Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29Construction of water projects002023-03-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsefalse 07522548 2023-03-01 2024-02-29 07522548 2022-03-01 2023-02-28 07522548 2024-02-29 07522548 2023-02-28 07522548 c:Director2 2023-03-01 2024-02-29 07522548 d:CurrentFinancialInstruments 2024-02-29 07522548 d:CurrentFinancialInstruments 2023-02-28 07522548 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07522548 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07522548 d:ShareCapital 2024-02-29 07522548 d:ShareCapital 2023-02-28 07522548 d:RetainedEarningsAccumulatedLosses 2024-02-29 07522548 d:RetainedEarningsAccumulatedLosses 2023-02-28 07522548 c:FRS102 2023-03-01 2024-02-29 07522548 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07522548 c:FullAccounts 2023-03-01 2024-02-29 07522548 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07522548 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company Registration Number:  07522548



















RAPID WATER COURSES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
 29 FEBRUARY 2024


















img7050.png

 
RAPID WATER COURSES LIMITED
 
UNAUDITED
REGISTERED NUMBER: 07522548

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
180,090
90

Cash at bank and in hand
 5 
768
948

  
180,858
1,038

Creditors: amounts falling due within one year
 6 
(175,443)
(49,582)

Net current assets/(liabilities)
  
 
 
5,415
 
 
(48,544)

Total assets less current liabilities
  
5,415
(48,544)

  

Net assets/(liabilities)
  
5,415
(48,544)


Capital and reserves
  

Called up share capital 
  
90
90

Profit and loss account
  
5,325
(48,634)

  
5,415
(48,544)


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D M Meldrum
Director

Date: 7 August 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
RAPID WATER COURSES LIMITED
 
UNAUDITED
REGISTERED NUMBER: 07522548

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024


Page 2

 
RAPID WATER COURSES LIMITED

UNAUDITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is a private company limited by shares incorporated and domiciled in the United Kingdom. Its registered office is Halifax Road, Dunston, Gateshead, Tyne & Wear, NE11 9JW. 
The principal activity is construction of water projects. 
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The company has net current liabilities due to amounts owed to related parties whch will not require repayment if this will jeopardise the company's ability to continue as a going concern.
For this reason, in addition to the future plans for the company, management believe the going concern basis to be appropriate for the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 3

 
RAPID WATER COURSES LIMITED

UNAUDITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
RAPID WATER COURSES LIMITED

UNAUDITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).

Page 5

 
RAPID WATER COURSES LIMITED

UNAUDITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
180,000
-

Called up share capital not paid
90
90

180,090
90



5.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
768
948



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
151,691
15

Corporation tax
1,900
-

Other taxation and social security
4,721
-

Other creditors
-
49,567

Accruals and deferred income
17,131
-

175,443
49,582



7.


Related party transactions

Included within other creditors is £Nil (2023: £49,567) owed to Meldrum Construction Services Limited, a company controlled by Mr D M Meldrum. The balance is interest free and repayable on demand.

Page 6