Company registration number 13011298 (England and Wales)
FUTURE PLANET CAPITAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
FUTURE PLANET CAPITAL HOLDINGS LIMITED
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3
Notes to the financial statements
4 - 11
FUTURE PLANET CAPITAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2022
2022-12-31
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,389,868
6,011,309
Tangible assets
4
13,841
15,647
Investments
5
534,021
473,495
5,937,730
6,500,451
Current assets
Debtors
8
1,102,851
750,036
Cash at bank and in hand
830,528
2,681,735
1,933,379
3,431,771
Creditors: amounts falling due within one year
9
(4,634,605)
(9,294,587)
Net current liabilities
(2,701,226)
(5,862,816)
Total assets less current liabilities
3,236,504
637,635
Creditors: amounts falling due after more than one year
10
(1,699,633)
-
Provisions for liabilities
(70,522)
(65,414)
Net assets
1,466,349
572,221
Capital and reserves
Called up share capital
11
100
100
Other reserves
(2,378)
-
Profit and loss reserves
1,468,627
572,121
Total equity
1,466,349
572,221
The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2022 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
FUTURE PLANET CAPITAL HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
R D Hansen-Luke
Director
Company registration number 13011298 (England and Wales)
FUTURE PLANET CAPITAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
2022-12-31
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
5
7,246,968
7,246,968
Current assets
-
-
Creditors: amounts falling due within one year
9
(6,124,132)
(7,246,868)
Net current liabilities
(6,124,132)
(7,246,868)
Net assets
1,122,836
100
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
1,122,736
-
Total equity
1,122,836
100
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,122,736 (2021 - £0 profit).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
28 September 2023
28 September 2023
and are signed on its behalf by:
R D Hansen-Luke
Director
Company registration number 13011298 (England and Wales)
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Future Planet Capital Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/o 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.
The group consists of Future Planet Capital Holdings Limited and all of its subsidiaries.
1.1
Reporting period
These financial statements cover the period from incorporation 11 November 2020 to 31 December 2021.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Future Planet Capital Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.5
Turnover
Turnover represents the amount derived from the provision of venture capital fund management services, stated net of VAT.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3-5 years
Computers
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Total
24
22
3
3
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
3
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
6,070,438
Amortisation and impairment
At 1 January 2022
59,129
Amortisation charged for the year
621,441
At 31 December 2022
680,570
Carrying amount
At 31 December 2022
5,389,868
At 31 December 2021
6,011,309
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
4
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022
150
19,250
19,400
Additions
-
7,769
7,769
At 31 December 2022
150
27,019
27,169
Depreciation and impairment
At 1 January 2022
-
3,753
3,753
Depreciation charged in the year
107
9,468
9,575
At 31 December 2022
107
13,221
13,328
Carrying amount
At 31 December 2022
43
13,798
13,841
At 31 December 2021
150
15,497
15,647
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
5
Fixed asset investments
Group
Company
2022
2021
2022
2021
£
£
£
£
Shares in group undertakings and participating interests
17,170
19,548
7,246,968
7,246,968
Loans to group undertakings and participating interests
516,656
453,752
-
-
Other investments other than loans
195
195
-
-
534,021
473,495
7,246,968
7,246,968
Movements in fixed asset investments
Group
Shares in associates
Loans to associates
Other investments
Total
£
£
£
£
Cost or valuation
At 1 January 2022
19,548
453,752
195
473,495
Additions
-
75,308
-
75,308
Valuation changes
(2,378)
(12,404)
-
(14,782)
At 31 December 2022
17,170
516,656
195
534,021
Carrying amount
At 31 December 2022
17,170
516,656
195
534,021
At 31 December 2021
19,548
453,752
195
473,495
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
7,246,968
Carrying amount
At 31 December 2022
7,246,968
At 31 December 2021
7,246,968
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Subsidiaries
(Continued)
- 10 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Future Planet Capital (Uk) Limited
1
Ordinary
100.00
-
Midven Holdings Limited
1
Ordinary
100.00
-
RT Capital Management
3
Ordinary
100.00
-
RT Capital Management II
3
Ordinary
100.00
-
FPC Acre Limited
1
Ordinary
100.00
-
Midven Limited
2
Ordinary
-
100.00
FPC Acre General Partner Limited
1
Ordinary
-
100.00
FPC General Partner Limited
1
Ordinary
-
100.00
FPC Acre II General Partner Limited
1
Ordinary
-
100.00
FPC Acre III General Partner Limited
1
Ordinary
-
100.00
Stephenson General Partner Limited
1
Ordinary
-
100.00
Early Advantage (CIV) Limited
1
Ordinary
-
100.00
Millpoint Limited
1
Ordinary
-
100.00
Prism (General Partner) Limited
1
Ordinary
-
100.00
Advantage Growth Fund CIV (GP) Limited
1
Ordinary
-
100.00
Advantage Growth Fund (GP) Limited
1
Ordinary
-
100.00
Midvest Limited
1
Ordinary
-
100.00
Midven Co-Invest GP Limited
1
Ordinary
-
100.00
Exceed CIV Limited
1
Ordinary
-
100.00
Exceed (General Partner) Limited
1
Ordinary
-
100.00
MEIF WM Equity (General Partner) Limited
1
Ordinary
-
100.00
Registered office addresses (all UK unless otherwise indicated):
1
3 Coventry Innovation Village, C/O Spencer Gardner Dickins, Cheetah Road, Coventry, England, CV1 2TL
2
C/O Wework, 55 Colmore Row, Birmingham, England, B3 2AA
3
Forbes Hare Trust Company Limited, Cassia Court, 10 Market Street, Camana Bay, Grand Cayman, Cayman Islands.
7
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
195
195
-
-
FUTURE PLANET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
8
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
403,640
145,960
-
-
Amounts owed by group undertakings
(35,110)
-
-
-
Other debtors
674,289
312,782
-
-
Prepayments and accrued income
60,032
291,294
-
-
1,102,851
750,036
-
-
9
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade creditors
161,754
30,627
-
-
Amounts owed to group undertakings
3,906,001
3,923,442
6,117,489
2,638,042
Corporation tax payable
20,557
-
-
-
Other taxation and social security
182,737
291,016
-
-
Other creditors
245,483
4,920,608
-
4,608,826
Accruals and deferred income
118,073
128,894
6,643
-
4,634,605
9,294,587
6,124,132
7,246,868
10
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Other borrowings
1,699,633
-
-
-
11
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Related party transactions
The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned companies within the group.true
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityS R S J AlsuwaidiR D Hansen-LukeD P Knox130112982022-01-012022-12-3113011298bus:Consolidated2022-12-31130112982022-12-3113011298bus:Consolidated2021-12-31130112982021-12-3113011298core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3113011298core:Non-currentFinancialInstruments2022-12-3113011298core:Non-currentFinancialInstruments2021-12-3113011298bus:Director22022-01-012022-12-311301129812022-01-012022-12-3113011298bus:Consolidated2022-01-012022-12-3113011298bus:Consolidated2020-11-112021-12-31130112982020-11-112021-12-3113011298bus:PrivateLimitedCompanyLtd2022-01-012022-12-3113011298bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3113011298bus:FRS1022022-01-012022-12-3113011298bus:AuditExemptWithAccountantsReport2022-01-012022-12-3113011298bus:ConsolidatedGroupCompanyAccounts2022-01-012022-12-3113011298bus:Director12022-01-012022-12-3113011298bus:Director32022-01-012022-12-3113011298bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP