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REGISTERED NUMBER: SC152429 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Rapido Restaurants Limited

Rapido Restaurants Limited (Registered number: SC152429)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Rapido Restaurants Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G Crolla





SECRETARY: Mrs I F Crolla





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Midlothian
EH1 2BD





REGISTERED NUMBER: SC152429 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Rapido Restaurants Limited (Registered number: SC152429)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 4,687,902 4,629,829
4,688,002 4,629,929

CURRENT ASSETS
Debtors 6 1,333,283 971,006
Cash at bank 146,330 14,803
1,479,613 985,809
CREDITORS
Amounts falling due within one year 7 4,593,326 4,344,206
NET CURRENT LIABILITIES (3,113,713 ) (3,358,397 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,289

1,271,532

CREDITORS
Amounts falling due after more than one
year

8

938,895

1,007,510
NET ASSETS 635,394 264,022

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 49,000 49,000
Retained earnings 585,394 214,022
SHAREHOLDERS' FUNDS 635,394 264,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 June 2025 and were signed by:





G Crolla - Director


Rapido Restaurants Limited (Registered number: SC152429)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Rapido Restaurants Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified for the inclusion of investment property at fair value.

Preparation of consolidated financial statements
The financial statements contain information about Rapido Restaurants Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of investing in and operation of short term residential accommodation..

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the Income Statement in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Rapido Restaurants Limited (Registered number: SC152429)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - NIL ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 January 2023 4,629,829
Additions 58,073
At 31 December 2023 4,687,902
NET BOOK VALUE
At 31 December 2023 4,687,902
At 31 December 2022 4,629,829

Investment property is being carried at fair value and the directors are of the opinion that cost repesents a fair value of the property.

Rapido Restaurants Limited (Registered number: SC152429)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 46,625 -
Other debtors 1,286,658 971,006
1,333,283 971,006

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 72,413 72,413
Taxation and social security 179,811 35,934
Other creditors 4,341,102 4,235,859
4,593,326 4,344,206

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 938,895 1,007,510

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 649,242 717,857

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,011,308 1,079,923

Bank of Scotland PLC have a security over 85-87 South Bridge, Edinburgh and a floating charge over all company assets.

10. RELATED PARTY DISCLOSURES

At the year end, the company was due £960,787 (2022 £864,178) from SoCo Catering Co Ltd and £220,000 (2022 - nil) from Maratea Investments Limited . At the year end, the company was due £173,100 (2022 £173,100) to Pronto Restaurants Ltd and £3,053,560 (2022 - £3,020,760) to Broughton Properties Limited. All loans are unsecured and are repayable on demand. The loan from Broughton Properties Limited attracts interest and during the year interest of £nil (2022 £nil) has been accrued. All other loans are interest free. All companies are controlled by G Crolla.