Company registration number 09498627 (England and Wales)
RAPID TOOLING SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RAPID TOOLING SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAPID TOOLING SOLUTIONS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,853
79,547
Current assets
Stocks
639,519
526,630
Debtors
4
1,567,239
1,319,639
Cash at bank and in hand
198,171
198,527
2,404,929
2,044,796
Creditors: amounts falling due within one year
5
(1,637,628)
(1,502,863)
Net current assets
767,301
541,933
Total assets less current liabilities
828,154
621,480
Creditors: amounts falling due after more than one year
6
-
0
(15,938)
Provisions for liabilities
(15,214)
(19,886)
Net assets
812,940
585,656
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
812,840
585,556
Total equity
812,940
585,656

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

RAPID TOOLING SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 April 2024 and are signed on its behalf by:
Mr M J Stewart
Mr D Barkel
Director
Director
Company Registration No. 09498627
RAPID TOOLING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Rapid Tooling Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Queens Court North, Third Avenue, Team Valley Trading Estate, Gateshead, Tyne And Wear, United Kingdom, NE11 0BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Computer equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RAPID TOOLING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
9
RAPID TOOLING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
277,267
17,575
294,842
Additions
-
0
1,287
1,287
Disposals
(7,000)
(3,830)
(10,830)
At 31 December 2023
270,267
15,032
285,299
Depreciation and impairment
At 1 January 2023
203,149
12,146
215,295
Depreciation charged in the year
15,668
2,149
17,817
Eliminated in respect of disposals
(5,377)
(3,289)
(8,666)
At 31 December 2023
213,440
11,006
224,446
Carrying amount
At 31 December 2023
56,827
4,026
60,853
At 31 December 2022
74,118
5,429
79,547
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,157,692
987,092
Amounts owed by group undertakings and undertakings in which the company has a participating interest
354,499
290,437
Other debtors
55,048
42,110
1,567,239
1,319,639
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
669,276
638,637
Trade creditors
744,279
742,968
Corporation tax
132,901
69,702
Other taxation and social security
44,440
37,514
Other creditors
5,265
4,291
Accruals and deferred income
41,467
9,751
1,637,628
1,502,863

Bank overdraft is secured by a floating charge over the company's assets.

RAPID TOOLING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
15,938
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
135,350
54,156
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