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REGISTERED NUMBER: 06661696 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

RAPID ACCESS LTD

RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAPID ACCESS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mrs D Marvin
S J Kibler
R Stokes
K Marvin





REGISTERED OFFICE: Lauren House
Aston Road
Nuneaton
Warwickshire
CV11 5EL





REGISTERED NUMBER: 06661696 (England and Wales)





ACCOUNTANTS: Armstrongs Bishop Simmons
Chartered Accountants and Tax Advisors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 12,000
Tangible assets 5 1,384,206 913,409
Investments 6 30 30
1,394,236 925,439

CURRENT ASSETS
Stocks 1,104,421 986,266
Debtors 7 1,395,555 1,332,898
Cash at bank and in hand 254,443 158,702
2,754,419 2,477,866
CREDITORS
Amounts falling due within one year 8 2,178,983 2,332,718
NET CURRENT ASSETS 575,436 145,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,969,672

1,070,587

CREDITORS
Amounts falling due after more than one
year

9

(714,432

)

(517,629

)

PROVISIONS FOR LIABILITIES (358,748 ) (141,471 )
NET ASSETS 896,492 411,487

CAPITAL AND RESERVES
Called up share capital 150,120 150,120
Retained earnings 746,372 261,367
896,492 411,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 ACCESS LTD (REGISTERED NUMBER: 06661696)

BALANCE SHEET - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





S J Kibler - Director


RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Rapid Access Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 31/08/2028. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
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 88 (2022 - 72 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 40,000
AMORTISATION
At 1 September 2022 28,000
Amortisation for year 2,000
At 31 August 2023 30,000
NET BOOK VALUE
At 31 August 2023 10,000
At 31 August 2022 12,000

RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 September 2022 1,806,394
Additions 760,076
At 31 August 2023 2,566,470
DEPRECIATION
At 1 September 2022 892,985
Charge for year 289,279
At 31 August 2023 1,182,264
NET BOOK VALUE
At 31 August 2023 1,384,206
At 31 August 2022 913,409

The net book value of tangible fixed assets includes £846,342 (2022 - £529,190) in respect of assets held under hire purchase contracts.

The depreciation charge of tangible fixed assets includes £190,838 (£2022 - £154,357) in respect of assets held under hire purchase contracts.

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 September 2022
and 31 August 2023 30
NET BOOK VALUE
At 31 August 2023 30
At 31 August 2022 30

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 939,214 1,039,169
Amounts owed by participating interests 86,047 -
Other debtors 244,006 213,090
VAT 14,498 -
Prepayments 111,790 80,639
1,395,555 1,332,898

RAPID ACCESS LTD (REGISTERED NUMBER: 06661696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 10) 245,079 169,238
Trade creditors 1,168,959 917,734
Corporation tax 77,893 -
Pension 2,690 1,941
VAT - 70,504
Other creditors 301,180 896,424
Directors' current accounts 328,232 222,377
Accrued expenses 4,950 4,500
2,178,983 2,332,718

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-5 years 137,500 187,500
Hire purchase contracts (see note 10) 576,932 330,129
714,432 517,629

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 245,079 169,238
Between one and five years 576,932 330,129
822,011 499,367

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
S J Kibler
Balance outstanding at start of year - 23,848
Amounts repaid - (23,848 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. ULTIMATE CONTROLLING PARTY

The controlling party is S J Kibler.