Company Registration No. 08080332 (England and Wales)
Fast Lane Styling Europe Limited
Unaudited accounts
for the year ended 31 May 2021
Fast Lane Styling Europe Limited
Unaudited accounts
Contents
Fast Lane Styling Europe Limited
Company Information
for the year ended 31 May 2021
Directors
Abul Foyez
Habibur Rahman
Company Number
08080332 (England and Wales)
Registered Office
Unit 895
High Road
Romford
RM6 4HL
Accountants
Anthony Daniel Associates
10 Julian Place
London
E14 3AT
Fast Lane Styling Europe Limited
Statement of financial position
as at 31 May 2021
Tangible assets
55,970
59,889
Inventories
310,000
405,000
Cash at bank and in hand
1,111,893
1,003,639
Creditors: amounts falling due within one year
(288,408)
(727,755)
Net current assets
1,215,443
785,714
Total assets less current liabilities
1,271,413
845,603
Creditors: amounts falling due after more than one year
-
(54,500)
Net assets
1,271,413
791,103
Called up share capital
4
4
Profit and loss account
1,271,409
791,099
Shareholders' funds
1,271,413
791,103
For the year ending 31 May 2021 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2022 and were signed on its behalf by
Habibur Rahman
Director
Company Registration No. 08080332
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2021
Fast Lane Styling Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 08080332. The registered office is Unit 895, High Road, Romford, RM6 4HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
25% on cost
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2021
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2020
6,524
95,005
62,015
12,850
176,394
Additions
-
10,890
3,574
4,501
18,965
At 31 May 2021
6,524
105,895
65,589
17,351
195,359
At 1 June 2020
-
67,958
41,036
7,511
116,505
Charge for the year
-
11,588
8,511
2,785
22,884
At 31 May 2021
-
79,546
49,547
10,296
139,389
At 31 May 2021
6,524
26,349
16,042
7,055
55,970
At 31 May 2020
6,524
27,047
20,979
5,339
59,889
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
63,999
64,451
Accrued income and prepayments
8,171
29,734
Other debtors
9,788
10,645
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
36,627
83,547
Taxes and social security
248,320
148,022
Loans from directors
(2,443)
496,186
7
Creditors: amounts falling due after more than one year
2021
2020
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
9
Transactions with related parties
The aggregate amount of dividends paid in the year was £100,000 (2020 : £200,000).
Fast Lane Styling Europe Limited
Notes to the Accounts
for the year ended 31 May 2021
10
Average number of employees
During the year the average number of employees was 21 (2020: 20).
