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Company Registration No. 08393428 (England and Wales)
Farsight Software Ltd Unaudited accounts for the year ended 28 February 2023
Farsight Software Ltd Unaudited accounts Contents
Page
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Farsight Software Ltd Company Information for the year ended 28 February 2023
Directors
Mr Thomas Crowder Mrs Wendy Crowder
Company Number
08393428 (England and Wales)
Registered Office
20-22 Wenlock Road London N1 7GU
Accountants
Atmos Bookkeeping Ltd 32 Aconbury Close Worcester WR5 1JD
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Farsight Software Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,148 
1,992 
Current assets
Debtors
17,420 
26,800 
Cash at bank and in hand
2,000 
18,238 
19,420 
45,038 
Creditors: amounts falling due within one year
(22,333)
(46,637)
Net current liabilities
(2,913)
(1,599)
Net assets
235 
393 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
135 
293 
Shareholders' funds
235 
393 
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by
Mr Thomas Crowder Director Company Registration No. 08393428
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Farsight Software Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
Farsight Software Ltd is a private company, limited by shares, registered in England and Wales, registration number 08393428. The registered office is 20-22 Wenlock Road, London, N1 7GU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 28 February 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2021
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the provision of IT consultancy services is recognised in the period in which the services are provided.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Basic financial instruments, other than arrangements constituting financing transactions, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Basic financial instruments classified as payable or receivable within one year are not amortised. Arrangements constituting financing transactions are measured at the present value of the future payments or receipts discounted at a market rate of interest.
Going concern
The financial statements have been prepared on a going concern basis.
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Farsight Software Ltd Notes to the Accounts for the year ended 28 February 2023
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2022
350 
152 
9,396 
9,898 
Additions
1,160 
- 
1,462 
2,622 
At 28 February 2023
1,510 
152 
10,858 
12,520 
Depreciation
At 1 March 2022
88 
53 
7,765 
7,906 
Charge for the year
377 
38 
1,051 
1,466 
At 28 February 2023
465 
91 
8,816 
9,372 
Net book value
At 28 February 2023
1,045 
61 
2,042 
3,148 
At 28 February 2022
262 
99 
1,631 
1,992 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
766 
- 
Trade debtors
11,831 
- 
Accrued income and prepayments
- 
17,370 
Other debtors
4,823 
9,430 
17,420 
26,800 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
43 
- 
VAT
- 
18,513 
Trade creditors
3,006 
- 
Taxes and social security
18,924 
26,217 
Other creditors
360 
32 
Accruals
- 
1,875 
22,333 
46,637 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
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Farsight Software Ltd Notes to the Accounts for the year ended 28 February 2023
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr Thomas Crowder
Interest-free, repayable on demand
1,700 
6,129 
5,597 
2,232 
1,700 
6,129 
5,597 
2,232 
9
Transactions with related parties
Amounts due to related parties: At the reporting date, there were no amounts owed to key management personnel (2022: £0).
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).
11
Reconciliations on adoption of FRS 102
The company's most recent financial statements were prepared in accordance with the provisions of FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime. The date of transition to FRS 102 Section 1A Small Entities is 1 March 2021. There were no changes to accounting policies affecting either the balance sheet as at 28 February 2022 or the profit for the year ended 28 February 2022.
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