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COMPANY REGISTRATION NUMBER: 04816411
Rapid Engineering N.E. Limited
Filleted Unaudited Financial Statements
31 December 2023
Rapid Engineering N.E. Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
46,172
33,090
Current assets
Stocks
279,500
279,500
Debtors
6
6,174,804
5,588,369
Cash at bank and in hand
1,487,930
1,339,627
------------
------------
7,942,234
7,207,496
Creditors: amounts falling due within one year
7
1,845,329
1,542,317
------------
------------
Net current assets
6,096,905
5,665,179
------------
------------
Total assets less current liabilities
6,143,077
5,698,269
Creditors: amounts falling due after more than one year
8
35,488
103,690
------------
------------
Net assets
6,107,589
5,594,579
------------
------------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
6,106,589
5,593,579
------------
------------
Shareholders funds
6,107,589
5,594,579
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rapid Engineering N.E. Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Ms A Bituin
Director
Company registration number: 04816411
Rapid Engineering N.E. Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Axis Junction 9, Middleton Stoney Road, BIcester, Oxon, OX26 2FL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
5,399
83,450
37,326
126,175
Additions
12,995
15,478
28,473
-------
--------
--------
---------
At 31 December 2023
5,399
96,445
52,804
154,648
-------
--------
--------
---------
Depreciation
At 1 January 2023
4,678
53,912
34,495
93,085
Charge for the year
180
10,634
4,577
15,391
-------
--------
--------
---------
At 31 December 2023
4,858
64,546
39,072
108,476
-------
--------
--------
---------
Carrying amount
At 31 December 2023
541
31,899
13,732
46,172
-------
--------
--------
---------
At 31 December 2022
721
29,538
2,831
33,090
-------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,157,740
1,705,846
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,905,044
3,824,316
Other debtors
112,020
58,207
------------
------------
6,174,804
5,588,369
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,950
66,950
Trade creditors
648,289
764,425
Corporation tax
115,545
180,433
Social security and other taxes
40,509
23,629
Other creditors
974,036
506,880
------------
------------
1,845,329
1,542,317
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,488
103,690
--------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Related party transactions
Included in other debtors is an inter-company balance of £343,073 (2022: £343,073) due from European Engineering Group Limited on which no interest is being charged.