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REGISTERED NUMBER: 03184643 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

RAPID METALS LIMITED

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAPID METALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr N D'Abreu
Mr M S Potter





REGISTERED OFFICE: Unit 3, Centrovell Industrial Estate
Bayton Road Ind. Estate
Nuneaton
Warwickshire
CV7 9EJ





REGISTERED NUMBER: 03184643 (England and Wales)





ACCOUNTANTS: Askews Chartered Certified Accountants
5 The Quadrant
Coventry
West Midlands
CV1 2EL

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 72,236 60,058
72,236 60,058

CURRENT ASSETS
Stocks 260,591 399,184
Debtors 6 215,176 210,697
Cash at bank and in hand 85,670 105,423
561,437 715,304
CREDITORS
Amounts falling due within one year 7 211,269 295,610
NET CURRENT ASSETS 350,168 419,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,404

479,752

CREDITORS
Amounts falling due after more than one
year

8

28,937

34,733
NET ASSETS 393,467 445,019

CAPITAL AND RESERVES
Called up share capital 10 27,000 27,000
Retained earnings 11 366,467 418,019
SHAREHOLDERS' FUNDS 393,467 445,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

BALANCE SHEET - continued
30 APRIL 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





Mr N D'Abreu - Director


RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

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


1. STATUTORY INFORMATION

Rapid Metals 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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold property - 20% straight line
Plant and machinery - 25% Straight line
Fixtures and fittings - 20% straight line
Motor vehicles - 25% Straight line
Equipment - 25% Straight line

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 20 ) .

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 24,500
AMORTISATION
At 1 May 2023
and 30 April 2024 24,500
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 49,111 237,790 5,051
Additions 32,761 20,065 1,447
At 30 April 2024 81,872 257,855 6,498
DEPRECIATION
At 1 May 2023 32,638 210,943 3,466
Charge for year 11,365 24,543 1,082
At 30 April 2024 44,003 235,486 4,548
NET BOOK VALUE
At 30 April 2024 37,869 22,369 1,950
At 30 April 2023 16,473 26,847 1,585

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

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


5. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 May 2023 76,264 25,146 393,362
Additions - 3,105 57,378
At 30 April 2024 76,264 28,251 450,740
DEPRECIATION
At 1 May 2023 65,725 20,532 333,304
Charge for year 5,457 2,753 45,200
At 30 April 2024 71,182 23,285 378,504
NET BOOK VALUE
At 30 April 2024 5,082 4,966 72,236
At 30 April 2023 10,539 4,614 60,058

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 193,696 189,217
Other debtors 21,480 21,480
215,176 210,697

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 5,796 5,541
Trade creditors 155,205 181,061
Corporation tax 2,035 24,214
PAYE and NIC 4,614 6,193
VAT 41,129 33,282
Accruals 2,490 45,319
211,269 295,610

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 9) 28,937 34,733

RAPID METALS LIMITED (REGISTERED NUMBER: 03184643)

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


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,796 5,541

Amounts falling due between two and five years:
Other loans - 2-5 years 28,937 34,733

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
27,000 Ordinary Shares £1 27,000 27,000

11. RESERVES
Retained
earnings
£   

At 1 May 2023 418,019
Deficit for the year (12,965 )
Dividends (38,587 )
At 30 April 2024 366,467