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Registered Number: 10769273
England and Wales

 

 

 

FASTLANE LIMITED



Abridged Accounts
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 4 4,520    5,650 
Tangible fixed assets 5 18,543    23,214 
23,063    28,864 
Current assets      
Debtors: amounts falling due after one year 6,068    7,280 
Cash at bank and in hand 7,826    7,209 
13,894    14,489 
Creditors: amount falling due within one year (10,380)   (9,436)
Net current assets 3,514    5,053 
 
Total assets less current liabilities 26,577    33,917 
Creditors: amount falling due after more than one year (25,024)   (29,950)
Net assets 1,553    3,967 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 1,551    3,965 
Shareholders' funds 1,553    3,967 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 16 May 2025 and were signed on its behalf by:


-------------------------------
Jonathan Waight
Director
1
General Information
FASTLANE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10769273, registration address 72 Beatty Avenue, Brighton, East Sussex, BN1 9EP. The trading address of the company is 72 Beatty Avenue, Brighton, East Sussex, BN1 9EP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Plant and Machinery 2 years Straight Line
Computer Equipment 2 years Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees


Average number of employees during the year was 2 (2023 : 2).
3.

Financial Commitments, Guarantees and Contingencies

The company benefitted during Covid 2020-2021 from the Bounceback Loan scheme.  This was taken in June 2020.  A six month repayment holiday was selected in the 13th month since receiving the loan.  Then the repayment period was extended to a 10 year term.
Repayments began December 2021.  They will complete December 2031.
Interest to be paid across this period is released to the income statement on a straight line basis.
The government has 100% guaranteed this loan for repayment.

4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 September 2023 11,300    11,300 
Additions  
Disposals  
At 31 August 2024 11,300    11,300 
Amortisation
At 01 September 2023 5,650    5,650 
Charge for year 1,130    1,130 
On disposals  
At 31 August 2024 6,780    6,780 
Net book values
At 31 August 2024 4,520    4,520 
At 31 August 2023 5,650    5,650 


5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 September 2023 1,770    49,614    1,215    52,599 
Additions      
Disposals      
Revaluations     (100)   (100)
At 31 August 2024 1,770    49,614    1,115    52,499 
Depreciation
At 01 September 2023 1,760    26,310    1,215    29,285 
Charge for year 10    4,661      4,671 
On disposals      
At 31 August 2024 1,770    30,971    1,215    33,956 
Net book values
Closing balance as at 31 August 2024   18,643    (100)   18,543 
Opening balance as at 01 September 2023 10    23,304    (100)   23,214 

The net book value of Motor Vehicles includes £ 15,412 (2023 £19,265) in respect of assets leased under finance leases or hire purchase contracts.

2