES TRADING PARTNERS LTD

REGISTERED NUMBER: 12077602

BALANCE SHEET

AS AT 31 JULY 2021


	2021	2020
Note	£	£

Fixed assets
Tangible assets	4		1,057		1,138
			1,057		1,138
Current assets
Debtors: amounts falling due within one year	5	131,193		184,250
Cash at bank and in hand		15,590		100
		146,783		184,350
Creditors: amounts falling due within one year	6	(159,067)		(183,810)
Net current (liabilities)/assets			(12,284)		540
Total assets less current liabilities			(11,227)		1,678

Net (liabilities)/assets			(11,227)		1,678

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(11,327)	1,578
		(11,227)	1,678

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FUTURES TRADING PARTNERS LTD

REGISTERED NUMBER: 12077602

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2021

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 year 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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: 23 December 2021

The notes on pages 3 to 7 form part of these financial statements.

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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 24 Old Bond Street, London, W1S 4AP.
The functional and presentational currency of the Company is 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company has been affected by restrictions imposed by the UK Government in response to the
COVID-19 pandemic.
The directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

2.3

INTEREST INCOME

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

2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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 (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.9

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

4.	TANGIBLE FIXED ASSETS

		Computer equipment
		£
	Cost or valuation
	At 1 August 2020	1,199
	Additions	371
	At 31 July 2021	1,570
	Depreciation
	At 1 August 2020	61
	Charge for the year on owned assets	452
	At 31 July 2021	513
	Net book value
	At 31 July 2021	1,057

DEBTORS

					2021	2020
					£	£


Other debtors	130,040	167,500
Prepayments and accrued income	-	16,750
Deferred taxation	1,153	-
	131,193	184,250

Inlcuded within other debtors is a loan for £130,040 (2020 - £167,500). Interest is charged at 1% per month.

6.	CREDITORS: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	-	767
Other creditors	147,523	171,379
Accruals and deferred income	11,544	11,664
	159,067	183,810

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FUTURES TRADING PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

7.	DEFERRED TAXATION

		2021
		£

	Charged to profit or loss	1,153
	At end of year	1,153

The deferred tax asset is made up as follows:
	2021	2020
	£	£

Accelerated capital allowances	(201)	-
Tax losses carried forward	1,354	-
	1,153	-

8.	SHARE CAPITAL
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

9.	RELATED PARTY TRANSACTIONS
	During the year the Company operated loans with the director of the Company. The amount payable to the director of the Company at the year end was £147,523 (2020 - £171,379). These loans are interest free and repayable on demand.

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