Company Registration No. 07716054 (England and Wales)
RAPID SCAFFOLDING (SW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
RAPID SCAFFOLDING (SW) LIMITED
COMPANY INFORMATION
Directors
Mr J P Old
Mr C J Old
(Appointed 1 December 2023)
Company number
07716054
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Business address
Prescott Farmhouse
Rackenford Road
Tiverton
Devon
EX16 5NB
RAPID SCAFFOLDING (SW) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAPID SCAFFOLDING (SW) LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
184,618
150,584
Current assets
Debtors
4
251,075
353,624
Cash at bank and in hand
15,547
29,909
266,622
383,533
Creditors: amounts falling due within one year
5
(210,666)
(173,520)
Net current assets
55,956
210,013
Total assets less current liabilities
240,574
360,597
Creditors: amounts falling due after more than one year
6
(116,635)
(159,912)
Provisions for liabilities
(35,077)
(28,611)
Net assets
88,862
172,074
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
88,861
172,073
Total equity
88,862
172,074

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

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

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

RAPID SCAFFOLDING (SW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr J P Old
Director
Company Registration No. 07716054
RAPID SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Rapid Scaffolding (SW) Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents amounts the total invoice value of sales made during the year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

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

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

Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
2/5 Years straight line
Computer equipment
3 Years straight line
Motor vehicles
25% Reducing balance

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

1.4
Cash and cash equivalents

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

1.5
Taxation

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

RAPID SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.6
Employee benefits

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

 

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

 

1.7
Retirement benefits

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

1.8
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis over the life of the lease.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 17 (2023 - 17).

RAPID SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
11,911
154,886
2,137
270,417
439,351
Additions
2,404
79,358
2,111
59,431
143,304
Disposals
-
0
-
0
-
0
(51,255)
(51,255)
At 31 July 2024
14,315
234,244
4,248
278,593
531,400
Depreciation and impairment
At 1 August 2023
5,720
125,639
977
156,431
288,767
Depreciation charged in the year
1,717
43,262
1,334
36,818
83,131
Eliminated in respect of disposals
-
0
-
0
-
0
(25,116)
(25,116)
At 31 July 2024
7,437
168,901
2,311
168,133
346,782
Carrying amount
At 31 July 2024
6,878
65,343
1,937
110,460
184,618
At 31 July 2023
6,191
29,247
1,160
113,986
150,584
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
239,854
340,976
Other debtors
-
0
5,825
Prepayments and accrued income
11,221
6,823
251,075
353,624
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
40,747
29,207
Obligations under finance leases
32,001
38,643
Trade creditors
72,789
37,107
Corporation tax
(14)
10,323
Other taxation and social security
26,283
29,225
Other creditors
35,680
26,695
Accruals and deferred income
3,180
2,320
210,666
173,520
RAPID SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
60,001
108,623
Other creditors
56,634
51,289
116,635
159,912

 

7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
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