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FASTWISE LIMITED

Registered Number
03762807
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

FASTWISE LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

KNIGHTS, Janet Lesley

Registered Address

Maylord House
68 Leman Street
London
E1 8EU

Registered Number

03762807 (England and Wales)
FASTWISE LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3473631
Investment property41,750,0001,750,000
1,750,4731,750,631
Current assets
Debtors5-11,950
Cash at bank and on hand67,41461,414
67,41473,364
Creditors amounts falling due within one year6(32,111)(63,928)
Net current assets (liabilities)35,3039,436
Total assets less current liabilities1,785,7761,760,067
Creditors amounts falling due after one year7(6,357)(10,400)
Provisions for liabilities8(347,010)(346,892)
Net assets1,432,4091,402,775
Capital and reserves
Called up share capital22
Profit and loss account1,432,4071,402,773
Shareholders' funds1,432,4091,402,775
The financial statements were approved and authorised for issue by the Director on 30 January 2025, and are signed on its behalf by:
KNIGHTS, Janet Lesley
Director
Registered Company No. 03762807
FASTWISE LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents rent receivable in the period. Income is recognised in the period to which it relates.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially stated at cost and subsequently at cost less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Investment property
Investment property which is property held to earn rentals and/or for capital appreciation is initially recognised at cost, which included the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit and loss account.
Financial instruments
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the ontractual 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 amortized 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 amortized. 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, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the resent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. 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 amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 May 232,6552,655
At 30 April 242,6552,655
Depreciation and impairment
At 01 May 232,0242,024
Charge for year158158
At 30 April 242,1822,182
Net book value
At 30 April 24473473
At 30 April 23631631
4.Investment property
The investment property above has been shown at fair value as at the balance sheet date which have been revalued by the director. If the investment property was stated on historical cost basis rather than the fair value basis, the amounts would have been £750,000 (2023 : £750,000).

£
Fair value at 01 May 231,750,000
At 30 April 241,750,000
5.Debtors: amounts due within one year

2024

2023

££
Other debtors-11,950
Total-11,950
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts2,2802,280
Taxation and social security8,2338,769
Other creditors17,30950,059
Accrued liabilities and deferred income4,2892,820
Total32,11163,928
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,35710,400
Total6,35710,400
Included in bank borrowings less than one year and more than one year is a bounceback loan of £8,637 (2023 : £12,680).
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)347,010346,892
Total347,010346,892
9.Related party transactions
Included in other creditors is an amount of £16,750 (2023 : £49,046) owed to Squaremile Insurance services Ltd, a company connected to the director. It also includes an amount of £559 (2023 : £1,013) due to the director.