Company Registration No. 08054704 (England and Wales)
FARTHEST GATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
FARTHEST GATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FARTHEST GATE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,035
20,509
Investments
4
263,025
263,025
298,060
283,534
Current assets
Stocks
15,342
4,359
Debtors
6
430,879
89,575
Cash at bank and in hand
470,811
432,265
917,032
526,199
Creditors: amounts falling due within one year
7
(432,705)
(344,126)
Net current assets
484,327
182,073
Total assets less current liabilities
782,387
465,607
Provisions for liabilities
(8,222)
(3,194)
Deferred income
8
(450,226)
(246,654)
Net assets
323,939
215,759
Capital and reserves
Called up share capital
9
33,333
33,333
Profit and loss reserves
290,606
182,426
Total equity
323,939
215,759

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 13 September 2022 and are signed on its behalf by:
P Spanos
Director
Company Registration No. 08054704
FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Farthest Gate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 137 Euston Road, London, United Kingdom, NW1 2AA.

1.1
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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors have considered the going concern status of the group headed by Farthest Gate Limited, including EST Solutions Limited, to include the preparation of consolidated profit and loss, balance sheet and cash flow projections for a period of at least twelve months from the date of approval of the financial statements. The group is expected to trade profitably and be cash generative, in addition to which the directors have a reasonable expectation that where necessary each entity will provide support for the other to the extent necessary to ensure liabilities continue to be met as they fall due. Accordingly the financial statements have been prepared on the going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover from long term support agreements is recognised on an accruals basis over the period in which the support is provided.

1.4
Other operating income

Other operating income represents expenditure incurred by the company, recharged to the subsidiary undertaking.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% per annum straight line

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 credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases are charged to income 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 lease asset are consumed.

FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
25
21
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2021
77,057
Additions
30,403
At 31 December 2021
107,460
Depreciation and impairment
At 1 January 2021
56,548
Depreciation charged in the year
15,877
At 31 December 2021
72,425
Carrying amount
At 31 December 2021
35,035
At 31 December 2020
20,509
FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Fixed asset investments
2021
2020
£
£
Shares in group undertaking
263,025
263,025
Movements in fixed asset investments
Shares in group undertaking
£
Cost or valuation
At 1 January 2021 & 31 December 2021
263,025
Carrying amount
At 31 December 2021
263,025
At 31 December 2020
263,025
5
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held      Direct
EST Solutions Limited
England and Wales
The sale, implementation and support of case management and work flow solutions and associated consultancy and training
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
EST Solutions Limited
203,909
164,183
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
66,720
4,171
Amounts owed by group undertakings
251,365
-
0
Other debtors
1,215
35
Prepayments and accrued income
111,579
85,369
430,879
89,575
FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
-
0
9,986
Trade creditors
53,624
53,773
Corporation tax
66,651
53,685
Other taxation and social security
136,044
110,546
Other creditors
41,986
14,078
Accruals
134,400
102,058
432,705
344,126
8
Deferred income
2021
2020
£
£
Deferred income
450,226
246,654
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,329
33,329
33,329
33,329
B Ordinary share of £1 each
1
1
1
1
C Ordinary share of £1 each
1
1
1
1
D Ordinary share of £1 each
1
1
1
1
E Ordinary share of £1 each
1
1
1
1
33,333
33,333
33,333
33,333

The B Ordinary share, C Ordinary share, D Ordinary share and E Ordinary share all rank pari passu with the Ordinary shares in the company. The company is entitled to declare dividends in respect of one or more classes of share and not others.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Lee Van Houplines and the auditor was Azets Audit Services.
FARTHEST GATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
11
Related party transactions

During the year the company incurred consultancy and marketing cost of £40,984 (2020: £52,060) from Snafu Services Limited, a company incorporated in England and Wales of which J Meyer, a direct family relative of S Meyer, is a director. At the balance sheet date the company had accrued expenses to Snafu Services Limited totalling £nil (2020: £8,650).

 

During the year, a director incurred expenses on behalf of the company totalling £7,310 (2020: £nil), at the balance sheet date £4,339 (2020: £nil) was due to the director, the balance is presented within trade creditors.

 

Dividends totalling £346,667 (2020: £111,110) were declared in the year, at the balance sheet date £26,667 (2020: £nil) was due to the directors. The balance was settled post year end.

 

During the year the company charged £145,371 (2020: £141,408) in respect of research and development, licensing and overheads to EST Solutions Limited, a wholly owned subsidiary of the company. During the year the company also paid expenses on behalf of EST Solutions Limited totalling £185,980 (2020: £176,518). During the year the company accrued interest payable to EST Solutions Limited totalling £nil (2020: £4,100).

 

A dividend of £165,000 (2020: £110,000) was declared in favour of the company by EST Solutions Limited. Cash transfers from EST Solutions Limited totalled £235,000 (2020: £274,000).

 

At the balance sheet date, amounts due from EST Solutions Limited totalled £251,365 (2020: £9,986 due to).

2021-12-312021-01-01false13 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityThis audit opinion is unqualifiedR JohnsonP SpanosS MeyerD NesbitS Downs080547042021-01-012021-12-31080547042021-12-31080547042020-12-3108054704core:ComputerEquipment2021-12-3108054704core:ComputerEquipment2020-12-3108054704core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3108054704core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3108054704core:CurrentFinancialInstruments2021-12-3108054704core:CurrentFinancialInstruments2020-12-3108054704core:ShareCapital2021-12-3108054704core:ShareCapital2020-12-3108054704core:RetainedEarningsAccumulatedLosses2021-12-3108054704core:RetainedEarningsAccumulatedLosses2020-12-3108054704core:ShareCapitalOrdinaryShares2021-12-3108054704core:ShareCapitalOrdinaryShares2020-12-3108054704bus:Director22021-01-012021-12-3108054704core:ComputerEquipment2021-01-012021-12-31080547042020-01-012020-12-3108054704core:ComputerEquipment2020-12-3108054704core:Subsidiary12021-01-012021-12-3108054704core:Subsidiary112021-01-012021-12-3108054704bus:PrivateLimitedCompanyLtd2021-01-012021-12-3108054704bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3108054704bus:FRS1022021-01-012021-12-3108054704bus:Audited2021-01-012021-12-3108054704bus:Director12021-01-012021-12-3108054704bus:Director32021-01-012021-12-3108054704bus:Director42021-01-012021-12-3108054704bus:CompanySecretary12021-01-012021-12-3108054704bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP