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Company Registration No. 08636930 (England and Wales)
Fast-Form Systems Ltd Unaudited accounts for the year ended 31 December 2022
Fast-Form Systems Ltd Unaudited accounts Contents
Page
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Fast-Form Systems Ltd Company Information for the year ended 31 December 2022
Directors
Graham Wood Stewart Wright Kiel Doney
Company Number
08636930 (England and Wales)
Registered Office
UNIT 1 OMEGA BUSINESS PARK ESTATE ROAD 6 SOUTH HUMBERSIDE INDUSTRIAL ESTATE GRIMSBY SOUTH HUMBERSIDE DN31 2TG ENGLAND
Accountants
Litke Wood & Co Limited 105 Witton Street Northwich Cheshire CW9 5DR
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Fast-Form Systems Ltd Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
200,137 
275,343 
Current assets
Inventories
177,991 
149,564 
Debtors
248,250 
486,206 
Cash at bank and in hand
128,533 
261,392 
554,774 
897,162 
Creditors: amounts falling due within one year
(309,660)
(405,790)
Net current assets
245,114 
491,372 
Total assets less current liabilities
445,251 
766,715 
Creditors: amounts falling due after more than one year
(301,358)
(301,454)
Net assets
143,893 
465,261 
Capital and reserves
Called up share capital
1,982,059 
1,982,059 
Share premium
897,941 
897,941 
Profit and loss account
(2,736,107)
(2,414,739)
Shareholders' funds
143,893 
465,261 
For the year ending 31 December 2022 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by
Graham Wood Director Company Registration No. 08636930
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Fast-Form Systems Ltd Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
Fast-Form Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 08636930. The registered office is UNIT 1 OMEGA BUSINESS PARK ESTATE ROAD 6, SOUTH HUMBERSIDE INDUSTRIAL ESTATE, GRIMSBY, SOUTH HUMBERSIDE, DN31 2TG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Fast-Form Systems Ltd Notes to the Accounts for the year ended 31 December 2022
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2022
35,166 
1,003,231 
148,144 
72,660 
107,544 
1,366,745 
Additions
- 
- 
- 
30 
- 
30 
Disposals
- 
(11,350)
- 
- 
(3,950)
(15,300)
At 31 December 2022
35,166 
991,881 
148,144 
72,690 
103,594 
1,351,475 
Depreciation
At 1 January 2022
35,163 
785,127 
123,499 
62,644 
84,969 
1,091,402 
Charge for the year
3 
36,637 
4,929 
2,003 
16,364 
59,936 
At 31 December 2022
35,166 
821,764 
128,428 
64,647 
101,333 
1,151,338 
Net book value
At 31 December 2022
- 
170,117 
19,716 
8,043 
2,261 
200,137 
At 31 December 2021
3 
218,104 
24,645 
10,016 
22,575 
275,343 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
193,420 
290,072 
Accrued income and prepayments
54,830 
97,712 
Other debtors
- 
98,422 
248,250 
486,206 
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Fast-Form Systems Ltd Notes to the Accounts for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
34,644 
11,840 
Trade creditors
94,994 
205,511 
Taxes and social security
29,841 
13,441 
Other creditors
2,156 
3,185 
Loans from directors
(10,487)
7,740 
Accruals
158,512 
164,073 
309,660 
405,790 
7
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
200,000 
200,000 
Obligations under finance leases and hire purchase contracts
101,358 
101,454 
301,358 
301,454 
8
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
14,085 Ordinary Shares of £1 each
14,085 
14,085 
6,374 A Ordinary Shares of £1 each
6,374 
6,374 
1,600 Deferred Shares of £1 each
1,600 
1,600 
22,059 
22,059 
680,000 A Preference Shares of £1 each
680,000 
680,000 
1,050,000 B Preference Shares of £1 each
1,050,000 
1,050,000 
230,000 8% Cumulative Preference Shares of £1 each
230,000 
230,000 
1,982,059 
1,982,059 
9
Average number of employees
During the year the average number of employees was 14 (2021: 16).
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