Company registration number 07951746 (England and Wales)
I FASTNET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
I FASTNET LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
I FASTNET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,054
26,493
Current assets
Debtors
5
257,596
297,662
Cash at bank and in hand
42,045
10,388
299,641
308,050
Creditors: amounts falling due within one year
6
(252,515)
(89,326)
Net current assets
47,126
218,724
Total assets less current liabilities
78,180
245,217
Provisions for liabilities
(7,090)
(6,279)
Net assets
71,090
238,938
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
70,990
238,838
Total equity
71,090
238,938

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
C. Myers
Director
Company Registration No. 07951746
I FASTNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

I Fastnet Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, England, NE3 3LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
- 33% on straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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 current liabilities.

I FASTNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

I FASTNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
10,600
Amortisation and impairment
At 1 April 2023 and 31 March 2024
10,600
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
I FASTNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2023
421,189
Additions
23,337
At 31 March 2024
444,526
Depreciation and impairment
At 1 April 2023
394,696
Depreciation charged in the year
18,776
At 31 March 2024
413,472
Carrying amount
At 31 March 2024
31,054
At 31 March 2023
26,493
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,372
10,850
Corporation tax recoverable
33,361
-
0
Other debtors
217,176
284,293
Prepayments and accrued income
2,687
2,519
257,596
297,662

Included within other debtors is amounts due from directors as detailed in note 8.

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7
-
0
622
Other borrowings
7
64,745
16,105
Trade creditors
1,221
3,327
Corporation tax
-
0
60,332
Other taxation and social security
5,342
4,874
Deferred income
172,587
-
0
Accruals and deferred income
8,620
4,066
252,515
89,326

Creditors include a bank loan and overdrafts which are secured by the company.

I FASTNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
-
0
622
Other loans
64,745
16,105
64,745
16,727
Payable within one year
64,745
16,727
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

 

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
C. Myers -
133,002
72,857
(107,615)
98,244
K. Myers -
103,683
72,857
(105,215)
71,325
236,685
145,714
(212,830)
169,569
2024-03-312023-04-01false29 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityC. MyersK. Myersfalsefalse079517462023-04-012024-03-31079517462024-03-31079517462023-03-3107951746core:ComputerEquipment2024-03-3107951746core:ComputerEquipment2023-03-3107951746core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107951746core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107951746core:CurrentFinancialInstruments2024-03-3107951746core:CurrentFinancialInstruments2023-03-3107951746core:ShareCapital2024-03-3107951746core:ShareCapital2023-03-3107951746core:RetainedEarningsAccumulatedLosses2024-03-3107951746core:RetainedEarningsAccumulatedLosses2023-03-3107951746bus:Director12023-04-012024-03-3107951746core:Goodwill2023-04-012024-03-3107951746core:ComputerEquipment2023-04-012024-03-31079517462022-04-012023-03-3107951746core:NetGoodwill2023-03-3107951746core:NetGoodwill2024-03-3107951746core:NetGoodwill2023-03-3107951746core:ComputerEquipment2023-03-3107951746bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107951746bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107951746bus:FRS1022023-04-012024-03-3107951746bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107951746bus:Director22023-04-012024-03-3107951746bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP