Fast Track Business Finance Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09010153 (England and Wales)

Fast Track Business Finance Limited

Unaudited Financial Statements

for the Year Ended 30 September 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

RW Traynor

AM Ward

SL Bryden

REGISTERED OFFICE:

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

REGISTERED NUMBER:

09010153 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Tangible assets

3

1,685

6,685

CURRENT ASSETS

Debtors

4

357,095

198,562

Cash at bank

23,947

36,650

381,042

235,212

CREDITORS

Amounts falling due within one year

5

301,710

208,692

NET CURRENT ASSETS

79,332

26,520

TOTAL ASSETS LESS CURRENT LIABILITIES

81,017

33,205

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

81,016

33,204

SHAREHOLDERS' FUNDS

81,017

33,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 5 June 2018 and were signed on its behalf by:

AM Ward - Director

1.	STATUTORY INFORMATION

Fast Track Business Finance 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents interest, commissions and fees earned in respect of loans made. Interest is

accrued for on a monthly basis. Commission and fees are recognised on inception of the loan.

Penalty fees and default charges are recognised at the time of default and on an ongoing basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment and software

-

33% on cost

Bad and doubtful debts

Specific provision for bad debts is made where an amount is in arrears of repayment and in the opinion

of the directors doubt exists regarding the recoverability of that debt. General provisions are made in

respect of bad debts which have not been separately identified but are known from experience to be

present in any portfolio of lending.

3.	TANGIBLE FIXED ASSETS

Computer

equipment

and

software

£

COST

At 1 October 2016

and 30 September 2017

15,000

DEPRECIATION

At 1 October 2016

8,315

Charge for year

5,000

At 30 September 2017

13,315

NET BOOK VALUE

At 30 September 2017

1,685

At 30 September 2016

6,685

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

1

1

Other debtors

180

-

Loans advanced

354,413

197,208

VAT

126

308

Prepayments and accrued income

2,375

1,045

357,095

198,562

Loans are disclosed net of finance income due from future periods.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

723

2,234

Amounts owed to group undertakings

300,712

206,226

Accruals and deferred income

275

232

301,710

208,692

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

7.	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.

8.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Reparo Fast Track Finance Group Limited, a company registered in

England and Wales.

In the opinion of the director the company is ultimately controlled by Mr RW Traynor by virtue of his

shareholding in the ultimate parent company.

9.	FIRST YEAR ADOPTION

This is the first year in which the entity has adopted FRS102. The directors have reviewed in detail the

requirements of FRS102 and having considered all aspects of the entity's accounting policies, the

directors are able to confirm that there were no adjustments necessary to any comparative amounts as

a result of the transition to FRS102.