On June 6, 2006, at 1345 eastern daylight time, a Mooney M20M, N1046P, registered to and operated by a private owner as a 14 CFR Part 91 personal flight, ran off the end of runway 12 during landing roll at Elk River Airport, Banner Elk, North Carolina. The airplane received substantial damage. Visual meteorological conditions prevailed and an instrument flight plan was filed. The private pilot reported minor injuries. The flight departed Montgomery County Airpark, Gaithersburg, Maryland on June 6, 2006 at 1130. The pilot stated when he had the airport insight he canceled his IFR flight plan, and entered the left downwind for runway 12. He made an unusually steep and fast final approach. The pilot stated that when he was midway down the runway he realized that he was to fast, and was afraid to attempt a go-around. The pilot that he forced the airplane onto the runway, and overran the end of the runway into a ravine. The pilot reported that there were no mechanical or flight control problems with the airplane prior to the accident.