Fair & Fast Limited 31/05/2020 iXBRL

Fair & Fast Limited 31/05/2020 iXBRL

FAIR & FAST LIMITED - Company Information

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Company registration number: 03984668
Fair & Fast Limited
(formerly Byron Hill Developments Limited)
Unaudited filleted financial statements
for the year ended 31 May 2020
Fair & Fast Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Fair & Fast Limited
Directors and other information
Directors Mr Mark Julian Smith
Mr David Charles Cuff (Appointed 10 June 2020)
Secretary Mark Julian Smith
Company number 03984668
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Fair & Fast Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fair & Fast Limited
Year ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fair & Fast Limited for the year ended 31 May 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fair & Fast Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fair & Fast Limited and state those matters that we have agreed to state to the board of directors of Fair & Fast Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fair & Fast Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fair & Fast Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fair & Fast Limited. You consider that Fair & Fast Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fair & Fast Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
15 January 2021
Fair & Fast Limited
Statement of financial position
31 May 2020
2020 2019
Note £ £ £ £
Current assets
Debtors 5 - 4,051
Cash at bank and in hand 5,099 14
_______ _______
5,099 4,065
Creditors: amounts falling due
within one year 6 ( 7,509) ( 4,063)
_______ _______
Net current (liabilities)/assets ( 2,410) 2
_______ _______
Total assets less current liabilities ( 2,410) 2
_______ _______
Net (liabilities)/assets ( 2,410) 2
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 2,412) -
_______ _______
Shareholders (deficit)/funds ( 2,410) 2
_______ _______
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2021 , and are signed on behalf of the board by:
Mr Mark Julian Smith
Director
Company registration number: 03984668
Fair & Fast Limited
Notes to the financial statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Byron Hill Developments Limited, No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors have a reasonable expectation that the company will be able to meet known liabilities as they fall due and will have adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of service provided to date, based on a proportion of the total expected consideration at completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Debtors
2020 2019
£ £
Amounts owed by related parties - 4,051
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Amounts owed to related parties 546 -
Corporation tax - 810
Other creditors 6,963 3,253
_______ _______
7,509 4,063
_______ _______
Loans advanced to the company are secured against the properties owned by the company.