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REGISTERED NUMBER: 08526137 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

Fast Track SME Ltd

Fast Track SME Ltd (Registered number: 08526137)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fast Track SME Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G B Ryan
J C Sweet





REGISTERED OFFICE: 100 Liverpool Street
London
EC2M 2AT





REGISTERED NUMBER: 08526137 (England and Wales)





AUDITORS: Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE

Fast Track SME Ltd (Registered number: 08526137)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 71,248

CURRENT ASSETS
Debtors 5 3,966,039 4,626,196
Cash at bank - 34,640
3,966,039 4,660,836
CREDITORS
Amounts falling due within one year 6 (12,988 ) (715,114 )
NET CURRENT ASSETS 3,953,051 3,945,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,953,051

4,016,970

CREDITORS
Amounts falling due after more than
one year

7

(53,514

)

(63,255

)

PROVISIONS FOR LIABILITIES 9 (65,000 ) (57,982 )
NET ASSETS 3,834,537 3,895,733

CAPITAL AND RESERVES
Called up share capital 10 4 4
Capital redemption reserve 2 2
Retained earnings 3,834,531 3,895,727
SHAREHOLDERS' FUNDS 3,834,537 3,895,733

Fast Track SME Ltd (Registered number: 08526137)

Balance Sheet - continued
31 December 2023


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 20 December 2024 and were signed on its behalf by:





G B Ryan - Director


Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fast Track SME Ltd 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.

On the 1 April 2023 the group made the decision to hive up all trade and assets of Fast Track SME Limited to Research & Development Tax Solutions Limited, the parent company. As a result, Fast Track SME Limited has ceased to trade as an individual entity and going forward the entity will remain dormant.

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.

The financial statements have been prepared on a basis other than going concern given the trade and assets have been hived up to the parent company as part of a group restructuring process and the company will continue as a dormant subsidiary.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The services performed are recognised with reference to the stage of completion of the transaction, measuring it against the proportion of the service contract being completed and when the performance obligations are satisfied.

Turnover from contracts which are generated from research and development introducer fee recognises the stage of completion when the client receives the benefit. Fees are calculated on a percentage of the claim value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings-25% on reducing balance
Motor vehicles-25% on reducing balance


Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 NIL (2022 - 6 ).

Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 23,529 110,490 134,019
Disposals (23,529 ) (110,490 ) (134,019 )
At 31 December 2023 - - -
DEPRECIATION
At 1 January 2023 15,577 47,194 62,771
Charge for year 490 3,902 4,392
Eliminated on disposal (16,067 ) (51,096 ) (67,163 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 7,952 63,296 71,248

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 110,490
Disposals (110,490 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 47,194
Charge for year 3,902
Eliminated on disposal (51,096 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 63,296

Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 3,769,409 3,216,392
Other debtors 196,630 1,409,804
3,966,039 4,626,196

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 12,988 12,988
Trade creditors - 12,941
Taxation and social security - 298,884
Other creditors - 390,301
12,988 715,114

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 53,514 63,255

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 12,988 12,988
Between one and five years 53,514 63,255
66,502 76,243

The hire purchase minimum lease payments represent a payable for a vehicle, acquired under finance lease arrangements. Interest is payable as part of the monthly repayments. The Company also has the option to acquire this vehicle at the end of the respective lease term and intends to exercise the option.

Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 65,000 57,982

Deferred
tax
£   
Balance at 1 January 2023 57,982
Charge to Income Statement during year 7,018
Balance at 31 December 2023 65,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
400 Ordinary £0.01 4 4

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified and included an emphasis of matter paragraph, which draws attention to the basis on which the accounts are prepared. We draw attention to Note 2 in the financial statements, which explains that the trade and assets of the company have been hived up to the parent company within the group and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.

The senior auditor was Richard Collis.

The auditor was Saffery LLP.

12. POST BALANCE SHEET EVENTS

There are no adjusting post balance sheet events that took place after 31 December 2023.

Fast Track SME Ltd (Registered number: 08526137)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. ULTIMATE CONTROLLING PARTY

The Company is controlled by Research and Development Tax Solutions Limited, which is in
turn owned by Research and Development Tax Solutions (Holdings) Limited, which is in turn
owned by Ryan Tax Services UK Limited.
The ultimate controlling parent company is Ryan LLC, a Company registered in the USA. The
directors consider G.B Ryan to be the ultimate controlling party.

The consolidated financial statements of Ryan LLC and subsidiaries can be obtained from the
following address:
Three Galleria Tower
13155 Noel Road
Suite 100
Dallas, Texas 75240
USA