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FIRST OPTION SOFTWARE LIMITED

Registered Number
06340261
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

FIRST OPTION SOFTWARE LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

CLARKE, Matthew Trevor
EDWARDS, Michael Roger
JONES, Owen Peter
TURNER, Richard Irving

Company Secretary

EDWARDS, Michael Roger

Registered Address

Signal House, Jacklyns Lane
Alresford
Hampshire
SO24 9JJ

Registered Number

06340261 (England and Wales)
FIRST OPTION SOFTWARE LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets37,3477,653
Tangible assets511,5738,698
18,92016,351
Current assets
Debtors289,066258,033
Cash at bank and on hand341,960380,489
631,026638,522
Creditors amounts falling due within one year6(232,397)(259,857)
Net current assets (liabilities)398,629378,665
Total assets less current liabilities417,549395,016
Provisions for liabilities(2,262)(1,774)
Net assets415,287393,242
Capital and reserves
Called up share capital100100
Profit and loss account415,187393,142
Shareholders' funds415,287393,242
The financial statements were approved and authorised for issue by the Board of Directors on 13 May 2025, and are signed on its behalf by:
CLARKE, Matthew Trevor
Director
Registered Company No. 06340261
FIRST OPTION SOFTWARE LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Intangible assets
Intangible assets are recorded at fair value and amortised over their estimated useful economic life.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings7
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year1515
3.Intangible assets

Total

£
Cost or valuation
At 01 September 2310,698
At 31 August 2410,698
Amortisation and impairment
At 01 September 233,045
Charge for year306
At 31 August 243,351
Net book value
At 31 August 247,347
At 31 August 237,653
4.Useful life of intangible assets
Intangible assets such as licenses are amortised over their estimated useful economic life of 5 years.
5.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 23136,464
Additions10,322
At 31 August 24146,786
Depreciation and impairment
At 01 September 23127,767
Charge for year7,446
At 31 August 24135,213
Net book value
At 31 August 2411,573
At 31 August 238,698
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables47,21526,633
Taxation and social security45,08060,851
Other creditors6,8763,936
Accrued liabilities and deferred income133,226168,437
Total232,397259,857
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.