Registered number |
04760760 |
RAPID EFFECTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
PAGES FOR FILING WITH REGISTRAR |
RAPID EFFECTS LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 5 | ||
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Balance Sheet | |||||||
as at |
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Company Registration No. | 04760760 | ||||||
Notes | 2020 | 2019 | |||||
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Current assets | |||||||
Debtors | 3 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 | ( |
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Net current assets |
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Net assets |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account |
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Shareholder's funds |
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………………………………….. | |||||||
Neil Michael Goudge | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 MARCH 2020 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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 convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The UK economy is currently facing unprecedented uncertainty about the impact of the COVID-19 pandemic, together with the extent and duration of social distancing measures imposed by the UK Government. The directors have foreseen the challenges in the coming months and considered carefully the potential impact of these matters. In taking into account available cash resources (including access to existing financing facilities) and the extent of support provided by the UK Government announced as of the date of signing these financial statements, the directors have continued to adopt the going concern basis of accounting. | ||||||||
Turnover | ||||||||
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Financial instruments | ||||||||
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
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Basic financial liabilities | ||||||||
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Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. | ||||||||
Provisions | ||||||||
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Employee benefits | ||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Retirement benefits | ||||||||
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2 | Employees | 2020 | 2019 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Other debtors |
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Director's account | 26,707 | 14,417 | ||||||
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The director's current account represents amounts due from Thomas stone, director of the company. The maximum amount outstanding during the year was £26,707 (2019 - £14,417), and this amount was repaid. | ||||||||
4 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Corporation tax |
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Other creditors | 1,892 | 360 | ||||||
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5 | Other information | |||||||
Rapid Effects Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |