Company registration number SC589495 (Scotland)
FAST TECHNOLOGY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FAST TECHNOLOGY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FAST TECHNOLOGY SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,462
25,963
Tangible assets
4
483,337
197,335
519,799
223,298
Current assets
Stocks
114,893
41,062
Debtors
5
130,278
487,801
Cash at bank and in hand
244,187
43,499
489,358
572,362
Creditors: amounts falling due within one year
6
(525,096)
(318,805)
Net current (liabilities)/assets
(35,738)
253,557
Total assets less current liabilities
484,061
476,855
Creditors: amounts falling due after more than one year
7
(20,000)
Provisions for liabilities
(78,674)
(45,919)
Net assets
405,387
410,936
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
405,287
410,836
Total equity
405,387
410,936
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 December 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.
FAST TECHNOLOGY SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
N J T BIGGS
N J T Biggs
Director
Company Registration No. SC589495
FAST TECHNOLOGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Fast Technology Solutions Limited is a private company limited by shares incorporated in Scotland. The registered office is Tricore Limited, Woodburn Road, Blackburn Industrial Estate Kinellar, Aberdeen, AB21 0RX.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income is recognised for the period to which it relates. Any rentals invoiced in advance are deferred accordingly over the year end.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Development costs
10% straight line
FAST TECHNOLOGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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
1 - 5 years
Computers
4 years
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.
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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.
FAST TECHNOLOGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024
29,205
Additions
14,640
At 31 December 2024
43,845
Amortisation and impairment
At 1 January 2024
3,242
Amortisation charged for the year
4,141
At 31 December 2024
7,383
Carrying amount
At 31 December 2024
36,462
At 31 December 2023
25,963
FAST TECHNOLOGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery
Computers
Total
£
£
£
Cost
At 1 January 2024
470,368
470,368
Additions
413,945
1,666
415,611
Disposals
(21,818)
(21,818)
At 31 December 2024
862,495
1,666
864,161
Depreciation and impairment
At 1 January 2024
273,033
273,033
Depreciation charged in the year
117,060
312
117,372
Eliminated in respect of disposals
(9,581)
(9,581)
At 31 December 2024
380,512
312
380,824
Carrying amount
At 31 December 2024
481,983
1,354
483,337
At 31 December 2023
197,335
197,335
FAST TECHNOLOGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,808
487,701
Corporation tax recoverable
4,280
Other debtors
93,190
100
130,278
487,801
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,752
58,242
Amounts owed to related undertakings
74,800
34,035
Taxation and social security
819
39,333
Other creditors
412,725
187,195
525,096
318,805
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
20,000
8
Related party transactions
During the year the company entered into transactions with a company under common control. The transactions comprised of rental of tools. At the end of the year, this resulted in a balance due from the company under common control of £91,802 (2023 - £NIL).
Also during the year, the company entered into transactions with a group undertaking. The transactions comprised of royalty payments, loan advances and dividends. At the year-end, this resulted in a balance due to the group undertaking of £74,800 (2023 - £20,000).
Interest is currently being accrued for, totally £1,292 on the outstanding loan balance.
Interest is charged at a rate of 5% and the loan is repayable by September 2025.