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REGISTERED NUMBER: 10027837 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

FAST AND RARE LTD

FAST AND RARE LTD (REGISTERED NUMBER: 10027837)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FAST AND RARE LTD

Company Information
for the Year Ended 31 December 2024







DIRECTOR: R T Norris





SECRETARY:





REGISTERED OFFICE: Unit 15, No. 2
Bulrushes Business Park
Coombe Hill Road
East Grinstead
West Sussex
RH19 4LZ





REGISTERED NUMBER: 10027837 (England and Wales)





ACCOUNTANTS: Hockley Wright & Co. Ltd.
Unit 15, No. 2
Bulrushes Business Park
Coombe Hill Road
East Grinstead
West Sussex
RH19 4LZ

FAST AND RARE LTD (REGISTERED NUMBER: 10027837)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Investment property 5 281,274 281,274

CURRENT ASSETS
Stocks 46,631 312,231
Debtors 6 1,426 -
Cash at bank 17,321 1,473
65,378 313,704
CREDITORS
Amounts falling due within one year 7 30,655 5,107
NET CURRENT ASSETS 34,723 308,597
TOTAL ASSETS LESS CURRENT LIABILITIES 315,997 589,871

CREDITORS
Amounts falling due after more than one
year

8

256,672

584,843
NET ASSETS 59,325 5,028

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 59,225 4,928
SHAREHOLDERS' FUNDS 59,325 5,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 14 May 2025 and were signed by:





R T Norris - Director


FAST AND RARE LTD (REGISTERED NUMBER: 10027837)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Fast And Rare Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There have been no material departures from FRS102.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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. Changes in fair value are recognised in the profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised, if material, in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The company is dependent on support from the director, who is the main creditor of the company. The director has confirmed continued support and thus there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

FAST AND RARE LTD (REGISTERED NUMBER: 10027837)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INVESTMENT PROPERTY

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2022 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 281,274

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 281,274 281,274

Investment property was valued on an open market basis on 31 December 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 1,426 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Amounts owed to associates 583 583
Taxation and social security 28,622 3,074
Other creditors 1,450 1,450
30,655 5,107

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Other creditors 256,672 584,843

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

In the opinion of the director, Fast And Rare Ltd is the Ultimate Controlling Party. The Company is controlled by its director R T Norris, by virtue of the fact that they own 100% of all of the Company's ordinary issued share capital.