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REGISTERED NUMBER: 03629689 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Rapid Associates Limited

Rapid Associates Limited (Registered number: 03629689)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rapid Associates Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mrs S P Smith
Mr O G Smith
Mr J A Smith





SECRETARY: Mr O G Smith





REGISTERED OFFICE: Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD





REGISTERED NUMBER: 03629689 (England and Wales)





ACCOUNTANTS: Accsys Accountants Limited
Chartered Accountants
Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

Rapid Associates Limited (Registered number: 03629689)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,712 16,964
Investment property 5 2,000,000 2,150,000
2,012,712 2,166,964

CURRENT ASSETS
Debtors 6 691,460 690,754
Cash at bank 47,646 40,469
739,106 731,223
CREDITORS
Amounts falling due within one year 7 542,842 570,242
NET CURRENT ASSETS 196,264 160,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,208,976

2,327,945

CAPITAL AND RESERVES
Called up share capital 320,100 320,100
Other reserves 8 895,213 1,025,376
Retained earnings 8 993,663 982,469
2,208,976 2,327,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Rapid Associates Limited (Registered number: 03629689)

Balance Sheet - continued
31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:




Mr O G Smith - Director



Mrs S P Smith - Director


Rapid Associates Limited (Registered number: 03629689)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Rapid Associates 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.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2023 22,163 - 22,163
Additions - 649 649
Disposals (4,715 ) - (4,715 )
At 31 October 2024 17,448 649 18,097
DEPRECIATION
At 1 November 2023 5,199 - 5,199
Charge for year 3,576 27 3,603
Eliminated on disposal (3,417 ) - (3,417 )
At 31 October 2024 5,358 27 5,385
NET BOOK VALUE
At 31 October 2024 12,090 622 12,712
At 31 October 2023 16,964 - 16,964

Rapid Associates Limited (Registered number: 03629689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023 2,150,000
Revaluations (150,000 )
At 31 October 2024 2,000,000
NET BOOK VALUE
At 31 October 2024 2,000,000
At 31 October 2023 2,150,000

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2024 2,000,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Other debtors 691,460 690,754

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 399 -
Taxation and social security 3,724 -
Other creditors 538,719 570,242
542,842 570,242

8. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 November 2023 982,469 1,025,376 2,007,845
Deficit for the year (118,969 ) (118,969 )
Property Revaluation 130,163 (150,000 ) (19,837 )
Deferred Tax Provision - 19,837 19,837
At 31 October 2024 993,663 895,213 1,888,876