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REGISTERED NUMBER: 06541564 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GOING FASTER LTD

GOING FASTER LTD (REGISTERED NUMBER: 06541564)

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


GOING FASTER LTD

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Ms S E Walters
Mr M J Walters
Ms E M A Walters





REGISTERED OFFICE: Equinox House
Clifton Park Avenue
York
YO30 5PA





REGISTERED NUMBER: 06541564 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

GOING FASTER LTD (REGISTERED NUMBER: 06541564)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,264 9,897
Tangible assets 5 87,090 12,440
91,354 22,337

CURRENT ASSETS
Debtors 6 2,125 9,395
Cash at bank 875,956 895,493
878,081 904,888
CREDITORS
Amounts falling due within one year 7 73,095 79,393
NET CURRENT ASSETS 804,986 825,495
TOTAL ASSETS LESS CURRENT LIABILITIES 896,340 847,832

PROVISIONS FOR LIABILITIES 21,772 3,110
NET ASSETS 874,568 844,722

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 874,558 844,712
874,568 844,722

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 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.

GOING FASTER LTD (REGISTERED NUMBER: 06541564)

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 Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr M J Walters - Director


GOING FASTER LTD (REGISTERED NUMBER: 06541564)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Going Faster 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.

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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.

GOING FASTER LTD (REGISTERED NUMBER: 06541564)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 29,690
Additions 6,396
At 31 March 2024 36,086
AMORTISATION
At 1 April 2023 19,793
Charge for year 12,029
At 31 March 2024 31,822
NET BOOK VALUE
At 31 March 2024 4,264
At 31 March 2023 9,897

GOING FASTER LTD (REGISTERED NUMBER: 06541564)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 22,728 - 12,891 35,619
Additions 4,804 97,953 - 102,757
At 31 March 2024 27,532 97,953 12,891 138,376
DEPRECIATION
At 1 April 2023 10,288 - 12,891 23,179
Charge for year 3,619 24,488 - 28,107
At 31 March 2024 13,907 24,488 12,891 51,286
NET BOOK VALUE
At 31 March 2024 13,625 73,465 - 87,090
At 31 March 2023 12,440 - - 12,440

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,125 9,395

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 64,812 72,377
Other creditors 8,283 7,016
73,095 79,393

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 March 2024 included in "Other creditors" is £32 (2023: £1,562) owed to the director of the company.

9. RELATED PARTY DISCLOSURES

Included in "Other creditors" is £nil (2023: £3,472) due to Ebuy Gun Ltd, a company previously owned and controlled by Mr M Walters until 2024.