Fast Action Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03704724 (England and Wales)

Fast Action Services Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

P E Hillman

Registered office:

27 Hercules Way

Aero Park

Farnborough

Hampshire

GU14 6UU

Registered number:

03704724 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

250 Fowler Avenue

Farnborough

Hampshire

GU14 7JP

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

133,339

84,630

Investments

6

1,034,317

1,034,317

1,167,656

1,118,947

Current assets

Stocks

33,923

39,396

Debtors

7

1,334,130

1,250,520

Cash at bank

512,204

115,585

1,880,257

1,405,501

Creditors

Amounts falling due within one year

8

1,556,530

1,722,480

Net current assets/(liabilities)

323,727

(316,979

)

Total assets less current liabilities

1,491,383

801,968

Creditors

Amounts falling due after more than one year

9

(70,572

)

(122,223

)

Provisions for liabilities

(22,124

)

(8,519

)

Net assets

1,398,687

671,226

Capital and reserves

Called up share capital

11

100

100

Retained earnings

1,398,587

671,126

Shareholders' funds

1,398,687

671,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 December 2023 and were signed by:

P E Hillman - Director

1.	Statutory information

Fast Action Services Limited 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

Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is less than 10 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

Not depreciated

Plant and equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Investments in subsidiaries

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price. At each reporting date, an assessment is made for impairment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at transaction price.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	Employees and directors

The average number of employees during the year was 410 (2022 - 474 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2022

and 31 March 2023

101,226

Amortisation

At 1 April 2022

and 31 March 2023

101,226

Net book value

At 31 March 2023

-

At 31 March 2022

-

5.	Tangible fixed assets

Fixtures

Plant &

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 April 2022

118,428

70,220

88,324

276,972

Additions

12,752

1,859

85,195

99,806

Disposals

(98,233

)

(59,253

)

(38,291

)

(195,777

)

At 31 March 2023

32,947

12,826

135,228

181,001

Depreciation

At 1 April 2022

92,305

53,223

46,814

192,342

Charge for year

7,962

4,442

21,439

33,843

Eliminated on disposal

(91,369

)

(54,210

)

(32,944

)

(178,523

)

At 31 March 2023

8,898

3,455

35,309

47,662

Net book value

At 31 March 2023

24,049

9,371

99,919

133,339

At 31 March 2022

26,123

16,997

41,510

84,630

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2022

and 31 March 2023

1,034,317

Net book value

At 31 March 2023

1,034,317

At 31 March 2022

1,034,317

Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking

Registered office

Nature of business

Class of

% Held

shares held

Direct

Millard's Cleaning Services

27 Hercules Way,

Cleaning services

Ordinary

100.00

Limited

Faranborough,

Hamshire, GU14 6UU

7.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

1,039,637

1,123,141

Amounts owed by group undertakings

168,088

-

Other debtors

126,405

127,379

1,334,130

1,250,520

8.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

83,333

83,333

Trade creditors

386,273

162,006

Amounts owed to group undertakings

210,544

463,803

Taxation and social security

101,919

326,093

Other creditors

774,461

687,245

1,556,530

1,722,480

The aggregate amount of creditors for which security has been given amounted to £83,333 (2022 - £83,333).

The bank loans are secured by fixed and floating charges over the properties of the company and £381,369 (2022 - £259,432) of other creditors are secured on specific trade debtors of the company. There is a further personal guarantee given by the director on one of the bank loans.

9.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

20,833

104,167

Other creditors

49,739

18,056

70,572

122,223

The aggregate amount of creditors for which security has been given amounted to £20,833 (2022 - £104,167).

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

18,803

13,121

Between one and five years

18,610

9,169

37,413

22,290

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

12.	Directors' transactions

Dividends totalling £Nil (2022 - £66,487) were paid in the year in respect of shares formally held by the company's directors.

13.	Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14.	Parent company

At the year end the ultimate parent company is Cleanking Limited. The registered office is 27 Hercules Way, Aero Park, Farnborough, Hampshire GU14 6UU.