Registration number:
Fastpass Corp UK Limited
for the Year Ended 31 December 2023
Pages for filing with Registrar
Fastpass Corp UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fastpass Corp UK Limited
Company Information
Director |
A S Meyer |
Registered office |
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Registered number |
03525031 |
Accountants |
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Fastpass Corp UK Limited
(Registration number: 03525031)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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2 |
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Profit and loss account |
( |
(487,096) |
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Total equity |
( |
(487,094) |
Fastpass Corp UK Limited
(Registration number: 03525031)
Balance Sheet as at 31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
Approved and authorised by the
A S Meyer
Director
Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company's financial statements have been prepared on a going concern basis, reflecting current and forecasted work and projections, which are considered more than adequate to meet the company's needs. The management has assessed the company's ability to meet liabilities as they fall due over a period of twelve months from the date of approval of the financial statements and remains confident in the company’s financial resilience.
Additionally, management expects the company to begin generating profits in 2025, further enhancing its financial position. Based on current projections, management anticipates that equity capital will be fully restored within a four-year period.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Fixtures and fittings |
25% on cost |
Plant and machinery |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. 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 receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
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.
Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible fixed assets |
Fixtures and fittings |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 December 2022 |
- |
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Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors: amounts falling due within one year |
2023 |
2022 |
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Trade debtors |
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Other debtors |
1,006 |
1,834 |
Prepayments and accrued income |
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Creditors |
Note |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
4,224 |
2,502 |
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VAT |
19,856 |
17,935 |
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Other creditors |
349 |
60,228 |
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Accruals |
5,770 |
85,018 |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 5 years, charged at 2.5% interest.
Fastpass Corp UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Summary of transactions with parent
Owed to group undertakings comprises an outstanding loan balance of £Nil (31 December 2022: £59,879). The loan is repayable on demand with no interest payable.