Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr N R Kimberley 01/10/2020 Miss R E Moody 15/01/2004 25 September 2023 The principal activity of the Company during the financial year was that of the provision of corporate events and challenges. 05015961 2023-01-31 05015961 bus:Director1 2023-01-31 05015961 bus:Director2 2023-01-31 05015961 2022-01-31 05015961 core:CurrentFinancialInstruments 2023-01-31 05015961 core:CurrentFinancialInstruments 2022-01-31 05015961 core:Non-currentFinancialInstruments 2023-01-31 05015961 core:Non-currentFinancialInstruments 2022-01-31 05015961 core:ShareCapital 2023-01-31 05015961 core:ShareCapital 2022-01-31 05015961 core:RetainedEarningsAccumulatedLosses 2023-01-31 05015961 core:RetainedEarningsAccumulatedLosses 2022-01-31 05015961 core:PlantMachinery 2022-01-31 05015961 core:OfficeEquipment 2022-01-31 05015961 core:PlantMachinery 2023-01-31 05015961 core:OfficeEquipment 2023-01-31 05015961 bus:OrdinaryShareClass1 2023-01-31 05015961 bus:OrdinaryShareClass2 2023-01-31 05015961 2022-02-01 2023-01-31 05015961 bus:FullAccounts 2022-02-01 2023-01-31 05015961 bus:SmallEntities 2022-02-01 2023-01-31 05015961 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05015961 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05015961 bus:Director1 2022-02-01 2023-01-31 05015961 bus:Director2 2022-02-01 2023-01-31 05015961 core:PlantMachinery 2022-02-01 2023-01-31 05015961 core:OfficeEquipment 2022-02-01 2023-01-31 05015961 2021-02-01 2022-01-31 05015961 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 05015961 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 05015961 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 05015961 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 05015961 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 05015961 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05015961 (England and Wales)

FARSCAPE DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

FARSCAPE DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

FARSCAPE DEVELOPMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
FARSCAPE DEVELOPMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 811 1,995
811 1,995
Current assets
Stocks 200 200
Debtors 4 3,919 10,395
Cash at bank and in hand 33,238 77,507
37,357 88,102
Creditors: amounts falling due within one year 5 ( 77,013) ( 59,135)
Net current (liabilities)/assets (39,656) 28,967
Total assets less current liabilities (38,845) 30,962
Creditors: amounts falling due after more than one year 6 ( 24,111) ( 34,022)
Net liabilities ( 62,956) ( 3,060)
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account ( 62,966 ) ( 3,070 )
Total shareholders' deficit ( 62,956) ( 3,060)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Farscape Development Limited (registered number: 05015961) were approved and authorised for issue by the Director on 25 September 2023. They were signed on its behalf by:

Miss R E Moody
Director
FARSCAPE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
FARSCAPE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Farscape Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 February 2022 3,708 5,613 9,321
Disposals ( 360) ( 3,626) ( 3,986)
At 31 January 2023 3,348 1,987 5,335
Accumulated depreciation
At 01 February 2022 3,651 3,675 7,326
Charge for the financial year 15 486 501
Disposals ( 356) ( 2,947) ( 3,303)
At 31 January 2023 3,310 1,214 4,524
Net book value
At 31 January 2023 38 773 811
At 31 January 2022 57 1,938 1,995

4. Debtors

2023 2022
£ £
Trade debtors 0 6,274
Prepayments 779 779
Other debtors 3,140 3,342
3,919 10,395

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,911 9,666
Trade creditors 3,552 10,563
Amounts owed to directors 2,807 2,807
Accruals and deferred income 43,169 27,746
Other taxation and social security 16,997 7,658
Other creditors 577 695
77,013 59,135

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 24,111 34,022

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary A shares of £ 1.00 each 6 6
4 Ordinary B shares of £ 1.00 each 4 4
10 10

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 513 514

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 2,807 2,807

This loan is interest free and has no fixed date for repayment.