REGISTERED NUMBER: 13526875 (England and Wales) |
RAPIDGRID GROUP OF COMPANIES LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
REGISTERED NUMBER: 13526875 (England and Wales) |
RAPIDGRID GROUP OF COMPANIES LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
RAPIDGRID GROUP OF COMPANIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 APRIL 2024 |
The director presents his strategic report of the company and the group 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 Group continues to invest significantly in new plant and machinery, and the development of its skilled workforce. To this end the group has been successful in securing new contracts from existing and new customers. |
The group strategy for growth, based on providing a high-quality service at a competitive price will create a robust group 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 |
£ | £ |
Turnover (£) | 16,505,124 | 20,185,486 |
Gross Profit (£) | 2,571,434 | 2,928,002 |
Gross Profit % | 15.6% | 14.5% |
Net profit before tax (£) | 328,156 | 448,603 |
Net profit margin % | 1.98% | 2.2% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's operations expose it to a variety of financial, and other risks that include a contraction of the industry in which it operates. |
The group also operates in a highly competitive market, with the risk that future contracts could be lost to competitors. To manage this threat the group maintains a close working relationship with the housing developers, and by offering a quality value for money service. |
The group 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 group actively monitors its liquidity and cash flow position to ensure it has sufficient cash in order to fund its activities. |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 APRIL 2024 |
FUTURE DEVELOPMENTS |
The group continues to invest in new plant and machinery, and the development of their skilled workforce, enabling the group to continue to provide a high quality service to its clients. The group is confident about the future prospects of the business. |
ON BEHALF OF THE BOARD: |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 29 APRIL 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29 April 2024. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of 2,920.00 per share. |
The total distribution of dividends for the year ended 29 April 2024 will be £ 146,000 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group'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 GROUP OF COMPANIES LIMITED |
Opinion |
We have audited the financial statements of Rapidgrid Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 29 April 2024 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID GROUP OF COMPANIES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID GROUP OF COMPANIES 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 Group'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 Group 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 Group, 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPIDGRID GROUP OF COMPANIES LIMITED |
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 GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 16,505,124 | 20,185,486 |
Cost of sales | (13,933,690 | ) | (17,257,484 | ) |
GROSS PROFIT | 2,571,434 | 2,928,002 |
Administrative expenses | (2,327,210 | ) | (2,565,189 | ) |
244,224 | 362,813 |
Other operating income | 4 | 75,000 | 75,000 |
OPERATING PROFIT | 6 | 319,224 | 437,813 |
Interest receivable and similar income | 21,674 | 20,115 |
340,898 | 457,928 |
Interest payable and similar expenses | 7 | (12,742 | ) | (9,325 | ) |
PROFIT BEFORE TAXATION | 328,156 | 448,603 |
Tax on profit | 8 | (186,584 | ) | (158,641 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 141,572 | 289,962 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 141,572 | 289,962 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
141,572 |
289,962 |
Total comprehensive income attributable to: |
Owners of the parent | 141,572 | 289,962 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONSOLIDATED BALANCE SHEET |
29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 673,355 | 982,519 |
Tangible assets | 12 | 3,843 | 8,505 |
Investments | 13 | - | - |
677,198 | 991,024 |
CURRENT ASSETS |
Stocks | 14 | 223,314 | 149,207 |
Debtors | 15 | 4,325,286 | 4,102,522 |
Cash at bank and in hand | 1,019,447 | 1,708,879 |
5,568,047 | 5,960,608 |
CREDITORS |
Amounts falling due within one year | 16 | 3,371,209 | 3,462,432 |
NET CURRENT ASSETS | 2,196,838 | 2,498,176 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,874,036 |
3,489,200 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(65,264 |
) |
(121,382 |
) |
PROVISIONS FOR LIABILITIES | 21 | (587,205 | ) | (1,141,823 | ) |
NET ASSETS | 2,221,567 | 2,225,995 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 50 | 50 |
Retained earnings | 23 | 2,221,517 | 2,225,945 |
SHAREHOLDERS' FUNDS | 2,221,567 | 2,225,995 |
The financial statements were approved by the director and authorised for issue on 27 January 2025 and were signed by: |
G Hughes - Director |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
COMPANY BALANCE SHEET |
29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 196,000 | 418,000 |
The financial statements were approved by the director and authorised for issue on |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONSOLIDATED 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 | 50 | 2,085,983 | 2,086,033 |
Changes in equity |
Dividends | - | (150,000 | ) | (150,000 | ) |
Total comprehensive income | - | 289,962 | 289,962 |
Balance at 29 April 2023 | 50 | 2,225,945 | 2,225,995 |
Changes in equity |
Dividends | - | (146,000 | ) | (146,000 | ) |
Total comprehensive income | - | 141,572 | 141,572 |
