Fastgrand Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03554565 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

FASTGRAND LTD

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Y Deutsch

B Hoffman

SECRETARY:

Mrs A Deutsch

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

03554565 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fastgrand Ltd for the year ended 31 January 2021 which comprise the Income Statement, Statement of Financial Position and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Fastgrand Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fastgrand Ltd and state those matters that we have agreed to state to the Board of Directors of Fastgrand Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fastgrand Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fastgrand Ltd 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 profit of Fastgrand Ltd. You consider that Fastgrand Ltd 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 Fastgrand Ltd. 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.

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

6 January 2022

FIXED ASSETS

Tangible assets

4

18,196

14,920

CURRENT ASSETS

Debtors

5

1,959,626

1,952,731

Cash at bank

469,944

305,332

2,429,570

2,258,063

CREDITORS

Amounts falling due within one year

6

(1,906,559

)

(1,978,985

)

NET CURRENT ASSETS

523,011

279,078

TOTAL ASSETS LESS CURRENT LIABILITIES

541,207

293,998

CREDITORS

Amounts falling due after more than one year

7

(50,000

)

-

NET ASSETS

491,207

293,998

CAPITAL AND RESERVES

Called up share capital

9

4

4

Retained earnings

10

491,203

293,994

SHAREHOLDERS' FUNDS

491,207

293,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 6 January 2022 and were signed on its behalf by:

Y Deutsch - Director

1.	STATUTORY INFORMATION

Fastgrand 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

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

Improvements to property

-

not provided

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

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 14 (2020 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2020

5,549

24,419

24,476

54,444

Additions

-

5,494

1,800

7,294

At 31 January 2021

5,549

29,913

26,276

61,738

DEPRECIATION

At 1 February 2020

5,549

14,562

19,413

39,524

Charge for year

-

2,303

1,715

4,018

At 31 January 2021

5,549

16,865

21,128

43,542

NET BOOK VALUE

At 31 January 2021

-

13,048

5,148

18,196

At 31 January 2020

-

9,857

5,063

14,920

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

47,414

49,702

Other debtors

1,912,212

1,903,029

1,959,626

1,952,731

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade creditors

2,837

5,070

Taxation and social security

228,685

140,829

Other creditors

1,675,037

1,833,086

1,906,559

1,978,985

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans (see note 8)

50,000

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.1.21

31.1.20

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

50,000

-

Bank loan falling due after more than 1 year is an unsecured bank loan received under the Bounce Back Loan Scheme (BBLS) and is guaranteed by the UK government.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

4

Ordinary

£1

4

4

10.

RESERVES

Retained

earnings

£

At 1 February 2020

293,994

Profit for the year

349,209

Dividends

(152,000

)

At 31 January 2021

491,203

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £76,000 (2020 - £127,000) were paid to the directors .

During the period the company was charged rent that amounted to £75,000 by Westwise Estates Limited. Fastgrand Ltd and Westwise Estates Limited share common directors.