Registered number
07814825
Rapid 9 Signs Limited
Filleted Accounts
31 December 2023
Rapid 9 Signs Limited
Registered number: 07814825
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,826 56,100
Current assets
Stocks 22,500 27,500
Debtors 4 63,806 81,020
Cash at bank and in hand 23,843 22,598
110,149 131,118
Creditors: amounts falling due within one year 5 (125,167) (111,853)
Net current (liabilities)/assets (15,018) 19,265
Total assets less current liabilities 44,808 75,365
Creditors: amounts falling due after more than one year 6 (32,084) (37,084)
Provisions for liabilities (11,367) (10,659)
Net assets 1,357 27,622
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,257 27,522
Shareholders' funds 1,357 27,622
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
OK Wickham
Director
Approved by the board on 3 March 2025
Rapid 9 Signs Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant & machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 54,749 52,496 13,755 121,000
Additions 15,465 8,201 - 23,666
At 31 December 2023 70,214 60,697 13,755 144,666
Depreciation
At 1 January 2023 24,185 31,576 9,139 64,900
Charge for the year 11,507 7,280 1,153 19,940
At 31 December 2023 35,692 38,856 10,292 84,840
Net book value
At 31 December 2023 34,522 21,841 3,463 59,826
At 31 December 2022 30,564 20,920 4,616 56,100
4 Debtors 2023 2022
£ £
Trade debtors 54,653 76,949
Other debtors and prepayments 9,153 4,071
63,806 81,020
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,000 5,000
Trade creditors 81,572 60,282
Corporation tax 10,291 15,167
Other taxes and social security costs 22,914 26,420
Other creditors 5,390 4,984
125,167 111,853
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,084 37,084
7 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
OK Wickham
Director's loan account (420) 63,484 (59,654) 3,410
(420) 63,484 (59,654) 3,410
8 Other information
Rapid 9 Signs Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Cobblestone Court
Hoults Yard
Newcastle upon Tyne
NE6 1AB
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