Registration number:
Fast Property Sale Limited
for the Year Ended 29 February 2024
Fast Property Sale Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fast Property Sale Limited
Company Information
Director |
Mr Alan Forsyth |
Registered office |
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Fast Property Sale Limited
(Registration number: 06572058)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
- |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
74,811 |
55,352 |
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Shareholders' funds |
75,811 |
56,352 |
For the financial year ending 29 February 2024 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 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.
Fast Property Sale Limited
(Registration number: 06572058)
Balance Sheet as at 29 February 2024
Approved and authorised by the
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Depreciation
Asset class |
Depreciation method and rate |
Computer equipment |
33.33% |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2024 |
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At 1 March |
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At 29 February |
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
The company’s investment property is shown at fair value as at 28 February 2021 and constituted 13 properties and 2 plots of freehold land.
The valuations have been carried out by the director using his extensive knowledge of the property market and data available relating to similar property transactions in the surrounding area. The director also considers regular valuations conducted by independent professionals linked with re-mortgages.
There has been no valuation of investment property by an independent valuer.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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Provision |
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Carrying amount |
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At 29 February 2024 |
- |
At 28 February 2023 |
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
- |
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Amounts owed by related parties |
- |
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Other debtors |
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Bank borrowings
Lloyds Bank PLC have a mortgage charge secured on our freehold investment properties known as 199 Victoria Street, Mansfield, Nottinghamshire, NG18 5SA and 4 Bay Avenue, Peterlee, County Durham, SR8 4HG.
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Lloyds Bank PLC have a mortgage charge secured on leasehold investment properties known as 3H Schooner Street, Barrow in Furness, LA14 2SQ, 7D Steamer Street, Barrow in Furness, LA14 2SH, 9F Schooner Street, Barrow in Furness, LA14 2SF and 13C Steamer Street (otherwise known as Island Road), Barrow-In-Furness, LA14 2QN.
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Lloyds Bank PLC have a mortgage charge secured on leasehold investment property known as 8d Steamer St, Barrow in Furness, Cumbria, LA14 2SH.
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Shawbrook Bank Limited have a mortgage charge secured against our freehold investment property known as 54 Conifer Crescent, Clifton, Nottingham, NG11 9EQ.
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Shawbrook Bank Limited have a second mortgage charge secured against our freehold investment property known as 54 Conifer Crescent, Clifton, Nottingham, NG11 9EQ. This mortgage commenced on 21 February 2021, is interest only and has a 25 year duration.
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Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Other borrowings
Unsecured loan notes is denominated in pound sterling (£) with a nominal interest rate of 12%, and the final instalment is due on 17 December 2022. The carrying amount at year end is £68,015 (2023 - £68,015). The company renewed it's short term unsecured loan notes during the year. Interest on these loan notes is rolled up into the capital every three months and these loan notes fall due for repayment after 24 months of 17 December 2020. These loan notes are included in other borrowings.
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Short term secured investor lending is denominated in pound sterling (£) with a nominal interest rate of 12.00%, and the final instalment is due on 28 February 2023. The carrying amount at year end is £65,000 (2023 - £65,000). On occasion the company offers first charge secured loans over investment property rather than traditional banking mortgages for convenience and speed when adding value to land and building projects. This facility is secured via a charge over our leasehold investment properties known as 13A, 13 Island Road, Barrow-In-Furness, Cumbria, LA14 2QN, 13D, 13 Island Road, Barrow-In-Furness, Cumbria, LA14 2QN and Flat 8, 18 - 20 Penrhyn Road, Colwyn Bay, Conwy, LL29 8LG. This loan is included in other borrowings. This loan is now out of any fixed term period and is currently rolling month to month with both parties able to end this agreement on demand. The company intends to refinance this through traditional bank lending within the next accounting period.
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Short term secured investor lending is denominated in pound sterling (£) with a nominal interest rate of 15.00%, and the final instalment is due on 28 February 2023. The carrying amount at year end is £36,750 (2023 - £36,750). On occasion the company offers first charge secured loans over investment property rather than traditional banking mortgages for convenience and speed when adding value to land and building projects. This facility is secured via a charge over our leasehold investment property known as Flat 5, Union United Reform Church, Abergele Road, Colwyn Bay, Conwy, LL29 7RU. This loan is included in other borrowings. This loan is now out of any fixed term period and is currently rolling month to month with both parties able to end this agreement on demand. The company intends to refinance this through traditional bank lending within the next accounting period.
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Directors loan is denominated in pound sterling (£) with a nominal interest rate of Nil%. The carrying amount at year end is £61,415 (2023 - £60,230). The director has introduced funds to the company to assist with working capital and facilitate growth. |
Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Dividends |
Related party transactions |
Summary of transactions with all subsidiaries
Fast Property Sale Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Summary of transactions with other related parties