Registered number: 03474691
FAS CAPITAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023
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FAS CAPITAL LIMITED
CONTENTS
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Notes to the Financial Statements
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FAS CAPITAL LIMITED
REGISTERED NUMBER: 03474691
BALANCE SHEET
AS AT 30 JUNE 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 3 to 6 form part of these financial statements.
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FAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
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Basis of preparation of financial statements
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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:
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Income recognition of turnover
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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.
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Bad debt provisioning policy
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Credit risk is inherent in the provision of lease finance to business. Provision is made specifically
against individual balances in arrears where appropriate.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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FAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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.
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.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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FAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Aggregate rentals receivable during the year under non back to back finance leases amounted to £40,819 (2022 - £47,091).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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FAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Creditors: Amounts falling due after more than one year
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Related party transactions
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During the year there were no material transactions not concluded under normal market conditions with
related parties.
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Ultimate parent undertaking and controlling party
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The ultimate parent company is Nexus Funding Limited, a company registered in England and Wales. There is no ultimate controlling party.
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