1 June 2023 v2024.36.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP080740022023-06-012024-05-31080740022024-05-31080740022023-05-3108074002core:WithinOneYear2024-05-3108074002core:WithinOneYear2023-05-3108074002core:AfterOneYear2024-05-3108074002core:AfterOneYear2023-05-3108074002core:ShareCapital2024-05-3108074002core:ShareCapital2023-05-3108074002core:RevaluationReserve2024-05-3108074002core:RevaluationReserve2023-05-3108074002core:RetainedEarningsAccumulatedLosses2024-05-3108074002core:RetainedEarningsAccumulatedLosses2023-05-3108074002bus:Director12023-06-012024-05-3108074002bus:Director22023-06-012024-05-3108074002bus:Director32023-06-012024-05-3108074002bus:RegisteredOffice2023-06-012024-05-3108074002core:PlantMachinery2023-06-012024-05-31080740022022-06-012023-05-3108074002core:IntangibleAssetsOtherThanGoodwill2024-05-3108074002core:IntangibleAssetsOtherThanGoodwill2023-05-3108074002core:PlantMachinery2023-06-0108074002core:PlantMachinery2024-05-3108074002core:PlantMachinery2023-05-310807400212023-06-012024-05-3108074002countries:EnglandWales2023-06-012024-05-3108074002bus:AuditExemptWithAccountantsReport2023-06-012024-05-3108074002bus:PrivateLimitedCompanyLtd2023-06-012024-05-3108074002bus:SmallEntities2023-06-012024-05-3108074002bus:FullAccounts2023-06-012024-05-3108074002bus:Director42023-06-012024-05-31
Company registration number:
08074002
Rapid Travel Group Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Rapid Travel Group Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Intangible assets 5
160,000
 
160,000
 
Tangible assets 6
9,541
 
12,497
 
169,541
 
172,497
 
Current assets    
Debtors 7
1,030,113
 
717,591
 
Cash at bank and in hand
206,119
 
98,453
 
1,236,232
 
816,044
 
Creditors: amounts falling due within one year 8
(715,477
)
(506,347
)
Net current assets
520,755
 
309,697
 
Total assets less current liabilities 690,296   482,194  
Creditors: amounts falling due after more than one year 9
(277,647
)
(44,435
)
Provisions for liabilities
(42,388
)
(43,127
)
Net assets
370,261
 
394,632
 
Capital and reserves    
Called up share capital
300
 
300
 
Revaluation reserve
107,998
 
107,998
 
Profit and loss account
261,963
 
286,334
 
Shareholders funds
370,261
 
394,632
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
2 August 2024
, and are signed on behalf of the board by:
L Anderson-Smith
R Anderson-Hall
K Hedison
DirectorDirectorDirector
Company registration number:
08074002
Rapid Travel Group Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 8 Laceby Business Park
,
Laceby
,
Grimsby
,
North East Lincolnshire
,
DN37 7DP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
33% & 50% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Software System

The software system included within intangible assets is carried at fair value. The valuation was completed by the directors at 31 May 2024.

4 Average number of employees

The average number of persons employed by the company during the year was
20
(2023:
16
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 June 2023
and
31 May 2024
160,000
 
Amortisation  
At
1 June 2023
and
31 May 2024
-  
Carrying amount  
At
31 May 2024
160,000
 
At 31 May 2023
160,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2023
33,259
 
Additions
4,307
 
At
31 May 2024
37,566
 
Depreciation  
At
1 June 2023
20,762
 
Charge
7,263
 
At
31 May 2024
28,025
 
Carrying amount  
At
31 May 2024
9,541
 
At 31 May 2023
12,497
 

7 Debtors

20242023
££
Trade debtors
999,852
 
694,340
 
Other debtors
30,261
 
23,251
 
1,030,113
 
717,591
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts -  
32,000
 
Trade creditors
107,798
 
13,890
 
Taxation and social security
131,908
 
106,774
 
Other creditors
475,771
 
353,683
 
715,477
 
506,347
 
There is a fixed and floating charge over the assets of the company.

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts -  
44,435
 
Other creditors
277,647
  -  
277,647
 
44,435
 
There is a fixed and floating charge over the assets of the company.