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REGISTERED NUMBER: 12775757 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

FAST TRACK (ARC) LTD

FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 281,875 23,097

CURRENT ASSETS
Inventories 24,255 -
Debtors 5 1,151,918 18,564
Cash at bank and in hand 435,842 1,371
1,612,015 19,935
CREDITORS
Amounts falling due within one year 6 1,565,838 135,651
NET CURRENT ASSETS/(LIABILITIES) 46,177 (115,716 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

328,052

(92,619

)

CREDITORS
Amounts falling due after more than one
year

7

(36,990

)

-

PROVISIONS FOR LIABILITIES 8 (57,322 ) -
NET ASSETS/(LIABILITIES) 233,740 (92,619 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 233,640 (92,719 )
233,740 (92,619 )

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

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

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 30 July 2024 and were signed on its behalf by:



Mr C Charalambous - Director


FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2023

1. STATUTORY INFORMATION

Fast Track (ARC) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12775757

Registered office: 1 Kings Avenue
London
N21 3NA

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised when services are rendered to the customer.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance
Fixture and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

The company has adopted the policy of not depreciating assets in the year of purchase. However, full depreciation will be provided in the year of disposal.

FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme whose assets are held separately from those of the group in an independently administered fund. Contributions payable in the period by the company amounted to £9,430.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - NIL ) .

FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 2,322 20,775 - 23,097
Additions 17,543 191,066 55,944 264,553
At 31 July 2023 19,865 211,841 55,944 287,650
DEPRECIATION
Charge for year 581 5,194 - 5,775
At 31 July 2023 581 5,194 - 5,775
NET BOOK VALUE
At 31 July 2023 19,284 206,647 55,944 281,875
At 31 July 2022 2,322 20,775 - 23,097

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 55,944
At 31 July 2023 55,944
NET BOOK VALUE
At 31 July 2023 55,944

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,026,148 -
Other debtors 125,770 18,564
1,151,918 18,564

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 11,381 -
Trade creditors 613,708 8,463
Amounts owed to group undertakings 565,686 9,169
Taxation and social security 277,244 -
Other creditors 97,819 118,019
1,565,838 135,651

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 36,990 -

FAST TRACK (ARC) LTD (REGISTERED NUMBER: 12775757)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 57,322 -

Deferred
tax
£   
Provided during year 57,322
Balance at 31 July 2023 57,322

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors less than one year is an amount of £115,030 (2022 £10,350 due to) due from a connected company under common directorship. Also, included is an amount of £9,000 (2022: £Nil) due from a connected person related to the director and shareholder of the company. The loan remains interest free and repayable on demand.