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REGISTERED NUMBER: 08149923 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Fast Eddy Racing Limited

Fast Eddy Racing Limited (Registered number: 08149923)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fast Eddy Racing Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: P Edmondson





REGISTERED OFFICE: Unit 2
Rolling Mill Road
Norton Canes
Staffordshire
WS11 9UH





REGISTERED NUMBER: 08149923 (England and Wales)





ACCOUNTANTS: KJA Kilner Johnson Ltd
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Fast Eddy Racing Limited (Registered number: 08149923)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 335,892 269,979

CURRENT ASSETS
Stocks 15,000 75,000
Debtors 5 1,766 54,975
Cash at bank and in hand 8,071 38,693
24,837 168,668
CREDITORS
Amounts falling due within one year 6 128,094 206,434
NET CURRENT LIABILITIES (103,257 ) (37,766 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

232,635

232,213

CREDITORS
Amounts falling due after more than one
year

7

(167,908

)

(178,113

)

PROVISIONS FOR LIABILITIES (31,667 ) (21,556 )
NET ASSETS 33,060 32,544

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 32,960 32,444
33,060 32,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Fast Eddy Racing Limited (Registered number: 08149923)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 31 October 2024 and were signed by:





P Edmondson - Director


Fast Eddy Racing Limited (Registered number: 08149923)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Fast Eddy Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

Fast Eddy Racing Limited (Registered number: 08149923)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 180,000 28,864 184,180 393,044
Additions - 1,105 133,991 135,096
Disposals - (2,303 ) (60,805 ) (63,108 )
At 31 March 2024 180,000 27,666 257,366 465,032
DEPRECIATION
At 1 April 2023 14,400 25,198 83,467 123,065
Charge for year 3,600 963 36,400 40,963
Eliminated on disposal - (2,303 ) (32,585 ) (34,888 )
At 31 March 2024 18,000 23,858 87,282 129,140
NET BOOK VALUE
At 31 March 2024 162,000 3,808 170,084 335,892
At 31 March 2023 165,600 3,666 100,713 269,979

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 42,120
Other debtors 1,766 12,855
1,766 54,975

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,952 9,952
Hire purchase contracts 12,176 16,257
Trade creditors 11,085 47,506
Social security and other taxes 622 5,054
VAT 24,555 36,962
Other creditors 46,687 67,469
Pension 104 -
Credit card 434 703
Accrued expenses 22,479 22,531
128,094 206,434

Fast Eddy Racing Limited (Registered number: 08149923)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 12,483 10,203
Bank loans - 2-5 years - 12,232
Long term director loan 116,420 135,566
Hire purchase contracts 39,005 20,112
167,908 178,113