FARSCAPE LIMITED

Company Registration Number:
04373369 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2024

Period of accounts

Start date: 01 March 2023

End date: 28 February 2024

FARSCAPE LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2024

Balance sheet
Notes

FARSCAPE LIMITED

Balance sheet

As at 28 February 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 2,369 1,840
Total fixed assets: 2,369 1,840
Current assets
Debtors:   20,154 27,692
Cash at bank and in hand: 20,323 8,517
Total current assets: 40,477 36,209
Creditors: amounts falling due within one year:   (7,062) (2,443)
Net current assets (liabilities): 33,415 33,766
Total assets less current liabilities: 35,784 35,606
Creditors: amounts falling due after more than one year:   (33,934) (39,976)
Provision for liabilities: (450) (466)
Total net assets (liabilities): 1,400 (4,836)
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 1,300 (4,936)
Shareholders funds: 1,400 (4,836)

The notes form part of these financial statements

FARSCAPE LIMITED

Balance sheet statements

For the year ending 28 February 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 November 2024
and signed on behalf of the board by:

Name: Mr R Bowser
Status: Director

The notes form part of these financial statements

FARSCAPE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 25% on reducing balance 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.

Other accounting policies

Taxation: The tax expense represents the sum of the tax currently payable and deferred tax. Current tax: The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. Deferred tax: Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FARSCAPE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

FARSCAPE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Tangible Assets

Total
Cost £
At 01 March 2023 20,475
Additions 1,161
At 28 February 2024 21,636
Depreciation
At 01 March 2023 18,635
Charge for year 632
At 28 February 2024 19,267
Net book value
At 28 February 2024 2,369
At 28 February 2023 1,840

FARSCAPE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Related party transactions

Name of the related party:
Relationship:
Directors
Description of the Transaction: At the year end the following amounts were owed by the directors of Farscape limited: R Bowser - £11,186 (2023 - £18,099) R P Bowser - £6,881(2023 - £7,742)
£
Balance at 01 March 2023 25,841
Balance at 28 February 2024 18,067