Company registration number 05368576 (England and Wales)
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RAPID RESPONSE SOLUTIONS HOLDINGS 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 Holdings 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 Holdings 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 Holdings Limited and state those matters that we have agreed to state to the board of directors of Rapid Response Solutions Holdings 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 Holdings 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 Holdings 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 Holdings Limited. You consider that Rapid Response Solutions Holdings 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 Holdings 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
10 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,010,906
903,691
Investments
4
273,061
273,061
3,283,967
1,176,752
Current assets
Debtors
5
90,104
341,898
Cash at bank and in hand
20,919
618
111,023
342,516
Creditors: amounts falling due within one year
6
(650,114)
(963,899)
Net current liabilities
(539,091)
(621,383)
Total assets less current liabilities
2,744,876
555,369
Creditors: amounts falling due after more than one year
7
(2,184,262)
(203,820)
Provisions for liabilities
(45,949)
(45,949)
Net assets
514,665
305,600
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
137,845
137,845
Profit and loss reserves
376,720
167,655
Total equity
514,665
305,600
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 HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 10 January 2025
Mr P Barber
Director
Company registration number 05368576 (England and Wales)
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Rapid Response Solutions Holdings 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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Notwithstanding the net current liability position at 30 June 2024, the director had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued support of the associated companies and other financing arrangements and no adjustment has been made that would result from a withdrawal of their support.true
At the time of approving the financial statements, the director had considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the director had concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
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:
Freehold land and buildings
Not depreciated
Leasehold land and buildings
Not depreciated
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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.
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
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.
1.8
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.
1.9
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.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023
903,691
Additions
2,107,215
At 30 June 2024
3,010,906
Depreciation and impairment
At 1 July 2023 and 30 June 2024
Carrying amount
At 30 June 2024
3,010,906
At 30 June 2023
903,691
The fair value of the land and buildings has been arrived at on the basis of valuations carried out at each year end by the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If land and buildings were measured using the cost model, the carrying amounts would have been approximately £2,827,112 (2023: £719,897).
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
273,061
273,061
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
90,104
341,898
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
110,337
26,337
Trade creditors
300
Amounts owed to group undertakings
523,464
925,409
Taxation and social security
12,313
8,753
Other creditors
4,000
3,100
650,114
963,899
RAPID RESPONSE SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,184,262
203,820
The bank loans in notes 7 and 8 above are secured over their related assets.
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
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
137,845
137,845
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
257,662
28,250
(280,000)
5,912
257,662
28,250
(280,000)
5,912