Company registration number 03228903 (England and Wales)
RAPID HIRE CENTRES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RAPID HIRE CENTRES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RAPID HIRE CENTRES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
232,628
231,230
Current assets
Stocks
94,718
88,667
Debtors
4
95,014
84,404
Cash at bank and in hand
73,754
116,007
263,486
289,078
Creditors: amounts falling due within one year
5
(222,381)
(238,565)
Net current assets
41,105
50,513
Total assets less current liabilities
273,733
281,743
Creditors: amounts falling due after more than one year
6
(15,117)
(25,103)
Provisions for liabilities
(19,239)
(19,249)
Net assets
239,377
237,391
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
239,177
237,191
Total equity
239,377
237,391
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.
The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
A Jones
Director
Company Registration No. 03228903
RAPID HIRE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
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
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.true
1.3
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.
1.4
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:
Freehold, Land and buildings
Not depreciated
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% 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.
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
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.
RAPID HIRE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Ordinary shares are classified as equity. There is a class of Ordinary shares and a class of Preference shares. There are no restrictions on the distribution of dividends or the repayment of capital.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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 are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
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.
1.11
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.
1.12
Company information
Rapid Hire Centres Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reins Mill, Honley, Holmfirth, HD9 6NB.
RAPID HIRE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
11
10
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
142,766
902,304
1,045,070
Additions
28,298
28,298
Disposals
(5,900)
(5,900)
At 31 December 2023
142,766
924,702
1,067,468
Depreciation and impairment
At 1 January 2023
813,840
813,840
Depreciation charged in the year
25,850
25,850
Eliminated in respect of disposals
(4,850)
(4,850)
At 31 December 2023
834,840
834,840
Carrying amount
At 31 December 2023
142,766
89,862
232,628
At 31 December 2022
142,766
88,464
231,230
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
89,890
78,992
Other debtors
5,124
5,412
95,014
84,404
RAPID HIRE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,800
9,700
Trade creditors
72,491
77,107
Taxation and social security
37,398
31,522
Other creditors
102,692
120,236
222,381
238,565
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and finance obligations
15,117
25,103
The bank loan outstanding is a government backed Coronavirus Bounce Back Loan and is being repaid over 6 years.