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REGISTERED NUMBER: 10749977 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 AUGUST 2023

FOR

RAPID REPAIR NETWORK LIMITED

RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAPID REPAIR NETWORK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 AUGUST 2023







DIRECTORS: Mr R P Hawes
Mr R Mapes



REGISTERED OFFICE: Castle Malwood
Minstead
Lyndhurst
SO43 7PE



REGISTERED NUMBER: 10749977 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank
Fore Street
Ivybridge
Devon
PL21 9AD

RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

BALANCE SHEET
30 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,097 22,716

CURRENT ASSETS
Debtors 5 2,586,092 1,683,314
Cash at bank 510,095 354,430
3,096,187 2,037,744
CREDITORS
Amounts falling due within one year 6 1,971,543 1,657,588
NET CURRENT ASSETS 1,124,644 380,156
TOTAL ASSETS LESS CURRENT LIABILITIES 1,190,741 402,872

CREDITORS
Amounts falling due after more than one
year

7

(18,333

)

(27,500

)

PROVISIONS FOR LIABILITIES (16,138 ) (4,003 )
NET ASSETS 1,156,270 371,369

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,156,170 371,269
SHAREHOLDERS' FUNDS 1,156,270 371,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

BALANCE SHEET - continued
30 AUGUST 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:





Mr R P Hawes - Director


RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023


1. STATUTORY INFORMATION

Rapid Repair Network Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 13 ) .

RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 AUGUST 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 31 August 2022 677 - 12,001 23,293 35,971
Additions - 6,201 - 52,038 58,239
At 30 August 2023 677 6,201 12,001 75,331 94,210
DEPRECIATION
At 31 August 2022 218 - 4,922 8,115 13,255
Charge for year 92 207 1,770 12,789 14,858
At 30 August 2023 310 207 6,692 20,904 28,113
NET BOOK VALUE
At 30 August 2023 367 5,994 5,309 54,427 66,097
At 30 August 2022 459 - 7,079 15,178 22,716

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,975,020 1,359,358
Amounts owed by associates 258,898 272,242
Other debtors 181,349 29,183
Directors' current accounts 123,824 -
Prepayments 47,001 22,531
2,586,092 1,683,314

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,167 10,000
Trade creditors 1,129,472 1,044,702
Tax 226,010 249,610
Social security and other taxes 41,304 22,115
Pension liability 5,722 2,067
VAT 262,380 99,485
Other creditors 10,331 -
Greenroom Solutions Limited - 40,000
Directors' current accounts 39,969 173,269
Accrued expenses 247,188 16,340
1,971,543 1,657,588

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 18,333 27,500

RAPID REPAIR NETWORK LIMITED (REGISTERED NUMBER: 10749977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 AUGUST 2023


8. OTHER FINANCIAL COMMITMENTS

At 31 August 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those assets of £23,581 (2022 - £17,320).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 August 2023 and 30 August 2022:

2023 2022
£    £   
Mr M W Corby
Balance outstanding at start of year (47,035 ) 25
Amounts advanced 83,967 73,203
Amounts repaid (76,901 ) (120,263 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (39,969 ) (47,035 )

Mr R P Hawes
Balance outstanding at start of year (119,796 ) 17,307
Amounts advanced 406,301 194,423
Amounts repaid (164,181 ) (331,526 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 122,324 (119,796 )

Mr I Parmar
Balance outstanding at start of year (6,438 ) (6,423 )
Amounts advanced 7,938 -
Amounts repaid - (15 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,500 (6,438 )

Loans are unsecured, interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

At the year end the company was owed an amount of £258,898 from Repaired Today Group Ltd, a company which is 100% owned by Rapid Repair Network Limited. The loan is unsecured, interest free and repayable on demand.

11. GOVERNMENT GUARANTEED LOAN

The bank loan of £27,500 is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to .May 2026.