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REGISTERED NUMBER: 02925048 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Fast Fit Tyre & Exhaust Systems Limited

Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Fast Fit Tyre & Exhaust Systems Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: S Di Paola





REGISTERED OFFICE: 147a High Street
Waltham Cross
Hertfordshire
EN8 7AP





REGISTERED NUMBER: 02925048 (England and Wales)





ACCOUNTANTS: Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Fast Fit Tyre & Exhaust Systems Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fast Fit Tyre & Exhaust Systems Limited for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Fast Fit Tyre & Exhaust Systems Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fast Fit Tyre & Exhaust Systems Limited and state those matters that we have agreed to state to the director of Fast Fit Tyre & Exhaust Systems Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fast Fit Tyre & Exhaust Systems Limited and its director for our work or for this report.

It is your duty to ensure that Fast Fit Tyre & Exhaust Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fast Fit Tyre & Exhaust Systems Limited. You consider that Fast Fit Tyre & Exhaust Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fast Fit Tyre & Exhaust Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP


9 November 2023

Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,898 13,838

CURRENT ASSETS
Stocks 16,240 1,240
Debtors 5 33,455 30,234
Cash at bank 91,945 49,140
141,640 80,614
CREDITORS
Amounts falling due within one year 6 89,710 43,493
NET CURRENT ASSETS 51,930 37,121
TOTAL ASSETS LESS CURRENT
LIABILITIES

82,828

50,959

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 82,728 50,859
SHAREHOLDERS' FUNDS 82,828 50,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)

Statement of Financial Position - continued
31 December 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 November 2023 and were signed by:





S Di Paola - Director


Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Fast Fit Tyre & Exhaust Systems Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2022 6,380 46,623 16,215
Additions - 81 -
At 31 December 2022 6,380 46,704 16,215
DEPRECIATION
At 1 January 2022 4,868 37,906 13,425
Charge for year 151 1,319 418
At 31 December 2022 5,019 39,225 13,843
NET BOOK VALUE
At 31 December 2022 1,361 7,479 2,372
At 31 December 2021 1,512 8,717 2,790

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 1,035 2,835 73,088
Additions 19,000 - 19,081
At 31 December 2022 20,035 2,835 92,169
DEPRECIATION
At 1 January 2022 935 2,116 59,250
Charge for year 25 108 2,021
At 31 December 2022 960 2,224 61,271
NET BOOK VALUE
At 31 December 2022 19,075 611 30,898
At 31 December 2021 100 719 13,838

Fast Fit Tyre & Exhaust Systems Limited (Registered number: 02925048)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 17,804 19,389
Other debtors 15,651 10,845
33,455 30,234

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 50,000 -
Trade creditors 25,035 21,463
Taxation and social security 6,586 14,379
Other creditors 8,089 7,651
89,710 43,493

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100