REGISTERED NUMBER: |
RAPIDGRID LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
REGISTERED NUMBER: |
RAPIDGRID LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
RAPIDGRID LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 29 APRIL 2024 |
The directors present their strategic report for the year ended 29 April 2024. |
REVIEW OF BUSINESS |
DEVELOPMENT AND PERFORMANCE |
The directors continue to actively pursue their management policies which have resulted in maintaining |
profit in the year. The turnover dropped in the year, as a result of the mini budget's effect on house building confidence, but the Directors managed costs to enable profit margins to be maintained. |
The company continues to invest significantly in new plant and machinery, and the development of its skilled workforce. To this end the company has been successful in securing new contracts from existing and new customers. |
The company strategy for growth, based on providing a high-quality service at a competitive price will create a robust company that will safeguard its future. For these reasons the directors feel confident about the future prospects of the business. |
KEY PERFORMANCE INDICATORS |
The directors and management review the financial results monthly, focusing on sales, costs, profitability and working capital control. By monitoring the results, the directors and management can ensure that the company objectives are maintained. |
2024 | 2023 | 2022 |
£ | £ | £ |
Turnover (£) | 16,505,124 | 20,185,486 | 18,705,949 |
Variance (%) | (18.23% | ) | 7.91% | 37.88% |
Gross profit margin % | 15.6% | 14.5% | 11.8% |
Net profit before tax (£) | 637,319 | 757,768 | 780,597 |
Net profit margin % | 3.86% | 3.75% | 4.17% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a highly competitive market, with the risk that future contracts could be lost to competitors. To manage this threat the company maintains a close working relationship with the housing developers, and by offering a quality value for money service. |
The company has in place a risk management programme that seeks to limit adverse effects on the financial performance of the group by monitoring market conditions and maintaining close control over debtor, and costs. |
Liquidity risk and cash flow |
The company actively monitors its liquidity and cash flow position to ensure it has sufficient cash in order to fund its activities. |
FUTURE DEVELOPMENTS |
Post year end the company has commenced with new developments. Demand for housing is positive and the clients continue to seek an increase in resources to meet their increased budgets. |
ON BEHALF OF THE BOARD: |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 APRIL 2024 |
The directors present their report with the financial statements of the company for the year ended 29 April 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 29 April 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 30 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID LIMITED |
Opinion |
We have audited the financial statements of Rapidgrid Limited (the 'company') for the year ended 29 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process. |
Identifying and assessing potential risks related to irregularities. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud; |
- | the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; |
- | Assumptions used when valuing accrual provision at the year end, and; |
- | Potential for deferring income already earned at the year end. |
- | obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. |
Audit response to risks identified |
In addition to the above, our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |
- | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |
- | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID LIMITED |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 not 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. |
for and on behalf of |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
INCOME STATEMENT |
FOR THE YEAR ENDED 29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
553,387 | 671,978 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
650,061 | 767,093 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
BALANCE SHEET |
29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 April 2024 |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
1. | STATUTORY INFORMATION |
Rapidgrid Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from Financial Reporting Standard 102. |
The company's functional currency is Sterling. The financial statements are presented in Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
The directors are satisfied that it is appropriate for the company's financial statements to be prepared on a going concern basis. There have been a number of uncertainties over the past few years, and the directors have taken steps to minimise the effect of these on the company and will continue to do so. In the circumstance they have concluded that no adjustments are required to the financial statements at this time. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of paragraph 33.7. |
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. |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: |
Provision for impairment of trade debtors |
The financial statements include a provision for impairment of trade debtors based on management's estimation of reconcilability. There is a risk that the provision will not match the trade debtors that ultimately prove to be unrecoverable. |
Recognition of income |
Turnover represents the fair value of services provided during the year under review on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. this represents a risk as the turnover recognised is based on an assessment of the time spent, skills and expertise provided. |
Provision for remedial works and other contract related costs |
The financial statements include a provision for remedial works and other contract related costs, whereby the company have received payment on a contract, but additional remedial work is required in the future. The directors therefore, estimate the cost of this work and make appropriate provision. There is a risk that the provision may not match the actual cost. As the remedial works and other contract related costs will be carried out over a 1 - 15 years period, the provision is recognised on a discounted cost basis. |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the fair value of services provided during the period under review on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred. Turnover excludes value added tax. |
Uninvoiced turnover on individual client assignments is included in debtors. Where individual on-account billings exceed revenue recognised on client assignments, the excess is included as deferred income in creditors. |
In order to recognise the profit over time it is necessary to estimate the total costs of the contract. These estimates take account of any uncertainties in the cost of work packages which have not yet been let and materials which have not yet been procured, the expected cost of any acceleration of or delays to the programme or change in the scope of works and the expected cost of any rectification works during the defects liability period. |
