Registered number
03204640
Rapid Answers Limited
Filleted Accounts
31 May 2023
Rapid Answers Limited
Registered number: 03204640
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,361 170
Current assets
Debtors 4 16,757 21,133
Cash at bank and in hand 5,472 9,950
22,229 31,083
Creditors: amounts falling due within one year 5 (1,596) (4,610)
Net current assets 20,633 26,473
Net assets 26,994 26,643
Capital and reserves
Called up share capital 500 500
Profit and loss account 26,494 26,143
Shareholders' funds 26,994 26,643
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Eaton
Director
Approved by the board on 19 February 2024
Rapid Answers Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 50% on written down value
Fixtures, fittings, tools and equipment 50% on written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 5,101
Additions 6,683
At 31 May 2023 11,784
Depreciation
At 1 June 2022 4,931
Charge for the year 492
At 31 May 2023 5,423
Net book value
At 31 May 2023 6,361
At 31 May 2022 170
4 Debtors 2023 2022
£ £
Trade debtors 7,918 7,891
Other debtors 8,839 13,242
16,757 21,133
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 293 283
Taxation and social security costs - 3,677
Other creditors 1,303 650
1,596 4,610
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A J Routledge
Loan with no set terms; interest 9,994 292 (5,000) 5,286
charged at HMRC rate for benefits
9,994 292 (5,000) 5,286
7 Other information
Rapid Answers Limited is a private company limited by shares and incorporated in England. Its registered office is:
196 Barnett Wood Lane
Ashtead
Surrey
KT21 2LW
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