Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-303No description of principal activity2023-07-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12648995 2023-07-01 2024-06-30 12648995 2022-07-01 2023-06-30 12648995 2024-06-30 12648995 2023-06-30 12648995 c:Director1 2023-07-01 2024-06-30 12648995 c:Director2 2023-07-01 2024-06-30 12648995 d:ComputerSoftware 2024-06-30 12648995 d:ComputerSoftware 2023-06-30 12648995 d:CurrentFinancialInstruments 2024-06-30 12648995 d:CurrentFinancialInstruments 2023-06-30 12648995 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12648995 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12648995 d:ShareCapital 2024-06-30 12648995 d:ShareCapital 2023-06-30 12648995 d:RetainedEarningsAccumulatedLosses 2024-06-30 12648995 d:RetainedEarningsAccumulatedLosses 2023-06-30 12648995 c:FRS102 2023-07-01 2024-06-30 12648995 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12648995 c:FullAccounts 2023-07-01 2024-06-30 12648995 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12648995 d:ComputerSoftware d:OwnedIntangibleAssets 2023-07-01 2024-06-30 12648995 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 12648995









40 FATHOMS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
40 FATHOMS LTD
REGISTERED NUMBER: 12648995

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
1,230
2,460

  
1,230
2,460

Current assets
  

Debtors: amounts falling due within one year
 5 
1,513
1,010

Cash at bank and in hand
 6 
33,504
15,129

  
35,017
16,139

Creditors: amounts falling due within one year
 7 
(88,616)
(76,614)

Net current liabilities
  
 
 
(53,599)
 
 
(60,475)

Total assets less current liabilities
  
(52,369)
(58,015)

  

Net liabilities
  
(52,369)
(58,015)


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
(52,669)
(58,315)

  
(52,369)
(58,015)


Page 1

 
40 FATHOMS LTD
REGISTERED NUMBER: 12648995
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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 income and retained earnings 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: 




J D Elliott
Director



C W Cole
Director

Date: 19 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
40 FATHOMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

40 Fathoms Ltd is a private company limited by shares, incorporated in England and Wales and the address of the registered office is Aston House, Cornwall Avenue, London, N3 1LF.

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

The shareholders of the company will continue supporting the company to meet its working capital requirement and obligations. On this basis the directors consider it appropriate to prepare the financial statements on 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.

Page 3

 
40 FATHOMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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.

 
2.7

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.

 
2.8

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 3 (2023 - 3).

Page 4

 
40 FATHOMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Computer software

£



Cost


At 1 July 2023
6,150



At 30 June 2024

6,150



Amortisation


At 1 July 2023
3,690


Charge for the year on owned assets
1,230



At 30 June 2024

4,920



Net book value



At 30 June 2024
1,230



At 30 June 2023
2,460




5.


Debtors

2024
2023
£
£


Other debtors
1,513
1,010



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
33,504
15,129


Page 5

 
40 FATHOMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
2,498

Other creditors
86,846
71,846

Accruals and deferred income
1,770
2,270

88,616
76,614


 
Page 6