Company registration number 04006100 (England and Wales)
RAPID RESPONSE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
RAPID RESPONSE SOLUTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
RAPID RESPONSE SOLUTIONS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RAPID RESPONSE SOLUTIONS LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rapid Response Solutions Limited for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Rapid Response Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Rapid Response Solutions Limited and state those matters that we have agreed to state to the board of directors of Rapid Response Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rapid Response Solutions Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Rapid Response Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rapid Response Solutions Limited. You consider that Rapid Response Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rapid Response Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
14 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
RAPID RESPONSE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
6,000
Tangible assets
4
1,340,914
1,526,737
1,340,914
1,532,737
Current assets
Stocks
13,424
11,872
Debtors
5
3,263,554
2,698,120
Cash at bank and in hand
80,764
126,694
3,357,742
2,836,686
Creditors: amounts falling due within one year
6
(2,777,196)
(2,156,372)
Net current assets
580,546
680,314
Total assets less current liabilities
1,921,460
2,213,051
Creditors: amounts falling due after more than one year
7
(606,052)
(911,413)
Provisions for liabilities
(326,000)
(373,145)
Net assets
989,408
928,493
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
989,308
928,393
Total equity
989,408
928,493

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RAPID RESPONSE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 14 January 2025
Mr P Barber
Director
Company registration number 04006100 (England and Wales)
RAPID RESPONSE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Rapid Response Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Dundas Lane, Portsmouth, Hants, PO3 5SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10%/20%/33% on cost per annum
Plant and equipment
25%/33% diminishing balance, and 20%/25%/33% on cost per annum
Fixtures and fittings
20%/25%/33% on cost per annum
Motor vehicles
20%/25%/33% on cost, and 20%/25% diminishing balance per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

RAPID RESPONSE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

RAPID RESPONSE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 59 (2023 - 57).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
152,000
Amortisation and impairment
At 1 July 2023
146,000
Amortisation charged for the year
6,000
At 30 June 2024
152,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
6,000
RAPID RESPONSE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
28,157
2,571,785
164,280
2,034,603
4,798,825
Additions
25,591
110,053
1,068
160,068
296,780
Disposals
-
0
(227,555)
-
0
(408,964)
(636,519)
At 30 June 2024
53,748
2,454,283
165,348
1,785,707
4,459,086
Depreciation and impairment
At 1 July 2023
24,443
2,006,156
150,502
1,090,987
3,272,088
Depreciation charged in the year
5,040
153,815
9,705
288,902
457,462
Eliminated in respect of disposals
-
0
(216,052)
-
0
(395,326)
(611,378)
At 30 June 2024
29,483
1,943,919
160,207
984,563
3,118,172
Carrying amount
At 30 June 2024
24,265
510,364
5,141
801,144
1,340,914
At 30 June 2023
3,714
565,629
13,778
943,616
1,526,737
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,083,285
1,143,315
Amounts owed by group undertakings
560,189
981,980
Other debtors
620,080
572,825
3,263,554
2,698,120
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
849,709
725,572
Trade creditors
651,385
430,154
Amounts owed to group undertakings
154,619
34,401
Taxation and social security
475,355
183,024
Other creditors
646,128
783,221
2,777,196
2,156,372

Included in bank loans is £797,359 (2023 - £676,427) in relation to the company's invoice financing facility, which is secured over the book debts of the company.

RAPID RESPONSE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Included within other creditors are amounts due under hire purchase agreements of £400,214 (2023 - £412,328) and are secured over the assets of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
52,169
Other creditors
606,052
859,244
606,052
911,413

Included within other creditors are amounts due under hire purchase agreements of £606,052 (2023 - £859,244) and are secured over the assets of the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
3,268,927
3,609,669
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's Loan
-
329,342
15,018
344,360
329,342
15,018
344,360
11
Parent company

The parent company of Rapid Response Solutions Limited is Rapid Response Solutions Holdings Limited. The Registered office of the parent company is Unit 2, Dundas Lane, Portsmouth, Hampshire, PO3 5SD.

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