Registered number
05858399
Fastline Pty Ltd
Report and Accounts
31 December 2023
Fastline Pty Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Accountants' report 3
Balance sheet 4
Notes to the accounts 5 - 7
Fastline Pty Ltd
Company Information
Directors
S C W Heap
T R Heap
Accountants
Simple Accounting Limited
95 Bridge Lanes
Hebden Bridge
HX7 6AT
Registered office
Unit 1c, Watchmore Industrial units
Watchmoor Park, Camberley
Surrey
England
GU15 3AQ
Registered number
05858399
Fastline Pty Ltd
Registered number: 05858399
Directors' Report
The directors present their report and accounts for the year ended 31 December 2023
Directors
The following persons served as directors during the year:
S W C Heap
T R Heap
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 10 August 2024 and signed on its behalf.
S C W Heap
Director
Fastline Pty Ltd
Accountants' Report
Accountants' report to the directors of
Fastline Pty Ltd
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fastline Pty Ltd for the year ended 31 December 2023 set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at cima.com. This report is made solely to the Board of Directors of Fastline Pty Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fastline Pty Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Management Accountants as detailed at cima.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fastline Pty Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Fastline Pty Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fastline Pty Ltd. You consider that Fastline Pty Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Fastline Pty Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Mark R Hill BSc (Econ) Dip ACMA
Simple Accounting Limited
Chartered Management Accountants
95 Bridge Lanes
Hebden Bridge
HX7 6AT
10 August 2024
Fastline Pty Ltd
Registered number: 05858399
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,283 20,387
Current assets
Stocks 4 364,407 408,450
Debtors 5 33,315 53,192
Cash at bank and in hand (19,957) 12,435
377,765 474,077
Creditors: amounts falling due within one year 6 (75,562) (163,294)
Net current assets 302,203 310,783
Total assets less current liabilities 320,486 331,170
Creditors: amounts falling due after more than one year 7 (311,571) (326,341)
Net assets 8,915 4,829
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 7,915 3,829
Shareholders' funds 8,915 4,829
Notes to Financial Statement
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S C W Heap
Director
Approved by the board on 10 August 2024
Fastline Pty Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and vehicles 0% first year and 25% RB afterwards
Smaller fixtures, fittings, tools and equipment 0% first year and 25% RB afterwards
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees Number Number
Average number of persons employed by the company 10 9
Employee Costs
Wages and salaries 165,856 228,052
Directors' salaries 21,000 35,000
Employer's NI 56,183 1,808
Contractors 5,752 279
Other staff costs 7,079 4,570
255,870 269,709
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Plant, Machinery and vehicles Total
£ £ £
Cost
At 1 January 2023 20,082 30,165 50,247
Additions 2,607 387 2,994
At 31 December 2023 22,689 30,552 53,241
Depreciation
At 1 January 2023 6,867 22,994 29,861
Charge for the year 3,305 1,792 5,097
At 31 December 2023 10,172 24,786 34,958
Net book value
At 31 December 2022 13,215 7,171 20,386
At 31 December 2023 12,517 5,766 18,283
4 Stock 2023 2022
£ £
Stocks 364,407 408,450
364,407 408,450
5 Debtors 2023 2022
£ £
Trade debtors 3,538 20,173
Other debtors 26,579 33,019
VAT 3,198 -
33,315 53,192
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 64,406 133,172
Credit card 4,887 4,178
Goods Received not invoiced - 638
Customer Deposits 4,835 7,132
Accruals 1,434 1,371
VAT - 272
Other taxes and social security costs - 16,531
75,562 163,294
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bounceback loan 38,177 44,126
Long term finance 256,399 263,215
Provisions for liabilities 15,000 15,000
Director loan account 1,995 4,000
311,571 326,341
8 Share Capital 2023 2022
£ £
Share in issue at 31 December 2023 1,000 1,000
9 Other Information
Fastline Pty Ltd is a private company limited by shares and incorporated in England. Its registered office is
Unit 1c 1 Watchmoor Road
Watchmore Industrial units
Watchmoor Park, Camberley
Surrey
England
GU15 3AQ
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