IRIS Accounts Production v23.4.0.336 06767455 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh067674552022-03-31067674552023-03-31067674552022-04-012023-03-31067674552021-03-31067674552021-04-012022-03-31067674552022-03-3106767455ns15:EnglandWales2022-04-012023-03-3106767455ns14:PoundSterling2022-04-012023-03-3106767455ns10:Director12022-04-012023-03-3106767455ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3106767455ns10:SmallEntities2022-04-012023-03-3106767455ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3106767455ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3106767455ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106767455ns10:FullAccounts2022-04-012023-03-310676745512022-04-012023-03-3106767455ns10:Director22022-04-012023-03-3106767455ns10:RegisteredOffice2022-04-012023-03-3106767455ns5:CurrentFinancialInstruments2023-03-3106767455ns5:CurrentFinancialInstruments2022-03-3106767455ns5:Non-currentFinancialInstruments2023-03-3106767455ns5:Non-currentFinancialInstruments2022-03-3106767455ns5:ShareCapital2023-03-3106767455ns5:ShareCapital2022-03-3106767455ns5:RetainedEarningsAccumulatedLosses2023-03-3106767455ns5:RetainedEarningsAccumulatedLosses2022-03-3106767455ns5:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106767455ns5:ComputerSoftware2022-04-012023-03-3106767455ns5:PlantMachinery2022-04-012023-03-3106767455ns5:FurnitureFittings2022-04-012023-03-3106767455ns5:MotorVehicles2022-04-012023-03-3106767455ns5:ComputerEquipment2022-04-012023-03-3106767455ns5:IntangibleAssetsOtherThanGoodwill2022-03-3106767455ns5:IntangibleAssetsOtherThanGoodwill2023-03-3106767455ns5:IntangibleAssetsOtherThanGoodwill2022-03-3106767455ns5:LongLeaseholdAssetsns5:LandBuildings2022-03-3106767455ns5:LeaseholdImprovements2022-03-3106767455ns5:PlantMachinery2022-03-3106767455ns5:LongLeaseholdAssetsns5:LandBuildings2022-04-012023-03-3106767455ns5:LeaseholdImprovements2022-04-012023-03-3106767455ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3106767455ns5:LeaseholdImprovements2023-03-3106767455ns5:PlantMachinery2023-03-3106767455ns5:LongLeaseholdAssetsns5:LandBuildings2022-03-3106767455ns5:LeaseholdImprovements2022-03-3106767455ns5:PlantMachinery2022-03-3106767455ns5:FurnitureFittings2022-03-3106767455ns5:MotorVehicles2022-03-3106767455ns5:ComputerEquipment2022-03-3106767455ns5:FurnitureFittings2023-03-3106767455ns5:MotorVehicles2023-03-3106767455ns5:ComputerEquipment2023-03-3106767455ns5:FurnitureFittings2022-03-3106767455ns5:MotorVehicles2022-03-3106767455ns5:ComputerEquipment2022-03-3106767455ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3106767455ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3106767455ns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3106767455ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3106767455ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3106767455ns5:LeasedAssetsHeldAsLessee2023-03-3106767455ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:LeasedAssetsHeldAsLessee2022-03-3106767455ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106767455ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3106767455ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3106767455ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-3106767455ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3106767455ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3106767455ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3106767455ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-3106767455ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106767455ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3106767455ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3106767455ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-03-3106767455ns5:HirePurchaseContracts2023-03-3106767455ns5:HirePurchaseContracts2022-03-31
REGISTERED NUMBER: 06767455 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FASTTRACK MOTORCYCLES LTD

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FASTTRACK MOTORCYCLES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr L Cox
Mr W Cox





REGISTERED OFFICE: Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU





REGISTERED NUMBER: 06767455 (England and Wales)

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 55,374 38,393
55,374 38,393

CURRENT ASSETS
Stocks 282,103 440,123
Debtors 6 234,102 183,831
Cash at bank 25,038 32,045
541,243 655,999
CREDITORS
Amounts falling due within one year 7 322,016 357,076
NET CURRENT ASSETS 219,227 298,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

274,601

337,316

CREDITORS
Amounts falling due after more than one
year

8

(265,823

)

(298,444

)

PROVISIONS FOR LIABILITIES (8,452 ) (6,804 )
NET ASSETS 326 32,068

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 26 31,768
SHAREHOLDERS' FUNDS 326 32,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

BALANCE SHEET - continued
31 MARCH 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 5 April 2024 and were signed on its behalf by:





Mr W Cox - Director


FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Fasttrack Motorcycles Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 5,000
AMORTISATION
At 1 April 2022
and 31 March 2023 5,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 April 2022 1,920 9,325 28,062
Additions - - -
Disposals - - -
At 31 March 2023 1,920 9,325 28,062
DEPRECIATION
At 1 April 2022 - - 16,771
Charge for year - - 2,823
Eliminated on disposal - - -
At 31 March 2023 - - 19,594
NET BOOK VALUE
At 31 March 2023 1,920 9,325 8,468
At 31 March 2022 1,920 9,325 11,291

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 11,609 65,772 3,824 120,512
Additions - 38,650 - 38,650
Disposals - (16,500 ) - (16,500 )
At 31 March 2023 11,609 87,922 3,824 142,662
DEPRECIATION
At 1 April 2022 10,272 51,252 3,824 82,119
Charge for year 334 11,551 - 14,708
Eliminated on disposal - (9,539 ) - (9,539 )
At 31 March 2023 10,606 53,264 3,824 87,288
NET BOOK VALUE
At 31 March 2023 1,003 34,658 - 55,374
At 31 March 2022 1,337 14,520 - 38,393

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 4,800 19,000 23,800
Additions - 38,650 38,650
Disposals - (16,500 ) (16,500 )
At 31 March 2023 4,800 41,150 45,950
DEPRECIATION
At 1 April 2022 1,200 11,595 12,795
Charge for year 900 9,773 10,673
Eliminated on disposal - (9,539 ) (9,539 )
At 31 March 2023 2,100 11,829 13,929
NET BOOK VALUE
At 31 March 2023 2,700 29,321 32,021
At 31 March 2022 3,600 7,405 11,005

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 67,769 65,944
Amounts owed by group undertakings 143,006 99,546
Other debtors 163 -
Taxation 8,129 -
Prepayments 15,035 18,341
234,102 183,831

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 86,670 105,847
Hire purchase contracts (see note 9) 10,172 4,847
Trade creditors 202,290 195,176
Taxation 8,354 15,922
Paye/Ni payable 797 4,115
VAT 10,227 8,020
Other creditors 792 781
Directors' current accounts 215 2,020
Accruals and deferred income 2,499 20,348
322,016 357,076

FASTTRACK MOTORCYCLES LTD (REGISTERED NUMBER: 06767455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 92,395 105,847
Bank loans - 2-5 years 121,187 145,050
Bank loans more than 5 years
by instalment 27,991 39,744
Hire purchase contracts (see note 9) 24,250 7,803
265,823 298,444

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalment 27,991 39,744
27,991 39,744

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 10,172 4,847
Between one and five years 24,250 7,803
34,422 12,650