REGISTERED NUMBER: 08526137 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Fast Track SME Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

CURRENT ASSETS

Debtors

4

3,730,401

3,966,039

CREDITORS

Amounts falling due within one year

5

-

(12,988

)

NET CURRENT ASSETS

3,730,401

3,953,051

TOTAL ASSETS LESS CURRENT LIABILITIES

3,730,401

3,953,051

CREDITORS

Amounts falling due after more than one year

6

-

(53,514

)

PROVISIONS FOR LIABILITIES

8

-

(65,000

)

NET ASSETS

3,730,401

3,834,537

CAPITAL AND RESERVES

Called up share capital

9

4

4

Capital redemption reserve

2

2

Retained earnings

3,730,395

3,834,531

SHAREHOLDERS' FUNDS

3,730,401

3,834,537

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 15 September 2025 and were signed on its behalf by:

G B Ryan - Director

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 will be dissolved.

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.

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

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.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

3,730,401

3,769,409

Other debtors

-

196,630

3,730,401

3,966,039

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 7)

-

12,988

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 7)

-

53,514

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

-

12,988

Between one and five years

-

53,514

-

66,502

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

-

12,988

Between one and five years

-

53,514

-

66,502

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

-

65,000

Deferred

tax

£

Balance at 1 January 2024

65,000

Utilised during year

(65,000

)

Balance at 31 December 2024

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

400

Ordinary

£0.01

4

4

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

11.	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.

12.	POST BALANCE SHEET EVENTS

Following the group's restructuring plan the company will be dissolved.

13.	ULTIMATE CONTROLLING PARTY