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Registered number: 09488639 RAPPIDLY LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
RAPPIDLY LIMITED REGISTERED NUMBER: 09488639 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 147,459 |  | -
Investments | 5 |  | 4 |  | 4
Current assets |  |  |  |  |
Stocks | 6 | 81,790 |  | - |
Debtors: amounts falling due within one year | 7 | 1,102,521 |  | 970,934 |
Cash at bank and in hand | 8 | 18,794 |  | 557,670 |
|  | 1,203,105 |  | 1,528,604 |
Creditors: amounts falling due within one year | 9 | (1,216,846) |  | (1,366,437) |
Net current (liabilities)/assets |  |  | (13,741) |  | 162,167
Net assets |  |  | 133,722 |  | 162,171
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 4 |  | 4
Profit and loss account |  |  | 133,718 |  | 162,167
|  |  | 133,722 |  | 162,171
Page 1
RAPPIDLY LIMITED REGISTERED NUMBER: 09488639 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 September 2025.
B M Rapp
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Rappidly Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statement have been prepared in going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10% |
|  |  |  | Office equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
| 2.13 | Dividends
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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
4. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| Additions | 152,591 | 7,298 | 159,889
| At 31 December 2024 | 152,591 | 7,298 | 159,889
| Depreciation |  |  |
| Charge for the year on owned assets | 11,477 | 953 | 12,430
| At 31 December 2024 | 11,477 | 953 | 12,430
| Net book value |  |  |
| At 31 December 2024 | 141,114 | 6,345 | 147,459
| At 31 December 2023 | - | - | -
Page 6
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 4
| At 31 December 2024 | 4
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Securys Limited | 161-165 Farringdon Road, London, England, EC1R 3AL | Ordinary | 100%
| Rappidly Properties Limited | Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA | Ordinary | 100%
| Privacy Made Practical Limited* | 28 Fitzwilliam Street Upper, Dublin 2 | Ordinary | 100%
| Securys, Inc* | Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States | Ordinary | 100%
| * These indirect subsidiaries are 100% controlled by Securys Limited.
6. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 81,790 | -
Page 7
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,400 | -
| Amounts owed by group undertakings | 404,369 | 1,000
| Other debtors | 624,821 | 842,963
| Prepayments and accrued income | 70,931 | 126,971
|  | 1,102,521 | 970,934
8. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 18,794 | 557,670
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 25,767 | 27,840
| Amounts owed to group undertakings | 1,191,079 | 1,336,597
| Accruals and deferred income | - | 2,000
|  | 1,216,846 | 1,366,437
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4 (2023 - 4) Ordinary shares of £1.00 each | 4 | 4
| All shares rank pari-passu.
Page 8
RAPPIDLY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Related party transactions
| Included within other debtors due within one year is an amount of £456,128 (2023 - £767,814 ) due from a director of the Company. Interest was charged using the HMRC official rate of interest. The loan brought forward of £767,814 was full repaid during the year. Advances of £456,128 within the current year and outstanding at the balance sheet date, were fully repaid post year end. Included within other debtors due within one year is an amount of £166,617 (2023 - £54,275) due from a company controlled by the shareholders of the Company. During the year the Company made sales of £3,000 (2023 - £Nil) to a company in which the shareholders hold an interest. The balance due at the year end, held in trade debtors, was £2,400. The company has taken advantage of the exemption contained in FRS 102 and has therefore not disclosed transactions or balances with entities which are wholly owned subsidiaries of the Group. All transactions occurred at an arm's length basis.
12. | Controlling party
The company considers B M Rapp and D D Rapp to be its ultimate controlling party. Under provisions within the Companies Act 2006, the group is exempt from preparing consolidated financial statements.
Page 9