Registered number
08403810
Fastpak Hardware Limited
Filleted Accounts
31 March 2024
Fastpak Hardware Limited
Registered number: 08403810
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,000 6,000
Tangible assets 4 327,717 328,009
331,717 334,009
Current assets
Stocks 748,331 858,724
Debtors 5 538,269 507,494
Cash at bank and in hand 58,535 18,589
1,345,135 1,384,807
Creditors: amounts falling due within one year 6 (955,815) (1,041,962)
Net current assets 389,320 342,845
Total assets less current liabilities 721,037 676,854
Creditors: amounts falling due after more than one year 7 (217,064) (250,970)
Provisions for liabilities (4,180) (6,440)
Net assets 499,793 419,444
Capital and reserves
Called up share capital 100 100
Profit and loss account 499,693 419,344
Shareholder's funds 499,793 419,444
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered 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.
N Siviter
Director
Approved by the board on 20 November 2024 and signed on its behalf
Fastpak Hardware Limited
Notes to the Accounts
for the year ended 31 March 2024
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 (as applied to small entities by section 1A of the standard).
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. 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.
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:
Freehold land and buildings 2% straight line
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out 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. 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.
Creditors
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.
Taxation
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.
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.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 10,000
At 31 March 2024 10,000
Amortisation
At 1 April 2023 4,000
Provided during the year 2,000
At 31 March 2024 6,000
Net book value
At 31 March 2024 4,000
At 31 March 2023 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 332,500 28,056 89,820 450,376
Additions - 2,115 24,948 27,063
At 31 March 2024 332,500 30,171 114,768 477,439
Depreciation
At 1 April 2023 59,850 26,237 36,280 122,367
Charge for the year 6,650 2,007 18,698 27,355
At 31 March 2024 66,500 28,244 54,978 149,722
Net book value
At 31 March 2024 266,000 1,927 59,790 327,717
At 31 March 2023 272,650 1,819 53,540 328,009
5 Debtors 2024 2023
£ £
Trade debtors 497,789 473,270
Other debtors 40,480 34,224
538,269 507,494
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,200 19,400
Obligations under finance lease and hire purchase contracts 6,788 6,788
Trade creditors 206,393 209,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,825 584,835
Taxation and social security costs 104,143 106,632
Other creditors 606,466 114,921
955,815 1,041,962
Of the creditors falling due within and after more than one year, the net obligations under finance leases and hire purchase contracts totalling £35,794 (2023 - £42,582) are secured on the assets concerned. Within other creditors, the sum of £126,983 (2023 - £41,987) is secured by way of a fixed and floating charge on the book debts of the company.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 136,188 161,976
Obligations under finance lease and hire purchase contracts 29,006 35,794
Other creditors 51,870 53,200
217,064 250,970
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 142,888 148,876
The bank loan is secured on the property.
9 Pension commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently managed fund. At the balance sheet date contributions of £1,334 (2023 - £1,405) were due to the fund.
10 Related party transactions
During the year, the company paid a salary of £46,500 (2023 - £38,400) to Nigel Siviter, the director of the company. At the year-end, the company owed Mr Siviter £402,000 (2023 - £52,000).

The company made payments on behalf of Fastpak Hardware Holdings Limited, totalling £2,175 (2023 - £nil) and declared a dividend of £5,000 (2023 - £nil) in favour of its holding company. At the year-end, the company owed Fastpak Hardware Holdings Limited £2,825 (2023 - £nil).
11 Controlling party
The company is a wholly owned subsidiary of Fastpak Hardware Holdings Limited which acquired its entire share capital on 19 December 2023. This company is incorporated in England and Wales, and its principal place of business is at Unit D1 Peartree Business Park, Crackley Way, Peartree Lane, Dudley DY2 0UW.
12 Other information
Fastpak Hardware Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit D1 Peartree Business Park
Crackley Way
Dudley
West Midlands
DY2 0UW
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