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Registration number: 08884830

Rapid Relocate Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Rapid Relocate Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Rapid Relocate Limited

Company Information

Directors

C Newcombe

R Veale

RE Garbett-Edwards

CL Findlay

D Evans

Company secretary

CJ Elnor

Registered office

Brine Well House
Tower Hill
Droitwich Spa
Worcestershire
WR9 8BY

Auditors

Ballards LLP
Statutory Auditors, Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Rapid Relocate Limited

(Registration number: 08884830)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,237

5,863

Current assets

 

Debtors

5

4,103,384

2,689,098

Cash at bank and in hand

 

1,648,762

576,663

 

5,752,146

3,265,761

Creditors: Amounts falling due within one year

6

(5,078,726)

(2,989,611)

Net current assets

 

673,420

276,150

Total assets less current liabilities

 

695,657

282,013

Provisions for liabilities

(3,096)

-

Net assets

 

692,561

282,013

Capital and reserves

 

Called up share capital

1

1

Retained earnings

692,560

282,012

Shareholders' funds

 

692,561

282,013

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
C Newcombe
Director

   
 

Rapid Relocate Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brine Well House
Tower Hill
Droitwich Spa
Worcestershire
WR9 8BY
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 August 2024 was Benjamin Powell MSci ACA CTA, who signed for and on behalf of Ballards LLP.

Revenue recognition

Turnover comprises only the fees and commissions receivable from providing of emergency accomodation, as the company acts as an agent. Revenue is recognised at the point of booking, as the significant risks and rewards of ownership have transferred to the buyer.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Rapid Relocate Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rapid Relocate Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 25).

 

Rapid Relocate Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

15,144

15,144

Additions

22,233

22,233

At 31 December 2023

37,377

37,377

Depreciation

At 1 January 2023

9,281

9,281

Charge for the year

5,859

5,859

At 31 December 2023

15,140

15,140

Carrying amount

At 31 December 2023

22,237

22,237

At 31 December 2022

5,863

5,863

5

Debtors

2023
£

2022
£

Trade debtors

4,075,574

2,674,182

Prepayments

27,810

14,916

 

4,103,384

2,689,098

 

Rapid Relocate Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

250,000

-

Trade creditors

 

2,588,427

1,031,356

Amounts owed to related parties

9

1,071,709

1,057,044

Taxation and social security

 

237,528

186,161

Other creditors

 

931,062

715,050

 

5,078,726

2,989,611

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

250,000

-

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

5,062

-

Later than one year and not later than five years

6,328

-

11,390

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,938 (2022 - £Nil).

9

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies

10

Parent and ultimate parent undertaking

The company's immediate parent is Hotelshop UK Limited, incorporated in United Kingdom.

 The ultimate parent is HSUK Holdings Limited, incorporated in United Kingdom.