2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 17,620 13,737 971 14,708 2,912 3,883 xbrli:pure xbrli:shares iso4217:GBP 09568514 2023-05-01 2024-05-08 09568514 2024-05-08 09568514 2023-04-30 09568514 2022-05-01 2023-04-30 09568514 2023-04-30 09568514 2022-04-30 09568514 core:PlantMachinery 2023-05-01 2024-05-08 09568514 bus:Director1 2023-05-01 2024-05-08 09568514 core:PlantMachinery 2023-04-30 09568514 core:PlantMachinery 2024-05-08 09568514 core:WithinOneYear 2024-05-08 09568514 core:WithinOneYear 2023-04-30 09568514 core:AfterOneYear 2024-05-08 09568514 core:AfterOneYear 2023-04-30 09568514 core:ShareCapital 2024-05-08 09568514 core:ShareCapital 2023-04-30 09568514 core:RetainedEarningsAccumulatedLosses 2024-05-08 09568514 core:RetainedEarningsAccumulatedLosses 2023-04-30 09568514 core:PlantMachinery 2023-04-30 09568514 bus:SmallEntities 2023-05-01 2024-05-08 09568514 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-05-08 09568514 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-05-08 09568514 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-05-08 09568514 bus:FullAccounts 2023-05-01 2024-05-08 09568514 core:EntitiesControlledByKeyManagementPersonnel 2023-05-01 2024-05-08
COMPANY REGISTRATION NUMBER: 09568514
Rapid Bridging Ltd
Filleted Unaudited Financial Statements
8 May 2024
Rapid Bridging Ltd
Balance Sheet
8 May 2024
8 May 24
30 Apr 23
Note
£
£
Fixed assets
Tangible assets
5
2,912
3,883
Current assets
Debtors
6
134,787
136,612
Cash at bank and in hand
22,968
37,831
---------
---------
157,755
174,443
Creditors: amounts falling due within one year
7
67,119
89,229
---------
---------
Net current assets
90,636
85,214
--------
--------
Total assets less current liabilities
93,548
89,097
Creditors: amounts falling due after more than one year
8
50,767
39,911
--------
--------
Net assets
42,781
49,186
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
42,780
49,185
--------
--------
Shareholders funds
42,781
49,186
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the period ending 8 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rapid Bridging Ltd
Balance Sheet (continued)
8 May 2024
These financial statements were approved by the board of directors and authorised for issue on 3 February 2025 , and are signed on behalf of the board by:
Mr A I Jones
Director
Company registration number: 09568514
Rapid Bridging Ltd
Notes to the Financial Statements
Period from 1 May 2023 to 8 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Level 30, The Leadenhall Building, London, EC3V 4AB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 May 2023 and 8 May 2024
17,620
--------
Depreciation
At 1 May 2023
13,737
Charge for the period
971
--------
At 8 May 2024
14,708
--------
Carrying amount
At 8 May 2024
2,912
--------
At 30 April 2023
3,883
--------
6. Debtors
8 May 24
30 Apr 23
£
£
Trade debtors
51,156
85,411
Amounts owed by related parties
83,542
32,760
Other debtors
89
18,441
---------
---------
134,787
136,612
---------
---------
7. Creditors: amounts falling due within one year
8 May 24
30 Apr 23
£
£
Bank loans and overdrafts
34,711
50,637
Corporation tax
29,867
36,147
Other creditors
2,541
2,445
--------
--------
67,119
89,229
--------
--------
8. Creditors: amounts falling due after more than one year
8 May 24
30 Apr 23
£
£
Bank loans and overdrafts
50,767
39,911
--------
--------
9. Director's advances, credits and guarantees
During the year amounts were advanced to the director and cleared by dividends, with the largest amount outstanding during the year £55,500 at the end of September 2023. As at 8 May 2024, £21 owed to (30 April 2023 £17,969 owed by) the director and will be repaid before 8 May 2025.
10. Related party transactions
During the year, commission totalling £36,574 was paid to A Head of Time Estates Ltd, a company under common control. As at 30 April 2024 £83,542 (2023 £32,760) was owed by that company and will be repaid before 30 April 2025.
11. Reserves
The only movements in equity during the year were the profit for the year and dividends paid. All of the profit and loss account represents distributable reserves.