REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 23 FEBRUARY 2023 TO 30 JUNE 2024 |
FOR |
RAPID GLOBAL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 23 FEBRUARY 2023 TO 30 JUNE 2024 |
FOR |
RAPID GLOBAL LIMITED |
RAPID GLOBAL LIMITED (REGISTERED NUMBER: 14684565) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 23 February 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RAPID GLOBAL LIMITED |
COMPANY INFORMATION |
for the Period 23 February 2023 to 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
RAPID GLOBAL LIMITED (REGISTERED NUMBER: 14684565) |
BALANCE SHEET |
30 June 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAPID GLOBAL LIMITED (REGISTERED NUMBER: 14684565) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 23 February 2023 to 30 June 2024 |
1. | STATUTORY INFORMATION |
Rapid Global Limited is a |
The accounting period was extended from 28 February 2024 to 30 June 2024 to bring the accounting period inline with the parent company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The parent company, Rapid Global Pty Ltd, will continue to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for the foreseeable future, and in any event for a period in excess of twelve months and one day from the date of the audit report signing. As a result of this commitment, the directors have continued to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
With regard to the accounting policies adopted by the company, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. Such estimates are based on historical experience and other relevant factors and may differ from actual results. All estimates, and associated underlying assumptions, are reviewed on an ongoing basis. |
Key sources of estimation uncertainty: |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
Management use their judgement in relation to amounts within accruals and deferred revenue. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from implementation fees are recognised immediately. Turnover from license fees are recognised over the subscription period. |
Financial instruments |
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
RAPID GLOBAL LIMITED (REGISTERED NUMBER: 14684565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 23 February 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1 |
1 Ordinary share of £1 was allotted and fully paid for |
RAPID GLOBAL LIMITED (REGISTERED NUMBER: 14684565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 23 February 2023 to 30 June 2024 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The report of the auditors was unqualified. |
for and on behalf of Oury Clark Chartered Accountants |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do no accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
8. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Norovision Holdings Pty Ltd, a company incorporated in Australia. Copies of the group consolidated financial statements, which includes the net assets of the Company, are available at Suite 1503 Level 15, 309 Kent Street, Sydney NSW 2000. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Christian Beck. |