REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
RAPID ACCESS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
RAPID ACCESS LTD |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
RAPID ACCESS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Gethin House |
36 Bond Street |
Nuneaton |
Warwickshire |
CV11 4DA |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors present their strategic report for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
The principal activities of the company continue to be the manufacture of access panels. |
The financial results for the year and financial position of the Company are as shown in the annexed financial statements. The Directors are satisfied with the performance of the Company for the year and the financial position as at 31st August 2024. |
The company saw an decrease of 3.12% in turnover to £11.90m (2023: £12.28m). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates within the manufacturing sector, specifically focusing on the production of access panels. As such, it is inherently exposed to various risks and uncertainties that could impact both its operational and financial performance. The key risks identified and the company's approach to mitigating these risks are as follows: |
General Risks |
The quality and reliability of the company's products are pivotal to maintaining brand reputation and fostering growth. All products are meticulously designed, tested, and produced in accordance with the highest global standards. The company has implemented comprehensive quality assurance processes to ensure consistent product excellence and safeguard its market position. |
Credit Risk |
The company faces credit risk primarily through potential non-payment by customers. A failure by significant customers to fulfil payment obligations could have adverse effects on cash flow and profitability. To mitigate this risk, the company conducts detailed credit assessments for all new customers and establishes appropriate credit limits. Additionally, regular reviews of receivables are undertaken to facilitate timely collection. The company also prioritizes maintaining strong, collaborative relationships with key customers to effectively monitor and manage credit exposure. |
Liquidity Risk |
Liquidity risk arises from the company's ability to meet its short-term financial obligations as they become due. Given the company's reliance on external suppliers and its cash flow cycle, it is crucial that liquidity is closely monitored. The company ensures it maintains sufficient cash reserves and has access to adequate borrowing facilities to meet its financial obligations and support operational continuity. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DEVELOPMENT AND PERFORMANCE |
For the financial year ending 31 August 2024, the company has made significant progress in executing its strategic initiatives, achieving key performance targets, and adapting to evolving market conditions. This report provides an overview of the company's operational and financial performance, highlighting key developments, challenges, and the strategic direction for the future. |
Key Developments |
1. Strategic Initiatives and Investments |
The company has made substantial investments in product development and technological advancements, reinforcing its commitment to long-term growth. These investments are focused on strengthening the company's competitive position within the construction sector by enhancing product innovation, efficiency, and overall market differentiation. |
2. Talent Development and Organisational Strengthening |
Recognising the importance of a skilled workforce, the company has prioritised employee development through comprehensive training programs and leadership initiatives. These efforts have contributed to a high-performance culture, equipping employees with the expertise necessary to support the company's strategic goals and drive sustainable business success. |
3. Digital Transformation |
The company has accelerated its digital transformation efforts, with continuous enhancements to its software platforms and operational systems. These upgrades are aimed at improving efficiency, streamlining processes, and ensuring seamless integration across business functions, ultimately supporting growth and operational excellence. |
4. Sustainability Initiatives |
The company remains committed to its sustainability objectives, making measurable progress in reducing carbon emissions, minimising waste, and increasing the recyclable content of its products. These initiatives align with the company's dedication to environmental responsibility and compliance with ISO 14001 standards. |
Challenges and Areas for Improvement |
Despite notable successes, the company has faced challenges such as supply chain disruptions, competitive pricing pressures, and the emergence of new construction methodologies that were not initially accounted for in product testing plans. These factors have highlighted the need for greater agility and resilience in the company's strategic approach. |
To address these challenges, the company has undertaken corrective actions, including a thorough SWOT analysis and process improvements in line with ISO 9001 quality management standards. Moving forward, continued investment in product innovation and operational efficiency will remain a priority to mitigate risks and maintain a strong market position. |
Conclusion and Outlook |
The progress achieved during the financial year has strengthened the company's foundation for sustained growth and success. Looking ahead, the strategic focus for the upcoming year will be on launching new products, further enhancing digital capabilities, and optimising operational processes. With a strong workforce, a clear strategic vision, and a commitment to continuous improvement, the company is well-positioned to drive long-term success in a dynamic market environment. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Key Performance Indicators help the company to measure performance against our strategic priorities and business plan. We consider our financial Key Performance Indicators to be those ratios which communicate the financial performance of the company as a whole. |
2024 | 2023 |
Net sales (£ ) | 11,895 | 12,278 |
Gross profit (£ ) | 5,083 | 4,965 |
Gross profit % | 43% | 40% |
Net assets (£ ) | 905 | 896 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT |
