Formula Fast Limited

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formula fast limited Company Information

Live

EstablishedSmallDeclining

Company Number

06986966

Website

www.formulafast.co.uk

Registered Address

formula fast indoor karting, unit 3, bond estate, milton keynes, buckinghamshire, MK1 1JJ

Industry

Other sports activities (not including activities of racehorse owners) n.e.c.

Telephone

01908904111

Next Accounts Due

September 2024

Group Structure

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Directors

Oliver Fox11 Years

Philip Stanley11 Years

Shareholders

philip stanley 81%

oliver fox 19%

formula fast limited Estimated Valuation

£542.8k

Pomanda estimates the enterprise value of FORMULA FAST LIMITED at £542.8k based on a Turnover of £725.8k and 0.75x industry multiple (adjusted for size and gross margin).

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Formula Fast Limited is a live company located in milton keynes, MK1 1JJ with a Companies House number of 06986966. It operates in the other sports activities sector, SIC Code 93199. Founded in August 2009, it's largest shareholder is philip stanley with a 81% stake. Formula Fast Limited is a established, small sized company, Pomanda has estimated its turnover at £725.8k with declining growth in recent years.

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Pomanda's financial health check has awarded Formula Fast Limited a 3 rating. We use a traffic light system to show it exceeds the industry average on 5 measures and has 5 areas for improvement. Company Health Check FAQs

Health Rating3out of 5

5 Strong

2 Regular

5 Weak

Size

annual sales of £725.8k, make it larger than the average company (£566.5k)

Growth

3 year (CAGR) sales growth of -10%, show it is growing at a slower rate (3.8%)

EXPORT

Formula Fast Limited's latest turnover from December 2022 is estimated at £725.8 thousand and the company has net assets of -£66.3 thousand. According to their latest financial statements, Formula Fast Limited has 26 employees and maintains cash reserves of £39.7 thousand as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010
Turnover	725,789	487,055	741,103	987,612	629,405	540,262	344,731	383,802	670,031	510,047	518,743	448,055	296,974
Other Income Or Grants	0	0	0	0	0	0	0	0	0	0	0	0	0
Cost Of Sales	404,624	270,271	436,451	582,460	370,813	306,719	193,940	218,963	369,783	284,851	306,831	261,953	174,582
Gross Profit	321,165	216,784	304,652	405,152	258,593	233,544	150,791	164,840	300,248	225,195	211,912	186,102	122,393
Admin Expenses	349,034	104,420	357,691	393,183	242,679	269,759	154,962	207,814	245,060	236,642	211,784	186,214	150,147
Operating Profit	-27,869	112,364	-53,039	11,969	15,914	-36,215	-4,171	-42,974	55,188	-11,447	128	-112	-27,754
Interest Payable	6,233	1,406	0	0	4,130	6,659	4,249	1,736	0	0	0	0	0
Interest Receivable	2,253	111	0	0	60	110	86	267	234	101	50	33	15
Pre-Tax Profit	-31,849	111,069	-53,039	11,969	11,843	-42,764	-8,334	-44,444	55,422	-11,346	178	-79	-27,739
Tax	0	-21,103	0	-2,274	-2,250	0	0	0	-11,639	0	-43	0	0
Profit After Tax	-31,849	89,966	-53,039	9,695	9,593	-42,764	-8,334	-44,444	43,783	-11,346	135	-79	-27,739
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Profit	-31,849	89,966	-53,039	9,695	9,593	-42,764	-8,334	-44,444	43,783	-11,346	135	-79	-27,739
Employee Costs	702,907	539,167	249,083	421,188	47,835	220,230	223,767	243,550	236,191	175,000	184,639	170,284	95,584
Number Of Employees	26	20	10	17	2	10	10	10	9	7	7	7	4
EBITDA*	8,821	112,364	-53,039	11,969	15,914	-22,732	10,306	-27,625	75,406	18,027	36,682	35,953	-3,083

