Company registration number 06561991 (England and Wales)
FASTPAK UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FASTPAK UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FASTPAK UK LTD
BALANCE SHEET
AS AT
29 APRIL 2024
29 April 2024
- 1 -
29 April 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,492
1,888
Investment property
4
200,000
200,000
201,492
201,888
Current assets
Debtors
5
1,000
2,563
Cash at bank and in hand
129,883
102,261
130,883
104,824
Creditors: amounts falling due within one year
6
(59,722)
(47,034)
Net current assets
71,161
57,790
Net assets
272,653
259,678
Capital and reserves
Called up share capital
7
15,166
15,166
Share premium account
155,826
155,826
Revaluation reserve
8
38,383
38,383
Profit and loss reserves
63,278
50,303
Total equity
272,653
259,678
For the financial year ended 29 April 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mr Hussain Vika
Director
Company registration number 06561991 (England and Wales)
FASTPAK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
- 2 -
1
Accounting policies
Company information
Fastpak UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 312, Daisyfield Business Centre, Appleby Street, Blackburn, BB1 3BL.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The truedirector is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rent net of VAT.
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:
Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes 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 or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at banks and bank overdrafts.
FASTPAK UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year:
2024
2023
Number
Number
Total
1
1
FASTPAK UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 29 April 2024
8,152
Depreciation and impairment
At 1 May 2023
6,264
Depreciation charged in the year
396
At 29 April 2024
6,660
Carrying amount
At 29 April 2024
1,492
At 30 April 2023
1,888
4
Investment property
2024
£
Fair value
At 1 May 2023 and 29 April 2024
200,000
Investment property has been valued by the director at fair value. The historic cost of the investment property was £184,985.
FASTPAK UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,563
Other debtors
1,000
1,000
1,000
2,563
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
6,498
4,882
Other creditors
53,224
42,152
59,722
47,034
Other creditors include £37,241 (2023 - £29,638) due to the director and family members.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and not fully paid
14,166 Ordinary shares of £1 each
14,166
14,166
1,000 Ordinary A shares of £1 each
1,000
1,000
15,166
15,166
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
38,383
38,383