Fast Assets Ltd 31/08/2018 iXBRL

Fast Assets Ltd 31/08/2018 iXBRL

FAST ASSETS LTD - Company Information

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Company registration number: 10259943
Fast Assets Ltd
Unaudited filleted financial statements
31 August 2018
Fast Assets Ltd
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Fast Assets Ltd
Directors and other information
Directors Y Deutsch
B Hoffman
M Rapaport
Company number 10259943
Registered office 140 High Road
London
England
N15 6JN
Fast Assets Ltd
Directors report
Period ended 31 August 2018
The directors present their report and the unaudited financial statements of the company for the period ended 31 August 2018.
Directors
The directors who served the company during the period were as follows:
Y Deutsch
B Hoffman
M Rapaport
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 November 2018 and signed on behalf of the board by:
B Hoffman
Director
Fast Assets Ltd
Statement of financial position
31 August 2018
31/08/18 31/07/17
Note £ £ £ £
Fixed assets
Tangible assets 5 1,611,451 543,495
Investments 6 410,989 1
_______ _______
2,022,440 543,496
Current assets
Debtors 7 2,063,890 1,124,895
Cash at bank and in hand 7,327 1,055,987
_______ _______
2,071,217 2,180,882
Creditors: amounts falling due
within one year 8 ( 3,886,041) ( 2,720,051)
_______ _______
Net current liabilities ( 1,814,824) ( 539,169)
_______ _______
Total assets less current liabilities 207,616 4,327
Provisions for liabilities ( 48,736) -
_______ _______
Net assets 158,880 4,327
_______ _______
Capital and reserves
Called up share capital 9 4 4
Profit and loss account 158,876 4,323
_______ _______
Shareholders funds 158,880 4,327
_______ _______
For the period ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 14 November 2018 , and are signed on behalf of the board by:
B Hoffman
Director
Company registration number: 10259943
Fast Assets Ltd
Notes to the financial statements
Period ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 140 High Road, London, England, N15 6JN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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.
Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.
4. Tax on profit
Major components of tax expense
Period Period
ended ended
31/08/18 31/07/17
£ £
Current tax:
UK current tax expense - 1,081
Adjustments in respect of previous periods ( 17) -
_______ _______
Deferred tax:
Tax provided on change in fair value 48,736 -
_______ _______
Tax on profit 48,719 1,081
_______ _______
Deferred tax liabilities is provided for change in fair value of investment property.
5. Investment property
Freehold investment property Total
£ £
Cost or valuation
At 1 August 2017 543,495 543,495
Additions 811,451 811,451
Revaluation 256,505 256,505
_______ _______
At 31 August 2018 1,611,451 1,611,451
_______ _______
Depreciation
At 1 August 2017 and 31 August 2018 - -
_______ _______
Carrying amount
At 31 August 2018 1,611,451 1,611,451
_______ _______
At 31 July 2017 543,495 543,495
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2017 1 1
Additions 410,988 410,988
_______ _______
At 31 August 2018 410,989 410,989
_______ _______
Impairment
At 1 August 2017 and 31 August 2018 - -
_______ _______
Carrying amount
At 31 August 2018 410,989 410,989
_______ _______
At 31 July 2017 1 1
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Crossbrook Limited England and Wales Ordinary 100
Hornchurch Road SPV Limited England and Wales Ordinary 100
Crossbrook Estates Limited England and Wales Ordinary 100
7. Debtors
31/08/18 31/07/17
£ £
Amounts owed by group undertakings 2,024,936 970,412
Other debtors 38,954 154,483
_______ _______
2,063,890 1,124,895
_______ _______
8. Creditors: amounts falling due within one year
31/08/18 31/07/17
£ £
Bank loans and overdrafts 1,640,200 520,000
Accruals and deferred income 1,200 4,050
Corporation tax 1,064 1,081
Other creditors 2,243,577 2,194,920
_______ _______
3,886,041 2,720,051
_______ _______
Bank loans are secured against the property of the company and of its subsidiary company.
9. Called up share capital
Issued, called up and fully paid
31/08/18 31/07/17
No £ No £
Ordinary shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
10. Related party transactions
Included in other creditors is £2,242,269 (2017 - £2,192,269) owed to companies under common control. These are interest free and repayable on demand. The company has taken advantage of paragraph 33.1A of FRS102 and has not disclosed transactions that have taken place with other group entities.
11. Shareholder's fund
Shareholder's funds include non-distributable profits of £207,769 net of tax for change in fair value of investment property.