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REGISTERED NUMBER: 04215880 (England and Wales)












RAPID DESPATCH LOGISTICS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022






RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAPID DESPATCH LOGISTICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTORS: R Beale
J Lynn



REGISTERED OFFICE: Unit 2
424 Portswood Road
Southampton
Hampshire
SO17 3SD



REGISTERED NUMBER: 04215880 (England and Wales)



BANKERS: HSBC Bank plc
35 Middle Road
Park Gate
Southampton
Hampshire
SO31 7GH

RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

BALANCE SHEET
31 MAY 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,962 9,843

CURRENT ASSETS
Debtors 5 253,105 184,236
Cash at bank and in hand 285,069 260,742
538,174 444,978
CREDITORS
Amounts falling due within one year 6 (192,262 ) (148,621 )
NET CURRENT ASSETS 345,912 296,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

353,874

306,200

CREDITORS
Amounts falling due after more than one
year

7

(34,836

)

(43,267

)
NET ASSETS 319,038 262,933

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 318,938 262,833
SHAREHOLDERS' FUNDS 319,038 262,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

BALANCE SHEET - continued
31 MAY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by:





R Beale - Director


RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022


1. STATUTORY INFORMATION

Rapid Despatch Logistics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 have been applied other than where additional disclosure is required to show a true and far 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when the customers goods are delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% Reducing balance
Motor vehicles - 20% Reducing balance
Computer equipment - Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Government grants
The following government grants have been received during the current or comparative year:

Business Interruption Payment (BIP) under the Coronavirus Bounce Back Loan scheme: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government's provision of security for 100% of the loan.

Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial assets
Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2021 28,100 8,403 20,498 57,001
Additions 147 - 1,560 1,707
Disposals - - (125 ) (125 )
At 31 May 2022 28,247 8,403 21,933 58,583
DEPRECIATION
At 1 June 2021 24,493 4,740 17,925 47,158
Charge for year 729 733 2,043 3,505
Eliminated on disposal - - (42 ) (42 )
At 31 May 2022 25,222 5,473 19,926 50,621
NET BOOK VALUE
At 31 May 2022 3,025 2,930 2,007 7,962
At 31 May 2021 3,607 3,663 2,573 9,843

RAPID DESPATCH LOGISTICS LTD (REGISTERED NUMBER: 04215880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 229,285 156,094
Other debtors 23,820 28,142
253,105 184,236

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 9,646 6,732
Trade creditors 57,469 41,704
Taxation and social security 123,162 98,411
Other creditors 1,985 1,774
192,262 148,621

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 34,836 43,267

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments - 674
- 674

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 29,234 40,584
Between one and five years 9,675 41,360
38,909 81,944