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REGISTERED NUMBER: 07940896 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Fastec Racing Limited

Fastec Racing Limited (Registered number: 07940896)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fastec Racing Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: D Starmer
J E G Williams





REGISTERED OFFICE: Unit 9 Studlands Business Centre
Studlands Park Avenue
Newmarket
Suffolk
CB8 7SS





REGISTERED NUMBER: 07940896 (England and Wales)





ACCOUNTANTS: Tyrrell Accountants
Unit D
South Cambs Business Park
Sawston
Cambridge
Cambridgeshire
CB22 3JH

Fastec Racing Limited (Registered number: 07940896)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 230,905 242,143

CURRENT ASSETS
Stocks 33,250 48,538
Debtors 5 43,090 30,579
Cash at bank and in hand 11,211 24,922
87,551 104,039
CREDITORS
Amounts falling due within one year 6 114,176 119,298
NET CURRENT LIABILITIES (26,625 ) (15,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,280

226,884

CREDITORS
Amounts falling due after more than one
year

7

176,979

209,842
NET ASSETS 27,301 17,042

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 27,281 17,022
27,301 17,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fastec Racing Limited (Registered number: 07940896)

Balance Sheet - continued
28 February 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





D Starmer - Director


Fastec Racing Limited (Registered number: 07940896)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Fastec Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Fastec Racing Limited (Registered number: 07940896)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 134,195 203,721 337,916
DEPRECIATION
At 1 March 2022 - 95,773 95,773
Charge for year - 11,238 11,238
At 28 February 2023 - 107,011 107,011
NET BOOK VALUE
At 28 February 2023 134,195 96,710 230,905
At 28 February 2022 134,195 107,948 242,143

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,090 19,659
Other debtors - 10,920
43,090 30,579

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,509 15,117
Hire purchase contracts - 22,667
Trade creditors 14,477 46,732
Taxation and social security 10,934 1,361
Other creditors 49,256 33,421
114,176 119,298

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 84,477 124,605
Other creditors 92,502 85,237
176,979 209,842