Registration number:
Rapidity Communications Limited
for the Year Ended 31 March 2025
Rapidity Communications Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Rapidity Communications Limited
(Registration number: 02034306)
Balance Sheet as at 31 March 2025
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2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Rapidity Communications Limited
(Registration number: 02034306)
Balance Sheet as at 31 March 2025
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
P A Manning
Director
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office and principal place of business is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Revenue recognition
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:
Provision of print 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 period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
With smaller print runs, revenue is generally recognised on delivery.
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. Amounts due but not paid are shown as a liability in the balance sheet.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that;
• the recognition of deferred tax assets is limited to the extent that it is probable they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
straight line over 5 years |
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Other property, plant & equipment |
straight line over 4-5 years |
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
Trade and other debtors
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Trade and other creditors
Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Invoice discounting
The company has an invoice discounting agreement with HSBC covering the majority of its trade debtors with full recourse. On the basis that the benefits and risks attaching to the debts remain with the company, a separate presentation has been adopted in accordance with Financial Reporting Standard 102. On this basis the gross debts are included as an asset within trade debtors and the funding received is included within bank loans and overdrafts as a liability.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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- |
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Tangible assets |
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Leasehold improvements |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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Disposals |
- |
( |
( |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Stocks |
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2025 |
2024 |
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Raw materials and consumables |
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Work in progress |
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- |
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Debtors |
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Note |
2025 |
2024 |
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Trade debtors |
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Amounts due from group undertakings |
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Prepayments |
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Other debtors |
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Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
134,750 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Hire purchase contracts |
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Current loans and borrowings
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2025 |
2024 |
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Hire purchase contracts |
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Hire purchase contracts are secured over the assets financed.
Rapidity Communications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments in respect of operating leases not included in the balance sheet is £
HSBC hold a group guarantee over the company and its parent undertaking. The group liability secured at the year end not included in these accounts was £4,925,072 (2024 - £5,100,000).
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Related party transactions |
Summary of transactions with parent
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100 |
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100 |
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