Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr A Altoft 21/08/2023 Mr A J Altoft 13/11/2007 20 January 2025 The principal activity of the Company during the financial year was that of the manufacture of industrial labelling machinery. 06424998 2024-04-30 06424998 bus:Director1 2024-04-30 06424998 bus:Director2 2024-04-30 06424998 2023-04-30 06424998 core:CurrentFinancialInstruments 2024-04-30 06424998 core:CurrentFinancialInstruments 2023-04-30 06424998 core:ShareCapital 2024-04-30 06424998 core:ShareCapital 2023-04-30 06424998 core:RetainedEarningsAccumulatedLosses 2024-04-30 06424998 core:RetainedEarningsAccumulatedLosses 2023-04-30 06424998 core:PlantMachinery 2023-04-30 06424998 core:FurnitureFittings 2023-04-30 06424998 core:OfficeEquipment 2023-04-30 06424998 core:PlantMachinery 2024-04-30 06424998 core:FurnitureFittings 2024-04-30 06424998 core:OfficeEquipment 2024-04-30 06424998 2023-05-01 2024-04-30 06424998 bus:FilletedAccounts 2023-05-01 2024-04-30 06424998 bus:SmallEntities 2023-05-01 2024-04-30 06424998 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06424998 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06424998 bus:Director1 2023-05-01 2024-04-30 06424998 bus:Director2 2023-05-01 2024-04-30 06424998 core:PlantMachinery 2023-05-01 2024-04-30 06424998 core:FurnitureFittings 2023-05-01 2024-04-30 06424998 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 06424998 2022-05-01 2023-04-30 06424998 core:OfficeEquipment 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 06424998 (England and Wales)

FASTPAQ LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

FASTPAQ LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

FASTPAQ LTD

BALANCE SHEET

As at 30 April 2024
FASTPAQ LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 281 478
281 478
Current assets
Stocks 4 16,800 134,000
Debtors 5 89,870 103,678
Cash at bank and in hand 227,275 339,396
333,945 577,074
Creditors: amounts falling due within one year 6 ( 10,149) ( 51,148)
Net current assets 323,796 525,926
Total assets less current liabilities 324,077 526,404
Net assets 324,077 526,404
Capital and reserves
Called-up share capital 100 100
Profit and loss account 323,977 526,304
Total shareholder's funds 324,077 526,404

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fastpaq Ltd (registered number: 06424998) were approved and authorised for issue by the Board of Directors on 20 January 2025. They were signed on its behalf by:

Mr A J Altoft
Director
FASTPAQ LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
FASTPAQ LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fastpaq Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 4 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 5,329 381 5,501 11,211
At 30 April 2024 5,329 381 5,501 11,211
Accumulated depreciation
At 01 May 2023 5,268 285 5,180 10,733
Charge for the financial year 15 14 168 197
At 30 April 2024 5,283 299 5,348 10,930
Net book value
At 30 April 2024 46 82 153 281
At 30 April 2023 61 96 321 478

4. Stocks

2024 2023
£ £
Stocks 16,800 134,000

5. Debtors

2024 2023
£ £
Trade debtors 83,185 96,769
Other debtors 6,685 6,909
89,870 103,678

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,279 14,028
Taxation and social security 0 24,632
Other creditors 2,870 12,488
10,149 51,148

7. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed to the director was £3,143. During the year, £77,564 was advanced to the director, and £74,752 was repaid by the director. At 30 April 2023, the balance owed to the director was £331.

At 1 May 2022, the balance owed to the director was £1,037. During the year, £66,231 was advanced to the director, and £68,337 was repaid by the director. At 30 April 2023, the balance owed to the director was £3,143.