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REGISTERED NUMBER: 08794632 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RAPID CHARGE GRID LIMITED

RAPID CHARGE GRID LIMITED (REGISTERED NUMBER: 08794632)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


RAPID CHARGE GRID LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: A E C Webster





REGISTERED OFFICE: Charter House
55 Drury Lane
London
WC2B 5SQ





REGISTERED NUMBER: 08794632 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

RAPID CHARGE GRID LIMITED (REGISTERED NUMBER: 08794632)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 4 1,065,362 1,765,782
Cash at bank 1,711,065 890,544
2,776,427 2,656,326
CREDITORS
Amounts falling due within one year 5 (154,684 ) (94,909 )
NET CURRENT ASSETS 2,621,743 2,561,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,621,743

2,561,417

CREDITORS
Amounts falling due after more than one
year

6

(1,483,000

)

(1,483,000

)
NET ASSETS 1,138,743 1,078,417

CAPITAL AND RESERVES
Called up share capital 8 16 42
Share premium 1,521,995 1,521,995
Capital redemption reserve 26 -
Retained earnings (383,294 ) (443,620 )
SHAREHOLDERS' FUNDS 1,138,743 1,078,417

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 director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





A E C Webster - Director


RAPID CHARGE GRID LIMITED (REGISTERED NUMBER: 08794632)

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


1. STATUTORY INFORMATION

Rapid Charge Grid 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.

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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services
Revenue 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 revenue 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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

RAPID CHARGE GRID LIMITED (REGISTERED NUMBER: 08794632)

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


4. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 1,170 1,170
Other debtors 763,389 707,539
764,559 708,709

Amounts falling due after more than one year:
Trade debtors 300,803 1,057,073

Aggregate amounts 1,065,362 1,765,782

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 1,170 1,170
Taxation and social security 40,200 39,933
Other creditors 113,314 53,806
154,684 94,909

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Other creditors 1,483,000 1,483,000

Included within other creditors is £1,483,000 (2022: £1,483,000) of secured loan notes.

7. SECURED DEBTS

The loan notes are secured firstly by way of a fixed charge over all interests and estates in freehold, leasehold or commonhold properties of Rapid Charge Grid Limited and, in each case, all premises and fixtures on such property for the time being; the secured property and the intellectual property, in each case referred to in the instrument.

The loan notes are secondly secured by way of a floating charge over all assets and undertakings of Rapid Charge Grid Limited wherever located both present and future other than any assets effectively charged by way of legal mortgage, fixed charge or assigned under clauses per the particulars of the charge.

8. CALLED UP SHARE CAPITAL

The company has undertaken a purchase of own shares transaction.