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COMPANY REGISTRATION NUMBER: 08627210
RAPID RUBBER (YORKSHIRE) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
26 August 2021
RAPID RUBBER (YORKSHIRE) LTD
STATEMENT OF FINANCIAL POSITION
26 August 2021
26 Aug 21
28 Aug 20
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
38,043
22,183
CURRENT ASSETS
Stocks
170,076
164,236
Debtors
6
740,195
575,180
Cash at bank and in hand
642
650
---------
---------
910,913
740,066
CREDITORS: amounts falling due within one year
7
( 1,104,816)
( 711,129)
------------
---------
NET CURRENT (LIABILITIES)/ASSETS
( 193,903)
28,937
---------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 155,860)
51,120
CREDITORS: amounts falling due after more than one year
8
( 68,908)
( 81,366)
---------
--------
NET LIABILITIES
( 224,768)
( 30,246)
---------
--------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 224,770)
( 30,248)
---------
--------
SHAREHOLDERS DEFICIT
( 224,768)
( 30,246)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 26 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RAPID RUBBER (YORKSHIRE) LTD
STATEMENT OF FINANCIAL POSITION (continued)
26 August 2021
These financial statements were approved by the board of directors and authorised for issue on 8 September 2022 , and are signed on behalf of the board by:
J Walker
Director
Company registration number: 08627210
RAPID RUBBER (YORKSHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 29 AUGUST 2020 TO 26 AUGUST 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1-5, Oldfield Lane, Wortley, Leeds, LS12 1H2.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The director considers the going concern basis to be appropriate as he has confirmed his ongoing support.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Income 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. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 18 (2020: 12 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 29 August 2020
15,644
61,434
77,078
Additions
16,295
2,222
10,029
28,546
--------
-------
--------
---------
At 26 August 2021
31,939
2,222
71,463
105,624
--------
-------
--------
---------
Depreciation
At 29 August 2020
10,212
44,683
54,895
Charge for the period
5,434
556
6,696
12,686
--------
-------
--------
---------
At 26 August 2021
15,646
556
51,379
67,581
--------
-------
--------
---------
Carrying amount
At 26 August 2021
16,293
1,666
20,084
38,043
--------
-------
--------
---------
At 28 August 2020
5,432
16,751
22,183
--------
-------
--------
---------
6. DEBTORS
26 Aug 21
28 Aug 20
£
£
Trade debtors
566,931
429,418
Other debtors
173,264
145,762
---------
---------
740,195
575,180
---------
---------
7. CREDITORS: amounts falling due within one year
26 Aug 21
28 Aug 20
£
£
Bank loans and overdrafts
19,356
274
Trade creditors
445,285
321,205
Social security and other taxes
482,332
300,482
Invoice discounting
137,797
64,131
Other creditors
20,046
25,037
------------
---------
1,104,816
711,129
------------
---------
8. CREDITORS: amounts falling due after more than one year
26 Aug 21
28 Aug 20
£
£
Bank loans and overdrafts
37,542
50,000
Other creditors
31,366
31,366
--------
--------
68,908
81,366
--------
--------