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REGISTERED NUMBER: SC134200 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

FOREMOST IT LIMITED

FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOREMOST IT LIMITED

Company Information
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Dr J Malone
Dr S McInnes



REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC134200 (Scotland)



ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



BANKERS: Bank of Scotland
54/62 Sauchiehall Street
Glasgow
G2 3AH

FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)

Balance Sheet
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 92 119
92 119

CURRENT ASSETS
Debtors 6 25,035 26,604
Cash at bank 10,336 18,321
35,371 44,925
CREDITORS
Amounts falling due within one year 7 706 1,131
NET CURRENT ASSETS 34,665 43,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,757

43,913

CAPITAL AND RESERVES
Called up share capital 93,825 93,825
Retained earnings (59,068 ) (49,912 )
SHAREHOLDERS' FUNDS 34,757 43,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)

Balance Sheet - continued
30 SEPTEMBER 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 Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:





Dr J Malone - Director


FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Foremost IT Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets
Internally developed software products have been capitalised in the balance sheet and are being amortised on a straight line basis over the estimated useful economic life of ten years.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on a reducing balance basis
Computer equipment - 25% on a reducing balance basis

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.

FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 October 2023
and 30 September 2024 104,834
AMORTISATION
At 1 October 2023
and 30 September 2024 104,834
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Internally developed software has been revalued by the directors on an open market basis as at 1 October 2000.


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 50,486 203,148 253,634
DEPRECIATION
At 1 October 2023 50,372 203,143 253,515
Charge for year 22 5 27
At 30 September 2024 50,394 203,148 253,542
NET BOOK VALUE
At 30 September 2024 92 - 92
At 30 September 2023 114 5 119


FOREMOST IT LIMITED (REGISTERED NUMBER: SC134200)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 23,943 26,604
Other debtors 1,092 -
25,035 26,604

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 6 431
Other creditors 700 700
706 1,131