Fastrax Conveyor Rollers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05520208 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Fastrax Conveyor Rollers Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Millar

A N Geoghegan

G R Hogsflesh

REGISTERED OFFICE:

Unit F

Willowbrook East Industrial Estate

Trevithick Road

Corby

Northamptonshire

NN17 5XY

REGISTERED NUMBER:

05520208 (England and Wales)

ACCOUNTANTS:

Blythe Phillips & Co.

10C Peckingham Street

Halesowen

West Midlands

B63 3AW

FIXED ASSETS

Intangible assets

4

134,900

134,900

Tangible assets

5

132,839

48,313

Investments

6

1,500

1,500

269,239

184,713

CURRENT ASSETS

Stocks

134,000

148,500

Debtors

7

512,740

612,704

Cash at bank

126,850

98,497

773,590

859,701

CREDITORS

Amounts falling due within one year

8

584,790

666,634

NET CURRENT ASSETS

188,800

193,067

TOTAL ASSETS LESS CURRENT LIABILITIES

458,039

377,780

CREDITORS

Amounts falling due after more than one year

9

(90,558

)

(9,655

)

PROVISIONS FOR LIABILITIES

(24,459

)

-

NET ASSETS

343,022

368,125

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

342,022

367,125

SHAREHOLDERS' FUNDS

343,022

368,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 22 December 2020 and were signed on its behalf by:

S J Millar - Director

1.	STATUTORY INFORMATION

Fastrax Conveyor Rollers Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

134,900

NET BOOK VALUE

At 31 December 2019

134,900

At 31 December 2018

134,900

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

186,271

Additions

102,975

Disposals

(12,800

)

At 31 December 2019

276,446

DEPRECIATION

At 1 January 2019

137,958

Charge for year

14,399

Eliminated on disposal

(8,750

)

At 31 December 2019

143,607

NET BOOK VALUE

At 31 December 2019

132,839

At 31 December 2018

48,313

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

1,500

NET BOOK VALUE

At 31 December 2019

1,500

At 31 December 2018

1,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

358,891

415,702

Amounts owed by group undertakings

147,827

188,636

Other debtors

6,022

8,366

512,740

612,704

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

101,987

-

Trade creditors

377,719

446,740

Taxation and social security

97,955

215,044

Other creditors

7,129

4,850

584,790

666,634

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

90,558

9,655