Fastrackcad Ltd - Period Ending 2015-02-28

Registration number: 05936507

Fastrackcad Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Schonhut Carr & Co.
Chartered Accountants
Thames House
Mayo Road
Walton on Thames
Surrey
KT12 2QA

Fastrackcad Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Fastrackcad Ltd
(Registration number: 05936507)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					9,401			230
Current assets
Debtors					10,238			4,030
Cash at bank and in hand					38,316			51,176
					48,554			55,206
Creditors: Amounts falling due within one year					(11,279)			(9,977)
Net current assets					37,275			45,229
Total assets less current liabilities					46,676			45,459
Creditors: Amounts falling due after more than one year					(6,883)			-
Net assets					39,793			45,459
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					38,793			44,459
Shareholders' funds					39,793			45,459

For the year ending 28 February 2015 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 17 July 2015

.........................................
Mr T Holding
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Fastrackcad Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding Value Added Tax.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life.

Asset class	Depreciation method and rate
Computer equipment	33% on cost
Motor vehicles	25% on cost

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Fastrackcad Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2014		689			689
Additions		12,535			12,535
At 28 February 2015		13,224			13,224
Depreciation
At 1 March 2014		459			459
Charge for the year		3,364			3,364
At 28 February 2015		3,823			3,823
Net book value
At 28 February 2015		9,401			9,401
At 28 February 2014		230			230

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary £1 shares of £1 each		1,000			1,000			1,000			1,000

Page 3