FAST-TRACK TELECOM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
Company Registration Number: 07068598
FAST-TRACK TELECOM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
FAST-TRACK TELECOM LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023
DIRECTORS
Mr S Jackson
Mrs M Jackson
resigned 23 August 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
COMPANY REGISTRATION NUMBER
07068598 England and Wales
FAST-TRACK TELECOM LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 2,327 2,327
Tangible assets 6 20,271 33,453
22,598 35,780
CURRENT ASSETS
Debtors 7 103,239 77,377
Cash at bank and in hand 25,657 31,727
128,896 109,104
CREDITORS: Amounts falling due within one year 8 103,449 97,016
NET CURRENT ASSETS 25,447 12,088
TOTAL ASSETS LESS CURRENT LIABILITIES 48,045 47,868
CREDITORS: Amounts falling due after more than one year 9 44,215 40,315
Provisions for liabilities and charges 2,615 4,269
NET ASSETS 1,215 3,284
CAPITAL AND RESERVES
Called up share capital 100 101
Distributable profit and loss account 1,114 3,183
Capital redemption reserve 1 -
SHAREHOLDERS' FUNDS 1,215 3,284
FAST-TRACK TELECOM LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Mr S Jackson
Director
Date approved by the board: 13 August 2024
FAST-TRACK TELECOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
1 GENERAL INFORMATION
Fast-Track Telecom Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of telecommunications services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
FAST-TRACK TELECOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery 20% Reducing balance
Computer equipment 20% Reducing balance
Motor vehicles 25% Reducing balance
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
FAST-TRACK TELECOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
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 subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 2 2
FAST-TRACK TELECOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
5 INTANGIBLE FIXED ASSETS
Website
£
Cost
At 1 December 2022 2,327
At 30 November 2023 2,327
6 TANGIBLE ASSETS
Plant and machinery Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 51,906 8,659 15,424 75,989
Additions - 2,083 - 2,083
Disposals (14,934) (3,731) (15,424) (34,089)
At 30 November 2023 36,972 7,011 - 43,983
Accumulated depreciation and impairments
At 1 December 2022 26,728 6,999 8,809 42,536
Charge for year 4,261 385 - 4,646
Disposals (11,058) (3,603) (8,809) (23,470)
At 30 November 2023 19,931 3,781 - 23,712
Net book value
At 1 December 2022 25,178 1,660 6,615 33,453
At 30 November 2023 17,041 3,230 - 20,271
7 DEBTORS
2023 2022
£ £
Trade debtors 20,851 1,622
Prepayments and accrued income 158 -
Other debtors 82,230 75,755
103,239 77,377
FAST-TRACK TELECOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 892 25,791
Trade creditors 28,328 13,708
Taxation and social security 47,880 24,338
Hire purchase contracts and finance leases 1,433 1,689
Accruals and deferred income 3,502 1,455
Other creditors 21,414 30,035
103,449 97,016
9 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 44,215 36,090
Hire purchase contracts and finance leases - 4,225
44,215 40,315
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 December 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 November 2023
£ £ £ £ £
Mr S Jackson 30,259 98,643 75,202 - 53,700
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Toad Hall Day Nursery (Bicester) Limited
Company under control of close family member 2023 2022
£ £
Amounts owed by the company 28,530 38,251
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