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
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
Rapid Industrial Flooring Services Ltd
Statement of financial position
as at 31 March 2023
Intangible assets
4,800
9,600
Tangible assets
99,639
96,059
Inventories
273,836
28,000
Cash at bank and in hand
88,869
159,881
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
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
Rapid Industrial Flooring Services Ltd
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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:
Fixtures & fittings
15% wdv
Computer equipment
33% cost
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 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 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.
Rapid Industrial Flooring Services Ltd
Notes to the Accounts
for the year ended 31 March 2023
Expenditure on research and development is written off in the year in which it is incurred.
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 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.
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.
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
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
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
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
Amounts falling due within one year
Trade debtors
414,541
466,331
Other debtors
69,659
9,862
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
40,000
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
Loans from directors
-
13,073
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
16,924
31,573
Rapid Industrial Flooring Services Ltd
Notes to the Accounts
for the year ended 31 March 2023
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).