Balance at 29 April 2024 | 50 | 2,221,517 | 2,221,567 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 APRIL 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | 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 GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (233,247 | ) | (359,991 | ) |
Interest paid | (6,755 | ) | (996 | ) |
Interest element of hire purchase payments paid |
(5,987 |
) |
(8,329 |
) |
Tax paid | (163,199 | ) | (149,623 | ) |
Net cash from operating activities | (409,188 | ) | (518,939 | ) |
Cash flows from investing activities |
Sale of tangible fixed assets | 5,458 | 35,357 |
Interest received | 21,674 | 20,115 |
Net cash from investing activities | 27,132 | 55,472 |
Cash flows from financing activities |
Loan repayments in year | (10,126 | ) | (10,199 | ) |
Capital repayments in year | (43,650 | ) | (41,308 | ) |
Amount introduced by directors | - | 105,757 |
Amount withdrawn by directors | (107,600 | ) | - |
Equity dividends paid | (146,000 | ) | (150,000 | ) |
Net cash from financing activities | (307,376 | ) | (95,750 | ) |
Decrease in cash and cash equivalents | (689,432 | ) | (559,217 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,708,879 |
2,268,096 |
Cash and cash equivalents at end of year |
2 |
1,019,447 |
1,708,879 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 328,156 | 448,603 |
Depreciation charges | 313,066 | 315,492 |
Profit on disposal of fixed assets | (4,699 | ) | (6,810 | ) |
Finance costs | 12,742 | 9,325 |
Finance income | (21,674 | ) | (20,115 | ) |
627,591 | 746,495 |
(Increase)/decrease in stocks | (74,107 | ) | 422,434 |
(Increase)/decrease in trade and other debtors | (222,764 | ) | 1,892,358 |
Decrease in trade and other creditors | (563,967 | ) | (3,421,278 | ) |
Cash generated from operations | (233,247 | ) | (359,991 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29 April 2024 |
29.4.24 | 30.4.23 |
£ | £ |
Cash and cash equivalents | 1,019,447 | 1,708,879 |
Year ended 29 April 2023 |
29.4.23 | 30.4.22 |
£ | £ |
Cash and cash equivalents | 1,708,879 | 2,268,096 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 30.4.23 | Cash flow | At 29.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,708,879 | (689,432 | ) | 1,019,447 |
1,708,879 | (689,432 | ) | 1,019,447 |
Debt |
Finance leases | (137,976 | ) | 43,650 | (94,326 | ) |
Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
Debts falling due after 1 year | (27,056 | ) | 10,126 | (16,930 | ) |
(175,032 | ) | 53,776 | (121,256 | ) |
Total | 1,533,847 | (635,656 | ) | 898,191 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 APRIL 2024 |
1. | STATUTORY INFORMATION |
Rapidgrid Group of Companies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Basis of consolidation |
The consolidated financial statements include the company and its subsidiary undertakings. |
The financial statements of the subsidiaries used in preparation of the consolidated financial statements are prepared for the same reporting period as the parent company and are based on consistent accounting policies. The results of subsidiaries acquired or disposed of during the period are included in the consolidated financial statements from the effective date of acquisition up to the effective date of disposal, as appropriate. |
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. |
Going concern |
The company continues to manage its daily working capital requirements. Management projections show that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED 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 5 years period, the provision is recognised on a discounted cost basis. |
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 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. |
Turnover in respect of contingent fee assignments (over and above any agreed fee which is recognised as above) is recognised in the period when the contingent event occurs and collectability of the fee is assured. |
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. |
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. |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
After initial recognition, the company measures goodwill acquired at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill was paid in connection with the acquisition of a business in 2022, and is being amortised evenly over its estimated useful life of five years. |
The directors have reviewed for any potential impairment and are confident that there is none in the year. |
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. |
Tangible fixed assets |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item. A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 the income statement. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Work in progress |
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 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 leased asset are consumed. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors |
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. |
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. |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Construction contracts | 16,505,124 | 20,185,486 |
16,505,124 | 20,185,486 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 16,505,124 | 20,185,486 |
16,505,124 | 20,185,486 |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Management fee | 75,000 | 75,000 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,061,447 | 3,502,142 |
Social security costs | 289,350 | 349,556 |
Other pension costs | 187,776 | 164,923 |
3,538,573 | 4,016,621 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 78 | 90 |
Administrative staff | 6 | 10 |
Directors | 2 | 2 |
2024 | 2023 |
£ | £ |
Director's remuneration | 28,211 | 28,201 |
Director's pension contributions to money purchase schemes | 60,000 | 43,329 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 2 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 254,600 | 131,200 |
