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Registered Number: 12962858


 

 

 

CARMEL FAST TRACK LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Current assets      
Stocks 2,601,224    2,500,000 
Debtors 2,061,776    2,102,912 
Cash at bank and in hand 414,635    371,056 
5,077,635    4,973,968 
Creditors: amount falling due within one year (2,693,735)   (3,419,875)
Net current assets 2,383,900    1,554,093 
 
Total assets less current liabilities 2,383,900    1,554,093 
Creditors: amount falling due after more than one year (411,052)   (604,760)
Provisions for liabilities (4,999)   (9,768)
Net assets 1,967,849    939,565 
 

Capital and reserves
     
Called up share capital 600    600 
Profit and loss account 1,967,249    938,965 
Shareholder's funds 1,967,849    939,565 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 December 2023 and were signed on its behalf by:


-------------------------------
Simon Blayne
Director
1
General Information
Carmel Fast Track Limited is a private company, limited by shares, registered in , registration number 12962858, registration address 55-57 Holmes Road, London, NW5 3AN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 25 (2021 : 28).
3.

Events after Balance sheet date

Bad debts

During the trading year to 31 December 2023 the company made sales to a major customer to a value of 2,380,438 Euros.

Subsequent to delivery this Customer was placed into Administration and having taken legal and professional advice it is the opinion of the Directors that none of the outstanding sums will prove to be recoverable.

2