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Company Registration No. 10733891 (England and Wales)
Rapid Industrial Flooring Services Ltd Unaudited accounts for the year ended 31 March 2023
Rapid Industrial Flooring Services Ltd Unaudited accounts Contents
Page
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Rapid Industrial Flooring Services Ltd Company Information for the year ended 31 March 2023
Directors
Mr D K Brooker Mr A P Cotton
Company Number
10733891 (England and Wales)
Registered Office
108 BRINCLIFFE EDGE ROAD SHEFFIELD SOUTH YORKHIRE S11 9BX ENGLAND
Accountants
Kendall Accountancy Services Limited 2 Exeter Street New Village Road Cottingham East Yorkshire HU16 4LU
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Rapid Industrial Flooring Services Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
4,800 
9,600 
Tangible assets
99,639 
96,059 
104,439 
105,659 
Current assets
Inventories
273,836 
28,000 
Debtors
484,200 
476,193 
Cash at bank and in hand
88,869 
159,881 
846,905 
664,074 
Creditors: amounts falling due within one year
(304,759)
(401,766)
Net current assets
542,146 
262,308 
Total assets less current liabilities
646,585 
367,967 
Creditors: amounts falling due after more than one year
(47,960)
(63,240)
Provisions for liabilities
Deferred tax
(24,909)
(18,251)
Net assets
573,716 
286,476 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
573,616 
286,376 
Shareholders' funds
573,716 
286,476 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2023 and were signed on its behalf by
Mr D K Brooker Director Company Registration No. 10733891
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Rapid Industrial Flooring Services Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Rapid Industrial Flooring Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 10733891. The registered office is 108 BRINCLIFFE EDGE ROAD, SHEFFIELD, SOUTH YORKHIRE, S11 9BX, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% wdv
Motor vehicles
25% wdv
Fixtures & fittings
15% wdv
Computer equipment
33% cost
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Rapid Industrial Flooring Services Ltd Notes to the Accounts for the year ended 31 March 2023
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
24,000 
At 31 March 2023
24,000 
Amortisation
At 1 April 2022
14,400 
Charge for the year
4,800 
At 31 March 2023
19,200 
Net book value
At 31 March 2023
4,800 
At 31 March 2022
9,600 
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Rapid Industrial Flooring Services Ltd Notes to the Accounts for the year ended 31 March 2023
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
34,925 
119,116 
7,103 
5,287 
166,431 
Additions
2,250 
26,927 
- 
2,274 
31,451 
At 31 March 2023
37,175 
146,043 
7,103 
7,561 
197,882 
Depreciation
At 1 April 2022
12,826 
52,486 
1,073 
3,987 
70,372 
Charge for the year
3,343 
21,687 
904 
1,937 
27,871 
At 31 March 2023
16,169 
74,173 
1,977 
5,924 
98,243 
Net book value
At 31 March 2023
21,006 
71,870 
5,126 
1,637 
99,639 
At 31 March 2022
22,099 
66,630 
6,030 
1,300 
96,059 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
414,541 
466,331 
Other debtors
69,659 
9,862 
484,200 
476,193 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
- 
40,000 
VAT
- 
26,252 
Obligations under finance leases and hire purchase contracts
11,395 
17,950 
Trade creditors
135,191 
252,465 
Taxes and social security
133,962 
51,392 
Other creditors
16,389 
27 
Loans from directors
- 
13,073 
Accruals
7,822 
607 
304,759 
401,766 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
31,667 
31,667 
Obligations under finance leases and hire purchase contracts
16,924 
31,573 
Other creditors
(631)
- 
47,960 
63,240 
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Rapid Industrial Flooring Services Ltd Notes to the Accounts for the year ended 31 March 2023
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Average number of employees
During the year the average number of employees was 6 (2022: 6).
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