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
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
Fast-Form Systems Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
200,137
275,343
Inventories
177,991
149,564
Cash at bank and in hand
128,533
261,392
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
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
Fast-Form Systems Ltd
Notes to the Accounts
for the year ended 31 December 2022
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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.
Fast-Form Systems Ltd
Notes to the Accounts
for the year ended 31 December 2022
Expenditure on research and development is written off in the year in which it is incurred.
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 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
Disposals
-
(11,350)
-
-
(3,950)
(15,300)
At 31 December 2022
35,166
991,881
148,144
72,690
103,594
1,351,475
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
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
Amounts falling due within one year
Trade debtors
193,420
290,072
Accrued income and prepayments
54,830
97,712
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
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
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
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
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
9
Average number of employees
During the year the average number of employees was 14 (2021: 16).