REGISTERED NUMBER: 02925048 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Fast Fit Tyre & Exhaust Systems Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

S Di Paola

REGISTERED OFFICE:

147a High Street

Waltham Cross

EN8 7AP

REGISTERED NUMBER:

02925048 (England and Wales)

ACCOUNTANTS:

Thickbroom Coventry Limited

Chartered Accountants

147a High Street

Waltham Cross

EN8 7AP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fast Fit Tyre & Exhaust Systems Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Fast Fit Tyre & Exhaust Systems Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fast Fit Tyre & Exhaust Systems Limited and state those matters that we have agreed to state to the director of Fast Fit Tyre & Exhaust Systems Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fast Fit Tyre & Exhaust Systems Limited and its director for our work or for this report.

It is your duty to ensure that Fast Fit Tyre & Exhaust Systems 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 Fast Fit Tyre & Exhaust Systems Limited. You consider that Fast Fit Tyre & Exhaust Systems 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 Fast Fit Tyre & Exhaust Systems 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.

Thickbroom Coventry Limited

Chartered Accountants

147a High Street

Waltham Cross

EN8 7AP

Date: .............................................

FIXED ASSETS

Tangible assets

4

30,602

25,966

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

5

29,857

41,019

Cash at bank

88,596

129,381

120,453

172,400

CREDITORS

Amounts falling due within one year

6

(69,672

)

(68,468

)

NET CURRENT ASSETS

50,781

103,932

TOTAL ASSETS LESS CURRENT LIABILITIES

81,383

129,898

CREDITORS

Amounts falling due after more than one year

7

(32,156

)

(38,607

)

NET ASSETS

49,227

91,291

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

49,127

91,191

SHAREHOLDERS' FUNDS

49,227

91,291

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

S Di Paola - Director

1.	STATUTORY INFORMATION

Fast Fit Tyre & Exhaust Systems Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

6,380

48,391

16,215

Additions

-

10,184

-

At 31 December 2024

6,380

58,575

16,215

DEPRECIATION

At 1 January 2024

5,155

40,491

14,199

Charge for year

123

1,470

302

At 31 December 2024

5,278

41,961

14,501

NET BOOK VALUE

At 31 December 2024

1,102

16,614

1,714

At 31 December 2023

1,225

7,900

2,016

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

20,035

2,835

93,856

Additions

-

-

10,184

At 31 December 2024

20,035

2,835

104,040

DEPRECIATION

At 1 January 2024

5,729

2,316

67,890

Charge for year

3,576

77

5,548

At 31 December 2024

9,305

2,393

73,438

NET BOOK VALUE

At 31 December 2024

10,730

442

30,602

At 31 December 2023

14,306

519

25,966

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

23,116

16,199

Other debtors

6,741

24,820

29,857

41,019

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

6,452

5,934

Trade creditors

26,626

40,838

Taxation and social security

7,065

13,366

Other creditors

29,529

8,330

69,672

68,468

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

32,156

38,607

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100