Registered number
07929730
Rapid Glazing (North East) Limited
Filleted Accounts
31 January 2024
Rapid Glazing (North East) Limited
Registered number: 07929730
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,123 1,403
Current assets
Stocks 42,455 77,001
Debtors 4 488,365 596,739
Cash at bank and in hand 3,008 6,245
533,828 679,985
Creditors: amounts falling due within one year 5 (223,758) (352,466)
Net current assets 310,070 327,519
Total assets less current liabilities 311,193 328,922
Creditors: amounts falling due after more than one year 6 (44,324) (63,725)
Net assets 266,869 265,197
Capital and reserves
Called up share capital 100 100
Profit and loss account 266,769 265,097
Shareholders' funds 266,869 265,197
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
0
Director
Approved by the board on 30 October 2024
Rapid Glazing (North East) Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% per annum on the reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 13
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 12,242
At 31 January 2024 12,242
Depreciation
At 1 February 2023 10,839
Charge for the year 280
At 31 January 2024 11,119
Net book value
At 31 January 2024 1,123
At 31 January 2023 1,403
4 Debtors 2024 2023
£ £
Trade debtors 388,375 496,749
Other debtors 99,990 99,990
488,365 596,739
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,769 31,788
Trade creditors 149,162 187,716
Taxation and social security costs 2,683 8,133
Other creditors 48,144 124,829
223,758 352,466
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 44,324 63,725
7 Controlling party
The company is controlled by its directors
8 Other information
Rapid Glazing (North East) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6
Cold Hesledon Industrial Estate
Cold Hesledon Seaham
County Durham
SR7 8ST
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