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Registered number: 15235147
FAST FOSTER & COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 APRIL 2025
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FAST FOSTER & COMPANY LIMITED
REGISTERED NUMBER: 15235147
BALANCE SHEET
AS AT 30 APRIL 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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FAST FOSTER & COMPANY LIMITED
REGISTERED NUMBER: 15235147
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 by:
The notes on pages 3 to 11 form part of these financial statements.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
Fast Foster & Company Limited ('the Company') is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
Comparatives are for the period commencing on incorporation of the Company and ending 31 October 2023.
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Change in accounting reference date
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The financial reporting date has been changed from 31 October to 30 April and so the current and prior period figures shown within the financial statements are not entirely comparable.
The financial reporting date was changed for management reporting purposes.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
2.Accounting policies (continued)
In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on his assessment, the director is of the conclusion that the Company will have, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain an inherent uncertainty, as is the case for all companies, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Revenue recognised by the Company and reported in turnover comprises of:
∙Commissions received, as and when, from clientele for whom the Company acts, or has acted for, as agent during the reporting period; and
∙Fees receivable in respect of consultancy services provided recognised upon invoice of the customer with amounts accrued or deferred in accordance with the underlying engagement agreement; and
∙Royalties receivable recognised as and when the Company receives notification of amounts due, during the reporting period, with amounts accrued and/or deferred where applicable in accordance with the terms of the underlying contract.
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Current and deferred taxation
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Taxation comprises of income and/or corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
2.Accounting policies (continued)
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
Depreciation is provided on the following basis:
Depreciation commences once the asset is available for use with the asset's residual value, useful life and depreciation basis reviewed, and adjusted prospectively where appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property comprises of property held by the Company to earn income or for capital appreciation, or both.
Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value. Investment properties are not depreciated.
Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred. An investment property is derecognised for accounting purposes upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
2.Accounting policies (continued)
The measurement of specific financial assets, financial liabilities, and equity held by the Company is as outlined below:
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
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Cash and cash equivalents
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Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Creditors, excluding commercial bank loans and hire purchase agreements (see below), are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price.
Commercial bank loans and amounts payable towards hire purchase agreements are initially measured at fair value and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
The judgments, estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period are addressed below:
Investment properties
The fair value of investment properties is determined annually by the director on an open market value basis by reference to specific advice from third party experts and available market evidence. From time to time, the director may employ independent professional valuers to determine the fair value on his behalf. In determining the fair value, the application, and therefore significant judgment, of unobservable inputs as well as a number of estimates and assumptions is required.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
3.Judgments in applying accounting policies (continued)
Key estimates and assumptions considered on valuation of investment property include market evidence on comparable transactions for similar properties, current market and investor expectations, occupancy rates, rental yields, the nature, location, condition and permissible uses of the specific investment property and consideration of hypothetical sellers and buyers, who are reasonably informed and motivated, but not compelled, to transact on an arm’s length basis.
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The average monthly number of employees, including directors, during the period was 0 (2023 - 0).
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
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Long term leasehold investment property
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The 2025 valuations were made by the director, on an open market value for existing use basis.
Based on the valuation exercise performed, the director is of the opinion that the movement in fair value as at 30 April 2025 from that as at cost acquired during the reporting period is immaterial and does not warrant an adjustment for re-valuation to be recognised as at the balance sheet date.
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Falling due within one year
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Prepayments and accrued income
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Cash and cash equivalents
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
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Creditors: Amounts falling due within one year
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Net obligations under finance leases and hire purchase contracts of £843 (31 October 2023: £nil) are secured over the underlying assets provided under the respective agreements.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Bank loans of £355,625 (31 October 2023: £nil) are secured by way of a legal mortgage over the leasehold investment property held by the Company (see note 6).
Net obligations under finance leases and hire purchase contracts of £9,198 (31 October 2023: £nil) are secured over the underlying assets provided under the respective agreements.
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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At end of reporting period
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Net deferred tax liabilities of approximately £1,000 are expected to reverse in the following financial reporting period.
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Related party transactions
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At the balance sheet date, the director was owed £118,115 (31 October 2023: £nil) by the Company in respect of an unsecured and interest-free loan account. Amounts payable towards the loan account are repayable on demand with no fixed date for repayment.
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FAST FOSTER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
During the reporting period and up to the date these accounts were approved, the Company was under the control of its sole director.
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