FAST UK PARCEL LTD |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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 (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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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: |
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Leasehold land and buildings |
over the lease term (10 years) |
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Office Equipment |
over 3 years |
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Motor Vans |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
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Number |
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Number |
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Average number of persons employed by the company |
21 |
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23 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 April 2023 |
- |
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38,749 |
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1,628,035 |
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1,666,784 |
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Additions |
23,758 |
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3,514 |
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- |
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27,272 |
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Disposals |
- |
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- |
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(634,628) |
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(634,628) |
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At 31 March 2024 |
23,758 |
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42,263 |
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993,407 |
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1,059,428 |
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Depreciation |
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At 1 April 2023 |
- |
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28,730 |
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1,352,081 |
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1,380,811 |
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Charge for the year |
915 |
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7,128 |
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159,385 |
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167,428 |
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On disposals |
- |
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- |
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(520,510) |
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(520,510) |
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At 31 March 2024 |
915 |
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35,858 |
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990,956 |
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1,027,729 |
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Net book value |
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At 31 March 2024 |
22,843 |
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6,405 |
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2,451 |
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31,699 |
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At 31 March 2023 |
- |
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10,019 |
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275,954 |
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285,973 |
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4 |
Debtors |
2024 |
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2023 |
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£ |
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£ |
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Trade debtors |
1,472,989 |
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891,416 |
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Provision for doubtful debts |
- |
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- |
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Prepayments |
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139,891 |
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527,321 |
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Deposits |
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210,373 |
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168,623 |
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Deferred income |
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(14,363) |
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- |
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Other debtors |
2,023,080 |
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1,854,675 |
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3,831,970 |
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3,442,035 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
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£ |
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£ |
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Obligations under finance lease and hire purchase contracts |
64,102 |
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366,971 |
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Credit cards |
29,879 |
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17,642 |
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Trade creditors |
1,093,367 |
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1,200,829 |
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Accruals |
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300,516 |
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35,908 |
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Taxation and social security costs |
413,526 |
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222,546 |
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Other creditors |
33,140 |
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8,851 |
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1,934,530 |
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1,852,747 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
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£ |
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£ |
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Obligations under finance lease and hire purchase contracts |
- |
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73,560 |
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7 |
Other financial commitments |
2024 |
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2023 |
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£ |
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£ |
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Total future minimum payments under non-cancellable operating leases |
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337,200 |
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56,200 |
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8 |
Related party transactions |
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Net value of good and services (sold) / purchased by the company |
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Balances included within (other creditors) / other debtors at year end |
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2024 |
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2023 |
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2024 |
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2023 |
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£ |
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£ |
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£ |
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£ |
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TB Flex Ltd |
568,308 |
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276,690 |
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145,524 |
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109,250 |
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Flex Hire Ltd |
3,187,511 |
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2,209,544 |
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183,145 |
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183,629 |
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Moumasi Properties Ltd |
- |
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- |
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1,072,249 |
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999,558 |
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Fast Parcel GmbH |
- |
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- |
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- |
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5,560 |
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Liber Logistics Ltd |
- |
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- |
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341,653 |
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363,673 |
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Unic Coffee Ltd |
- |
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- |
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279,261 |
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193,005 |
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Mulier Coffee |
- |
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- |
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1,248 |
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- |
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3,755,819 |
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2,486,234 |
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2,023,080 |
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1,854,675 |
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TB Flex Ltd, Flex Hire Ltd and Moumasi Properties Ltd are all 100% owned by Mr B Masiero who is also the Company Director for all three companies. |
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Fast Parcel GmbH was owned in equal shares by Mr B and Mrs T Masiero, who are also Directors of Fast Parcel GmbH. This holding has been disposed of at the date of signing the Accounts. |
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Liber Logistics Ltd and Unic Coffee Ltd are all 100% owned by Mrs F Masiero who is also the Company Director for both companies. |
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All above loans are interest free. All loans are repayable on demand. |
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In addition to the above stated transactions, the company holds the property lease for TB Flex Ltd in trust, and recharged associated Rent, Service Charge, Insurance and Electricity to TB Flex Ltd of £45,520 (2023: £56,930), which is inlcuded in Other Operating Income. |
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Bad debts totalling £162,839 were written off for TB Flex Ld (£162,188) and Fast German Parcel Ltd (£391). |
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9 |
Controlling party |
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The ultimate controlling parties are Mr B and Mrs T Masiero by virtue of their equal shareholding in the company. |
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10 |
Other information |
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FAST UK PARCEL LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Airport House |
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Purley Way |
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Croydon |
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CR0 0XZ |