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Registration number: 06572058

Fast Property Sale Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Fast Property Sale Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Fast Property Sale Limited

Company Information

Director

Mr Alan Forsyth

Registered office

15 Clarendon Street
Nottingham
NG1 5HR

 

Fast Property Sale Limited

(Registration number: 06572058)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

645,000

645,000

Investments

5

-

651

 

645,000

645,651

Current assets

 

Debtors

6

125

105,137

Cash at bank and in hand

 

7,486

2,720

 

7,611

107,857

Creditors: Amounts falling due within one year

7

(101,665)

(171,924)

Net current liabilities

 

(94,054)

(64,067)

Total assets less current liabilities

 

550,946

581,584

Creditors: Amounts falling due after more than one year

7

(447,376)

(497,473)

Provisions for liabilities

(27,759)

(27,759)

Net assets

 

75,811

56,352

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

74,811

55,352

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:

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.

 

Fast Property Sale Limited

(Registration number: 06572058)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 1 November 2024
 

.........................................
Mr Alan Forsyth
Director

 

Fast Property Sale Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
15 Clarendon Street
Nottingham
NG1 5HR
England

These financial statements were authorised for issue by the director on 1 November 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.

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

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 March

645,000

At 29 February

645,000

 

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.

5

Investments

2024
£

2023
£

Investments in subsidiaries

-

651

Subsidiaries

£

Cost or valuation

Provision

Carrying amount

At 29 February 2024

-

At 28 February 2023

651

 

Fast Property Sale Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

5,159

Amounts owed by related parties

10

-

80,542

Other debtors

 

125

19,436

   

125

105,137

 

Fast Property Sale Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

655

15,272

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

97,370

17,920

Taxation and social security

 

647

95,146

Accruals and deferred income

 

-

33,473

Other creditors

 

2,993

10,113

 

101,665

171,924

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

447,376

497,473

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

210,300

229,033

Other borrowings

237,076

268,440

447,376

497,473

 

Fast Property Sale Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Bank borrowings

Mortgage is denominated in pound sterling (£) with a nominal interest rate of variable (currently 4.39)%, and the final instalment is due on 22 July 2038. The carrying amount at year end is £49,457 (2023 - £45,469).

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.

Mortgage is denominated in pound sterling (£) with a nominal interest rate of variable (currently 4.20)%, and the final instalment is due on 12 August 2041. The carrying amount at year end is £70,339 (2023 - £64,999).

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.

Mortgage is denominated in pound sterling (£) with a nominal interest rate of variable (currently 4.68)%, and the final instalment is due on 6 February 2039. The carrying amount at year end is £17,103 (2023 - £13,222).

Lloyds Bank PLC have a mortgage charge secured on leasehold investment property known as 8d Steamer St, Barrow in Furness, Cumbria, LA14 2SH.

Mortgage is denominated in pound sterling (£) with a nominal interest rate of variable (currently 2.1)%, and the final instalment is due on 3 June 2033. The carrying amount at year end is £51,559 (2023 - £52,543).

Shawbrook Bank Limited have a mortgage charge secured against our freehold investment property known as 54 Conifer Crescent, Clifton, Nottingham, NG11 9EQ.

Mortgage is denominated in pound sterling (£) with a nominal interest rate of 4.64%, and the final instalment is due on 26 January 2046. The carrying amount at year end is £24,127 (2023 - £29,116).

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.

Bounce back loan is denominated in pound sterling (£) with a nominal interest rate of Nil (rising to 2.5% from 6 July 2021)%, and the final instalment is due on 6 July 2030. The carrying amount at year end is £33,958 (2023 - £40,168).

 

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.

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.

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.

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

9

Dividends

10

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