Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22022-02-01falsecar design2truetrue 01776607 2022-02-01 2023-01-31 01776607 2021-02-01 2022-01-31 01776607 2023-01-31 01776607 2022-01-31 01776607 2021-02-01 01776607 c:Director1 2022-02-01 2023-01-31 01776607 d:PlantMachinery 2022-02-01 2023-01-31 01776607 d:PlantMachinery 2023-01-31 01776607 d:PlantMachinery 2022-01-31 01776607 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01776607 d:MotorVehicles 2022-02-01 2023-01-31 01776607 d:MotorVehicles 2023-01-31 01776607 d:MotorVehicles 2022-01-31 01776607 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01776607 d:OfficeEquipment 2022-02-01 2023-01-31 01776607 d:OfficeEquipment 2023-01-31 01776607 d:OfficeEquipment 2022-01-31 01776607 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01776607 d:ComputerEquipment 2022-02-01 2023-01-31 01776607 d:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 01776607 d:OtherPropertyPlantEquipment 2023-01-31 01776607 d:OtherPropertyPlantEquipment 2022-01-31 01776607 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01776607 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01776607 d:CurrentFinancialInstruments 2023-01-31 01776607 d:CurrentFinancialInstruments 2022-01-31 01776607 d:Non-currentFinancialInstruments 2023-01-31 01776607 d:Non-currentFinancialInstruments 2022-01-31 01776607 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 01776607 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 01776607 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 01776607 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 01776607 d:ShareCapital 2023-01-31 01776607 d:ShareCapital 2022-01-31 01776607 d:RetainedEarningsAccumulatedLosses 2023-01-31 01776607 d:RetainedEarningsAccumulatedLosses 2022-01-31 01776607 c:FRS102 2022-02-01 2023-01-31 01776607 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 01776607 c:FullAccounts 2022-02-01 2023-01-31 01776607 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01776607 2 2022-02-01 2023-01-31 01776607 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01776607 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 01776607










RAP DESIGN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
RAP DESIGN LIMITED
REGISTERED NUMBER: 01776607

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
31,773
39,149

Current assets
  

Debtors
 5 
1,695
22,428

Cash at bank and in hand
 6 
148,525
188,141

  
150,220
210,569

Creditors: amounts falling due within one year
 7 
(22,985)
(37,371)

Net current assets
  
 
 
127,235
 
 
173,198

Total assets less current liabilities
  
159,008
212,347

Creditors: amounts falling due after more than one year
 8 
-
(759)

Provisions for liabilities
  

Deferred tax
 9 
(3,456)
(3,811)

Net assets
  
155,552
207,777


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
155,452
207,677

  
155,552
207,777


Page 1

 
RAP DESIGN LIMITED
REGISTERED NUMBER: 01776607
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Glenda Diane Rix
Director

Date: 17 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Rap Design Limited is a private limited company, incorporated in England and Wales.
The registered office and principal place of business is 65 Bedford Road, Willington, Bedford, MK44 3PR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Machinery and equipment
-
20%
per annum
Motor vehicles
-
25%
per annum
Office and computer equipment
-
20%
- 25 % per annum
Improvements to property
-
25%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles
Machinery and equipment
Office and computer equipment
Improvements to property

£
£
£
£



Cost or valuation


At 1 February 2022
89,222
25,986
32,669
13,667


Additions
-
-
2,645
-



At 31 January 2023

89,222
25,986
35,314
13,667



Depreciation


At 1 February 2022
67,675
17,571
27,916
9,233


Charge for the year on owned assets
5,387
1,683
1,843
1,108



At 31 January 2023

73,062
19,254
29,759
10,341



Net book value



At 31 January 2023
16,160
6,732
5,555
3,326



At 31 January 2022
21,547
8,415
4,753
4,434
Page 7

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 February 2022
161,544


Additions
2,645



At 31 January 2023

164,189



Depreciation


At 1 February 2022
122,395


Charge for the year on owned assets
10,021



At 31 January 2023

132,416



Net book value



At 31 January 2023
31,773



At 31 January 2022
39,149

Page 8

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£


Other debtors
1,695
22,428



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
148,525
188,141



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,839
14,535

Corporation tax
1,999
7,048

Obligations under finance lease and hire purchase contracts
758
4,525

Other creditors
4,889
3,763

Accruals and deferred income
7,500
7,500

22,985
37,371



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
759


The hire purchase agreements were secured on the assets to which they relate.

Page 9

 
RAP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
3,811
-


Charged to profit or loss
(355)
3,811



At end of year
3,456
3,811

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,456
3,811

3,456
3,811

 
Page 10