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010
Tangible Assets	86,547	72,952	40,251	16,963	11,709	21,707	33,138	43,265	26,735	31,660	58,321	89,907	112,055
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments & Other	0	0	0	0	0	0	0	0	0	0	0	0	0
Debtors (Due After 1 year)	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Fixed Assets	86,547	72,952	40,251	16,963	11,709	21,707	33,138	43,265	26,735	31,660	58,321	89,907	112,055
Stock & work in progress	3,000	2,500	0	0	0	2,500	2,500	2,500	2,500	2,500	4,838	4,240	1,096
Trade Debtors	8,234	12,231	51,406	59,026	56,855	0	0	0	34,700	30,800	13,014	23,451	19,054
Group Debtors	0	0	0	0	0	0	0	0	0	0	0	0	0
Misc Debtors	34,806	7,880	0	0	0	30,880	30,800	39,401	0	0	0	0	0
Cash	39,685	89,034	0	0	0	15,882	27,960	40,773	65,854	27,655	12,603	7,244	6,126
misc current assets	0	0	0	0	0	0	0	0	0	0	0	0	0
total current assets	85,725	111,645	51,406	59,026	56,855	49,262	61,260	82,674	103,054	60,955	30,455	34,935	26,276
total assets	172,272	184,597	91,657	75,989	68,564	70,969	94,398	125,939	129,789	92,615	88,776	124,842	138,331
Bank overdraft	61,212	10,000	0	0	0	14,441	12,000	14,793	0	0	0	0	0
Bank loan	0	0	0	0	0	0	0	0	0	0	0	0	0
Trade Creditors	46,386	5,660	28,410	62,911	61,651	0	3,568	3,552	111,577	62,390	116,359	54,445	38,450
Group/Directors Accounts	0	0	0	0	0	0	0	22,151	0	0	0	0	0
other short term finances	0	0	0	0	0	0	0	0	0	0	0	0	0
hp & lease commitments	0	0	0	0	0	0	0	0	0	0	0	0	0
other current liabilities	39,812	91,296	0	0	0	39,291	56,226	86,401	0	0	0	0	0
total current liabilities	147,410	106,956	28,410	62,911	61,651	53,732	71,794	126,897	111,577	62,390	116,359	54,445	38,450
loans	25,000	35,000	0	0	0	107,925	70,528	38,632	0	0	0	0	0
hp & lease commitments	0	0	0	0	0	0	0	0	0	0	0	0	0
Accruals and Deferred Income	0	0	78,697	2,848	0	0	0	0	0	0	0	0	0
other liabilities	66,184	77,114	109,089	81,730	88,108	0	0	0	12,265	69,154	0	98,115	127,520
provisions	0	0	0	0	0	0	0	0	1,093	0	0	0	0
total long term liabilities	91,184	112,114	187,786	84,578	88,108	107,925	70,528	38,632	13,358	69,154	0	98,115	127,520
total liabilities	238,594	219,070	216,196	147,489	149,759	161,657	142,322	165,529	124,935	131,544	116,359	152,560	165,970
net assets	-66,322	-34,473	-124,539	-71,500	-81,195	-90,688	-47,924	-39,590	4,854	-38,929	-27,583	-27,718	-27,639
total shareholders funds	-66,322	-34,473	-124,539	-71,500	-81,195	-90,688	-47,924	-39,590	4,854	-38,929	-27,583	-27,718	-27,639