Looking ahead, the company remains committed to strategic investment in new product development, the expansion of its product range, and the enhancement of existing brands. These initiatives are designed to strengthen the company's competitive position and drive growth in key market segments. |
Management is confident that the company's well-established brand portfolio and diverse product offerings will support the retention of its market position while unlocking new opportunities for expansion. Additionally, a continued focus on operational efficiency and cost management will play a crucial role in navigating current challenges and ensuring long-term financial sustainability. |
By maintaining a balanced approach to growth, innovation, and cost control, the company is well-positioned to achieve its strategic objectives and deliver sustained value to stakeholders. |
ON BEHALF OF THE BOARD: |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2024 will be £ |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations were made by the company to Charitable organisations in the year totalling to £14,185. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
AUDITORS |
The auditors, Armstrongs Bishop Simmons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPID ACCESS LTD |
Qualified Opinion |
We have audited the financial statements of Rapid Access Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
The financial statements for the year ended 31 August 2023 were not subject to audit, as the company qualified for an audit exemption under the small company criteria. As a result, the company did not appoint a statutory auditor until after 31 August 2023. Consequently, we were unable to observe the counting of the company's physical stock at 31 August 2023. We were also unable to satisfy ourselves by alternative means regarding the existence of stock amounting to £1,104,421 as at 31 August 2023. Accordingly, we could not determine whether any adjustment to this amount was necessary, nor could we ascertain any potential consequential impact on the cost of sales recorded in the profit and loss account for the year ended 31 August 2024. |
Except for the possible effects of this matter, we conducted our audit in accordance with International Standards on Auditing (ISAs) (UK) and applicable law. Our responsibilities under these standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. |
We are independent of the company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that, except for the matter described above, the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPID ACCESS LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities totalling £1,104,421 as at 31 August 2023. We have concluded that where the other information refers to the company's stock balance or related balances such as cost of sales, it maybe materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report: |
-The information given in the Strategic Report and the Directors' Report for the financial year is consistent with the financial statements; and |
-The Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
However, as a result of the limitation in scope regarding the existence of stock as at 31 August 2023, we are unable to confirm whether the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 as they give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit or loss for the year then ended. |
Matters on which we are required to report by exception |
Arising solely from the limitation on the scope of our work relating to stock as at 31 August 2023 referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records had been maintained. |
Except for the matter described in the basis of qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPID ACCESS LTD |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Gaining an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework. |
- Identifying areas where there was a risk of material misstatement due to fraud or non-compliance with laws and regulations. |
- Evaluating the design and implementation of the company's controls designed to prevent and detect irregularities. |
- Holding discussions with management and those charged with governance regarding their awareness of any known or suspected instances of fraud or non-compliance. |
- Reviewing correspondence with regulatory bodies and legal advisors, where applicable. |
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate a risk of material misstatement due to fraud. |
- Testing journal entries and other adjustments for indications of management override. |
- Assessing the risk of material misstatement due to fraud in revenue recognition and management estimates. |
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements due to fraud or error. However, the primary responsibility for the prevention and detection of irregularities, including fraud, rests with management and those charged with governance. As with any audit, we cannot guarantee that all irregularities, including fraud, will be identified. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAPID ACCESS LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Gethin House |
36 Bond Street |
Nuneaton |
Warwickshire |
CV11 4DA |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as restated |
(Unaudited) |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
708,158 | 1,320,243 |
Other operating income | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
711,815 | 1,319,449 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as restated |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2024 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as restated |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (113,532 | ) | (102,156 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 1,500 | - |
Amount withdrawn by directors | (67,666 | ) | 105,855 |
Share buyback | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
158,702 |
Cash and cash equivalents at end of year | 2 | 123,120 | 254,443 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 183,251 | 156,276 |
Finance income | (3,462 | ) | (7 | ) |
1,075,257 | 1,610,721 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 123,120 | 254,443 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
as restated |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 254,443 | 158,702 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.9.23 | Cash flow | changes | At 31.8.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 254,443 | (131,323 | ) | 123,120 |
254,443 | ( |
) | 123,120 |
Debt |
Finance leases | (822,011 | ) | 264,610 | (68,060 | ) | (625,461 | ) |
Debts falling due |
