Company registration number 07391098 (England and Wales)
RAPID PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RAPID PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RAPID PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
6,500,000
6,400,000
Current assets
Debtors
5
502,362
258,639
Cash at bank and in hand
116,850
112,045
619,212
370,684
Creditors: amounts falling due within one year
6
(57,672)
(84,375)
Net current assets
561,540
286,309
Total assets less current liabilities
7,061,540
6,686,309
Provisions for liabilities
(156,521)
(130,218)
Net assets
6,905,019
6,556,091
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
2,785,597
2,785,597
Other reserves
3,328,991
3,255,294
Profit and loss reserves
789,431
514,200
Total equity
6,905,019
6,556,091
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr E Parry
Mr A Keenan
Director
Director
Company registration number 07391098 (England and Wales)
RAPID PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Fair value reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
1,000
2,785,597
3,470,634
268,090
6,525,321
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
30,770
30,770
Transfers
-
-
(215,340)
215,340
-
Balance at 31 December 2023
1,000
2,785,597
3,255,294
514,200
6,556,091
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
348,928
348,928
Transfers
-
-
73,697
(73,697)
-
Balance at 31 December 2024
1,000
2,785,597
3,328,991
789,431
6,905,019
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Rapid Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Severalls Hall, Severalls Lane, Colchester, CO4 5JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the invoiced value, net of Value Added Tax, of rental income. Turnover is recognised on an accruals basis.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit and loss and transferred by the company to the fair value reserve.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire are discharged, cancelled, or they expire.
1.6
Equity instruments
Equity instruments issued by the company are recognised at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
Valuation of investment property
Investment property is revalued to the fair value at each reporting date. There is a degree of subjectivity involved in estimating the fair value of the property. In order to mitigate the impact of this subjectivity the investment property has been valued by Fenn Wright Chartered Surveyors, who are not connected to the company.
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
No remuneration was paid during the current or prior years to the directors of the company. Directors are remunerated by other group companies.
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 January 2024
6,400,000
Revaluations
100,000
At 31 December 2024
6,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by Fenn Wright Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
3,725,079
3,725,079
Accumulated depreciation
(625,911)
(567,399)
Carrying amount
3,099,168
3,157,680
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
501,926
258,639
Other debtors
436
502,362
258,639
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
51,722
78,952
Other creditors
5,950
5,423
57,672
84,375
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Fair value reserve
2024
2023
£
£
At the beginning of the year
3,255,294
3,470,634
Transfer
73,697
(215,340)
At the end of the year
3,328,991
3,255,294
Deferred tax is recognised on the revaluation of the property and the charge in relation to the property revaluation recognised in the profit and loss is transferred by the company to the fair value reserve.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
Senior Statutory Auditor:
Barry Gostling
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
28 February 2025
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
1,893,333
2,214,575
RAPID PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Parent company
The ultimate parent company is Conrad Holding SE, a company registered in Germany, which is the parent company of the largest group which will include the company in their consolidated accounts. The registered office of Conrad Holding SE is Klaus Conrad Strasse 1, 92242 Hirschau, Germany.
The immediate parent company is Rapid Electronics Holdings Limited, which is the smallest group for which consolidated accounts are prepared including Rapid Properties Limited. The consolidated accounts of Rapid Electronics Holdings Limited are available to the public and can be obtained from Companies House. The registered office of Rapid Electronics Holdings Limited is Severalls Halls, Severalls Lane, Colchester, Essex, CO4 5JS.
There is deemed to be no ultimate controlling party due to the spread of shareholdings in the ultimate parent company.