Concept of Over/Under-Hedge

Using this simplified example, can you explain the currency movement involved in a over/under hedge please. A UK company needs to make a US payment of $4.3 million. Future's contract sizes = £31,250 Lock-in rate on the future = US 1.4670 per £1 Hence, # of contracts = (4,300,000/1.4670) / £31,250 = 93.80 If I sell 94 contracts this is an over-hedge of US$9,312.50. Assuming the over-hedge will be settled on the forward market, I know the rate used will be the one least favourable to the UK company, but what is the flow of currency of the over-hedge,that is who holds the over hedge amount, currency exchanges made.