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Registration number: 04314096

Prepared for the registrar

Fastvision Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fastvision Limited

(Registration number: 04314096)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

106

8,541

Current assets

 

Debtors

6

106,306

105,624

Cash at bank and in hand

 

92,479

80,012

 

198,785

185,636

Creditors: Amounts falling due within one year

7

(568,901)

(557,884)

Net current liabilities

 

(370,116)

(372,248)

Total assets less current liabilities

 

(370,010)

(363,707)

Creditors: Amounts falling due after more than one year

7

(32,804)

(44,987)

Net liabilities

 

(402,814)

(408,694)

Capital and reserves

 

Called up share capital

230,000

230,000

Share premium reserve

40,000

40,000

Profit and loss account

(672,814)

(678,694)

Shareholders' deficit

 

(402,814)

(408,694)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 July 2024
 


A Bence
Director

 

Fastvision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Fastvision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight Line - 25%

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fastvision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

4

Intangible assets

Goodwill
 £

Cost

At 1 November 2022

24,600

At 31 October 2023

24,600

Amortisation

At 1 November 2022

24,600

At 31 October 2023

24,600

Carrying amount

At 31 October 2023

-

 

Fastvision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

5

Tangible assets

Office equipment
£

Cost or valuation

At 1 November 2022

34,158

At 31 October 2023

34,158

Depreciation

At 1 November 2022

25,617

Charge for the year

8,435

At 31 October 2023

34,052

Carrying amount

At 31 October 2023

106

At 31 October 2022

8,541

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

7,342

909

Amounts owed by related parties

9

94,715

94,715

Other debtors

 

4,000

10,000

Prepayments

 

249

-

   

106,306

105,624

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

563,302

553,410

Trade creditors

 

61

-

Social security and other taxes

 

3,123

2,229

Outstanding defined contribution pension costs

 

85

85

Accrued expenses

 

2,330

2,160

 

568,901

557,884

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

32,804

44,987

 

Fastvision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,249

5,626

Other borrowings

552,053

547,784

563,302

553,410

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,804

44,987

 

9

Related party transactions

At 31 October 2023, the company was owed £94,715 (2022 - £94,715) by Indectron Limited. The loan has no fixed repayment terms, is repayable on demand and no interest is chargeable on the loan. Indectron Limited is related to the company by virtue of the director, Mr Andrew Bence.

At 31 October 2023, the company owed £78,049 (2022 - £73,781) to Mr Andrew Bence, director and shareholder of the company. The loan has no fixed repayment terms, is repayable on demand and no interest is chargeable on the loan.

At 31 October 2023, the company owed £474,004 (2022 - £474,004) to Mr Keith Jones, shareholder of the company. The loan has no fixed repayment terms, is repayable on demand and no interest is chargeable on the loan.