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REGISTERED NUMBER: 04413734 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RAPID INNOVATION GROUP LIMITED

RAPID INNOVATION GROUP LIMITED (REGISTERED NUMBER: 04413734)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RAPID INNOVATION GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S J Russell
S H Jackson





REGISTERED OFFICE: Lion Court
25 Procter Street
London
WC1V 6NY





REGISTERED NUMBER: 04413734 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

RAPID INNOVATION GROUP LIMITED (REGISTERED NUMBER: 04413734)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,618 36,878
Investments 5 72,768 30,768
102,386 67,646

CURRENT ASSETS
Debtors 6 359,469 384,291
Cash at bank 345,417 490,024
704,886 874,315
CREDITORS
Amounts falling due within one year 7 288,629 277,306
NET CURRENT ASSETS 416,257 597,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

518,643

664,655

PROVISIONS FOR LIABILITIES 7,372 6,976
NET ASSETS 511,271 657,679

CAPITAL AND RESERVES
Called up share capital 1,125 1,125
Capital redemption reserve 125 125
Retained earnings 510,021 656,429
SHAREHOLDERS' FUNDS 511,271 657,679

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





S H Jackson - Director


RAPID INNOVATION GROUP LIMITED (REGISTERED NUMBER: 04413734)

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


1. STATUTORY INFORMATION

Rapid Innovation Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised in the period in which the services are delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold property - 25% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are shown at cost less provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

RAPID INNOVATION GROUP LIMITED (REGISTERED NUMBER: 04413734)

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


4. TANGIBLE FIXED ASSETS
Short Fixtures
leasehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,098 54,593 49,325 105,016
Additions - - 2,615 2,615
At 31 December 2023 1,098 54,593 51,940 107,631
DEPRECIATION
At 1 January 2023 1,098 31,337 35,703 68,138
Charge for year - 5,814 4,061 9,875
At 31 December 2023 1,098 37,151 39,764 78,013
NET BOOK VALUE
At 31 December 2023 - 17,442 12,176 29,618
At 31 December 2022 - 23,256 13,622 36,878

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 31,768
Additions 42,000
At 31 December 2023 73,768
PROVISIONS
At 1 January 2023
and 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 72,768
At 31 December 2022 30,768

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 268,993 329,071
Other debtors 32,230 33,103
Prepayments and accrued income 36,129 -
337,352 362,174

Amounts falling due after more than one year:
Other debtors 22,117 22,117

Aggregate amounts 359,469 384,291

RAPID INNOVATION GROUP LIMITED (REGISTERED NUMBER: 04413734)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 85,739 12,584
Corporation tax - 63,811
Social security and other taxes 42,532 49,722
VAT 104,997 114,662
Other creditors 7,800 9,168
Accruals and deferred income 47,561 27,359
288,629 277,306

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 79,803 79,803
Between one and five years 239,410 319,213
319,213 399,016

The above leases relate to company's business premises.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S H Jackson
Balance outstanding at start of year - 305
Amounts advanced - 165
Amounts repaid - (470 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -