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REGISTERED NUMBER: 07244426 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31st May 2024

for

Firmsight Limited

Firmsight Limited (Registered number: 07244426)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Firmsight Limited

Company Information
for the Year Ended 31st May 2024







DIRECTOR: Mrs K B Hall





SECRETARY:





REGISTERED OFFICE: Southcott
Cricklade Street
Poulton
Cirencester
Gloucestershire
GL7 5HX





REGISTERED NUMBER: 07244426 (England and Wales)





ACCOUNTANTS: AMM Bookkeeping & Accountancy
4 Longlands
West End Gardens
Fairford
Gloucestershire
GL7 4LG

Firmsight Limited (Registered number: 07244426)

Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Investment property 4 1,350,000 1,350,000

CURRENT ASSETS
Debtors 5 283 -
Cash at bank 11,359 6,399
11,642 6,399
CREDITORS
Amounts falling due within one year 6 (639,691 ) (655,702 )
NET CURRENT LIABILITIES (628,049 ) (649,303 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

721,951

700,697

PROVISIONS FOR LIABILITIES (126,558 ) (126,558 )
NET ASSETS 595,393 574,139

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 8 539,539 539,539
Retained earnings 55,853 34,599
595,393 574,139

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

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

The director acknowledges her 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.

Firmsight Limited (Registered number: 07244426)

Balance Sheet - continued
31st May 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 director and authorised for issue on 30th January 2025 and were signed by:





Mrs K B Hall - Director


Firmsight Limited (Registered number: 07244426)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Firmsight 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is recognized at the fair value of the consideration received for the rental income.

Investment property
The investment property is shown at its fair value as estimated by the director. Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is provided against these movements.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Firmsight Limited (Registered number: 07244426)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023
and 31st May 2024 1,350,000
NET BOOK VALUE
At 31st May 2024 1,350,000
At 31st May 2023 1,350,000

After professional valuations in 2023 and consideration of the market movements by the director, the investment properties have been valued at fair value by the director at the year end at £1,350,000 (2023: £1,350,500).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 283 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 360,000 360,000
Trade creditors 25 -
Taxation and social security 4,985 4,622
Other creditors 274,681 291,080
639,691 655,702

7. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 360,000 360,000

Interest only bank loan secured on property owned by the company. The loan term completes on 15 May 2028.

8. RESERVES
Fair
value
reserve
£   
At 1st June 2023
and 31st May 2024 539,539

Firmsight Limited (Registered number: 07244426)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other creditors falling due within one year is £277,166 (2023: £287,913) owed to the director from the company. Although there are no formal repayment terms, the director has acknowledged that this would not be called on until there were sufficient funds available.