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Registered number: 02221003
Rapier Precision Sheet Metal Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
SGR Accountancy Ltd
80 South Gipsy Road
Welling
Kent
DA16 1JD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02221003
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,822 44,777
35,822 44,777
CURRENT ASSETS
Stocks 5 2,353 2,353
Debtors 6 126,609 151,392
Cash at bank and in hand 904,199 955,198
1,033,161 1,108,943
Creditors: Amounts Falling Due Within One Year 7 (66,939 ) (107,069 )
NET CURRENT ASSETS (LIABILITIES) 966,222 1,001,874
TOTAL ASSETS LESS CURRENT LIABILITIES 1,002,044 1,046,651
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,751 ) (7,220 )
NET ASSETS 996,293 1,039,431
CAPITAL AND RESERVES
Called up share capital 8 150 150
Share premium account 150 150
Other reserves (750,000 ) (750,000 )
Profit and Loss Account 1,745,993 1,789,131
SHAREHOLDERS' FUNDS 996,293 1,039,431
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Colin Naylor
Director
23 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rapier Precision Sheet Metal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02221003 . The registered office is Unit 5-6, Feltham Business Complex, Browells Lane, Feltham, TW13 7LW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
Leasehold over the term of the lease
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Page 3
Page 4
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 32,678 542,468 53,421 628,567
As at 31 March 2024 32,678 542,468 53,421 628,567
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2023 32,678 504,742 46,370 583,790
Provided during the period - 7,545 1,410 8,955
As at 31 March 2024 32,678 512,287 47,780 592,745
Net Book Value
As at 31 March 2024 - 30,181 5,641 35,822
As at 1 April 2023 - 37,726 7,051 44,777
5. Stocks
2024 2023
£ £
Stock 2,353 2,353
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 109,243 128,352
Other debtors 17,366 23,040
126,609 151,392
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 36,139 40,070
Other creditors 1,500 1,500
Taxation and social security 29,300 65,499
66,939 107,069
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
Page 5