Fast Projects Limited - Period Ending 2014-03-31

Registration number: 03898877

Fast Projects Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Thorntons
Chartered Certified Accountants
176-178 PONTEFRACT ROAD
CUDWORTH
BARNSLEY
SOUTH YORKSHIRE
S72 8BE

Fast Projects Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fast Projects Limited
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fast Projects Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Fast Projects Limited, as a body, in accordance with the terms of our engagement letterdated 23 August 2006. Our work has been undertaken solely to prepare for your approval the accounts of Fast Projects Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fast Projects Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fast Projects Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fast Projects Limited. You consider that Fast Projects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fast Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thorntons
Chartered Certified Accountants
176-178 PONTEFRACT ROAD
CUDWORTH
BARNSLEY
SOUTH YORKSHIRE
S72 8BE

7 August 2014

Page 1

Fast Projects Limited
(Registration number: 03898877)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,607,797			1,607,913
Current assets
Cash at bank and in hand					26			23
Creditors: Amounts falling due within one year					(863,348)			(887,958)
Net current liabilities					(863,322)			(887,935)
Total assets less current liabilities					744,475			719,978
Creditors: Amounts falling due after more than one year					(408,208)			(444,226)
Net assets					336,267			275,752
Capital and reserves
Called up share capital		4			100			100
Revaluation reserve					316,430			316,430
Profit and loss account					19,737			(40,778)
Shareholders' funds					336,267			275,752

For the year ending 31 March 2014 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 7 August 2014

.........................................
Mr Ian Fraser
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Fast Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% Straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Fast Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		1,609,355			1,609,355
At 31 March 2014		1,609,355			1,609,355
Depreciation
At 1 April 2013		1,442			1,442
Charge for the year		116			116
At 31 March 2014		1,558			1,558
Net book value
At 31 March 2014		1,607,797			1,607,797
At 31 March 2013		1,607,913			1,607,913

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		264,136			300,153

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4