2022-11-012023-10-312023-10-31false13528184RAPID NETWORK SERVICES 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RAPID NETWORK SERVICES LIMITED

Registered Number
13528184
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

RAPID NETWORK SERVICES LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Lee Michael Reason
Lisa Jane Reason

Registered Address

79 Higher Bore Street
Bodmin
PL31 1JT

Registered Number

13528184 (England and Wales)
RAPID NETWORK SERVICES LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets363,270-
Tangible assets47,679168
70,949168
Current assets
Stocks23,93159,549
Debtors571,390105,166
Cash at bank and on hand82,68434,078
178,005198,793
Creditors amounts falling due within one year6(145,735)(192,839)
Net current assets (liabilities)32,2705,954
Total assets less current liabilities103,2196,122
Provisions for liabilities(46)(32)
Net assets103,1736,090
Capital and reserves
Called up share capital100100
Profit and loss account103,0735,990
Shareholders' funds103,1736,090
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
Lee Michael Reason
Director
Registered Company No. 13528184
RAPID NETWORK SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue 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 transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery229-
Vehicles52-
Office Equipment-206
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year32
3.Intangible assets

Total

£
Cost or valuation
Additions70,300
At 31 October 2363,270
Amortisation and impairment
Charge for year7,030
Net book value
At 31 October 2363,270
At 31 October 22-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 22250
Additions7,733
At 31 October 237,983
Depreciation and impairment
At 01 November 2283
Charge for year221
At 31 October 23304
Net book value
At 31 October 237,679
At 31 October 22168
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables67,48892,904
Other debtors3,90210,732
Prepayments and accrued income-1,530
Total71,390105,166
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables36,03283,685
Bank borrowings and overdrafts49,640107,788
Taxation and social security30,0621,366
Accrued liabilities and deferred income30,001-
Total145,735192,839
7.Controlling party
Control of the company lies with the directors Mr L M Reason and Mrs L J Reason by virtue of their shareholdings.