Once the outcome of a construction contract can be estimated reliably, margin is recognised in the income statement in line with the stage of completion. Where a contract is forecast to be loss-making, the full loss is recognised immediately in the income statement. |
Variations are not included in the estimated total contract price until the customer has agreed the revised scope of work. |
Grant income |
Government grants are recorded initially as deferred income and recognised in the income statement in line with the expense to which they contribute. For grants in respect of the purchase of property, plant and equipment, the deferred income is released over the life of the related assets. For grants in respect of staff costs, the deferred income is released over the monitoring period of the grant offer. |
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. |
Number plates are not being amortised as the directors feel that the value of such assets is higher than the carrying value in the financial statements. |
Tangible fixed assets |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Attributable profit is recognised as contract activity progresses. Provision is made for any foreseeable losses where appropriate. |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amotised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, am impairment loss is recognised in the Statement of income and retained earnings. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured at the difference between as asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year 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 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. |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. The provision has been recognised on a discounted cost basis. |
Contingent liabilities |
Contingent liabilities are not recognised, they arise as a result of past events when (i) it is not probable that there will be an outflow of resources of that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. |
Debtors and creditors retrievable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Included within debtors due within one year and after more than one year are retention debtors where customers hold a percentage of the contract value for a period of time to cover potential remedial work. Once the allotted time has elapsed, the company will receive the retention debtor due on the contract. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which employees are entitled are recognised at the undisclosed amount expected to be paid in exchange for that service. |
Exceptional items |
The company classifies certain one off charges that have a material impact on the company's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Revenue from construction contracts during the year is £16,505,104 (2023 £20,157,762) |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 78 | 90 |
Administrative staff | 6 | 10 |
Directors | 2 | 2 |
The total employee benefits of the key management personnel of the company was £263,716 (2023 £251,133). |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Other interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred taxation | - | (4,558 | ) |
Change in tax rates | - | 4,133 |
Total tax charge | 186,584 | 158,641 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Final |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
9. | INTANGIBLE FIXED ASSETS |
Number |
plates |
£ |
COST |
At 30 April 2023 |
and 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
Machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 30 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 April 2024 |
DEPRECIATION |
At 30 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts due from connected |
parties | 1,767,808 | 110,746 |
VAT |
Prepayments and accrued income |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
12. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Trade debtors |
Other debtors |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 984 | 58,584 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 94,326 | 137,976 |
Santander UK PLC hold a fixed and floating charge with a negative pledge over land and property, fixtures and fixtures and plant and machinery owned at the date of the loan and any future owned. |
18. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions | 587,205 | 1,141,823 |
Other |
provisions |
£ |
Balance at 30 April 2023 |
Provided during year |
Utilised during year | ( |
) |
Released during the year | (394,608 | ) |
Balance at 29 April 2024 |
The provision relates to costs to be incurred for remedial works and other contract related costs to be undertaken. These provisions are expected to be used over the period of 1 to 5 years, and are recognised on a discounted cost basis. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
RAPIDGRID LIMITED (REGISTERED NUMBER: 02464305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
20. | RESERVES |
Retained |
earnings |
£ |
At 30 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 29 April 2024 |
21. | PENSION COMMITMENTS |
During the year the company contributed £127,776 (2023 £121,594) into a defined contribution pension scheme. At the year end there was £17,991 (2023 £19,353) outstanding. |
22. | CONTINGENT LIABILITIES |
There is a multilateral guarantee in respect of bank borrowings in place between Rapidgrid Limited, Rapidgrid Holdings Limited and Rapidgrid Plant Limited. At 29 April 2023 the amount of bank borrowings in Rapidgrid Plant Limited and Rapidgrid Holdings Limited totalled £27,031 (2023: £37,157) No liability to the company is expected to arise as a result of these guarantees. |
23. | RELATED PARTY DISCLOSURES |
During the year the company entered into transactions, in the ordinary course of business, with its related parties. Transactions entered into, and balances outstanding at 29 April 2024 are as follows:- |
Rapidgrid Plant Limited | 2024 | 2023 |
Purchases | 1,406,248 | 2,357,426 |
Rent payable | 254,600 | 104,800 |
Management fee receivable | (75,000 | ) | (75,000 | ) |
Closing purchase ledger balance | (232,463 | ) | (227,337 | ) |
Closing purchase ledger balance (Rent) | (30,480 | ) | (30,480 | ) |
Closing inter company debtor | 1,767,808 | 110,746 |
Graig Developments Limited | 2024 | 2023 |
Closing inter company debtor | - | 807,068 |
Twin Co Limited | 2024 | 2023 |
Closing inter company debtor | - | 537,428 |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Rapidgrid Group of Companies Limited, a company incorporated in the United Kingdom and registered in England and Wales. The company's registered place of buisness and registered office is Y Graig, Sixteenth Avenue, Hirwaun Industrial Estate, Aberdare, CF44 9UP. Rapidgrid Group of Companies Limited heads up the group in which the results of the company are consolidated. The consolidated financial statements of Rapidgrid Group of Companies Limited are available from Companies house. |