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Company No: 05582426 (England and Wales)

FARSIGHT SYSTEMS LTD

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

FARSIGHT SYSTEMS LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

FARSIGHT SYSTEMS LTD

BALANCE SHEET

As at 31 October 2023
FARSIGHT SYSTEMS LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 53 62
53 62
Current assets
Stocks 4 8,048 10,028
Debtors 5 51 98
Cash at bank and in hand 17,625 71,643
25,724 81,769
Creditors: amounts falling due within one year 6 ( 2,411) ( 9,304)
Net current assets 23,313 72,465
Total assets less current liabilities 23,366 72,527
Provision for liabilities ( 10) ( 12)
Net assets 23,356 72,515
Capital and reserves
Called-up share capital 2 2
Profit and loss account 23,354 72,513
Total shareholder's funds 23,356 72,515

For the financial year ending 31 October 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 Farsight Systems Ltd (registered number: 05582426) were approved and authorised for issue by the Board of Directors on 21 March 2024. They were signed on its behalf by:

J F Sinclair
Director
FARSIGHT SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
FARSIGHT SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Farsight Systems Ltd (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 1c Ullswater Crescent, Weymouth, Dorset, DT3 5HE, 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 £.

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.

The company recognises revenue when ;
The amount of revenue can be reliably measured ;
it is probable that future economic benefits will flow to the entity ;
and specific criteria have been met for each of the company's activities.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % 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.

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.

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.

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.

2. Employees

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

The company is run and administered by the directors for whom no formal contracts of service are in place.

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 982 982
At 31 October 2023 982 982
Accumulated depreciation
At 01 November 2022 920 920
Charge for the financial year 9 9
At 31 October 2023 929 929
Net book value
At 31 October 2023 53 53
At 31 October 2022 62 62

4. Stocks

2023 2022
£ £
Stocks 8,048 10,028

5. Debtors

2023 2022
£ £
Other debtors 51 98

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 199 0
Other creditors 2,212 9,304
2,411 9,304

7. Related party transactions

Transactions with the entity's directors

During the year the directors maintained an interest free loan with the company which is repayable on demand. At the balance sheet date the amount owing to the directors was £944 (2022 £8,577).