Depreciation - owned assets | 3,903 | 6,328 |
Profit on disposal of fixed assets | (4,699 | ) | (6,810 | ) |
Goodwill amortisation | 309,164 | 309,164 |
Auditors' remuneration | 21,402 | 14,259 |
Auditors' remuneration for non audit work | 11,000 | 10,000 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 812 | 996 |
Other interest | 5,943 | - |
Hire purchase | 5,987 | 8,329 |
12,742 | 9,325 |
8. | 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 | 186,584 | 163,199 |
Deferred tax | - | (4,558 | ) |
Tax on profit | 186,584 | 158,641 |
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 | 328,156 | 448,603 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
82,039 |
85,235 |
Effects of: |
Expenses not deductible for tax purposes | 27,792 | 15,863 |
Depreciation in excess of capital allowances | 76,753 | 57,968 |
Change in tax rates | - | 4,133 |
Deferred taxation | - | (4,558 | ) |
Total tax charge | 186,584 | 158,641 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final | 146,000 | 150,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Number |
Goodwill | plates | Totals |
£ | £ | £ |
COST |
At 30 April 2023 |
and 29 April 2024 | 1,545,820 | 55,027 | 1,600,847 |
AMORTISATION |
At 30 April 2023 | 618,328 | - | 618,328 |
Amortisation for year | 309,164 | - | 309,164 |
At 29 April 2024 | 927,492 | - | 927,492 |
NET BOOK VALUE |
At 29 April 2024 | 618,328 | 55,027 | 673,355 |
At 29 April 2023 | 927,492 | 55,027 | 982,519 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
Machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 30 April 2023 | 5,813 | 6,622 | 2,983 | 15,418 |
Disposals | - | - | (1,933 | ) | (1,933 | ) |
At 29 April 2024 | 5,813 | 6,622 | 1,050 | 13,485 |
DEPRECIATION |
At 30 April 2023 | 2,798 | 2,641 | 1,474 | 6,913 |
Charge for year | 1,070 | 2,233 | 600 | 3,903 |
Eliminated on disposal | - | - | (1,174 | ) | (1,174 | ) |
At 29 April 2024 | 3,868 | 4,874 | 900 | 9,642 |
NET BOOK VALUE |
At 29 April 2024 | 1,945 | 1,748 | 150 | 3,843 |
At 29 April 2023 | 3,015 | 3,981 | 1,509 | 8,505 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 30 April 2023 |
and 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Y Graig, Sixteenth Avenue, Hirawaun Industrial Estate, Hirwaun, CF44 9UP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Y Graig, Sixteenth Avenue, Hirawaun Industrial Estate, Hirwaun, CF44 9UP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 223,314 | 149,207 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
15. | DEBTORS |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 1,541,647 | 1,276,259 |
Other debtors | 250,100 | 250,100 |
Amounts due from connected |
companies | 1,767,808 | 110,746 |
VAT | 77,392 | 276,962 |
Prepayments and accrued income | 72,506 | 75,563 |
3,709,453 | 1,989,630 |
Amounts falling due after more than one | year: |
Trade debtors | 615,833 | 780,158 |
Other debtors | - | 1,332,734 |
615,833 | 2,112,892 |
Aggregate amounts | 4,325,286 | 4,102,522 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 10,000 | 10,000 |
Hire purchase contracts (see note 19) | 45,992 | 43,650 |
Trade creditors | 2,180,430 | 1,845,644 |
Amounts owed to group undertakings | - | - |
Tax | 186,584 | 163,199 |
Social security and other taxes | 109,204 | 138,282 |
Other creditors | 82,899 | 146,023 |
Directors' current accounts | 984 | 108,584 | - | 50,000 |
Accruals and deferred income | 755,116 | 1,007,050 |
3,371,209 | 3,462,432 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) | 16,930 | 27,056 |
Hire purchase contracts (see note 19) | 48,334 | 94,326 |
65,264 | 121,382 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 10,000 | 10,000 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 11,000 | 11,000 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 5,930 | 16,056 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 45,992 | 43,650 |
Between one and five years | 48,334 | 94,326 |
94,326 | 137,976 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
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 fittings and plant and machinery owned at the date of the loan and any future owned. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Other provisions | 587,205 | 1,141,823 |
Aggregate amounts | 587,205 | 1,141,823 |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Other |
provisions |
£ |
Balance at 30 April 2023 | 1,141,823 |
Provided during year | 106,881 |
Utilised during year | (266,891 | ) |
Released during the year | (394,608 | ) |
Balance at 29 April 2024 | 587,205 |
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. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 50 | 50 |
Each share is entitled to: |
- One vote in any circumstances; |
- Pari passu to dividend or any other distribution; and |
- full participation in capital dividends. |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 30 April 2023 | 2,225,945 |
Profit for the year | 141,572 |
Dividends | (146,000 | ) |
At 29 April 2024 | 2,221,517 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 30 April 2023 | 3,467,950 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29 April 2024 | 3,517,950 |
Other reserves |
Other reserves relate to a merger reserve created due to a group restructure in 2022. |
RAPIDGRID GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 13526875) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 APRIL 2024 |
24. | PENSION COMMITMENTS |
During the year the Group contributed £127,776 (2023 £121,594) into a defined contribution pension scheme. At the year end there was £17,991 (2023 £19,353) outstanding. |
25. | 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 2024 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. |
26. | RELATED PARTY DISCLOSURES |
During the year the group 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 | 250,000 | 787,428 |
27. | ULTIMATE CONTROLLING PARTY |
The controlling party is G Hughes. |