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Registered number: 10914420
Rapid Mobility Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Dorset Accountancy Limited
5 Belle Vue
Weymouth
Dorset
DT4 8DR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10914420
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 20,000 25,000
Tangible Assets 5 86,792 77,267
106,792 102,267
CURRENT ASSETS
Stocks 6 80,000 100,000
Debtors 7 39,857 45,999
Cash at bank and in hand 77,192 172,036
197,049 318,035
Creditors: Amounts Falling Due Within One Year 8 (95,139 ) (99,876 )
NET CURRENT ASSETS (LIABILITIES) 101,910 218,159
TOTAL ASSETS LESS CURRENT LIABILITIES 208,702 320,426
Creditors: Amounts Falling Due After More Than One Year 9 (10,746 ) (20,746 )
NET ASSETS 197,956 299,680
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 197,856 299,580
SHAREHOLDERS' FUNDS 197,956 299,680
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Warren Hicks
Director
21st January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rapid Mobility Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10914420 . The registered office is C/O Dorset Accountancy Limited, 5 Belle Vue, Weymouth, Dorset, DT4 8DR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% reducing balance basis
Plant & Machinery 15% reducing balance basis
Computer Equipment 33% reducing balance basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 4)
10 4
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 25,000
As at 30 June 2024 25,000
Amortisation
As at 1 July 2023 -
Provided during the period 5,000
As at 30 June 2024 5,000
Net Book Value
As at 30 June 2024 20,000
As at 1 July 2023 25,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 7,500 89,150 4,041 100,691
Additions 7,400 18,255 682 26,337
As at 30 June 2024 14,900 107,405 4,723 127,028
Depreciation
As at 1 July 2023 - 21,627 1,797 23,424
Provided during the period 2,980 12,867 965 16,812
As at 30 June 2024 2,980 34,494 2,762 40,236
Net Book Value
As at 30 June 2024 11,920 72,911 1,961 86,792
As at 1 July 2023 7,500 67,523 2,244 77,267
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 80,000 100,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 20,183
Prepayments and accrued income 4,188 -
Other debtors 2,406 -
Corporation tax recoverable assets 4,304 -
VAT 28,959 25,816
39,857 45,999
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 74,492 24,223
Bank loans and overdrafts 14,822 10,000
Corporation tax - 32,734
Other taxes and social security 2,606 2,076
Net wages 1,200 894
Other creditors (3) - 5,518
Accruals and deferred income 1,850 16,847
Director's loan account 169 7,584
95,139 99,876
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,746 20,746
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5