Company registration number 08922218 (England and Wales)
RAPID MEDICAL SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
RAPID MEDICAL SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
RAPID MEDICAL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,632
3,210
Current assets
Stocks
225
450
Debtors
4
1,661
1,543
Cash at bank and in hand
321
281
2,207
2,274
Creditors: amounts falling due within one year
5
(28,829)
(26,579)
Net current liabilities
(26,622)
(24,305)
Net liabilities
(23,990)
(21,095)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(24,090)
(21,195)
Total equity
(23,990)
(21,095)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Safdar Ali
Director
Company Registration No. 08922218
RAPID MEDICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Rapid Medical Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Room 202 The Old Courthouse, 18 - 22 St Peters Churchyard, UK, DE1 1NN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
18% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Government grants
Coronavirus Job Retention Scheme grant and bounce back loan interest grant were received in the previous year and recognised in other operating income
RAPID MEDICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
5,780
Depreciation and impairment
At 1 April 2022
2,570
Depreciation charged in the year
578
At 31 March 2023
3,148
Carrying amount
At 31 March 2023
2,632
At 31 March 2022
3,210
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,661
1,543
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
997
1,746
Other creditors
27,832
24,833
28,829
26,579
6
Ultimate Controlling Party
The controlling party is Safdar Ali.