| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RAPID RENEWABLES LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RAPID RENEWABLES LIMITED |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Income and Retained Earnings | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| RAPID RENEWABLES LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 260 - 270 Butterfield |
| Great Marlings |
| Luton |
| Bedfordshire |
| LU2 8DL |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the distribution of solar panels and other PV equipment and the provision of related services |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| STATEMENT OF INCOME AND |
| RETAINED EARNINGS |
| for the Year Ended 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 271,904 | 611,775 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| Dividends | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Rapid Renewables Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 delivery 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. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off cost less estimated residual value of each asset over its estimated useful life. |
| Fixtures and Fittings | 15% reducing balance |
| Plant and machinery | 20% reducing balance |
| Motor vehicles | 20% reducing balance |
| Improvements to premises | 10% straight line |
| Freehold Property |
| Freehold property is carried at cost less any impairment losses. The company’s accounting policy is not to depreciate freehold property, as the directors consider that the residual value of the property is not expected to be materially different from its carrying amount. At each reporting date, the property is assessed for indicators of impairment. If impairment indicators exist, the carrying amount is reviewed and adjusted accordingly. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax |
| Taxation and social security |
| VAT | 146,656 | 115,376 |
| Other creditors |
| Accrued expenses |
| RAPID RENEWABLES LIMITED (REGISTERED NUMBER: 13925031) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans more than 5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years | 350,335 | 447,529 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Bank invoice financing loan | 743,833 | 824,822 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 150 | 150 |
| Ordinary A | £1 | 1 | 1 |
| Ordinary B | £1 | 1 | 1 |
| Ordinary C | £1 | 1 | 1 |
| 153 | 153 |
| All shares rank pari passu equally in all regards except that each class of share has a right to receive dividends payable to that class of shares only. |
| 12. | RELATED PARTY DISCLOSURES |
| Information about related party transactions and outstanding balances is outlined below: |
| Aggregated transactions with related parties with common key management personnel |
Sales |
Purchases |
Management charge (cost |
Amount owed by related parties |
Amounts owed to related parties |
| £ | £ | £ | £ | £ |
| Period ended 31 December 2023 | 74,767 | 5,263,030 | 138,161 | 131,512 | 629,988 |
| Period ended 31 December 2024 | 123,895 | 1,186,291 | 226,429 | 31,836 | 78,273 |
| The above balances outstanding at the year end are trading balances and therefore are subject to the terms set out on the particular invoices raised. |