Fastlodge Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 07505992 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

FASTLODGE LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Y Deutsch

B Hoffman

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

07505992 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

2

5,042

2,269

Investment property

3

3,710,000

827,570

3,715,042

829,839

CURRENT ASSETS

Debtors

539,171

265,003

Cash at bank

178

-

539,349

265,003

CREDITORS

Amounts falling due within one year

4

1,265,282

760,110

NET CURRENT LIABILITIES

(725,933

)

(495,107

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,989,109

334,732

CREDITORS

Amounts falling due after more than one
year

4

1,314,739

81,367

NET ASSETS

1,674,370

253,365

CAPITAL AND RESERVES

Called up share capital

5

2

Revaluation reserve

1,778,781

280,780

Profit and loss account

(104,413

)

(27,417

)

SHAREHOLDERS' FUNDS

1,674,370

253,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 January 2017 and were signed on its behalf by:

B Hoffman - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment properties depreciation

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties depreciation

In accordance with Financial Reporting standard for Smaller Entities (effective April 2008), no depreciation or

amortisation is provided in respect of freehold investment properties nor on leasehold investment properties

having an unexpired term of more than twenty years. This departure from the requirements of the Companies Act

2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy

results in the financial statements giving true and fair view.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

4,226

Additions

3,662

At 31 March 2016

7,888

DEPRECIATION

At 1 April 2015

1,957

Charge for year

889

At 31 March 2016

2,846

NET BOOK VALUE

At 31 March 2016

5,042

At 31 March 2015

2,269

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

827,570

Additions

1,384,429

Revaluations

1,498,001

At 31 March 2016

3,710,000

NET BOOK VALUE

At 31 March 2016

3,710,000

At 31 March 2015

827,570

4.

CREDITORS

Creditors include an amount of £ 2,028,204 (31.3.15 - £ 361,086 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.3.16

31.3.15

£

Repayable by instalments

1,314,739

81,367

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

2

Ordinary

£1

2