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
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
Farsight Software Ltd
Statement of financial position
as at 28 February 2023
Tangible assets
3,148
1,992
Cash at bank and in hand
2,000
18,238
Creditors: amounts falling due within one year
(22,333)
(46,637)
Net current liabilities
(2,913)
(1,599)
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
Farsight Software Ltd
Notes to the Accounts
for the year ended 28 February 2023
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.
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
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
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.
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.
The financial statements have been prepared on a going concern basis.
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
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
At 28 February 2023
1,045
61
2,042
3,148
At 28 February 2022
262
99
1,631
1,992
Amounts falling due within one year
Accrued income and prepayments
-
17,370
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
43
-
Taxes and social security
18,924
26,217
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Farsight Software Ltd
Notes to the Accounts
for the year ended 28 February 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest-free, repayable on demand
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.