Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01falseNo description of principal activity88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11330700 2022-10-01 2023-09-30 11330700 2022-05-01 2022-09-30 11330700 2023-09-30 11330700 2022-09-30 11330700 c:Director2 2022-10-01 2023-09-30 11330700 d:OfficeEquipment 2022-10-01 2023-09-30 11330700 d:OfficeEquipment 2023-09-30 11330700 d:OfficeEquipment 2022-09-30 11330700 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11330700 d:ComputerEquipment 2022-10-01 2023-09-30 11330700 d:ComputerEquipment 2023-09-30 11330700 d:ComputerEquipment 2022-09-30 11330700 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11330700 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11330700 d:CurrentFinancialInstruments 2023-09-30 11330700 d:CurrentFinancialInstruments 2022-09-30 11330700 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11330700 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 11330700 d:ShareCapital 2023-09-30 11330700 d:ShareCapital 2022-09-30 11330700 d:SharePremium 2023-09-30 11330700 d:SharePremium 2022-09-30 11330700 d:RetainedEarningsAccumulatedLosses 2023-09-30 11330700 d:RetainedEarningsAccumulatedLosses 2022-09-30 11330700 c:OrdinaryShareClass1 2022-10-01 2023-09-30 11330700 c:OrdinaryShareClass1 2023-09-30 11330700 c:OrdinaryShareClass1 2022-09-30 11330700 c:FRS102 2022-10-01 2023-09-30 11330700 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 11330700 c:FullAccounts 2022-10-01 2023-09-30 11330700 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11330700 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11330700









FORESIGHT WORKS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
FORESIGHT WORKS LTD
REGISTERED NUMBER: 11330700

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,902
19,963

  
11,902
19,963

Current assets
  

Debtors: amounts falling due within one year
 5 
254,543
504,275

Cash at bank and in hand
 6 
1,277,458
893,139

  
1,532,001
1,397,414

Creditors: amounts falling due within one year
 7 
(3,602,826)
(3,225,535)

Net current liabilities
  
 
 
(2,070,825)
 
 
(1,828,121)

Total assets less current liabilities
  
(2,058,923)
(1,808,158)

  

Net liabilities
  
(2,058,923)
(1,808,158)


Capital and reserves
  

Called up share capital 
 8 
221
202

Share premium account
  
814,919
49,999

Profit and loss account
  
(2,874,063)
(1,858,359)

  
(2,058,923)
(1,808,158)


Page 1

 
FORESIGHT WORKS LTD
REGISTERED NUMBER: 11330700
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V Shyfrin
Director

Date: 29 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FORESIGHT WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Foresight Works Ltd is a private company limited by shares and incorporated in England and Wales (Registered number:11330700). The registered office is 101 New Cavendish Street, 1st Floor South, London,United Kingdom, W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The directors have obtained assurances from the shareholders to continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
FORESIGHT WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line method
Computer equipment
-
25%
straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

Page 4

 
FORESIGHT WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
7,578
32,522
40,100


Additions
908
1,440
2,348


Disposals
-
(845)
(845)



At 30 September 2023

8,486
33,117
41,603



Depreciation


At 1 October 2022
6,276
13,861
20,137


Charge for the year on owned assets
1,525
8,092
9,617


Disposals
-
(53)
(53)



At 30 September 2023

7,801
21,900
29,701



Net book value



At 30 September 2023
685
11,217
11,902



At 30 September 2022
1,302
18,661
19,963

Page 5

 
FORESIGHT WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
192,483
192,491

Other debtors
58,901
311,784

Prepayments and accrued income
3,159
-

254,543
504,275



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,277,458
893,139

Less: bank overdrafts
(2,000)
-

1,275,458
893,139



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,000
-

Trade creditors
70,705
16,670

Amounts owed to group undertakings
355,533
342,581

Other taxation and social security
37,273
19,470

Other creditors
3,134,315
2,843,814

Accruals and deferred income
3,000
3,000

3,602,826
3,225,535


Page 6

 
FORESIGHT WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Share capital

2023
2022
£
£
Authorised



2,207,326 (2022 - 2,207,326) Ordinary shares of £0.0001 each
220.7326
220.7326

Allotted, called up and fully paid



2,207,326 (2022 - 2,016,667) Ordinary shares of £0.0001 each
220.7326
201.6667





9.


Related party transactions

Included within creditors is a balance of £354,533 (2022: £342,581) owed to an associate company.

 
Page 7