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010
Operating Activities
Operating Profit	-27,869	112,364	-53,039	11,969	15,914	-36,215	-4,171	-42,974	55,188	-11,447	128	-112	-27,754
Depreciation	36,690	0	0	0	0	13,483	14,477	15,349	20,218	29,474	36,554	36,065	24,671
Amortisation	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax	0	-21,103	0	-2,274	-2,250	0	0	0	-11,639	0	-43	0	0
Stock	500	2,500	0	0	-2,500	0	0	0	0	-2,338	598	3,144	1,096
Debtors	22,929	-31,295	-7,620	2,171	25,975	80	-8,601	4,701	3,900	17,786	-10,437	4,397	19,054
Creditors	40,726	-22,750	-34,501	1,260	61,651	-3,568	16	-108,025	49,187	-53,969	61,914	15,995	38,450
Accruals and Deferred Income	-51,484	12,599	75,849	2,848	-39,291	-16,935	-30,175	86,401	0	0	0	0	0
Deferred Taxes & Provisions	0	0	0	0	0	0	0	-1,093	1,093	0	0	0	0
Cash flow from operations	-25,366	109,905	-4,071	11,632	12,549	-43,315	-11,252	-55,043	110,147	-51,390	108,392	44,407	15,217
Investing Activities
capital expenditure	-50,285	-32,701	-23,288	-5,254	9,998	-2,052	-4,350	-31,879	-15,293	-2,813	-4,968	-13,917	-136,726
Change in Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
cash flow from investments	-50,285	-32,701	-23,288	-5,254	9,998	-2,052	-4,350	-31,879	-15,293	-2,813	-4,968	-13,917	-136,726
Financing Activities
Bank loans	0	0	0	0	0	0	0	0	0	0	0	0	0
Group/Directors Accounts	0	0	0	0	0	0	-22,151	22,151	0	0	0	0	0
Other Short Term Loans	0	0	0	0	0	0	0	0	0	0	0	0	0
Long term loans	-10,000	35,000	0	0	-107,925	37,397	31,896	38,632	0	0	0	0	0
Hire Purchase and Lease Commitments	0	0	0	0	0	0	0	0	0	0	0	0	0
other long term liabilities	-10,930	-31,975	27,359	-6,378	88,108	0	0	-12,265	-56,889	69,154	-98,115	-29,405	127,520
share issue	0	100	0	0	-100	0	0	0	0	0	0	0	100
interest	-3,980	-1,295	0	0	-4,070	-6,549	-4,163	-1,469	234	101	50	33	15
cash flow from financing	-24,910	1,830	27,359	-6,378	-23,987	30,848	5,582	47,049	-56,655	69,255	-98,065	-29,372	127,635
cash and cash equivalents
cash	-49,349	89,034	0	0	-15,882	-12,078	-12,813	-25,081	38,199	15,052	5,359	1,118	6,126
overdraft	51,212	10,000	0	0	-14,441	2,441	-2,793	14,793	0	0	0	0	0
change in cash	-100,561	79,034	0	0	-1,441	-14,519	-10,020	-39,874	38,199	15,052	5,359	1,118	6,126

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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FORMULA FAST LIMITED group structure

Formula Fast Limited has no subsidiary companies.

Ultimate parent company

FORMULA FAST LIMITED

06986966

FORMULA FAST LIMITED Shareholders

philip stanley	81%
oliver fox	19%

Formula Fast Limited currently has 2 directors. The longest serving directors include Mr Oliver Fox (Mar 2013) and Mr Philip Stanley (Mar 2013).

officer	country	age	start	end	role
Mr Oliver Fox	United Kingdom	31 years	Mar 2013	-	Director
Mr Philip Stanley	United Kingdom	36 years	Mar 2013	-	Director

P&L

December 2022

turnover

725.8k

+49%

operating profit

-27.9k

gross margin

44.3%

-0.58%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

December 2022

net assets

-66.3k

+0.92%

total assets

172.3k

-0.07%

cash

39.7k

-0.55%

net assets

Total assets minus all liabilities

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company number

06986966

Type

Private limited with Share Capital

industry

93199 - Other sports activities (not including activities of racehorse owners) n.e.c.

incorporation date

August 2009

accounts

Total Exemption Full

ultimate parent company

None

previous names

N/A

last accounts submitted

December 2022

address

formula fast indoor karting, unit 3, bond estate, milton keynes, buckinghamshire, MK1 1JJ

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formula fast limited Company Information

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formula fast limited Estimated Valuation

formula fast limited Estimated Valuation

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FORMULA FAST LIMITED financials

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