REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
for |
Firmsight Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings |
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 were approved by the director and authorised for issue on |
Firmsight Limited (Registered number: 07244426) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
Firmsight Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
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 |
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. |