Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-303false2022-07-01No description of principal activity3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03474691 2022-07-01 2023-06-30 03474691 2021-07-01 2022-06-30 03474691 2023-06-30 03474691 2022-06-30 03474691 c:Director1 2022-07-01 2023-06-30 03474691 d:CurrentFinancialInstruments 2023-06-30 03474691 d:CurrentFinancialInstruments 2022-06-30 03474691 d:Non-currentFinancialInstruments 2023-06-30 03474691 d:Non-currentFinancialInstruments 2022-06-30 03474691 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03474691 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03474691 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03474691 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 03474691 d:ShareCapital 2023-06-30 03474691 d:ShareCapital 2022-06-30 03474691 d:RetainedEarningsAccumulatedLosses 2023-06-30 03474691 d:RetainedEarningsAccumulatedLosses 2022-06-30 03474691 c:FRS102 2022-07-01 2023-06-30 03474691 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 03474691 c:FullAccounts 2022-07-01 2023-06-30 03474691 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03474691 2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 03474691









FAS CAPITAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
FAS CAPITAL LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
FAS CAPITAL LIMITED
REGISTERED NUMBER: 03474691

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2023
2022
2022
                                                                     Note
£
£
£
£

  

Current assets
  

Debtors
 4 
947,970
1,072,109

Cash at bank and in hand
 5 
2,158
343,217

  
950,128
1,415,326

Creditors: amounts falling due within one year
 6 
(293,995)
(138,479)

Net current assets
  
 
 
656,133
 
 
1,276,847

Total assets less current liabilities
  
656,133
1,276,847

Creditors: amounts falling due after more than one year
 7 
-
(38,304)

  

Net assets
  
656,133
1,238,543


Capital and reserves
  

Called up share capital 
  
125,000
125,000

Profit and loss account
  
531,133
1,113,543

  
656,133
1,238,543


Page 1

 
FAS CAPITAL LIMITED
REGISTERED NUMBER: 03474691
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




G Willis
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FAS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

FAS Capital Limited is a private company, limited by shares, incorporated in England and Wales, United
Kingdom, with a registration number 03474691. The address of the registered office is Mill Green House,
Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ. The nature of the company's operations and
principal activities are the provision of lease finance to businesses.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Income recognition of turnover

Income from finance leasing contracts, being the excess of total rentals received over the cost of the
net investment in finance leasing contracts is allocated to accounting periods over the life of the lease
on an actuarial before tax basis, in order to give a smooth rate of return on investment in the lease
agreements. For leasing agreements sold on a non recourse back to back basis the entire profit is
taken at the point of the assignment of the lease to the back to back funder.

  
2.3

Bad debt provisioning policy

Credit risk is inherent in the provision of lease finance to business. Provision is made specifically
against individual balances in arrears where appropriate.

  
2.4

Net rentals receivable

Amounts receivable under finance leases are included under debtors and represent the total amount
outstanding under lease arrangements less finance charges attributable to future periods.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
FAS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.



 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 4

 
FAS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Debtors


2023
2022
£
£



Trade debtors
569,766
1,069,317

Amounts owed by group undertakings
277,400
-

Other debtors
-
300

Prepayments and accrued income
100,804
2,492

947,970
1,072,109


Aggregate rentals receivable during the year under non back to back finance leases amounted to £40,819 (2022 - £47,091).


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,158
343,217

2,158
343,217



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
37,607
4,690

Corporation tax
250,901
127,742

Other taxation and social security
1,732
1,864

Other creditors
333
333

Accruals and deferred income
3,422
3,850

293,995
138,479


Page 5

 
FAS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
38,304

-
38,304



8.


Related party transactions

During the year there were no material transactions not concluded under normal market conditions with
related parties.


9.


Ultimate parent undertaking and controlling party

The ultimate parent company is Nexus Funding Limited, a company registered in England and Wales. There is no ultimate controlling party.

 
Page 6