Company Registration No. 04343680 (England and Wales)
RAPIDSOURCE IT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
31 December 2024
PAGES FOR FILING WITH REGISTRAR
RAPIDSOURCE IT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RAPIDSOURCE IT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,555,784
1,278,546
Current assets
Stocks
195,389
246,834
Debtors
5
755,308
912,801
Cash at bank and in hand
77,989
59,496
1,028,686
1,219,131
Creditors: amounts falling due within one year
6
(523,692)
(657,141)
Net current assets
504,994
561,990
Total assets less current liabilities
2,060,778
1,840,536
Creditors: amounts falling due after more than one year
7
(581,574)
(453,290)
Provisions for liabilities
(79,060)
(75,554)
Net assets
1,400,144
1,311,692
Capital and reserves
Called up share capital
435
435
Share premium account
1,516
1,516
Revaluation reserve
99,625
204,605
Capital redemption reserve
45,019
45,019
Profit and loss reserves
1,253,549
1,060,117
Total equity
1,400,144
1,311,692
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
N Alexander
Director
Company registration number 04343680 (England and Wales)
RAPIDSOURCE IT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
435
1,516
272,806
45,019
1,025,084
1,344,860
Year ended 31 December 2023:
Profit
-
-
-
-
420,592
420,592
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(68,201)
-
(68,201)
Total comprehensive income
-
-
(68,201)
-
420,592
352,391
Dividends
-
-
-
-
(385,559)
(385,559)
Balance at 31 December 2023
435
1,516
204,605
45,019
1,060,117
1,311,692
Year ended 31 December 2024:
Profit
-
-
-
-
353,558
353,558
Other comprehensive income:
Tax relating to other comprehensive income
-
-
34,994
-
34,994
Total comprehensive income
-
-
34,994
-
353,558
388,552
Dividends
-
-
-
-
(300,100)
(300,100)
Disposal of revalued asset
-
-
(139,974)
-
139,974
-
Balance at 31 December 2024
435
1,516
99,625
45,019
1,253,549
1,400,144
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Rapidsource IT Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 West Place, West Road, Harlow, Essex, CM20 2GY.
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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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 machinery
30% - 50%
Motor vehicles
20%
Other assets
20%
Freehold property
0% held at fair value
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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 the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 balance sheet 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 debtors and cash and bank balances, 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. Financial assets classified as receivable within one year are not amortised.
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.
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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.
Stock is provided for on the basis of the age of each individual item. This is considered a prudent method of providing against slow moving stock as due to the nature of the business some items of stock will not move for many years whilst maintaining economic value.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
15
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
1,205,000
342,479
1,547,479
Additions
578,500
73,089
651,589
Disposals
(340,000)
(14,782)
(354,782)
At 31 December 2024
1,443,500
400,786
1,844,286
Depreciation and impairment
At 1 January 2024
268,933
268,933
Depreciation charged in the year
34,351
34,351
Eliminated in respect of disposals
(14,782)
(14,782)
At 31 December 2024
288,502
288,502
Carrying amount
At 31 December 2024
1,443,500
112,284
1,555,784
At 31 December 2023
1,205,000
73,546
1,278,546
The company's freehold land and buildings were valued by the directors on an open market value for existing use basis at 31 December 2022. The directors have considered the carrying value of the freehold land and buildings at the balance sheet date and do not believe it to be materially difference from this valuation.
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 7 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings
2024
2023
£
£
Cost
1,310,668
932,194
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
596,798
807,750
Other debtors
158,510
105,051
755,308
912,801
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
103,610
37,148
Trade creditors
110,063
232,686
Corporation tax
123,251
131,124
Other taxation and social security
72,395
59,642
Other creditors
114,373
196,541
523,692
657,141
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
545,517
409,284
Other creditors
36,057
44,006
581,574
453,290
The bank loan is secured by a fixed and floating charge over the assets of the company, a mortgage over a freehold property and each director has a personal guarantee of £25,000. The bank loan is repayable in instalments and interest is charged at 2.25% above the Bank of England base rate.
Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.
RAPIDSOURCE IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
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 was unqualified.
Senior Statutory Auditor:
Paul Forster
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
16 June 2025
9
Related party transactions
During the prior year, the company made loans to the directors totalling £80,000. Interest was charged at rates of 2-2.25%. The loans have been fully repaid at the balance sheet date.