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Company Registration No. 08080332 (England and Wales)
Fast Lane Styling Europe Limited Unaudited accounts for the year ended 31 May 2023
Fast Lane Styling Europe Limited Unaudited accounts Contents
Page
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Fast Lane Styling Europe Limited Company Information for the year ended 31 May 2023
Directors
Abul Foyez Habibur Rahman
Company Number
08080332 (England and Wales)
Registered Office
Unit 895 High Road Romford RM6 4HL
Accountants
Anthony Daniel Associates 10 Julian Place London E14 3AT
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Fast Lane Styling Europe Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
52,730 
49,915 
Current assets
Inventories
400,500 
345,500 
Debtors
611,405 
618,896 
Cash at bank and in hand
668,401 
583,367 
1,680,306 
1,547,763 
Creditors: amounts falling due within one year
(444,744)
(267,796)
Net current assets
1,235,562 
1,279,967 
Net assets
1,288,292 
1,329,882 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
1,288,288 
1,329,878 
Shareholders' funds
1,288,292 
1,329,882 
For the year ending 31 May 2023 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 23 February 2024 and were signed on its behalf by
Abul Foyez Director Company Registration No. 08080332
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Fast Lane Styling Europe Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
Fast Lane Styling Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 08080332. The registered office is Unit 895, High Road, Romford, RM6 4HL.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
25% on cost
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Fast Lane Styling Europe Limited Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 June 2022
6,524 
120,735 
65,589 
20,709 
213,557 
Additions
- 
19,026 
4,000 
1,674 
24,700 
At 31 May 2023
6,524 
139,761 
69,589 
22,383 
238,257 
Depreciation
At 1 June 2022
- 
91,398 
58,356 
13,888 
163,642 
Charge for the year
- 
13,900 
4,629 
3,356 
21,885 
At 31 May 2023
- 
105,298 
62,985 
17,244 
185,527 
Net book value
At 31 May 2023
6,524 
34,463 
6,604 
5,139 
52,730 
At 31 May 2022
6,524 
29,337 
7,233 
6,821 
49,915 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
46,327 
Accrued income and prepayments
44,865 
6,029 
Other debtors
566,540 
566,540 
611,405 
618,896 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
83,954 
38,233 
Taxes and social security
168,707 
114,867 
Other creditors
10,571 
6,553 
Loans from directors
172,558 
107,559 
Accruals
8,954 
584 
444,744 
267,796 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4 
4 
8
Transactions with related parties
The aggregate amount of dividends paid in the year was £80,000 (2022 : £80,000).
9
Average number of employees
During the year the average number of employees was 21 (2022: 20).
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