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Registration number: 09949614

House Purchased Fast Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

House Purchased Fast Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

House Purchased Fast Ltd

Company Information

Director

Mr Mohammad Sufyan Butt

Registered office

Unit 1
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

Accountants

Hughes & Co Limited
Chartered Certified Accountant
Unit 1
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

 

House Purchased Fast Ltd

(Registration number: 09949614)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

84,639

-

Debtors

5

10,560

36,560

Cash at bank and in hand

 

881

798

 

96,080

37,358

Creditors: Amounts falling due within one year

6

(70,775)

(21,608)

Total assets less current liabilities

 

25,305

15,750

Creditors: Amounts falling due after more than one year

6

(33,635)

(33,840)

Net liabilities

 

(8,330)

(18,090)

Capital and reserves

 

Called up share capital

7

300

300

Retained earnings

(8,630)

(18,390)

Shareholders' deficit

 

(8,330)

(18,090)

For the financial year ending 31 January 2024 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 his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
Mr Mohammad Sufyan Butt
Director

 

House Purchased Fast Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP
England

These financial statements were authorised for issue by the director on 24 September 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

House Purchased Fast Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

House Purchased Fast Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Stocks

2024
£

2023
£

Other inventories

84,639

-

5

Debtors

Current

2024
£

2023
£

Other debtors

10,560

36,560

 

10,560

36,560

 

House Purchased Fast Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Accruals and deferred income

 

1,200

1,000

Other creditors

 

59,575

10,608

 

70,775

21,608

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

33,635

33,840

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

33,635

33,840

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

9

Related party transactions

 

House Purchased Fast Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with the director

2024

At 1 February 2023
£

Other payments made to company by director
£

At 31 January 2024
£

Mr Mohammad Sufyan Butt

Director Current Account

(10,608)

(3,967)

(14,575)

       
     

 

2023

Other payments made to company by director
£

At 31 January 2023
£

Mr Mohammad Sufyan Butt

Director Current Account

(2,470)

(10,608)