Datafast Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Datafast Limited

(Registration number: 04463625)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,708,143	1,710,093
Current assets
Debtors	5	6,250	6,707
Cash at bank and in hand		12,332	13,867
		18,582	20,574
Creditors: Amounts falling due within one year	6	(214,795)	(199,989)
Net current liabilities		(196,213)	(179,415)
Total assets less current liabilities		1,511,930	1,530,678
Creditors: Amounts falling due after more than one year	6	(181,061)	(213,185)
Provisions for liabilities		(265,958)	(266,445)
Net assets		1,064,911	1,051,048
Capital and reserves
Called up share capital		1	1
Profit and loss account		1,064,910	1,051,047
Shareholders' funds		1,064,911	1,051,048

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 December 2025 and signed on its behalf by:
 

Mrs E J Spiers Company secretary and director

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is letting of property.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fittings fixtures and equipment	20% reducing balance
Freehold land and buildings	No depreciation is applied to investment properties

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2024	1,700,000	64,596	1,764,596
Additions	-	18	18
At 31 March 2025	1,700,000	64,614	1,764,614
Depreciation
At 1 April 2024	-	54,503	54,503
Charge for the year	-	2,036	2,036
Eliminated on disposal	-	(68)	(68)
At 31 March 2025	-	56,471	56,471
Carrying amount
At 31 March 2025	1,700,000	8,143	1,708,143
At 31 March 2024	1,700,000	10,093	1,710,093

Included within the net book value of freehold land and buildings above is £1,700,000 (2024 - £1,700,000) in respect of investment properties.
 

Revaluation

The company's investment properties were revalued on 31 March 2025. An independent valuer was not involved.
The properties were valued by the directors based on current market conditions.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £454,045 (2024 - £454,045).

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5

Debtors

	2025 £	2024 £
Trade debtors	6,250	6,250
Prepayments	-	457
	6,250	6,707

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		32,651	31,509
Trade creditors		24,166	12,975
Taxation and social security		19,272	20,391
Accruals and deferred income		2,650	3,000
Other creditors		136,056	132,114
		214,795	199,989

Creditors include bank loans which are secured over the company's freehold properties of £26,651 (2024 - £25,509).

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		181,061	213,185

Creditors include bank loans which are secured over the company's freehold properties of £178,061 (2024 - £204,185).

Creditors include bank loans repayable by instalments of £62,240 (2024 - £90,206) due after more than five years.

Datafast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Included within the profit and loss account are non-distributable reserves totalling £982,033.

8	Going concern

The company benefits from an ongoing support from its directors. The directors have determined that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.

9	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Other payments made to company by director £	At 31 March 2025 £
Directors	(125,314)	(3,942)	(129,256)

2024	At 1 April 2023 £	Other payments made to company by director £	At 31 March 2024 £
Directors	(106,235)	(19,079)	(125,314)

No interest has been charged on this loan (2024: £Nil). The loan is repayable on demand.