Company registration number 06986790 (England and Wales)
FASTINOX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
FASTINOX LIMITED
COMPANY INFORMATION
Directors
Mr S Atkinson
Mrs S J Atkinson
Mr S M Herbert
Company number
06986790
Registered office
Unit 1 Alexandra Way
Ashchurch Industrial Estate
Tewkesbury
Gloucestershire
GL20 8NB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
LE87 2BB
FASTINOX LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FASTINOX LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FASTINOX LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fastinox Limited for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Fastinox Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fastinox Limited and state those matters that we have agreed to state to the board of directors of Fastinox Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fastinox Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Fastinox Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fastinox Limited. You consider that Fastinox Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fastinox Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
5 December 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FASTINOX LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
70,307
51,585
Current assets
Stocks
1,395,217
1,872,630
Debtors
4
1,964,122
4,027,991
Cash at bank and in hand
136,782
239,915
3,496,121
6,140,536
Creditors: amounts falling due within one year
5
(481,379)
(3,157,409)
Net current assets
3,014,742
2,983,127
Total assets less current liabilities
3,085,049
3,034,712
Creditors: amounts falling due after more than one year
6
(20,187)
Provisions for liabilities
8
(5,241)
(7,109)
Net assets
3,079,808
3,007,416
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
3,078,808
3,006,416
Total equity
3,079,808
3,007,416
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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.
FASTINOX LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 December 2024 and are signed on its behalf by:
Mr S Atkinson
Mrs S J Atkinson
Director
Director
Company registration number 06986790 (England and Wales)
FASTINOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Fastinox Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Alexandra Way, Ashchurch Industrial Estate, Tewkesbury, Gloucestershire, England, GL20 8NB.
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 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 provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
FASTINOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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 profit and loss account 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.
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 profit and loss account, 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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts dues from the customers are presented in full within trade debtors and amounts due to the finance company are presented in full within creditors.
FASTINOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
21,284
17,618
28,373
99,247
166,522
Additions
384
2,605
38,379
41,368
At 31 July 2024
21,668
17,618
30,978
137,626
207,890
Depreciation and impairment
At 1 August 2023
16,195
14,413
24,133
60,196
114,937
Depreciation charged in the year
1,282
806
4,398
16,160
22,646
At 31 July 2024
17,477
15,219
28,531
76,356
137,583
Carrying amount
At 31 July 2024
4,191
2,399
2,447
61,270
70,307
At 31 July 2023
5,089
3,205
4,240
39,051
51,585
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,351,040
2,416,915
Other debtors
613,082
1,611,076
1,964,122
4,027,991
Included within other debtors are amounts due from the factoring company totalling £533,081 (2023 - £1,412,466).
FASTINOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
Trade creditors
251,093
354,525
Amounts owed to group undertakings
2,190,665
Taxation and social security
184,570
529,286
Other creditors
45,716
72,933
481,379
3,157,409
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,167
Other creditors
1,020
20,187
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
1,020
7,143
Bank loans
-
29,167
1,020
36,310
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
All monies due or to become due from the company to the factoring company are secured against trade debtors. In this year and in the previous year there were instead amounts due from the factoring company, which are included within other debtors in these financial statement.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,241
7,109
FASTINOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
900
900
900
900
Ordinary B of £1 each
100
100
100
100
1,000
1,000
1,000
1,000
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Fastinox Group Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr S Atkinson by virtue of his controlling interest in the ultimate parent company.