Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A E Keenan A M Walker 08/04/2022 C H Walker S C Walker 01/07/2014 Charles Hayden Walker Anne Elizabeth Keenan 04 September 2024 The principal activity of the Company during the financial year was the supply of computer and office stationery and accessories. 01861582 2023-12-31 01861582 bus:Director2 2023-12-31 01861582 bus:Director4 2023-12-31 01861582 2022-12-31 01861582 core:CurrentFinancialInstruments 2023-12-31 01861582 core:CurrentFinancialInstruments 2022-12-31 01861582 core:ShareCapital 2023-12-31 01861582 core:ShareCapital 2022-12-31 01861582 core:RetainedEarningsAccumulatedLosses 2023-12-31 01861582 core:RetainedEarningsAccumulatedLosses 2022-12-31 01861582 core:Goodwill 2022-12-31 01861582 core:Goodwill 2023-12-31 01861582 core:LeaseholdImprovements 2022-12-31 01861582 core:PlantMachinery 2022-12-31 01861582 core:Vehicles 2022-12-31 01861582 core:FurnitureFittings 2022-12-31 01861582 core:OfficeEquipment 2022-12-31 01861582 core:LeaseholdImprovements 2023-12-31 01861582 core:PlantMachinery 2023-12-31 01861582 core:Vehicles 2023-12-31 01861582 core:FurnitureFittings 2023-12-31 01861582 core:OfficeEquipment 2023-12-31 01861582 bus:OrdinaryShareClass1 2023-12-31 01861582 core:WithinOneYear 2023-12-31 01861582 core:WithinOneYear 2022-12-31 01861582 core:BetweenOneFiveYears 2023-12-31 01861582 core:BetweenOneFiveYears 2022-12-31 01861582 2023-01-01 2023-12-31 01861582 bus:FilletedAccounts 2023-01-01 2023-12-31 01861582 bus:SmallEntities 2023-01-01 2023-12-31 01861582 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01861582 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01861582 bus:Director1 2023-01-01 2023-12-31 01861582 bus:Director2 2023-01-01 2023-12-31 01861582 bus:Director3 2023-01-01 2023-12-31 01861582 bus:Director4 2023-01-01 2023-12-31 01861582 bus:Director5 2023-01-01 2023-12-31 01861582 bus:Director6 2023-01-01 2023-12-31 01861582 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 01861582 core:Goodwill 2023-01-01 2023-12-31 01861582 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 01861582 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 01861582 core:Vehicles 2023-01-01 2023-12-31 01861582 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 01861582 core:OfficeEquipment 2023-01-01 2023-12-31 01861582 2022-01-01 2022-12-31 01861582 core:LeaseholdImprovements 2023-01-01 2023-12-31 01861582 core:PlantMachinery 2023-01-01 2023-12-31 01861582 core:FurnitureFittings 2023-01-01 2023-12-31 01861582 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01861582 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01861582 (England and Wales)

RAPIDE SYSTEM SUPPLIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

RAPIDE SYSTEM SUPPLIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RAPIDE SYSTEM SUPPLIES LIMITED

BALANCE SHEET

As at 31 December 2023
RAPIDE SYSTEM SUPPLIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 41,691 29,833
Tangible assets 4 160,170 80,420
201,861 110,253
Current assets
Stocks 5 90,414 136,861
Debtors 6 182,706 262,295
Cash at bank and in hand 10,177 16,199
283,297 415,355
Creditors: amounts falling due within one year 7 ( 351,510) ( 402,765)
Net current (liabilities)/assets (68,213) 12,590
Total assets less current liabilities 133,648 122,843
Provision for liabilities ( 4,903) 0
Net assets 128,745 122,843
Capital and reserves
Called-up share capital 8 15,000 15,000
Profit and loss account 113,745 107,843
Total shareholders' funds 128,745 122,843

For the financial 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.

Directors' responsibilities:

The financial statements of Rapide System Supplies Limited (registered number: 01861582) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Charles Hayden Walker
Chairman
RAPIDE SYSTEM SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RAPIDE SYSTEM SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rapide System Supplies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit R, Aisecome Way, Weston Super Mare, BS22 8NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of computer and office stationery and accessories 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 4 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 4 years straight line
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 63,588 63,588
Additions 17,620 17,620
At 31 December 2023 81,208 81,208
Accumulated amortisation
At 01 January 2023 33,755 33,755
Charge for the financial year 5,762 5,762
At 31 December 2023 39,517 39,517
Net book value
At 31 December 2023 41,691 41,691
At 31 December 2022 29,833 29,833

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 16,453 22,820 156,493 14,207 59,183 269,156
Additions 0 0 116,680 0 3,355 120,035
Disposals 0 0 ( 49,879) 0 0 ( 49,879)
At 31 December 2023 16,453 22,820 223,294 14,207 62,538 339,312
Accumulated depreciation
At 01 January 2023 6,263 14,828 99,324 14,207 54,114 188,736
Charge for the financial year 329 1,997 28,173 0 2,305 32,804
Disposals 0 0 ( 42,398) 0 0 ( 42,398)
At 31 December 2023 6,592 16,825 85,099 14,207 56,419 179,142
Net book value
At 31 December 2023 9,861 5,995 138,195 0 6,119 160,170
At 31 December 2022 10,190 7,992 57,169 0 5,069 80,420

5. Stocks

2023 2022
£ £
Stocks 90,414 136,861

6. Debtors

2023 2022
£ £
Trade debtors 158,427 223,581
Corporation tax 2,762 0
Other debtors 21,517 38,714
182,706 262,295

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 285,467 337,154
Taxation and social security 37,155 29,948
Other creditors 28,888 35,663
351,510 402,765

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
15,000 Ordinary shares of £ 1.00 each 15,000 15,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 36,000 24,000
between one and five years 171,000 0
207,000 24,000