1 June 2021 v2022.13.1 limited_company_frs_102_section_1a_v1_0_8 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP080740022021-06-012022-05-31080740022022-05-31080740022021-05-3108074002core:WithinOneYear2022-05-3108074002core:WithinOneYear2021-05-3108074002core:AfterOneYear2022-05-3108074002core:AfterOneYear2021-05-3108074002core:ShareCapital2022-05-3108074002core:ShareCapital2021-05-3108074002core:RevaluationReserve2022-05-3108074002core:RevaluationReserve2021-05-3108074002core:RetainedEarningsAccumulatedLosses2022-05-3108074002core:RetainedEarningsAccumulatedLosses2021-05-3108074002bus:Director12021-06-012022-05-3108074002bus:Director22021-06-012022-05-3108074002bus:Director32021-06-012022-05-3108074002bus:RegisteredOffice2021-06-012022-05-3108074002core:OtherResidualIntangibleAssets2021-06-012022-05-3108074002core:PlantMachinery2021-06-012022-05-31080740022020-06-012021-05-3108074002core:IntangibleAssetsOtherThanGoodwill2022-05-3108074002core:IntangibleAssetsOtherThanGoodwill2021-05-3108074002core:PlantMachinery2021-06-0108074002core:PlantMachinery2022-05-3108074002core:PlantMachinery2021-05-310807400212021-06-012022-05-3108074002countries:EnglandWales2021-06-012022-05-3108074002bus:AuditExemptWithAccountantsReport2021-06-012022-05-3108074002bus:PrivateLimitedCompanyLtd2021-06-012022-05-3108074002bus:SmallEntities2021-06-012022-05-3108074002bus:FullAccounts2021-06-012022-05-31
Company registration number:
08074002
Rapid Travel Group Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2022
Rapid Travel Group Limited
Statement of Financial Position
31 May 2022
20222021
Note££
Fixed assets    
Intangible assets 5
160,000
 
160,000
 
Tangible assets 6
15,326
 
9,249
 
175,326
 
169,249
 
Current assets    
Debtors 7
606,105
 
558,476
 
Cash at bank and in hand
167,516
 
126,572
 
773,621
 
685,048
 
Creditors: amounts falling due within one year 8
(449,298
)
(453,262
)
Net current assets
324,323
 
231,786
 
Total assets less current liabilities 499,649   401,035  
Creditors: amounts falling due after more than one year 9
(87,543
)
(120,797
)
Provisions for liabilities
(43,831
)
(32,158
)
Net assets
368,275
 
248,080
 
Capital and reserves    
Called up share capital
300
 
300
 
Revaluation reserve
107,998
 
116,637
 
Profit and loss account
259,977
 
131,143
 
Shareholders funds
368,275
 
248,080
 
For the year ending
31 May 2022
, 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 August 2022
, and are signed on behalf of the board by:
L Anderson-Smith
R Anderson-Smith
K Hedison
DirectorDirectorDirector
Company registration number:
08074002
Rapid Travel Group Limited
Notes to the Financial Statements
Year ended
31 May 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 8 Laceby Business Park
,
Laceby
,
Grimsby
,
North East Lincolnshire
,
DN37 7DP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
33% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
33% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Software System

The software system included within intangible assets is carried at fair value. The valuation was completed by the directors at 31 May 2022.

4 Average number of employees

The average number of persons employed by the company during the year was
14
(2021:
17
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 June 2021
and
31 May 2022
160,000
 
Amortisation  
At
1 June 2021
and
31 May 2022
-  
Carrying amount  
At
31 May 2022
160,000
 
At 31 May 2021
160,000
 

Intangible assets held at valuation

In respect of intangible assets other than goodwill held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20222021
££
Aggregate historical cost 16,004   16,004  
Aggregate amortisation 16,004   16,004  
Carrying amount -   -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2021
15,920
 
Additions
11,786
 
At
31 May 2022
27,706
 
Depreciation  
At
1 June 2021
6,671
 
Charge
5,709
 
At
31 May 2022
12,380
 
Carrying amount  
At
31 May 2022
15,326
 
At 31 May 2021
9,249
 

7 Debtors

20222021
££
Trade debtors
575,029
 
465,597
 
Other debtors
31,076
 
92,879
 
606,105
 
558,476
 

8 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
27,000
 
17,972
 
Trade creditors
18,521
 
76,743
 
Taxation and social security
119,189
 
70,035
 
Other creditors
284,588
 
288,512
 
449,298
 
453,262
 
There is a fixed and floating charge over the assets of the company.

9 Creditors: amounts falling due after more than one year

20222021
££
Bank loans and overdrafts
83,193
 
113,500
 
Other creditors
4,350
 
7,297
 
87,543
 
120,797