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REGISTERED NUMBER: 12772139 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2023

FOR

FAST TRACK UK VENTURES LTD

FAST TRACK UK VENTURES LTD (REGISTERED NUMBER: 12772139)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 1 MAY 2023 TO 31 JULY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FAST TRACK UK VENTURES LTD (REGISTERED NUMBER: 12772139)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 434,334 20,815
Investments 5 100 -
Investment property 6 3,651,971 4,162,802
4,086,405 4,183,617

CURRENT ASSETS
Debtors 7 791,543 252,883
Cash at bank and in hand 71,398 687
862,941 253,570
CREDITORS
Amounts falling due within one year 8 2,596,236 2,136,908
NET CURRENT LIABILITIES (1,733,295 ) (1,883,338 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,353,110

2,300,279

PROVISIONS FOR LIABILITIES 9 102,872 -
NET ASSETS 2,250,238 2,300,279

CAPITAL AND RESERVES
Called up share capital 2,147,392 2,147,392
Retained earnings 102,846 152,887
2,250,238 2,300,279

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

The members have not required the company to obtain an audit of its financial statements for the period 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 UK VENTURES LTD (REGISTERED NUMBER: 12772139)

NOTES TO THE FINANCIAL STATEMENTS
For The Period 1 MAY 2023 TO 31 JULY 2023

1. STATUTORY INFORMATION

Fast Track UK Ventures 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: 12772139

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 represents the value of rental income excluding discounts, rebates, value added tax chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

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.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less any impairment.

FAST TRACK UK VENTURES LTD (REGISTERED NUMBER: 12772139)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 MAY 2023 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the
purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
Taxation for the period 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 period 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.

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 period was NIL (2023 - NIL).

FAST TRACK UK VENTURES LTD (REGISTERED NUMBER: 12772139)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 MAY 2023 TO 31 JULY 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 120,929 20,137 - 141,066
Additions 253,628 66,906 8,000 328,534
At 31 July 2023 374,557 87,043 8,000 469,600
DEPRECIATION
Charge for period 30,232 5,034 - 35,266
At 31 July 2023 30,232 5,034 - 35,266
NET BOOK VALUE
At 31 July 2023 344,325 82,009 8,000 434,334
At 30 April 2023 120,929 20,137 - 141,066

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 31 July 2023 100
NET BOOK VALUE
At 31 July 2023 100
At 30 April 2023 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 1,965,400
Additions 1,686,571
At 31 July 2023 3,651,971
NET BOOK VALUE
At 31 July 2023 3,651,971
At 30 April 2023 1,965,400

If investment property had not been revalued it would have been included at the following historical cost:

20232022
£   £   
Cost3,651,9711,965,400

Investment property was valued on an open market basis on 31 July 2023 by the directors.


FAST TRACK UK VENTURES LTD (REGISTERED NUMBER: 12772139)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 MAY 2023 TO 31 JULY 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
as restated
£    £   
Trade debtors - 216,000
Amounts owed by group undertakings 565,686 -
Other debtors 225,857 36,883
791,543 252,883

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
as restated
£    £   
Trade creditors 52,104 57,871
Amounts owed to group undertakings - 251,127
Taxation and social security 55,193 38,082
Other creditors 2,488,939 1,789,828
2,596,236 2,136,908

9. PROVISIONS FOR LIABILITIES
2023 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 102,872 -

Deferred
tax
£   
Provided during period 102,872
Balance at 31 July 2023 102,872

10. 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 creditors is an amount of £2,483,038 (2022: £205,700) due to a connected company with common shareholder and directorship. The loan remains interest free and repayable on demand.