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Registration number: 03525031

Fastpass Corp UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Fastpass Corp UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Fastpass Corp UK Limited

Company Information

Director

A S Meyer

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

03525031

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Fastpass Corp UK Limited

(Registration number: 03525031)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

483

1,262

Current assets

 

Debtors

5

75,263

191,748

Cash at bank and in hand

 

12,883

5,307

 

88,146

197,055

Creditors: Amounts falling due within one year

6

(621,162)

(659,577)

Net current liabilities

 

(533,016)

(462,522)

Total assets less current liabilities

 

(532,533)

(461,260)

Creditors: Amounts falling due after more than one year

6

(16,666)

(25,834)

Net liabilities

 

(549,199)

(487,094)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(549,201)

(487,096)

Total equity

 

(549,199)

(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:

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.

Approved and authorised by the director on 24 September 2024
 

A S Meyer

Director

 

Fastpass Corp UK Limited

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

1

Statutory information

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

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 5).

 

Fastpass Corp UK Limited

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

4

Tangible fixed assets

Fixtures and fittings
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

11,812

11,379

23,191

Disposals

-

(10,325)

(10,325)

At 31 December 2023

11,812

1,054

12,866

Depreciation

At 1 January 2023

11,812

10,117

21,929

Charge for the year

-

779

779

Eliminated on disposal

-

(10,325)

(10,325)

At 31 December 2023

11,812

571

12,383

Carrying amount

At 31 December 2023

-

483

483

At 31 December 2022

-

1,262

1,262

 

Fastpass Corp UK Limited

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

5

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

35,868

140,493

Other debtors

1,006

1,834

Prepayments and accrued income

38,389

49,421

75,263

191,748

6

Creditors

Note

2023
£

2022
£

Bank loans and overdrafts

10,000

10,000

Trade creditors

 

504,275

402,817

Social security and other taxes

 

4,224

2,502

VAT

 

19,856

17,935

Other creditors

 

349

60,228

Accruals

 

5,770

85,018

Deferred income

 

76,688

81,077

 

621,162

659,577

Due after one year

 

Loans and borrowings

16,666

25,834

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Related party transactions

Summary of transactions with parent

FastPass Corp
 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.