Forestfield Software Limited
Registered number: 02484089
Balance Sheet
at 31 May 2024
Notes 2024 2023
£ £
Current assets
Stocks 100 100
Debtors 4 1,792 153
Cash at bank and in hand 135,795 166,919
137,687 167,172
Creditors: amounts falling due within one year 5 (3,074) (3,036)
Net current assets 134,613 164,136
Net assets 134,613 164,136
Capital and reserves
Called up share capital 3 3
Profit and loss account 134,610 164,133
Shareholders' funds 134,613 164,136
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Francis Hughes
Director
Approved by the board on 30 October 2024
Forestfield Software Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
Plant and machinery 25% per year
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 June 2023 13,047
At 31 May 2024 13,047
Depreciation
At 1 June 2023 13,047
At 31 May 2024 13,047
Net book value
At 31 May 2024 -
4 Debtors 2024 2023
£ £
Trade debtors 1,630 -
Prepayments and accrued income 162 153
1,792 153
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 49 32
Taxation and social security costs 112 421
Other creditors 1,821 1,509
Accruals and deferred income 1,092 1,074
3,074 3,036
6 Other information
Forestfield Software Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Warnham Road
Horsham
West Sussex
RH12 2QU
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