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REGISTERED NUMBER: 05809278 (England and Wales)










RAPIDGRID PLANT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 APRIL 2024






RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

RAPIDGRID PLANT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 APRIL 2024







DIRECTOR: C Hughes





SECRETARY: C Hughes





REGISTERED OFFICE: Y Graig, Sixteenth Avenue
Hirwaun Industrial Estate
Hirwaun
Aberdare
CF44 9UP





REGISTERED NUMBER: 05809278 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

BALANCE SHEET
29 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,613,586 3,957,172

CURRENT ASSETS
Stocks 171,178 124,778
Debtors 5 2,267,327 894,350
Cash at bank 583,690 974,975
3,022,195 1,994,103
CREDITORS
Amounts falling due within one year 6 2,605,910 1,394,116
NET CURRENT ASSETS 416,285 599,987
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,029,871

4,557,159

CREDITORS
Amounts falling due after more than one
year

7

(418,264

)

(845,660

)

PROVISIONS FOR LIABILITIES (677,986 ) (721,928 )
NET ASSETS 2,933,621 2,989,571

CAPITAL AND RESERVES
Called up share capital 4 4
Capital redemption reserve 4 4
Retained earnings 2,933,613 2,989,563
2,933,621 2,989,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

BALANCE SHEET - continued
29 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 director and authorised for issue on 24 January 2025 and were signed by:





C Hughes - Director


RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

1. STATUTORY INFORMATION

Rapidgrid Plant 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable fo operating as intended.

Depreciation is provided at rates calculated to write off fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold buildings2% on cost
Plant and machinery20% on cost to its residual value
Motor vehicles25% on costs to its residual value


Freehold land is not depreciated

The company has previously taken advantage of the transitional provisions under FRS 102 to measure plant and machinery and motor vehicles at their fair value as their deemed cost at the date of transition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Employee benefit
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 of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property Machinery vehicles Totals
£    £    £    £   
COST
At 30 April 2023 622,968 4,721,837 1,902,798 7,247,603
Additions - 522,337 266,606 788,943
Disposals - (578,150 ) (155,139 ) (733,289 )
At 29 April 2024 622,968 4,666,024 2,014,265 7,303,257
DEPRECIATION
At 30 April 2023 141,631 2,178,568 970,232 3,290,431
Charge for year 10,116 541,530 347,413 899,059
Eliminated on disposal - (346,890 ) (152,929 ) (499,819 )
At 29 April 2024 151,747 2,373,208 1,164,716 3,689,671
NET BOOK VALUE
At 29 April 2024 471,221 2,292,816 849,549 3,613,586
At 29 April 2023 481,337 2,543,269 932,566 3,957,172

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
Machinery vehicles Totals
£    £    £   
COST
At 30 April 2023 1,538,746 726,512 2,265,258
Additions 283,487 165,021 448,508
Transfer to ownership (100,250 ) - (100,250 )
At 29 April 2024 1,721,983 891,533 2,613,516
DEPRECIATION
At 30 April 2023 406,853 108,796 515,649
Charge for year 339,189 217,583 556,772
Transfer to ownership (52,674 ) - (52,674 )
At 29 April 2024 693,368 326,379 1,019,747
NET BOOK VALUE
At 29 April 2024 1,028,615 565,154 1,593,769
At 29 April 2023 1,131,893 617,716 1,749,609

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 294,802 430,579
Other debtors 1,972,525 463,771
2,267,327 894,350

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,125 9,500
Hire purchase contracts 730,866 704,954
Trade creditors 2,335 177,956
Taxation and social security 90,200 293,761
Other creditors 1,772,384 207,945
2,605,910 1,394,116

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,906 27,657
Hire purchase contracts 401,358 818,003
418,264 845,660

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 April 2024 and 29 April 2023:

2024 2023
£    £   
C Hughes
Balance outstanding at start of year (80,524 ) (401 )
Amounts advanced 80,000 296,277
Amounts repaid - (376,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (524 ) (80,524 )

RAPIDGRID PLANT LIMITED (REGISTERED NUMBER: 05809278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024

9. 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 Limited 2024 2023
Income
Sales 1,440,206 2,396,117
Rent receivable 251,720 104,800

Expenditure
Management fee payable 75,000 75,000

Closing sales ledger balance (232,463 ) (227,337 )
Closing sales ledger balance (Rent) (33,840 ) (30,480 )
Closing inter company creditor 1,767,809 110,746


2024 2023
Twin Co Enterprises Limited
Management fee payable 200,000 80,000

Included within other debtors is an amount owed from the following related company's.

2024 2023
Twin Co Enterprises Limited 1,130,616 204,000
Graig Developments Limited 807,081 -


During the year, the company paid rent for use of the yard to the Director of £26,400 (2023:£26,400).

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RAPIDGRID PLANT LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rapidgrid Plant Limited for the year ended 29 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Rapidgrid Plant Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rapidgrid Plant Limited and state those matters that we have agreed to state to the director of Rapidgrid Plant Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rapidgrid Plant Limited and its director for our work or for this report.

It is your duty to ensure that Rapidgrid Plant 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 Rapidgrid Plant Limited. You consider that Rapidgrid Plant 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 Rapidgrid Plant 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.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


24 January 2025