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Registered number: 03474691 FAS CAPITAL LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
FAS CAPITAL LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 7
FAS CAPITAL LIMITED REGISTERED NUMBER: 03474691 BALANCE SHEET AS AT 30 JUNE 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
Current assets |  |  |  |  |
Debtors | 4 | 896,924 |  | 179,617 |
Cash at bank and in hand | 5 | 44,120 |  | 126,535 |
|  | 941,044 |  | 306,152 |
Creditors: amounts falling due within one year | 6 | (675,668) |  | (99,939) |
Net current assets |  |  | 265,376 |  | 206,213
Total assets less current liabilities |  |  | 265,376 |  | 206,213
Creditors: amounts falling due after more than one year | 7 |  | (21,865) |  | (27,112)
Net assets |  |  | 243,511 |  | 179,101
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 125,000
Profit and loss account |  |  | 243,411 |  | 54,101
|  |  | 243,511 |  | 179,101
Page 1
FAS CAPITAL LIMITED REGISTERED NUMBER: 03474691 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2025.
G Willis
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
FAS CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
FAS Capital Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 03474691. The address of the registered office is Mill Green House, Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ. The nature of the company's operations and principal activities are the provision of lease finance to businesses. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Income recognition of turnover
Income from finance leasing contracts, being the excess of total rentals received over the cost of the net investment in finance leasing contracts is allocated to accounting periods over the life of the lease on an actuarial before tax basis, in order to give a smooth rate of return on investment in the lease agreements. For leasing agreements sold on a non recourse back to back basis the entire profit is taken at the point of the assignment of the lease to the back to back funder.
| 2.3 | Bad debt provisioning policy
Credit risk is inherent in the provision of lease finance to business. Provision is made specifically against individual balances in arrears where appropriate.
| 2.4 | Net rentals receivable
Amounts receivable under finance leases are included under debtors and represent the total amount outstanding under lease arrangements less finance charges attributable to future periods.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 3
FAS CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 4
FAS CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 5
FAS CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 629,569 | 177,254
| Other debtors | 265,141 | -
| Prepayments and accrued income | 2,214 | 2,363
|  | 896,924 | 179,617
| Aggregate rentals receivable during the year under non back to back finance leases amounted to £36,049 (2024 - £38,786).
5. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 44,120 | 126,535
|  | 44,120 | 126,535
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 5,247 | 5,247
| Trade creditors | 40,321 | -
| Corporation tax | 21,752 | 89,670
| Other taxation and social security | 1,661 | 1,636
| Other creditors | 600,070 | -
| Accruals and deferred income | 6,617 | 3,386
|  | 675,668 | 99,939
Page 6
FAS CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 21,865 | 27,112
|  | 21,865 | 27,112
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 125,000) Ordinary shares of £1.00 each | 100 | 125,000
| On 1 July 2024, the Company reduced its paid-up share capital from £125,000 (125,000 shares of £1 each) to £100 (100 shares of £1 each) by canceling 124,900 shares. The reduction of £124,900 was approved by shareholders at the Extraordinary General Meeting held on 3 September 2024, and this balance has been made available as distributable reserves.
9. | Related party transactions
| During the year there were no material transactions not concluded under normal market conditions with related parties.
10. | Ultimate parent undertaking and controlling party
The ultimate parent company is Nexus Funding Limited, a company registered in England and Wales. There is no ultimate controlling party.
Page 7