Company Registration No. 08080332 (England and Wales)
Fast Lane Styling Europe Limited
Unaudited accounts
for the year ended 31 May 2018
Fast Lane Styling Europe Limited
Unaudited accounts
Contents
Fast Lane Styling Europe Limited
Company Information
for the year ended 31 May 2018
Directors
Abul Foyez
Habibur Rahman
Company Number
08080332 (England and Wales)
Registered Office
UNIT 895
HIGH ROAD
ROMFORD
RM6 4HL
Accountants
Anthony Daniel Associates
10 Julian Place
London
E14 3AT
Fast Lane Styling Europe Limited
Statement of financial position
as at 31 May 2018
Tangible assets
53,870
30,637
Inventories
275,500
475,500
Cash at bank and in hand
509,871
257,755
Creditors: amounts falling due within one year
(304,396)
(279,091)
Net current assets
543,273
461,920
Total assets less current liabilities
597,143
492,557
Creditors: amounts falling due after more than one year
(54,500)
(54,500)
Net assets
542,643
438,057
Called up share capital
4
4
Profit and loss account
542,639
438,053
Shareholders' funds
542,643
438,057
For the year ending 31 May 2018 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.
Approved by the Board on 20 February 2019.
Abul Foyez
Director
Company Registration No. 08080332
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2018
Fast Lane Styling Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 08080332. The registered office is UNIT 895, HIGH ROAD, ROMFORD, RM6 4HL.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
25% on cost
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2018
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2017
60,227
21,545
5,090
86,862
Additions
7,618
32,068
1,777
41,463
At 31 May 2018
67,845
53,613
6,867
128,325
At 1 June 2017
34,527
18,328
3,370
56,225
Charge for the year
9,790
7,595
845
18,230
At 31 May 2018
44,317
25,923
4,215
74,455
At 31 May 2018
23,528
27,690
2,652
53,870
At 31 May 2017
25,700
3,217
1,720
30,637
Finished goods
275,500
475,500
Accrued income and prepayments
4,439
969
7
Creditors: amounts falling due within one year
2018
2017
Trade creditors
9,582
106,662
Taxes and social security
123,355
92,735
Loans from directors
171,430
79,665
8
Creditors: amounts falling due after more than one year
2018
2017
Other creditors
54,500
54,500
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2018
10
Average number of employees
During the year the average number of employees was 15 (2017: 13).
