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Registered number: 03116190
Fast Shield Packaging Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Bruce Allen LLP
Bruce Allen Llp Ground Floor Suite Crown House
40 North Street
Hornchurch
RM11 1EW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03116190
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 273,911 296,865
273,911 296,865
CURRENT ASSETS
Stocks 5 9,118 9,763
Debtors 6 39,395 64,887
Cash at bank and in hand 62,192 64,746
110,705 139,396
Creditors: Amounts Falling Due Within One Year 7 (73,771 ) (75,565 )
NET CURRENT ASSETS (LIABILITIES) 36,934 63,831
TOTAL ASSETS LESS CURRENT LIABILITIES 310,845 360,696
Creditors: Amounts Falling Due After More Than One Year 8 (41,160 ) (65,295 )
NET ASSETS 269,685 295,401
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 269,675 295,391
SHAREHOLDERS' FUNDS 269,685 295,401
Page 1
Page 2
For the year ending 30 September 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Diego Gomes
Director
24th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fast Shield Packaging Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03116190 . The registered office is Bruce Allen Llp Ground Floor Suite, Crown House, 40 North Street, Hornchurch, Essex, RM11 1EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% on cost
Leasehold Written off over term of the lease
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Land & Property
Freehold Leasehold Investment Properties Plant & Machinery
£ £ £ £
Cost
As at 1 October 2022 328,995 11,250 58,152 67,614
Additions - - - 1,787
As at 30 September 2023 328,995 11,250 58,152 69,401
Depreciation
As at 1 October 2022 133,037 1,080 - 42,752
Provided during the period 16,449 180 - 6,662
As at 30 September 2023 149,486 1,260 - 49,414
Net Book Value
As at 30 September 2023 179,509 9,990 58,152 19,987
As at 1 October 2022 195,958 10,170 58,152 24,862
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2022 65,967 14,548 12,179 558,705
Additions - - 639 2,426
As at 30 September 2023 65,967 14,548 12,818 561,131
Depreciation
As at 1 October 2022 64,272 13,013 7,686 261,840
Provided during the period 423 383 1,283 25,380
As at 30 September 2023 64,695 13,396 8,969 287,220
Net Book Value
As at 30 September 2023 1,272 1,152 3,849 273,911
As at 1 October 2022 1,695 1,535 4,493 296,865
Page 4
Page 5
5. Stocks
2023 2022
£ £
Stock 9,118 -
Materials - 9,763
9,118 9,763
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 32,705 51,488
Prepayments and accrued income 2,525 9,584
Other debtors 3,315 3,315
Net wages 850 500
39,395 64,887
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 27,482 30,368
Bank loans and overdrafts 15,500 15,500
Corporation tax 12,005 11,124
Other taxes and social security 1,665 630
VAT 11,173 10,160
Other creditors 3,350 3,023
Credit card 295 2,935
Accruals and deferred income 1,050 950
Directors' loan accounts 1,251 875
73,771 75,565
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 41,160 65,295
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
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