REGISTERED NUMBER: 02536974 (England and Wales)

Fastcore Limited

Unaudited Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

IB Folkes

PA Folkes

RB Folkes

Secretary:

PA Folkes

Registered office:

10 Green Lane

Bradwell

Great Yarmouth

Norfolk

NR31 8QH

Registered number:

02536974 (England and Wales)

Accountants:

Fairhead Bradford

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

Fixed assets

Investments

4

1,555,231

1,555,231

Investment property

5

1,290,000

1,230,000

2,845,231

2,785,231

Current assets

Debtors

6

1,775

849

Cash at bank

100,689

97,563

102,464

98,412

Creditors

Amounts falling due within one year

7

177,993

172,937

Net current liabilities

(75,529

)

(74,525

)

Total assets less current liabilities

2,769,702

2,710,706

Provisions for liabilities

8

309,869

298,469

Net assets

2,459,833

2,412,237

Capital and reserves

Called up share capital

10,564

10,564

Revaluation reserve

540,136

491,536

Fair value reserve

1,335,569

1,335,569

Retained earnings

573,564

574,568

Shareholders' funds

2,459,833

2,412,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:

IB Folkes - Director

PA Folkes - Director

1.	Statutory information

Fastcore 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Fastcore Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents revenue recognised by the company in respect of rental income receivable.

Investments in subsidiaries

Investments in unlisted company shares are initially recorded at cost, and revalued to fair value at each reporting date, with any gains or losses in fair value being recognised in profit or loss.

If a reliable measure of fair value is not available the investments will be stated at historical cost less any impairment losses, until it is expected that a fair value can be reliably measured on an on - going basis.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

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. Debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3.	Employees and directors

The average number of employees during the year was 3 (2024 - 3 ) .

4.	Fixed asset investments

Shares in

group

undertakings

£

Cost or valuation

At 1 April 2024

and 31 March 2025

1,555,231

Net book value

At 31 March 2025

1,555,231

At 31 March 2024

1,555,231

If fixed asset investments had not been revalued they would have been included at a historical cost of £0 (2024 £0 )

The company holds 24.9% of the ordinary share capital of RF Enterprises Limited. This combined with other shares held under the control of the directors of this company give a majority shareholding in the subsidiary undertaking.

These shares were acquired by way of a gift from director RB Folkes on 18 February 1999. The deemed cost of these shares for taxation purposes has been established by HMRC at £234,913.

The principal activity of the subsidiary undertaking during the year was that of providing property for rental, The latest results of the subsidiary undertaking are for the year ended 31 March 2024 and indicate an aggregate amount of capital & reserves of £6,245,908 with retained earnings for the year of £168,408 and a retained revaluation surplus for the year of £104,421

The directors are of the opinion that the companys investment in its subsidiary is not less than the amount included in the statement of financial position.

5.	Investment property

Total

£

Fair value

At 1 April 2024

1,230,000

Revaluations

60,000

At 31 March 2025

1,290,000

Net book value

At 31 March 2025

1,290,000

At 31 March 2024

1,230,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 23

487,343

Valuation in 24

83,000

Valuation in 25

60,000

Cost

659,657

1,290,000

If investment property had not been revalued it would have been included at the following historical cost:

31/3/25

31/3/24

£

£

Cost

659,657

659,657

Investment property was valued on an open market basis on 31 March 2025 by IB Folkes & PA Folkes (directors) .

6.

Debtors: amounts falling due within one year

31/3/25

31/3/24

£

£

Trade debtors

620

704

Other debtors

2

7

Prepayments

1,153

138

1,775

849

7.

Creditors: amounts falling due within one year

31/3/25

31/3/24

£

£

Prepaid income

2,470

1,248

Corporation tax

8,983

6,709

Other creditors

4,450

3,742

Directors' current accounts

162,090

161,238

177,993

172,937

8.	Provisions for liabilities

31/3/25

31/3/24

£

£

Deferred tax

309,869

298,469

Deferred

tax

£

Balance at 1 April 2024

298,469

Charge to Income Statement during year

11,400

Balance at 31 March 2025

309,869

9.	Related party disclosures

a) During the year director RB Folkes made advances to the company, which were unsecured,interest free and repayable upon demand. At the year end the company owed RB Folkes £105,630 (2024 £105,630)

b) During the year director PA Folkes made advances to the company, which were unsecured,interest free and repayable upon demand. At the year end the company owed PA Folkes £29,161 (2024 £28,734)

c) During the year director IB Folkes made advances to the company, which were unsecured,interest free and repayable upon demand. At the year end the company owed IB Folkes £27,299 (2024 £26,874)

10.	Ultimate controlling party

The ultimate controlling party is IB Folkes.