Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true2023-05-01falseNo description of principal activity3024trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC175329 2023-05-01 2024-04-30 SC175329 2022-05-01 2023-04-30 SC175329 2024-04-30 SC175329 2023-04-30 SC175329 c:Director1 2023-05-01 2024-04-30 SC175329 c:Director2 2023-05-01 2024-04-30 SC175329 c:RegisteredOffice 2023-05-01 2024-04-30 SC175329 d:Buildings 2023-05-01 2024-04-30 SC175329 d:Buildings 2024-04-30 SC175329 d:Buildings 2023-04-30 SC175329 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC175329 d:PlantMachinery 2023-05-01 2024-04-30 SC175329 d:PlantMachinery 2024-04-30 SC175329 d:PlantMachinery 2023-04-30 SC175329 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC175329 d:MotorVehicles 2023-05-01 2024-04-30 SC175329 d:MotorVehicles 2024-04-30 SC175329 d:MotorVehicles 2023-04-30 SC175329 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC175329 d:OfficeEquipment 2023-05-01 2024-04-30 SC175329 d:OfficeEquipment 2024-04-30 SC175329 d:OfficeEquipment 2023-04-30 SC175329 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC175329 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC175329 d:CurrentFinancialInstruments 2024-04-30 SC175329 d:CurrentFinancialInstruments 2023-04-30 SC175329 d:Non-currentFinancialInstruments 2024-04-30 SC175329 d:Non-currentFinancialInstruments 2023-04-30 SC175329 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 SC175329 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 SC175329 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 SC175329 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 SC175329 d:ShareCapital 2024-04-30 SC175329 d:ShareCapital 2023-04-30 SC175329 d:RetainedEarningsAccumulatedLosses 2024-04-30 SC175329 d:RetainedEarningsAccumulatedLosses 2023-04-30 SC175329 c:OrdinaryShareClass1 2023-05-01 2024-04-30 SC175329 c:OrdinaryShareClass1 2024-04-30 SC175329 c:OrdinaryShareClass1 2023-04-30 SC175329 c:FRS102 2023-05-01 2024-04-30 SC175329 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 SC175329 c:FullAccounts 2023-05-01 2024-04-30 SC175329 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC175329 2 2023-05-01 2024-04-30 SC175329 6 2023-05-01 2024-04-30 SC175329 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC175329










RAPID PROJECT DEVELOPMENT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
RAPID PROJECT DEVELOPMENT LTD
 

COMPANY INFORMATION


DIRECTORS
Mr P Duxbury 
Mrs R Duxbury 




REGISTERED NUMBER
SC175329



REGISTERED OFFICE
Cowley Farm

Rothienorman

Aberdeenshire

AB51 8YB




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
RAPID PROJECT DEVELOPMENT LTD
REGISTERED NUMBER: SC175329

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,722,863
1,410,157

  
1,722,863
1,410,157

CURRENT ASSETS
  

Stocks
  
331,360
361,500

Debtors: amounts falling due within one year
 5 
1,088,709
1,158,221

Cash at bank and in hand
  
34,127
166,480

  
1,454,196
1,686,201

Creditors: amounts falling due within one year
 6 
(924,310)
(1,127,982)

NET CURRENT ASSETS
  
 
 
529,886
 
 
558,219

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,252,749
1,968,376

Creditors: amounts falling due after more than one year
 7 
(244,494)
(214,898)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(213,490)
(166,906)

  
 
 
(213,490)
 
 
(166,906)

NET ASSETS
  
1,794,765
1,586,572


CAPITAL AND RESERVES
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
1,793,765
1,585,572

  
1,794,765
1,586,572

Page 1

 
RAPID PROJECT DEVELOPMENT LTD
REGISTERED NUMBER: SC175329

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




Mr P Duxbury
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
RAPID PROJECT DEVELOPMENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Rapid Project Development Limited is a private company, limited by shares, incorporated in Scotland with
registration number SC175329. The registered office is Cowley Farm, Rothienorman, Aberdeenshire, AB51 8YB.
The financial statements are presented in Sterling which is the functional currency of the Company, rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
RAPID PROJECT DEVELOPMENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5%
Reducing balance
Motor vehicles
-
25.0%
Straight line
Office equipment
-
12.5%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 4

 
RAPID PROJECT DEVELOPMENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

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.

  
2.9

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 30 (2023 - 24).

Page 5

 
RAPID PROJECT DEVELOPMENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 May 2023
555,000
1,593,797
379,758
45,174
2,573,729


Additions
-
275,870
389,100
-
664,970


Disposals
-
(19,750)
(194,485)
-
(214,235)



At 30 April 2024

555,000
1,849,917
574,373
45,174
3,024,464



DEPRECIATION


At 1 May 2023
35,000
887,216
203,361
37,995
1,163,572


Charge for the year on owned assets
-
121,228
116,059
901
238,188


Disposals
-
(6,945)
(93,214)
-
(100,159)



At 30 April 2024

35,000
1,001,499
226,206
38,896
1,301,601



NET BOOK VALUE



At 30 April 2024
520,000
848,418
348,167
6,278
1,722,863


5.


DEBTORS

2024
2023
£
£


Trade debtors
693,672
777,367

Amounts owed by participating interests
371,065
255,426

Other debtors
19,813
124,226

Prepayments and accrued income
4,159
1,202

1,088,709
1,158,221

Page 6

 
RAPID PROJECT DEVELOPMENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
38,182
38,182

Trade creditors
737,121
895,366

Other taxation and social security
48,410
96,539

Obligations under finance lease and hire purchase contracts
95,669
57,474

Other creditors
-
36,059

Accruals and deferred income
4,928
4,362

924,310
1,127,982


The bank loan is secured by a floating charge over the property and all the assets of the Company. Hire purchase liabilities are secured over the assets to which they relate.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
38,182
79,545

Net obligations under finance leases and hire purchase contracts
206,312
135,353

244,494
214,898


The bank loan is secured by a floating charge over the property and all the assets of the Company. Hire purchase liabilities are secured over the assets to which they relate.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2023 - 1,000) ordinary shares shares of £1.00 each
1,000
1,000



Page 7