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REGISTERED NUMBER: 11732088 (England and Wales)















RAPID COLLECTIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






RAPID COLLECTIONS LIMITED (REGISTERED NUMBER: 11732088)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


RAPID COLLECTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: S Chester





SECRETARY: S Chester





REGISTERED OFFICE: 186 Humberston Avenue
Grimsby
N E Lincolnshire
DN36 4TA





REGISTERED NUMBER: 11732088 (England and Wales)

RAPID COLLECTIONS LIMITED (REGISTERED NUMBER: 11732088)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 135,555 182,494

CURRENT ASSETS
Debtors 5 472,541 523,715
Cash at bank 46,155 109,642
518,696 633,357
CREDITORS
Amounts falling due within one year 6 386,771 530,664
NET CURRENT ASSETS 131,925 102,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,480

285,187

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 267,479 285,186
267,480 285,187

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 20th August 2024 and were signed by:





S Chester - Director


RAPID COLLECTIONS LIMITED (REGISTERED NUMBER: 11732088)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Rapid Collections 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.

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 cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

RAPID COLLECTIONS LIMITED (REGISTERED NUMBER: 11732088)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 189,230 2,998 86,885 3,141 282,254
Additions 9,830 - - 264 10,094
At 31st December 2023 199,060 2,998 86,885 3,405 292,348
DEPRECIATION
At 1st January 2023 95,892 1,399 1,476 993 99,760
Charge for year 38,384 599 17,377 673 57,033
At 31st December 2023 134,276 1,998 18,853 1,666 156,793
NET BOOK VALUE
At 31st December 2023 64,784 1,000 68,032 1,739 135,555
At 31st December 2022 93,338 1,599 85,409 2,148 182,494

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 369,139 523,715
Other debtors 103,402 -
472,541 523,715

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 308,759 486,526
Taxation and social security 36,819 17,176
Other creditors 41,193 26,962
386,771 530,664