19 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-26 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08627210 2022-08-26 2023-08-22 08627210 2023-08-22 08627210 2022-08-25 08627210 2021-08-27 2022-08-25 08627210 2022-08-25 08627210 2021-08-26 08627210 core:PlantMachinery 2022-08-26 2023-08-22 08627210 core:FurnitureFittings 2022-08-26 2023-08-22 08627210 core:MotorVehicles 2022-08-26 2023-08-22 08627210 bus:Director1 2022-08-26 2023-08-22 08627210 core:PlantMachinery 2022-08-25 08627210 core:FurnitureFittings 2022-08-25 08627210 core:MotorVehicles 2022-08-25 08627210 core:PlantMachinery 2023-08-22 08627210 core:FurnitureFittings 2023-08-22 08627210 core:MotorVehicles 2023-08-22 08627210 core:WithinOneYear 2023-08-22 08627210 core:WithinOneYear 2022-08-25 08627210 core:AfterOneYear 2023-08-22 08627210 core:AfterOneYear 2022-08-25 08627210 core:ShareCapital 2023-08-22 08627210 core:ShareCapital 2022-08-25 08627210 core:RetainedEarningsAccumulatedLosses 2023-08-22 08627210 core:RetainedEarningsAccumulatedLosses 2022-08-25 08627210 core:PlantMachinery 2022-08-25 08627210 core:FurnitureFittings 2022-08-25 08627210 core:MotorVehicles 2022-08-25 08627210 bus:SmallEntities 2022-08-26 2023-08-22 08627210 bus:AuditExemptWithAccountantsReport 2022-08-26 2023-08-22 08627210 bus:SmallCompaniesRegimeForAccounts 2022-08-26 2023-08-22 08627210 bus:PrivateLimitedCompanyLtd 2022-08-26 2023-08-22 08627210 bus:FullAccounts 2022-08-26 2023-08-22
COMPANY REGISTRATION NUMBER: 08627210
RAPID RUBBER (YORKSHIRE) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
22 August 2023
RAPID RUBBER (YORKSHIRE) LTD
STATEMENT OF FINANCIAL POSITION
22 August 2023
22 Aug 23
25 Aug 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
61,290
41,967
CURRENT ASSETS
Stocks
152,346
190,163
Debtors
6
987,964
1,046,912
Cash at bank and in hand
3,204
18,061
------------
------------
1,143,514
1,255,136
CREDITORS: amounts falling due within one year
7
( 1,241,713)
( 1,517,673)
------------
------------
NET CURRENT LIABILITIES
( 98,199)
( 262,537)
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 36,909)
( 220,570)
CREDITORS: amounts falling due after more than one year
8
( 81,368)
( 58,900)
---------
---------
NET LIABILITIES
( 118,277)
( 279,470)
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 118,279)
( 279,472)
---------
---------
SHAREHOLDERS DEFICIT
( 118,277)
( 279,470)
---------
---------
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 period ending 22 August 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 period 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 RUBBER (YORKSHIRE) LTD
STATEMENT OF FINANCIAL POSITION (continued)
22 August 2023
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
J Walker
Director
Company registration number: 08627210
RAPID RUBBER (YORKSHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 AUGUST 2022 TO 22 AUGUST 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 Units 1-5, Oldfield Lane, Wortley, Leeds, LS12 1H2.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The director considers the going concern basis to be appropriate as he has confirmed his ongoing support.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 19 (2022: 19 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 26 August 2022
43,038
2,222
78,463
123,723
Additions
43,048
43,048
Disposals
( 28,124)
( 28,124)
--------
-------
--------
---------
At 22 August 2023
43,038
2,222
93,387
138,647
--------
-------
--------
---------
Depreciation
At 26 August 2022
22,495
1,111
58,150
81,756
Charge for the period
5,136
555
15,107
20,798
Disposals
( 25,197)
( 25,197)
--------
-------
--------
---------
At 22 August 2023
27,631
1,666
48,060
77,357
--------
-------
--------
---------
Carrying amount
At 22 August 2023
15,407
556
45,327
61,290
--------
-------
--------
---------
At 25 August 2022
20,543
1,111
20,313
41,967
--------
-------
--------
---------
6. DEBTORS
22 Aug 23
25 Aug 22
£
£
Trade debtors
695,299
827,983
Other debtors
292,665
218,929
---------
------------
987,964
1,046,912
---------
------------
7. CREDITORS: amounts falling due within one year
22 Aug 23
25 Aug 22
£
£
Bank loans and overdrafts
10,020
10,020
Trade creditors
696,364
711,930
Social security and other taxes
222,160
634,509
Invoice discounting
288,736
139,698
Other creditors
24,433
21,516
------------
------------
1,241,713
1,517,673
------------
------------
8. CREDITORS: amounts falling due after more than one year
22 Aug 23
25 Aug 22
£
£
Bank loans and overdrafts
17,514
27,534
Other creditors
63,854
31,366
--------
--------
81,368
58,900
--------
--------