Formula Fast Limited

Formula Fast Ltd, based in Milton Keynes, UK, is a small, active company founded 15 years ago. With 26 employees and £111,310 in assets, it’s a well-established business. The company, run by a solo founder and overseen by three directors, boasts a stellar 5.0 Google rating from nearly 600 reviews. It’s a regular importer of headgear and accessories, with five months of import activity recorded, the latest in September 2023.

The company operates as an indoor go-karting, axe throwing, and escape room venue, catering to both individual and corporate clients. Its website highlights a range of activities, including private hire events, corporate team-building sessions, and even participation in the British Rental Kart Championship. The venue emphasizes a "multiawardwinning" experience and a "proudly independent" ethos. Recent news posts on the site showcase events like May Half Term activities and partnerships with organizations like The Click Arts Foundation.

Financially, Formula Fast Ltd’s report shows some interesting trends. While bank borrowings decreased by 39%, bank overdrafts increased by 12%, and cash reserves jumped a substantial 69% to £67,000. Creditors also increased by 45%, and net assets remained at -£66,000. The company meets two of three conditions to be considered a small company: turnover under £10.2 million, assets under £5.1 million, and fewer than 50 employees. Future minimum lease payments, however, are a significant £1.9 million, which could put a strain on resources. There's no auditor mentioned, likely due to the company’s small size and exemption from an audit.

Overall, Formula Fast Ltd seems to be navigating a period of change. The increase in cash reserves is a positive sign, but the rising debt and lease obligations require close monitoring. The company’s strong customer reviews and focus on events suggest a solid foundation for future growth, but the financial picture warrants careful attention.

Registered in England/Wales under the registration number 06986966, with a registered address at MK1 1JJ, United Kingdom, Milton Keynes, Buckinghamshire, Formula Fast Indoor Karting Unit 3, Bond Estate, Bond Avenue.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.