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Registered number: 07799443
Rapid IT Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Rapid IT Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—6

Page 1
Rapid IT Ltd
Balance Sheet
As At 31 October 2024
Balance Sheet
Registered number: 07799443

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 5 |  | 590,000 |  | 600,410
|  |  | 590,000 |  | 600,410
CURRENT ASSETS
Debtors | 6 | 23,533 |  | 22,701 |
Cash at bank and in hand |  | 71,957 |  | 5,835 |
|  | 95,490 |  | 28,536 |
Creditors: Amounts Falling Due Within One Year | 7 | (15,537 ) |  | (119,919 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 79,953 |  | (91,383 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 669,953 |  | 509,027
Creditors: Amounts Falling Due After More Than One Year | 8 |  | (313,601 ) |  | (145,364 )
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | - |  | (3,011 )
NET ASSETS |  |  | 356,352 |  | 360,652
CAPITAL AND RESERVES
Called up share capital | 9 |  | 100 |  | 100
Revaluation reserve | 11 |  | 253,036 |  | 253,036
Profit and Loss Account |  |  | 103,216 |  | 107,516
SHAREHOLDERS' FUNDS |  |  | 356,352 |  | 360,652

Page 1
Page 2
Rapid IT Ltd
Balance Sheet (continued)
As At 31 October 2024
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Jack Bannister Director
23/05/2025

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Rapid IT Ltd
Notes to the Financial Statements
For The Year Ended 31 October 2024
Notes to the Financial Statements
1. General Information
Rapid IT Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07799443 . The registered office is Tech Warehouse, Wyre Street, Padiham, Burnley, Lancashire, BB12 8DF.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 4 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:

Freehold | Not depreciated
Plant & Machinery | 10% straight line
Fixtures & Fittings | 25% straight line
Computer Equipment | 25% straight line

2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 3
Page 4
Rapid IT Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2024
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.
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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 11)
3 11
4. Intangible Assets

| Goodwill
--- | ---
| £
Cost
As at 1 November 2023 | 4,500
As at 31 October 2024 | 4,500
Amortisation
As at 1 November 2023 | 4,500
As at 31 October 2024 | 4,500
Net Book Value
As at 31 October 2024 | -
As at 1 November 2023 | -

Page 4
Page 5
Rapid IT Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2024
5. Tangible Assets

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
| £ | £ | £ | £ | £
Cost or Valuation
As at 1 November 2023 | 590,000 | 13,269 | 18,179 | 20,659 | 642,107
Disposals | - | - | - | (20,659 ) | (20,659 )
As at 31 October 2024 | 590,000 | 13,269 | 18,179 | - | 621,448
Depreciation
As at 1 November 2023 | - | 13,101 | 16,460 | 12,136 | 41,697
Provided during the period | - | 168 | 1,719 | - | 1,887
Disposals | - | - | - | (12,136 ) | (12,136 )
As at 31 October 2024 | - | 13,269 | 18,179 | - | 31,448
Net Book Value
As at 31 October 2024 | 590,000 | - | - | - | 590,000
As at 1 November 2023 | 590,000 | 168 | 1,719 | 8,523 | 600,410

6. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 1,609 |  | 789
Other debtors | 21,924 |  | 21,912
| 23,533 |  | 22,701

Included in Other debtors is an amount of £21,912 (2023 - £21,912) due from the company's directors.
7. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 2,843 |  | -
Bank loans and overdrafts | 7,149 |  | 58,675
Other creditors | 1,500 |  | 49,466
Taxation and social security | 4,045 |  | 11,778
| 15,537 |  | 119,919

8. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Bank loans | 313,601 |  | 145,364

Page 5
Page 6
Rapid IT Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2024
9. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Not later than one year | 3,068 |  | -
Later than one year and not later than five years | 2,812 |  | -
| 5,880 |  | -

11. Reserves

| Revaluation Reserve
--- | ---
| £
As at 1 November 2023 | 253,036
As at 31 October 2024 | 253,036

Page 6