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Company Registration No. 08080332 (England and Wales)
Fast Lane Styling Europe Limited Unaudited accounts for the year ended 31 May 2024
Fast Lane Styling Europe Limited Unaudited accounts Contents
Page
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Fast Lane Styling Europe Limited Company Information for the year ended 31 May 2024
Directors
Abul Foyez Habibur Rahman
Company Number
08080332 (England and Wales)
Registered Office
Unit 895 High Road Romford RM6 4HL
Accountants
Anthony Daniel Associates Ltd 10 Julian Place London E14 3AT
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Fast Lane Styling Europe Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
51,470 
52,730 
Current assets
Inventories
424,000 
400,500 
Debtors
581,828 
611,405 
Cash at bank and in hand
520,422 
668,401 
1,526,250 
1,680,306 
Creditors: amounts falling due within one year
(389,498)
(444,744)
Net current assets
1,136,752 
1,235,562 
Net assets
1,188,222 
1,288,292 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
1,188,218 
1,288,288 
Shareholders' funds
1,188,222 
1,288,292 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by
Habibur Rahman Director Company Registration No. 08080332
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Fast Lane Styling Europe Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Fast Lane Styling Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 08080332. The registered office is Unit 895, High Road, Romford, RM6 4HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
25% on cost
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Fast Lane Styling Europe Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 June 2023
6,524 
139,761 
69,589 
22,383 
238,257 
Additions
- 
10,515 
5,877 
457 
16,849 
At 31 May 2024
6,524 
150,276 
75,466 
22,840 
255,106 
Depreciation
At 1 June 2023
- 
105,298 
62,985 
17,244 
185,527 
Charge for the year
- 
13,281 
2,351 
2,477 
18,109 
At 31 May 2024
- 
118,579 
65,336 
19,721 
203,636 
Net book value
At 31 May 2024
6,524 
31,697 
10,130 
3,119 
51,470 
At 31 May 2023
6,524 
34,463 
6,604 
5,139 
52,730 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,031 
- 
Accrued income and prepayments
36,407 
44,865 
Other debtors
541,390 
566,540 
581,828 
611,405 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
88,069 
83,954 
Taxes and social security
134,217 
168,707 
Other creditors
11,039 
10,571 
Loans from directors
147,810 
172,558 
Accruals
8,363 
8,954 
389,498 
444,744 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4 
4 
8
Transactions with related parties
The aggregate amount of dividends paid in the year was £120,000 (2023 : £80,000).
9
Average number of employees
During the year the average number of employees was 24 (2023: 21).
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