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Registration number: 05298464

Quickfire Holdings Limited

Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Quickfire Holdings Limited

(Registration number: 05298464)

Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

152,490

152,490

Current assets

 

Debtors

4

876

13,161

Cash at bank and in hand

 

1,080

631

 

1,956

13,792

Creditors: Amounts falling due within one year

5

(84,247)

(99,646)

Net current liabilities

 

(82,291)

(85,854)

Total assets less current liabilities

 

70,199

66,636

Provisions for liabilities

(3,248)

(3,248)

Net assets

 

66,951

63,388

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

39,728

39,728

Retained earnings

27,221

23,658

Shareholders' funds

 

66,951

63,388

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 22 July 2025 and signed on its behalf by:
 

.........................................

S K Martin

Company secretary and director

 

Quickfire Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

Accounting policies

Statutory information

Quickfire Holdings Limited is a private company, limited by shares, domiciled in England and Wales, company number 05298464. The registered office is at 19 Norton Church Glebe, Sheffield, S8 8JX.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss.

 

Quickfire Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

1

Accounting policies (continued)

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

3

Tangible assets

Investment property
 £

Valuation

At 1 December 2023

152,490

At 30 November 2024

152,490

Carrying amount

At 30 November 2024

152,490

At 30 November 2023

152,490

The investment property was revalued by an external valuer on an open market basis as at 3 February 2023. The directors feel that the value as at 30 November 2024 is not materially different to the external valuation. The historical cost of the property is £109,514 (2023: £109,514).

4

Debtors

2024
£

2023
£

Trade debtors

-

12,197

Other debtors

876

964

 

876

13,161

 

Quickfire Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

836

1,235

Accruals and deferred income

1,000

1,000

Other creditors

82,411

97,411

84,247

99,646

6

Related party transactions

During the year the company had an interest free loan account with Quickfire Tableware Limited, a company under common control. The amount due at the balance sheet date was £82,411 (2023: £97,411).