Property Fast Track Holdings Limited 13861058 false 2022-01-20 2023-01-31 2023-01-31 The principal activity of the company is Activities of a holding company Digita Accounts Production Advanced 6.30.9574.0 true false true 13861058 2022-01-20 2023-01-31 13861058 2023-01-31 13861058 bus:OrdinaryShareClass1 2023-01-31 13861058 bus:OrdinaryShareClass2 2023-01-31 13861058 core:RetainedEarningsAccumulatedLosses 2023-01-31 13861058 core:ShareCapital 2023-01-31 13861058 core:CurrentFinancialInstruments 2023-01-31 13861058 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13861058 core:Non-currentFinancialInstruments 2023-01-31 13861058 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 13861058 core:AdditionsToInvestments 2023-01-31 13861058 core:AllSubsidiaries 2023-01-31 13861058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-31 13861058 bus:SmallEntities 2022-01-20 2023-01-31 13861058 bus:AuditExemptWithAccountantsReport 2022-01-20 2023-01-31 13861058 bus:FullAccounts 2022-01-20 2023-01-31 13861058 bus:SmallCompaniesRegimeForAccounts 2022-01-20 2023-01-31 13861058 bus:RegisteredOffice 2022-01-20 2023-01-31 13861058 bus:Director2 2022-01-20 2023-01-31 13861058 bus:OrdinaryShareClass1 2022-01-20 2023-01-31 13861058 bus:OrdinaryShareClass2 2022-01-20 2023-01-31 13861058 bus:PrivateLimitedCompanyLtd 2022-01-20 2023-01-31 13861058 core:RetainedEarningsAccumulatedLosses 2022-01-20 2023-01-31 13861058 core:ShareCapital 2022-01-20 2023-01-31 13861058 core:AllSubsidiaries 2022-01-20 2023-01-31 13861058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-20 2023-01-31 13861058 countries:AllCountries 2022-01-20 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13861058

Property Fast Track Holdings Limited

Annual Report and Unaudited Financial Statements

for the Period from 20 January 2022 to 31 January 2023

 

Property Fast Track Holdings Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Property Fast Track Holdings Limited

(Registration number: 13861058)
Balance Sheet as at 31 January 2023

Note

2023
£

Fixed assets

 

Investment property

4

941,701

Investments

5

100

 

941,801

Current assets

 

Debtors

6

37,053

Cash at bank and in hand

 

4,534

 

41,587

Creditors: Amounts falling due within one year

7

(371,012)

Net current liabilities

 

(329,425)

Total assets less current liabilities

 

612,376

Creditors: Amounts falling due after more than one year

7

(627,172)

Net liabilities

 

(14,796)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(14,896)

Total equity

 

(14,796)

For the financial period ending 31 January 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

 

Property Fast Track Holdings Limited

(Registration number: 13861058)
Balance Sheet as at 31 January 2023

Mr J Gage
Director

   
     
 

Property Fast Track Holdings Limited

Statement of Changes in Equity for the Period from 20 January 2022 to 31 January 2023

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(14,896)

(14,896)

New share capital subscribed

100

-

100

At 31 January 2023

100

(14,896)

(14,796)

 

Property Fast Track Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 20 January 2022 to 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
V1 Imperial Way
Commerce Park
Frome
BA11 2FD
England

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

Despite the negative reserves, the Directors have committed to financing the company and therefore, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Property Fast Track Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 20 January 2022 to 31 January 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Property Fast Track Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 20 January 2022 to 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2.

4

Investment properties

2023
£

Additions

941,701

At 31 January

941,701

The property was purchased in September 2022 and the directors consider the fair value of the property to be the cost price.

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

Investments in subsidiaries

100

 

Property Fast Track Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 20 January 2022 to 31 January 2023

Subsidiaries

£

Cost or valuation

Additions

100

Carrying amount

At 31 January 2023

100

6

Debtors

2023
£

Trade debtors

10,712

Other debtors

100

Prepayments

26,241

37,053

7

Creditors

Due within one year

Note

2023
£

 

Loans and borrowings

9

11,686

Amounts due to related parties

10

315,199

Social security and other taxes

 

7,094

Accruals

 

25,300

Deferred income

 

11,733

 

371,012

Due after one year

 

Loans and borrowings

9

627,172

 

Property Fast Track Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 20 January 2022 to 31 January 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary A £1 shares of £1 each

50

50

Ordinary B £1 Shares of £1 each

50

50

 

100

100

50 Ordinary A £1 shares and 50 Ordinary B £1 shares were allotted in the year on the incorporation of the company

9

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

627,172

2023
£

Current loans and borrowings

Bank borrowings

11,686

10

Related party transactions

Loans from related parties

2023

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

Advanced

362,031

100

362,131

Repaid

(46,932)

-

(46,932)

At end of period

315,099

100

315,199

Terms of loans from related parties

Loans from entities with joint control are provided interest-free and are repayable on demand.
 Loans from subsidiaries are provided interest-free and are repayable on demand.