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REGISTERED NUMBER: 08379209 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FARETEXT LIMITED

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FARETEXT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C McGeachie
B J McGeachie





SECRETARY: C McGeachie





REGISTERED OFFICE: 9 Main Road
Bilton
Hull
HU11 4AP





REGISTERED NUMBER: 08379209 (England and Wales)





ACCOUNTANTS: Jones Thorne Limited
400-402 Richmond Road
Sheffield
South Yorkshire
S13 8LZ

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,918 38,700

CURRENT ASSETS
Debtors 5 18,991 31,184
Cash at bank 29,351 24,601
48,342 55,785
CREDITORS
Amounts falling due within one year 6 43,460 48,922
NET CURRENT ASSETS 4,882 6,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,800

45,563

CREDITORS
Amounts falling due after more than
one year

7

(31,734

)

(38,120

)

PROVISIONS FOR LIABILITIES (8,979 ) (7,353 )
NET ASSETS 87 90

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 77 80
SHAREHOLDERS' FUNDS 87 90

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





B J McGeachie - Director


FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Faretext Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Software costs - 20% on cost
Office equipment - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Software Office
costs equipment Totals
£    £    £   
COST
At 1 April 2023 62,435 54,893 117,328
Additions 7,987 1,932 9,919
Disposals - (4,341 ) (4,341 )
At 31 March 2024 70,422 52,484 122,906
DEPRECIATION
At 1 April 2023 45,057 33,571 78,628
Charge for year 7,789 3,039 10,828
Eliminated on disposal - (2,468 ) (2,468 )
At 31 March 2024 52,846 34,142 86,988
NET BOOK VALUE
At 31 March 2024 17,576 18,342 35,918
At 31 March 2023 17,378 21,322 38,700

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 13,664 13,423
Other debtors 5,327 17,761
18,991 31,184

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,549 2,257
Trade creditors 9,466 10,650
Taxation and social security 26,412 25,062
Other creditors 2,033 10,953
43,460 48,922

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 31,734 38,120

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,538 16,012

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year - 7,200

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
B J McGeachie
Balance outstanding at start of year 7,445 -
Amounts advanced - 7,445
Amounts repaid (6,232 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,213 7,445

C McGeachie
Balance outstanding at start of year 7,445 -
Amounts advanced - 7,445
Amounts repaid (6,232 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,213 7,445

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £61,000 were paid to the directors .

FARETEXT LIMITED (REGISTERED NUMBER: 08379209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. ULTIMATE CONTROLLING PARTY

The company is controlled by B J McGeachie and C McGeachie, who are equal shareholders in the company and are both directors.