Company registration number 06584296 (England and Wales)
RAPID HYDRAULICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
RAPID HYDRAULICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAPID HYDRAULICS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
25,875
31,625
Tangible assets
4
106,450
24,590
132,325
56,215
Current assets
Stocks
8,500
8,550
Debtors
5
146,700
161,087
Cash at bank and in hand
8,772
265
163,972
169,902
Creditors: amounts falling due within one year
6
(163,603)
(164,365)
Net current assets
369
5,537
Total assets less current liabilities
132,694
61,752
Creditors: amounts falling due after more than one year
7
(104,130)
(16,873)
Provisions for liabilities
(26,565)
(4,992)
Net assets
1,999
39,887
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,899
39,787
Total equity
1,999
39,887
RAPID HYDRAULICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr S Cooper
Director
Company registration number 06584296 (England and Wales)
RAPID HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Rapid Hydraulics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stock is valued at the lower of cost and net realisable value.
Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RAPID HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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 the profit or loss in the period to which they relate.
1.8
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 useful economic lives. Those held under finance leases are depreciated over their useful economic lives of the lease term or whatever is shorter.
The interest element of these obligations is charged to the profit and 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 the profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
6
RAPID HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
115,000
Amortisation and impairment
At 1 July 2023
83,375
Amortisation charged for the year
5,750
At 30 June 2024
89,125
Carrying amount
At 30 June 2024
25,875
At 30 June 2023
31,625
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
92,115
52,822
144,937
Additions
117,627
117,627
At 30 June 2024
92,115
170,449
262,564
Depreciation and impairment
At 1 July 2023
91,302
29,045
120,347
Depreciation charged in the year
416
35,351
35,767
At 30 June 2024
91,718
64,396
156,114
Carrying amount
At 30 June 2024
397
106,053
106,450
At 30 June 2023
813
23,777
24,590
The net carrying value of tangible fixed assets includes £105,975 (2023 : £23,673) in respect of assets held under hire purchase contracts.
RAPID HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
131,223
154,332
Corporation tax recoverable
8,209
Other debtors
7,268
6,755
146,700
161,087
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,224
12,670
Trade creditors
41,296
43,200
Corporation tax
19,424
18,642
Other taxation and social security
54,319
57,404
Other creditors
38,340
32,449
163,603
164,365
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,334
3,349
Other creditors
85,796
13,524
104,130
16,873
8
Financial commitments, guarantees and contingent liabilities
As at the year end the company had lease commitments of £55,767 (2023 : £85,995)