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 2020

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

S Church

L S Abrahart

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

318,420

132,839

Investments

6

-

1,500

453,320

269,239

CURRENT ASSETS

Stocks

148,620

134,000

Debtors

7

384,518

512,740

Cash at bank

527,081

126,850

1,060,219

773,590

CREDITORS

Amounts falling due within one year

8

884,234

584,790

NET CURRENT ASSETS

175,985

188,800

TOTAL ASSETS LESS CURRENT LIABILITIES

629,305

458,039

CREDITORS

Amounts falling due after more than one year

9

(199,127

)

(90,558

)

PROVISIONS FOR LIABILITIES

(59,861

)

(24,459

)

NET ASSETS

370,317

343,022

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

369,317

342,022

SHAREHOLDERS' FUNDS

370,317

343,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 30 September 2021 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 (2019 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

134,900

NET BOOK VALUE

At 31 December 2020

134,900

At 31 December 2019

134,900

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

276,446

Additions

233,225

At 31 December 2020

509,671

DEPRECIATION

At 1 January 2020

143,607

Charge for year

47,644

At 31 December 2020

191,251

NET BOOK VALUE

At 31 December 2020

318,420

At 31 December 2019

132,839

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

1,500

Disposals

(1,500

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

1,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

331,353

358,891

Amounts owed by group undertakings

39,657

147,827

Other debtors

13,508

6,022

384,518

512,740

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

345,082

101,987

Trade creditors

329,087

377,719

Taxation and social security

204,825

97,955

Other creditors

5,240

7,129

884,234

584,790

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

199,127

90,558