Fast Embroidery Designs Limited Filleted accounts for Companies House (small and micro)

FAST EMBROIDERY DESIGNS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09489612

Fast Embroidery Designs Limited

Filleted Unaudited Financial Statements

31 March 2021

Fast Embroidery Designs Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Current assets

Debtors	4	3,600		3,600

Creditors: amounts falling due within one year	5	300		300
		-------		-------
Net current assets			3,300	3,300
			-------	-------
Total assets less current liabilities			3,300	3,300
			-------	-------
Net assets			3,300	3,300
			-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	3,299	3,299
	-------	-------
Shareholders funds	3,300	3,300
	-------	-------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:

Mr C A Watson
Director

Company registration number: 09489612

Fast Embroidery Designs Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 King Street, Accrington, Lancashire, BB5 1PR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Debtors

	2021	2020
	£	£
Other debtors	3,600	3,600
	-------	-------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Other creditors	300	300
	----	----

6. Related party transactions

The company was under the control of Mr Gogna throughout the current and previous year. Mr Gogna is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE (2015).