REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2023 |
FOR |
FAST TRACK UK VENTURES LTD |
REGISTERED NUMBER: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
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 |
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 |
Registered number: |
Registered office: |
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 |
Additions |
At 31 July 2023 |
DEPRECIATION |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 April 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 April 2023 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,651,971 | 1,965,400 |
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 |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2023 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 July 2023 |
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. |