Goldfinch Software Limited
Registered number: 07369884
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,049 1,846
Current assets
Debtors 4 597,365 260,429
Cash at bank and in hand 1 45,205
597,366 305,634
Creditors: amounts falling due within one year 5 (453,280) (274,336)
Net current assets 144,086 31,298
Net assets 145,136 33,144
Capital and reserves
Called up share capital 100 100
Profit and loss account 145,036 33,044
Shareholders' funds 145,136 33,144
The directors are 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 directors acknowledge their 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.
Fiona Flaherty
Director
Approved by the board on 31 January 2025
Goldfinch Software Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25%reducing balance
Equipment, Fixtures & Fittings 33.33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Equipment,
fixtures and
fittings
Total
£ £ £
Cost
At 1 September 2023 4,438 34,457 38,895
Additions - - -
At 31 August 2024 4,438 34,457 38,895
Depreciation
At 1 September 2023 4,304 32,745 37,049
Charge for the year 134 663 797
At 31 August 2024 4,438 33,408 37,846
Net book value
At 31 August 2024 - 1,049 1,049
At 31 August 2023 134 1,712 1,846
4 Debtors 2024 2023
£ £
Director's account 596,365 259,429
Rent Deposit 1,000 1,000
597,365 260,429
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 147,173 -
Bounce Bank Loan - 14,835
Corporation tax 225,161 187,195
Other taxes and social security costs 80,946 72,306
Other creditors - -
453,280 274,336
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Adam Flaherty
[Loan paid] 129,715 298,182 (129,715) 298,182
Fiona Flaherty
[Loan paid] 129,715 298,182 (129,715) 298,182
259,430 596,364 (259,430) 596,364
7 Related party transactions 2024 2023
£ £
Adam Flaherty
(Loan given to director) 298,182 129,715
Fiona Flaherty
(Loan given to director) 298,182 129,715
8 Controlling party
During the period, the company was wholly under the control of the directors.
9 Other information
Goldfinch Software Limited is a private company limited by shares and incorporated in England. Its registered office is:
45 Ashpole Furlong
Loughton
Milton Keynes
England
MK5 8ED
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