Fast Housing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10078499 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 SEPTEMBER 2021

FOR

FAST HOUSING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

C Bard

REGISTERED OFFICE:

116 Bethune Road

London

N16 5DU

REGISTERED NUMBER:

10078499 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

5

920,333

413,076

CURRENT ASSETS

Debtors

6

77,179

50,000

Cash at bank

12,084

15,815

89,263

65,815

CREDITORS

Amounts falling due within one year

7

(299,500

)

(157,776

)

NET CURRENT LIABILITIES

(210,237

)

(91,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

710,096

321,115

CREDITORS

Amounts falling due after more than one year

8

(714,530

)

(325,709

)

NET LIABILITIES

(4,434

)

(4,594

)

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

12

(4,435

)

(4,595

)

SHAREHOLDERS' FUNDS

(4,434

)

(4,594

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 September 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorized for issue by the director and authorised for issue on 12 September 2022 and were signed by:

C Bard - Director

1.	STATUTORY INFORMATION

Fast Housing 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 25 September 2020

413,076

Additions

507,257

At 24 September 2021

920,333

NET BOOK VALUE

At 24 September 2021

920,333

At 24 September 2020

413,076

The fair value of the investment property was assessed to be unchanged by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.9.21

24.9.20

£

£

Other debtors

77,179

50,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.9.21

24.9.20

£

£

Other creditors

299,500

157,776

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

24.9.21

24.9.20

£

£

Bank loans (see note 9)

666,094

275,709

Other creditors

48,436

50,000

714,530

325,709

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

666,094

275,709

Repayable by instalments

Other loans more 5yrs instal

48,436

-

Other creditors includes Bounceback loan of £48,436. The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

9.

LOANS

An analysis of the maturity of loans is given below:

24.9.21

24.9.20

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

-

50,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

666,094

275,709

Repayable by instalments

Other loans more 5yrs instal

48,436

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

24.9.21

24.9.20

£

£

Bank loans

666,094

275,709

The bank loans and overdrafts are secured by a first charge over the company's properties and a floating charge over the assets of the company, and bear interest at variable rates.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

24.9.21

24.9.20

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

earnings

£

At 25 September 2020

(4,595

)

Profit for the year

160

At 24 September 2021

(4,435

)