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REGISTERED NUMBER: 05348670 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Rapid Associates (Commercial) Limited

Rapid Associates (Commercial) Limited (Registered number: 05348670)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rapid Associates (Commercial) Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mrs S P Smith
Mr O G Smith
Mr J A Smith





SECRETARY: Mrs S P Smith





REGISTERED OFFICE: Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD





REGISTERED NUMBER: 05348670 (England and Wales)





ACCOUNTANTS: Accsys Accountants Limited
Chartered Accountants
Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

Rapid Associates (Commercial) Limited (Registered number: 05348670)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,972 24,696
Investments 5 29,000 29,000
Investment property 6 2,333,658 2,333,658
2,381,630 2,387,354

CURRENT ASSETS
Stocks 32,916 31,110
Debtors 7 183,897 153,796
Cash at bank 317,820 311,355
534,633 496,261
CREDITORS
Amounts falling due within one year 8 989,093 1,127,905
NET CURRENT LIABILITIES (454,460 ) (631,644 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,927,170

1,755,710

CREDITORS
Amounts falling due after more than one year 9 365,706 327,818
NET ASSETS 1,561,464 1,427,892

CAPITAL AND RESERVES
Called up share capital 2 2
Other reserves 82,015 82,015
Retained earnings 1,479,447 1,345,875
1,561,464 1,427,892

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Associates (Commercial) Limited (Registered number: 05348670)

Balance Sheet - continued
31 October 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 10 April 2024 and were signed on its behalf by:




Mr J A Smith - Director



Mr O G Smith - Director


Rapid Associates (Commercial) Limited (Registered number: 05348670)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Rapid Associates (Commercial) 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 as modified by the revaluation of certain assets.

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 reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 4 (2022 - 7 ) .

Rapid Associates (Commercial) Limited (Registered number: 05348670)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 19,072 1,994 12,350 2,286 35,702
Additions - 1,163 - - 1,163
Disposals (5,770 ) - - - (5,770 )
At 31 October 2023 13,302 3,157 12,350 2,286 31,095
DEPRECIATION
At 1 November 2022 7,253 399 3,088 266 11,006
Charge for year 2,040 399 2,316 404 5,159
Eliminated on disposal (4,042 ) - - - (4,042 )
At 31 October 2023 5,251 798 5,404 670 12,123
NET BOOK VALUE
At 31 October 2023 8,051 2,359 6,946 1,616 18,972
At 31 October 2022 11,819 1,595 9,262 2,020 24,696

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 29,000
NET BOOK VALUE
At 31 October 2023 29,000
At 31 October 2022 29,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 2,333,658
NET BOOK VALUE
At 31 October 2023 2,333,658
At 31 October 2022 2,333,658

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2015 (765,427 )
Valuation in 2017 (5,625 )
Valuation in 2021 95,457
Cost 3,009,253
2,333,658

Rapid Associates (Commercial) Limited (Registered number: 05348670)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 350 -
Other debtors 183,547 153,796
183,897 153,796

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 140,263 271,826
Trade creditors 34,335 22,899
Taxation and social security 61,656 74,154
Other creditors 752,839 759,026
989,093 1,127,905

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 365,706 327,818