REGISTERED NUMBER: |
Faststar Limited |
Financial Statements for the Year Ended 30th June 2023 |
REGISTERED NUMBER: |
Faststar Limited |
Financial Statements for the Year Ended 30th June 2023 |
Faststar Limited (Registered number: 01769482) |
Contents of the Financial Statements |
for the Year Ended 30th June 2023 |
Page |
Company information | 1 |
Abridged balance sheet | 2 |
Notes to the financial statements | 4 |
Faststar Limited |
Company Information |
for the Year Ended 30th June 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountant |
Lewis & Son Accountants Limited |
37 Stoke Road |
Blisworth |
Northampton |
NN7 3BZ |
Faststar Limited (Registered number: 01769482) |
Abridged Balance Sheet |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 3 |
Current assets |
Debtors |
Cash at bank |
Creditors |
Amounts falling due within one year |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
Faststar Limited (Registered number: 01769482) |
Abridged Balance Sheet - continued |
30th June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Faststar Limited (Registered number: 01769482) |
Notes to the Financial Statements |
for the Year Ended 30th June 2023 |
1. | Accounting policies |
Basis of preparing the financial statements |
Revenue recognition |
The company recognises revenue to the extent that it obtains the right to consideration in exchange for its performance under contract. The right to consideration arises when some, but not necessarily all, of the contractual obligations have been fulfilled. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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 as incurred. |
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 year of the lease at a constant proportion of the outstanding balance of capital repayments. |
Faststar Limited (Registered number: 01769482) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
2. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
3. | Tangible fixed assets |
Totals |
£ |
Cost |
At 1st July 2022 |
Additions |
Disposals | ( |
) |
At 30th June 2023 |
Depreciation |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
4. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 430,979 | 328,368 |
5. | Contingent liabilities |
The company has given a guarentee in respect of the bank facilities of James King (Plant) Limited. The amount outstanding at the year end was £NIL (2022 £NIL). |
6. | Directors' advances, credits and guarantees |
At the end of the year directors owed £31,862 to the company (2022: £NIL). These loans are interest free and repaybale on demand.. |
7. | Related party disclosures |
The company hires vehicles and plant to James King (Plant) Limited, a company with common directors and shareholders for £363,500 (2022 - £1,073,500), not necessarily at normal market conditions. |