Fastrax Solutions (Scotland) Ltd Accounts

Fastrax Solutions (Scotland) Ltd Accounts

FASTRAX SOLUTIONS (SCOTLAND) LTD - Company Information

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Fastrax Solutions (Scotland) Ltd FILLETED ACCOUNTS COVER
Fastrax Solutions (Scotland) Ltd
Company No. SC385355
Information for Filing with The Registrar
30 September 2016
Fastrax Solutions (Scotland) Ltd DIRECTORS REPORT REGISTRAR
The Director presents his report and the accounts for the year ended 30 September 2016.
Principal activities
The principal activity of the company during the year under review was other construction installation .
Director
The Director who served at any time during the year was as follows:
J. McCrimmond
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
J. McCrimmond
Director
30 September 2016
Fastrax Solutions (Scotland) Ltd BALANCE SHEET REGISTRAR
at
30 September 2016
Company No.
SC385355
Notes
2016
2015
£
£
Fixed assets
Tangible assets
2
1,0541,423
1,0541,423
Current assets
Stocks
3
185,30084,500
Debtors
4
89,829120,319
Cash at bank and in hand
(17,857)
2,049
257,272206,868
Creditors: Amount falling due within one year
5
(253,030)
(208,045)
Net current assets/(liabilities)
4,242
(1,177)
Total assets less current liabilities
5,296246
Creditors: Amounts falling due after more than one year
6
(5,000)
-
Net assets
296246
Capital and reserves
Profit and loss account
7
296246
Total equity
296246
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2016 the company was entitled to exemption 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 30 September 2016
true
And signed on its behalf by:
J. McCrimmond
Director
30 September 2016
Fastrax Solutions (Scotland) Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 30 September 2016
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Motor vehicles
25% Straight Line
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Tangible fixed assets
Motor vehicles
Total
£
£
Cost or revaluation
At 1 October 2015
4,5004,500
Additions
1,4051,405
Disposals
(4,500)
(4,500)
At 30 September 2016
1,4051,405
Depreciation
At 1 October 2015
3,0773,077
Charge for the year
351351
Disposals
(3,077)
(3,077)
At 30 September 2016
351351
Net book values
At 30 September 2016
1,0541,054
At 30 September 2015
1,4231,423
3
Stocks
2016
2015
£
£
Work in progress
185,30084,500
185,30084,500
4
Debtors
2016
2015
£
£
Trade debtors
23,84578,500
Loans to directors
9,1734,684
Other debtors
56,81137,135
89,829120,319
5
Creditors:
amounts falling due within one year
2016
2015
£
£
Trade creditors
100,92075,557
Corporation tax
5,7815,163
Other taxes and social security
143,929124,915
Accruals and deferred income
2,4002,410
253,030208,045
6
Creditors:
amounts falling due after more than one year
2016
2015
£
£
Other loans
5,000-
5,000-
7
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
8
Dividends
2016
2015
£
£
Dividends for the period:
Dividends paid in the period
3,900
10,000
3,90010,000
Dividends by type:
Equity dividends
3,90010,000
3,900
10,000
9
Related party disclosures
Controlling party
Immediate controlling party
No single party controls the company.
10
Additional information
Its registered number is:
SC385355
Its registered office is:
Unit 36 Rosyth Business Cent
Cromarty Campus
Rosyth
Dunfermline
KY11 2WX
Fastrax Solutions (Scotland) LtdSC38535530 September 201601 October 2015false30 September 2016BTCSoftware AP Solution 2017 4.2.04SC3853552015-10-012016-09-30SC3853552016-09-30SC3853552015-09-30SC385355core:WithinOneYear2016-09-30SC385355core:WithinOneYear2015-09-30SC385355core:AfterOneYear2016-09-30SC385355core:AfterOneYear2015-09-30SC385355core:RetainedEarningsAccumulatedLosses2016-09-30SC385355core:RetainedEarningsAccumulatedLosses2015-09-30SC385355core:MotorVehicles2015-10-012016-09-30SC385355core:MotorVehicles2015-10-01SC3853552015-10-01SC385355core:MotorVehicles2016-09-30SC385355core:MotorVehicles2015-09-30SC385355core:RetainedEarningsAccumulatedLosses2015-10-012016-09-30SC3853552014-10-012015-09-30SC385355bus:RegisteredOffice2015-10-012016-09-30SC385355bus:SmallEntities2015-10-012016-09-30SC385355bus:FullAccounts2015-10-012016-09-30SC385355bus:AuditExempt-NoAccountantsReport2015-10-012016-09-30SC385355bus:Director12015-10-012016-09-30SC385355bus:PrivateLimitedCompanyLtd2015-10-012016-09-30iso4217:GBP