IRIS Accounts Production v24.1.0.578 08149597 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081495972022-07-31081495972023-07-31081495972022-08-012023-07-31081495972021-07-31081495972021-08-012022-07-31081495972022-07-3108149597ns15:EnglandWales2022-08-012023-07-3108149597ns14:PoundSterling2022-08-012023-07-3108149597ns10:Director12022-08-012023-07-3108149597ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3108149597ns10:SmallEntities2022-08-012023-07-3108149597ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3108149597ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3108149597ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3108149597ns10:FullAccounts2022-08-012023-07-3108149597ns10:Director22022-08-012023-07-3108149597ns10:RegisteredOffice2022-08-012023-07-3108149597ns5:CurrentFinancialInstruments2023-07-3108149597ns5:CurrentFinancialInstruments2022-07-3108149597ns5:Non-currentFinancialInstruments2023-07-3108149597ns5:Non-currentFinancialInstruments2022-07-3108149597ns5:ShareCapital2023-07-3108149597ns5:ShareCapital2022-07-3108149597ns5:RetainedEarningsAccumulatedLosses2023-07-3108149597ns5:RetainedEarningsAccumulatedLosses2022-07-3108149597ns5:PlantMachinery2022-08-012023-07-3108149597ns5:PlantMachinery2022-07-3108149597ns5:PlantMachinery2023-07-3108149597ns5:PlantMachinery2022-07-3108149597ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3108149597ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3108149597ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3108149597ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3108149597ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-07-3108149597ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-07-3108149597ns5:HirePurchaseContracts2023-07-3108149597ns5:HirePurchaseContracts2022-07-3108149597ns5:WithinOneYear2023-07-3108149597ns5:WithinOneYear2022-07-3108149597ns5:BetweenOneFiveYears2023-07-3108149597ns5:BetweenOneFiveYears2022-07-3108149597ns5:AllPeriods2023-07-3108149597ns5:AllPeriods2022-07-3108149597ns5:Secured2023-07-3108149597ns5:Secured2022-07-3108149597ns10:Director222022-07-3108149597ns10:Director222021-07-3108149597ns10:Director222022-08-012023-07-3108149597ns10:Director222021-08-012022-07-3108149597ns10:Director222023-07-3108149597ns10:Director222022-07-31081495971ns10:Director12022-07-31081495971ns10:Director12021-07-31081495971ns10:Director12022-08-012023-07-31081495971ns10:Director12021-08-012022-07-31081495971ns10:Director12023-07-31081495971ns10:Director12022-07-31
REGISTERED NUMBER: 08149597 (England and Wales)















RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: N P Richardson
P L Ryan





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 08149597 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 472,929 577,209

CURRENT ASSETS
Inventories 111,125 82,545
Debtors 5 729,306 604,804
Cash at bank and in hand 43,887 2,324
884,318 689,673
CREDITORS
Amounts falling due within one year 6 (576,339 ) (422,669 )
NET CURRENT ASSETS 307,979 267,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

780,908

844,213

CREDITORS
Amounts falling due after more than one
year

7

(99,860

)

(202,981

)

PROVISIONS FOR LIABILITIES (112,218 ) (114,880 )
NET ASSETS 568,830 526,352

CAPITAL AND RESERVES
Called up share capital 30 30
Retained earnings 568,800 526,322
SHAREHOLDERS' FUNDS 568,830 526,352

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 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 17 April 2024 and were signed on its behalf by:





P L Ryan - Director


RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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


1. STATUTORY INFORMATION

Rapid Design Manufacturing Solutions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08149597 and the registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added tax, rebates and discounts.

Revenue is recognised on the sale of goods when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the income statement on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as property, plant and equipment. Assets acquired by finance leases are depreciated over the shorter of the lease term and their residual lives. Assets acquired by hire purchase are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charges on the net obligations outstanding in each period.

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 the income statement in the period to which they relate.

RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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


2. ACCOUNTING POLICIES - continued

Government grant
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the income statement over the expected useful economic life of the respective property, plant and equipment. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2022 1,139,994
Additions 1,500
At 31 July 2023 1,141,494
DEPRECIATION
At 1 August 2022 562,785
Charge for year 105,780
At 31 July 2023 668,565
NET BOOK VALUE
At 31 July 2023 472,929
At 31 July 2022 577,209

Included in the total net book value of property, plant and equipment held at 31 July 2023 was £327,143 (2022: £408,929) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 421,167 218,553
Amounts owed by group undertakings 110,000 110,000
Other debtors 198,139 276,251
729,306 604,804

RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 102,427 111,362
Trade creditors 142,327 66,141
Taxation and social security 84,914 56,630
Other creditors 246,671 188,536
576,339 422,669

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 99,860 202,981

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 102,427 111,362
Between one and five years 99,860 202,981
202,287 314,343

Non-cancellable operating leases
2023 2022
£    £   
Within one year 37,500 37,500
Between one and five years 62,500 100,000
100,000 137,500

RAPID DESIGN MANUFACTURING SOLUTIONS
LIMITED (REGISTERED NUMBER: 08149597)

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


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 202,287 314,343
Invoice discounting facility 156,490 89,626
358,777 403,969

Hire purchase contracts are secured on the assets concerned.

The invoice discounting facility is secured by way of a fixed and floating charge over the assets of the company.

10. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
N P Richardson
Balance outstanding at start of year 103,836 102,818
Amounts advanced 110,753 106,018
Amounts repaid (105,000 ) (105,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 109,589 103,836

P L Ryan
Balance outstanding at start of year 98,947 99,813
Amounts advanced 93,725 104,134
Amounts repaid (105,000 ) (105,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87,672 98,947

The maximum overdrawn balance for N P Richardson during the year was £214,589 (2022: £208,836)

The maximum overdrawn balance for P L Ryan during the year was £192,672 (2022: £203,947)

The above balances are unsecured, interest free and repayable on demand.

There were no material advances during the current or prior year.