Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 08393428 Mr Thomas Crowder Mrs Wendy Crowder iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08393428 2023-02-28 08393428 2024-02-29 08393428 2023-03-01 2024-02-29 08393428 frs-core:CurrentFinancialInstruments 2024-02-29 08393428 frs-core:ComputerEquipment 2024-02-29 08393428 frs-core:ComputerEquipment 2023-03-01 2024-02-29 08393428 frs-core:ComputerEquipment 2023-02-28 08393428 frs-core:FurnitureFittings 2024-02-29 08393428 frs-core:FurnitureFittings 2023-03-01 2024-02-29 08393428 frs-core:FurnitureFittings 2023-02-28 08393428 frs-core:PlantMachinery 2024-02-29 08393428 frs-core:PlantMachinery 2023-03-01 2024-02-29 08393428 frs-core:PlantMachinery 2023-02-28 08393428 frs-core:ShareCapital 2024-02-29 08393428 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 08393428 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08393428 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 08393428 frs-bus:SmallEntities 2023-03-01 2024-02-29 08393428 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08393428 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08393428 frs-bus:OrdinaryShareClass1 2023-03-01 2024-02-29 08393428 frs-bus:OrdinaryShareClass1 2024-02-29 08393428 frs-bus:Director1 2023-03-01 2024-02-29 08393428 frs-bus:Director1 2023-02-28 08393428 frs-bus:Director1 2024-02-29 08393428 frs-bus:Director2 2023-03-01 2024-02-29 08393428 frs-bus:Director2 2023-02-28 08393428 frs-bus:Director2 2024-02-29 08393428 frs-countries:EnglandWales 2023-03-01 2024-02-29 08393428 2022-02-28 08393428 2023-02-28 08393428 2022-03-01 2023-02-28 08393428 frs-core:CurrentFinancialInstruments 2023-02-28 08393428 frs-core:ShareCapital 2023-02-28 08393428 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 08393428 frs-bus:OrdinaryShareClass1 2022-03-01 2023-02-28 08393428 frs-core:CurrentFinancialInstruments 9 2023-02-28
Registered number: 08393428
Farsight Software Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
Statement of Financial Position
Registered number: 08393428
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 3,431 3,148
3,431 3,148
CURRENT ASSETS
Debtors 5 17,912 17,420
Cash at bank and in hand 2,692 2,000
20,604 19,420
Creditors: Amounts falling due within one year 6 (23,745 ) (22,333 )
NET CURRENT ASSETS (LIABILITIES) (3,141 ) (2,913 )
TOTAL ASSETS LESS CURRENT LIABILITIES 290 235
NET ASSETS 290 235
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 190 135
SHAREHOLDERS' FUNDS 290 235
For the year ending 29 February 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
The financial statements were approved by the board of directors on 25 November 2024 and were signed on its behalf by:
Mr Thomas Crowder
Director
25 November 2024
The notes on pages 2 to 5 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Farsight Software Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08393428 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small Entities and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts, value added taxes and other sales taxes.
Rendering of services
Turnover from the provision of information technology consultancy services is recognised in the period in which the services are provided.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.5. Financial Instruments
Basic financial instruments
Cash and cash equivalents, and trade and other debtors and creditors, are classified as basic financial instruments.
Basic financial instruments not constituting financing transactions are initially recognised at transaction price. For arrangements constituting financing transactions, different recognition criteria apply:
  • Loans to the company from a person who is within a director's group of close family members that contains at least one shareholder are also initially recognised at transaction price.
  • All other arrangements constituting financing transactions are initially recognised at the present value of the future payments or receipts discounted at a market rate of interest.
Subsequent to initial recognition:
  • Basic financial instruments classified as payable or receivable after more than one year are measured at amortised cost using the effective interest method.
  • Basic financial instruments classified as payable or receivable within one year are only amortised if the effect is material.
Cash and cash equivalents
Cash in hand, bank balances, and short-term deposits with an original maturity of three months or less, which are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, are classified as cash and cash equivalents. These amounts are included in 'Cash at bank and in hand' on the statement of financial position.
Bank overdrafts are generally classified separately as creditors under current liabilities. However, if overdrafts are repayable on demand and the company has a legally enforceable right to set them off against cash and cash equivalents, they may be offset in certain circumstances.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Presentation Currency
 The accounts are presented in £ sterling.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors' report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
The average number of employees, including directors and other officers, during the year was: 2 (2023: 2)
2 2
4. Tangible assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 1,510 152 10,858 12,520
Additions 475 - 1,798 2,273
As at 29 February 2024 1,985 152 12,656 14,793
Depreciation
As at 1 March 2023 465 91 8,816 9,372
Provided during the period 496 38 1,456 1,990
As at 29 February 2024 961 129 10,272 11,362
Net Book Value
As at 29 February 2024 1,024 23 2,384 3,431
As at 1 March 2023 1,045 61 2,042 3,148
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,148 11,831
Prepayments and accrued income 425 -
Corporation tax recoverable assets 2,591 2,591
VAT 308 766
Directors' loan accounts 2,440 2,232
17,912 17,420
6. Creditors: Amounts falling due within one year
2024 2023
£ £
Trade creditors 2,970 3,006
Bank loans and overdrafts - 43
Corporation tax 20,675 18,924
Credit card account - 360
Accruals and deferred income 100 -
23,745 22,333
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary shares of £ 1.00 each 100 100
8. Directors Advances, Credits and Guarantees
Loans to directors
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Thomas Crowder 2,232 16,822 16,614 - 2,440
Mrs Wendy Crowder - 7,650 7,650 - -
The above loans are interest-free, unsecured and repayable on demand.
Totals:
Loans outstanding at start of period: £2,232
Amounts advanced: £24,472
Amounts repaid: £24,264
Loans outstanding at end of period: £2,440
9. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 72,760 82,500
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10. Related Party Transactions
During the year, the company entered into the following transactions with related parties:
Owners holding a participating interest
During the period, the company received a loan from Mr T Crowder, a director and majority shareholder, totalling £5,368. At the reporting date, the outstanding loan balance was £0. The maximum balance outstanding during the period was £5,368.
This loan was interest-free, unsecured and repayable on demand.
During the period, the company received a loan from Mrs W Crowder, a director and minority shareholder, totalling £4,600. At the reporting date, the outstanding loan balance was £0. The maximum balance outstanding during the period was £4,600.
This loan was interest-free, unsecured and repayable on demand.
For details of loans to directors, see Note 12.
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