Fastfit Nationwide Limited Filleted Accounts Cover
Fastfit Nationwide Limited
Company No. 03413923
Information for Filing with The Registrar
31 January 2023
Fastfit Nationwide Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 January 2023.
Principal activities
The principal activity of the company during the year under review was maintenance and repair of motor vehicles.
Directors
The Directors who served at any time during the year were as follows:
P.M. Hickman
D. Smith
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
P.M. Hickman
Director
01 March 2023
Fastfit Nationwide Limited Balance Sheet Registrar
at
31 January 2023
Company No.
03413923
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
192,485149,139
192,485149,139
Current assets
Stocks
5
52,15042,000
Debtors
6
2,308,7711,936,066
Cash at bank and in hand
223,840264,336
2,584,7612,242,402
Creditors: Amount falling due within one year
7
(828,845)
(735,156)
Net current assets
1,755,9161,507,246
Total assets less current liabilities
1,948,4011,656,385
Creditors: Amounts falling due after more than one year
8
(181,036)
(200,678)
Provisions for liabilities
Deferred taxation
9
(36,570)
(27,740)
Net assets
1,730,7951,427,967
Capital and reserves
Called up share capital
1,0001,000
Profit and loss account
10
1,729,7951,426,967
Total equity
1,730,7951,427,967
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit 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 accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 01 March 2023
And signed on its behalf by:
P.M. Hickman
Director
01 March 2023
Fastfit Nationwide Limited Notes to the Accounts Registrar
for the year ended 31 January 2023
1
General information
Its registered number is: 03413923
Its registered office is:
Unit 3 Phase 3
Buntsford Hill Business Park
Bromsgrove
Worcestershire
B60 3DX
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
25% reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
4041
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 February 2022
138,778234,94361,600435,321
Additions
-92,830-92,830
Disposals
-
(30,248)
-
(30,248)
At 31 January 2023
138,778297,52561,600497,903
Depreciation
At 1 February 2022
104,463123,21758,502286,182
Charge for the year
8,55635,58676844,910
Disposals
-
(25,674)
-
(25,674)
At 31 January 2023
113,019133,12959,270305,418
Net book values
At 31 January 2023
25,759164,3962,330192,485
At 31 January 2022
34,315111,7263,098149,139
5
Stocks
2023
2022
£
£
Raw materials and consumables
52,15042,000
52,15042,000
6
Debtors
2023
2022
£
£
Trade debtors
442,104338,646
Other debtors
1,848,9251,564,531
Prepayments and accrued income
17,74232,889
2,308,7711,936,066
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Other loans
37,00037,000
Obligations under finance lease and hire purchase contracts
11,9384,489
Trade creditors
336,153276,364
Corporation tax
60,84095,846
Other taxes and social security
103,093101,466
Loans from directors
96,74298,534
Other creditors
171,679114,707
Accruals and deferred income
11,4006,750
828,845735,156
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Other loans
126,417182,722
Obligations under finance lease and hire purchase contracts
54,61917,956
181,036200,678
9
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Total
£
£
At 1 February 2022
27,740
27,740
Charge to the profit and loss account for the period
8,830
8,830
At 31 January 2023
36,570
36,570
2023
2022
£
£
Revaluation of land and buildings
36,57027,740
36,57027,740
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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