within 1 year | (50,000 | ) | (6,933 | ) | - | (56,933 | ) |
Debts falling due |
after 1 year | (137,500 | ) | 2,683 | - | (134,817 | ) |
(1,009,511 | ) | 260,360 | (68,060 | ) | (817,211 | ) |
Total | (755,068 | ) | 129,037 | (68,060 | ) | (694,091 | ) |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Rapid Access Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Significant judgements and estimates |
In the application of the accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period in the period of the revision and future periods if the revision affects both current and future periods. |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk causing a material adjustment to the carrying amounts of the assets and liabilities are addressed below: |
Stocks provision |
The stocks require assessment of the cost of reconcilability and the associated provisions. When calculating those provisions management considers the nature and condition of the goods as well as applying assumptions around anticipated saleability of the goods. |
Impairment of debtors |
The Company evaluates the recoverable value of trade and other debtors through estimation. In assessing impairment of trade and other debtors, management takes into account various factors, including but not limited to the current credit rating of the debtor, the aging profile of debtors, and historical experience. Additionally, the Company maintains relevant credit insurance to mitigate risks associated with trade debtors. |
For Trade Debtors not covered by insurance, the Company makes appropriate provisions in the Financial Statements to reflect potential impairment. These provisions are determined based on thorough evaluation and analysis of the specific circumstances surrounding each debtor. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 31/08/2028. Provision is made for any impairment. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
At each reporting end date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and WIP are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the FIFO formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Work in progress comprises work-completed or measured parts thereof not yet invoiced to customers and is stated after making due allowance for irrecoverable amounts. Profit on orders is taken as work progresses, unless a more conservative approach is necessary. The percentage margin on each individual job is the lower of margin earned to date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
(Unaudited) |
Management & Administration TBC | 1 | 1 |
Production TBC | 90 | 86 |
Sales TBC | 1 | 1 |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Goodwill amortisation |
Patents and licences amortisation |
Foreign exchange differences | ( |
) |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | AUDITORS' REMUNERATION |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
14,750 |
- |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Bank loan interest |
HMRC Interest |
Hire purchase |
Factoring charges |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Utilisation of tax losses |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Research and development enhanced expenditure | (17,233 | ) | - |
Total tax charge | 49,622 | 308,170 |
8. | DIVIDENDS |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | PRIOR YEAR ADJUSTMENT |
Last year we have reallocated part of the loans with participating interest and reclassified as debtors and creditors as they do not meet the criteria to be classified as such. |
There has also been a reallocation of fixed assets to split out from Plant & Machinery into the correct asset codes and finally the directors remuneration has been shown separately from the wages expense in the profit and loss. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
10. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
Amortisation for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
12. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
13. | STOCKS |
2024 | 2023 |
Raw materials | 550,720 | 705,018 |
Work in progress | 33,515 | 60,350 |
Finished goods | 255,692 | 339,053 |
839,926 | 1,104,421 |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
14. | DEBTORS |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by participating interests | 254,491 | 100,467 |
Other debtors |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 17) |
Other loans (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Corporation tax |
Pension | 2,928 | 2,690 |
VAT | 33,665 | - |
Other creditors |
Directors' current accounts | 262,066 | 328,232 |
Accrued expenses |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Bank loans (see note 17) |
Other loans (see note 17) |
Hire purchase contracts (see note 18) |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-5 years |
Other loans - 1-2 years | 7,665 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
as restate |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
18. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
(Unaudited) |
£ | £ |
Deferred tax | 263,362 | 358,748 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
As previously reported |
Prior year adjustment |
As restated | 358,748 |
Credit to Income Statement during year | ( |
) |
Balance at 31 August 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 90 | 90 |
NIL | Ordinary E | £1 | - | 150,000 |
Ordinary B | £1 | 30 | 30 |
120 | 150,120 |
21. | RELATED PARTY DISCLOSURES |
During the year, the company purchased goods amounting to £623,460 (2023 - £525,837) from Blevin Limited, a company in which Mrs D Marvin's husband has a controlling interest. These goods were purchased on an arm's length basis. There was £358,491 outstanding to the company at the period end (2023 - £465,176). |
The company owns 30% of the shares in Panel Technologies Ltd, which provides technical testing and analysis for the products sold by Rapid Access Ltd. The company has purchased £114,000 (2023 - £44,500) worth of services from Panel Technologies in the year. |
RAPID ACCESS LTD (REGISTERED NUMBER: 06661696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
22. | POST BALANCE SHEET EVENTS |
On the 24th October 2024, Rapid Access Limited purchased 50% of the Ordinary share capital of Flipfix Limited for total consideration of £1,706,251, 100% of Ordinary A share capital of Flipfix Limited for total consideration of £1, and 100% of Ordinary B share capital of Flipfix Limited for total consideration of £1. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is S J Kibler. |