Fasten Ltd 31/12/2023 iXBRL
Fasten Ltd 31/12/2023 iXBRL
Company registration number:
11621299
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office |
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Accountants |
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Heritage House | ||
Woodside Lane | ||
Bell Bar | ||
Hertfordshire | ||
AL9 6DE | ||
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Fasten Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Heritage House
Woodside Lane
Bell Bar
Hertfordshire
AL9 6DE
17 May 2024
Statement of financial position
31 December 2023
2023 | 2022 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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Current assets | |||||||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 May 2024
, and are signed on behalf of the board by:
Director
Company registration number:
11621299
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Heritage House, Woodside Lane, Bell Bar, Hertfordshire, United Kingdom, AL9 6DE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
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.
Taxation
Goodwill
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill | - | 10 Years |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery | - |
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Fittings fixtures and equipment | - |
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Motor vehicles | - |
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Office equipment | - |
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straight line | |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2022:
8
).
5.
Intangible assets
Goodwill | Total | ||
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Cost | |||
At 1 January 2023 and 31 December 2023 |
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Amortisation | |||
At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount | |||
At 31 December 2023 |
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At 31 December 2022 |
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6.
Tangible assets
Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Office equipment | Total | ||
£ | £ | £ | £ | £ | ||
Cost | ||||||
At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation | ||||||
At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount | ||||||
At 31 December 2023 |
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At 31 December 2022 |
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7.
Debtors
2023 | 2022 | |||
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Trade debtors |
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Other debtors |
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8.
Creditors: amounts falling due within one year
2023 | 2022 | |||
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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