Registered number
08474372
Rapid Fire Cover Limited
Filleted Accounts
30 April 2024
Rapid Fire Cover Limited
Registered number: 08474372
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 236,854 225,309
Current assets
Stocks and work in progress 32,957 -
Debtors 4 168,535 145,592
Cash at bank and in hand 99,219 255,717
300,711 401,309
Creditors: amounts falling due within one year 5 (12,910) (74,084)
Net current assets 287,801 327,225
Total assets less current liabilities 524,655 552,534
Provisions for liabilities (42,809) (42,809)
Net assets 481,846 509,725
Capital and reserves
Profit and loss account 481,846 509,725
Shareholder's funds 481,846 509,725
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Owens
Director
Approved by the board on 17 September 2024
Rapid Fire Cover Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 85,500 187,250 272,750
Additions 11,660 47,377 59,037
Disposals - (5,695) (5,695)
At 30 April 2024 97,160 228,932 326,092
Depreciation
At 1 May 2023 12,825 34,616 47,441
Charge for the year 12,650 29,147 41,797
At 30 April 2024 25,475 63,763 89,238
Net book value
At 30 April 2024 71,685 165,169 236,854
At 30 April 2023 72,675 152,634 225,309
4 Debtors 2024 2023
£ £
Trade debtors 168,535 145,592
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,025 45,442
Other creditors 1,885 28,642
12,910 74,084
6 Events after the reporting date
The directors authorised the financial statements for issue on 17 September 2024. The director was not aware of any adjusting or non-adjusting events between 30 April 2024 and this date.
7 Related party transactions
As at 30 April 2024 there is an amount of £10 (2023 - £26,766) owing to Mr M Owens. These amounts are shown in other creditors.

During the year under review dividends of £135,500 (2023 - £10,000) were paid to Mr M Owens.
8 Controlling party
During the year under review the company was under the control of Mr M Owens who is the sole director and shareholder of Rapid Fire Cover Limited.
9 Other information
Rapid Fire Cover Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 12 South Staffordshire Business Park
Hawkins Drive
Cannock
Staffordshire
WS11 0XU
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