ACCOUNTS - Final Accounts

Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2016-07-01 10259943 2016-06-30 10259943 2016-07-01 2017-07-31 10259943 2017-07-31 10259943 c:Director2 2016-07-01 2017-07-31 10259943 d:FreeholdInvestmentProperty 2016-07-01 2017-07-31 10259943 d:FreeholdInvestmentProperty 2017-07-31 10259943 d:CurrentFinancialInstruments 2017-07-31 10259943 d:Non-currentFinancialInstruments 2017-07-31 10259943 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 10259943 d:ShareCapital 2017-07-31 10259943 d:RetainedEarningsAccumulatedLosses 2017-07-31 10259943 c:FRS102 2016-07-01 2017-07-31 10259943 c:AuditExempt-NoAccountantsReport 2016-07-01 2017-07-31 10259943 c:AbridgedAccounts 2016-07-01 2017-07-31 10259943 c:PrivateLimitedCompanyLtd 2016-07-01 2017-07-31 10259943 d:Subsidiary1 2016-07-01 2017-07-31 10259943 d:Subsidiary1 1 2016-07-01 2017-07-31 10259943 c:SmallCompaniesRegimeForAccounts 2016-07-01 2017-07-31 10259943 c:ConsolidatedGroupCompanyAccounts 2016-07-01 2017-07-31 iso4217:GBP xbrli:pure

Registered number: 10259943

FAST ASSETS LTD

Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 July 2017


FAST ASSETS LTD Registered number:10259943

Statement of financial position

As at 31 July 2017

		31 July
		2017
Note		£

Fixed assets
Investments	3,4		543,496
			543,496
Current assets
Debtors	5	1,124,895
Cash at bank and in hand	6	1,055,987
		2,180,882
Creditors: amounts falling due within one year	7	(2,720,050)
Net current (liabilities)/assets			(539,168)
Total assets less current liabilities			4,328
Net assets			4,328

Capital and reserves
Called up share capital			4
Profit and loss account			4,324
			4,328

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of 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 financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 December 2017.

B Hoffman

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


FAST ASSETS LTD

Notes to the financial statements

For the Period Ended 31 July 2017

1.	General information

Fast Assets Limited is a company incorporated in England and Wales under the Companies Act. The principal activity of the company is that of property development and property investment.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.4

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2


FAST ASSETS LTD

Notes to the financial statements

For the Period Ended 31 July 2017

2.Accounting policies (continued)

2.6

Reserves

The company's reserves are as follows:
• Called up share capital represents the nominal value of the shares issued
• Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.

2.7

Turnover

Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

2.10

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 3


FAST ASSETS LTD

Notes to the financial statements

For the Period Ended 31 July 2017

3.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1
	At 31 July 2017	1

	Net book value
	At 31 July 2017	1

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

Crossbrook Limited

Ordinary

100%

Property Development

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	543,495
	At 31 July 2017	543,495

Page 4


FAST ASSETS LTD

Notes to the financial statements

For the Period Ended 31 July 2017

5.	Debtors: Amounts falling due within one year

					31 July
					2017
					£


	Amounts owed by group undertakings	908,912
	Other debtors	215,984
		1,124,896

6.	Cash and cash equivalents
		31 July
		2017
		£

	Cash at bank and in hand	1,055,987
		1,055,987

7.	Creditors: Amounts falling due within one year
		31 July
		2017
		£

	Bank loans	520,000
	Corporation tax	1,081
	Other creditors	2,194,919
	Accruals and deferred income	4,050
		2,720,050

8.	Controlling party

There is no controlling party.

Page 5