Company Registration No. 08636930 (England and Wales)
Fast-Form Systems Ltd
Unaudited accounts
for the year ended 31 December 2024
Fast-Form Systems Ltd
Unaudited accounts
Contents
Fast-Form Systems Ltd
Company Information
for the year ended 31 December 2024
Directors
Graham Wood
Stewart Wright
Kiel Doney
Company Number
08636930 (England and Wales)
Registered Office
UNIT 1 OMEGA BUSINESS PARK ESTATE ROAD 6
SOUTH HUMBERSIDE INDUSTRIAL ESTATE
GRIMSBY
SOUTH HUMBERSIDE
DN31 2TG
ENGLAND
Accountants
Litke Wood & Co Limited
105 Witton Street
Northwich
Cheshire
CW9 5DR
Fast-Form Systems Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
68,901
100,660
Inventories
105,816
166,680
Cash at bank and in hand
47,620
51,493
Creditors: amounts falling due within one year
(321,314)
(285,812)
Net current assets
734,852
823,083
Total assets less current liabilities
803,753
923,743
Creditors: amounts falling due after more than one year
(200,000)
(200,000)
Net assets
603,753
723,743
Called up share capital
1,982,059
1,982,059
Share premium
897,941
897,941
Profit and loss account
(2,276,247)
(2,156,257)
Shareholders' funds
603,753
723,743
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 December 2025 and were signed on its behalf by
Graham Wood
Director
Company Registration No. 08636930
Fast-Form Systems Ltd
Notes to the Accounts
for the year ended 31 December 2024
Fast-Form Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 08636930. The registered office is UNIT 1 OMEGA BUSINESS PARK ESTATE ROAD 6, SOUTH HUMBERSIDE INDUSTRIAL ESTATE, GRIMSBY, SOUTH HUMBERSIDE, DN31 2TG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Fast-Form Systems Ltd
Notes to the Accounts
for the year ended 31 December 2024
Expenditure on research and development is written off in the year in which it is incurred.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2024
35,166
953,537
148,144
72,690
103,594
1,313,131
Additions
-
1,753
-
4,199
-
5,952
Disposals
-
(98,968)
-
-
-
(98,968)
At 31 December 2024
35,166
856,322
148,144
76,889
103,594
1,220,115
At 1 January 2024
35,166
867,664
133,357
72,690
103,594
1,212,471
Charge for the year
-
30,554
4,929
2,228
-
37,711
On disposals
-
(98,968)
-
-
-
(98,968)
At 31 December 2024
35,166
799,250
138,286
74,918
103,594
1,151,214
At 31 December 2024
-
57,072
9,858
1,971
-
68,901
At 31 December 2023
-
85,873
14,787
-
-
100,660
Amounts falling due within one year
Trade debtors
115,509
97,485
Accrued income and prepayments
12,268
19,547
Other debtors
774,953
773,690
Fast-Form Systems Ltd
Notes to the Accounts
for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
11,729
51,814
Trade creditors
82,773
24,758
Taxes and social security
8,188
8,655
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
200,000
200,000
Allotted, called up and fully paid:
14,085 Ordinary Shares of £1 each
14,085
14,085
6,374 A Ordinary Shares of £1 each
6,374
6,374
1,600 Deferred Shares of £1 each
1,600
1,600
680,000 A Preference Shares of £1 each
680,000
680,000
1,050,000 B Preference Shares of £1 each
1,050,000
1,050,000
230,000 8% Cumulative Preference Shares of £1 each
230,000
230,000
9
Transactions with related parties
During 2022 an in depth investigation was carried out by the company with regards to various transactions with Tony White who was a director of the company at that time. The net outcome of these investigations has resulted in a claim against Mr White in the the amount of £673,057 which is currently being pursued through the courts. There are further sums due of £90,146 which have not as yet been pursued through the courts. Mr White has acknowledged a substantial part of the debt but has, as yet, refused to repay the amount due to the company.
10
Average number of employees
During the year the average number of employees was 10 (2023: 10).