Farsight Software Ltd

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2—5

1. General Information

Farsight Software Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08393428 . The registered office is 20-22 Wenlock Road, London, N1 7GU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small Entities and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered in the normal course of business, net of discounts, value added taxes and other applicable sales taxes.

Rendering of services

Turnover from the rendering of information technology consultancy services is recognised in the period in which the services are provided.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the income statement at the following rates in order to write off the cost of the assets, less their estimated residual value, over their estimated useful lives:

Plant & Machinery	Mixture of 33% and 25% straight line
Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

2.5. Financial Instruments

Basic financial instruments

Cash and cash equivalents, and trade and other debtors and creditors, are classified as basic financial instruments.

Basic financial instruments not constituting financing transactions are initially recognised at transaction price. For arrangements constituting financing transactions, different recognition criteria apply:

Loans to the company from a person who is within a director's group of close family members that contains at least one shareholder are also initially recognised at transaction price.

All other arrangements constituting financing transactions are initially recognised at the present value of the future payments or receipts discounted at a market rate of interest.

Subsequent to initial recognition:

Basic financial instruments classified as payable or receivable after more than one year are measured at amortised cost using the effective interest method.

Basic financial instruments classified as payable or receivable within one year are only amortised if the effect is material.

Cash and cash equivalents

Cash in hand, bank balances, and short-term deposits with an original maturity of three months or less, which are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, are classified as cash and cash equivalents. These amounts are included in 'Cash at bank and in hand' on the statement of financial position.

Bank overdrafts are generally classified separately as creditors under current liabilities. However, if overdrafts are repayable on demand and the company has a legally enforceable right to set them off against cash and cash equivalents, they may be offset in certain circumstances.

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Farsight Software Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current tax is also recognised in other comprehensive income or directly in equity respectively.

2.8. Presentation Currency

The financial statements are presented in £ sterling, which is the functional currency of the company.

2.9. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors' report, and notes to the financial statements relating to the income statement.

3. Average Number of Employees

The average number of employees, including directors and other officers, during the year was: 2 (2024: 2)

4. Tangible assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 March 2024	1,985	152	12,656	14,793
Additions	94	-	-	94

As at 28 February 2025	2,079	152	12,656	14,887

Depreciation
As at 1 March 2024	961	129	10,272	11,362
Provided during the period	502	23	1,074	1,599

As at 28 February 2025	1,463	152	11,346	12,961

Net Book Value
As at 28 February 2025	616	-	1,310	1,926

As at 1 March 2024	1,024	23	2,384	3,431

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Farsight Software Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	14,325	12,148
Prepayments and accrued income	219	425
Corporation tax recoverable assets	2,591	2,591
VAT	161	308
Directors' loan accounts	2,368	2,440

	19,664	17,912

6. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Trade creditors	3,708	2,970
Corporation tax	17,697	20,675
Credit card account	32	-
Accruals and deferred income	-	100

	21,437	23,745

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary shares of £ 1.00 each	100	100

8. Directors Advances, Credits and Guarantees

Loans to directors

Included within Debtors are the following loans to directors:

	As at 1 March 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 28 February 2025
	£	£	£	£	£
Mr Thomas Crowder	2,440	9,495	10,372	-	1,563
Mrs Wendy Crowder	-	6,305	5,500	-	805

The above loans are interest-free, unsecured and repayable on demand.

Maximum balances outstanding during year:

Mr Thomas Crowder: £7,995

Mrs Wendy Crowder: £4,500

Totals:

Loans outstanding at start of year: £2,440

Amounts advanced: £15,800

Amounts repaid: £15,872

Loans outstanding at end of year: £2,368

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Farsight Software Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

9. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	61,000	72,760

10. Related Party Transactions

During the year, the company entered into the following transactions with related parties:

Owners holding a participating interest

During the year, the company received loans from Mr T Crowder, a director and majority shareholder, totalling £8,630 (2024: £5,368). At the reporting date, the outstanding loan balance was £0 (2024: £0). The maximum balance outstanding during the year was £8,630 (2024: £5,368).

This amount was interest-free, unsecured and repayable on demand.

During the year, the company received loans from Mrs W Crowder, a director and minority shareholder, totalling £8,070 (2024: £4,600). At the reporting date, the outstanding loan balance was £0 (2024: £0). The maximum balance outstanding during the year was £8,070 (2024: £4,600).

This amount was interest-free, unsecured and repayable on demand.

For details of loans to directors, see the Directors' Advances, Credits and Guarantees note.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	4		1,926		3,431

			1,926		3,431
CURRENT ASSETS
Debtors	5	19,664		17,912
Cash at bank and in hand		472		2,692

		20,136		20,604
Creditors: Amounts falling due within one year	6	(21,437 )		(23,745 )

NET CURRENT ASSETS (LIABILITIES)			(1,301 )		(3,141 )

TOTAL ASSETS LESS CURRENT LIABILITIES			625		290

NET ASSETS			625		290

CAPITAL AND RESERVES
Called up share capital	7		100		100
Income Statement			525		190

SHAREHOLDERS' FUNDS			625		290