Rapidspeed Limited 31/03/2025 iXBRL

Company registration number: 1747723

Rapidspeed Limited

Trading as Hi-Tec Fastners

Unaudited filleted financial statements

31 March 2025

Rapidspeed Limited

Contents

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Rapidspeed Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Rapidspeed Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rapidspeed Limited for the year ended 31 March 2025 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of Rapidspeed Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Rapidspeed Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rapidspeed Limited and its director as a body for our work or for this report.

It is your duty to ensure that Rapidspeed Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rapidspeed Limited. You consider that Rapidspeed Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rapidspeed Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Parkinson & Partners

ACCA

Mobbs Wood Farm

Brinklow Road

Ansty

Coventry

CV7 9JN

1 December 2025

Rapidspeed Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	6	8,931		6,218
		_______		_______
			8,931		6,218

Current assets
Stocks		296,944		196,564
Debtors	7	56		23,831
Cash at bank and in hand		276,779		493,007
		_______		_______
		573,779		713,402
Creditors: amounts falling due
within one year	8	( 137,589)		( 514,958)
		_______		_______
Net current assets			436,190		198,444
			_______		_______
Total assets less current liabilities			445,121		204,662


Provisions for liabilities			( 789)		( 274)

			_______		_______
Net assets			444,332		204,388
			_______		_______

Capital and reserves
Called up share capital			34		34
Profit and loss account			444,298		204,354
			_______		_______
Shareholder funds			444,332		204,388
			_______		_______

For the 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.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 01 December 2025 , and are signed on behalf of the board by:

Mr Stephen Franks

Director

Company registration number: 1747723

Rapidspeed Limited

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2023	34	230,174	230,208

Profit for the year		4,180	4,180
	_______	_______	_______
Total comprehensive income for the year	-	4,180	4,180

Dividends paid and payable		( 30,000)	( 30,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 30,000)	( 30,000)

	_______	_______	_______
At 31 March 2024 and 1 April 2024	34	204,354	204,388

Profit for the year		239,944	239,944
	_______	_______	_______
Total comprehensive income for the year	-	239,944	239,944

	_______	_______	_______
At 31 March 2025	34	444,298	444,332
	_______	_______	_______

Rapidspeed Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Rapidspeed Limited, Hatton Street, Bilston, West Midlands, WV14 0TH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Exceptional items

	2025	2024
	£	£
Trade Creditors Written Off	359,528	-
	_______	_______

During the financial year, the balances on two supplier accounts were written off. The balances on these accounts had been outstanding for 7 years due to a dispute over the quality of the product supplied which has never been resolved. After such a long period of time it is believed this debt will not be persued by the suppliers and is therefore written off in this financial year.

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	240,426	7,800	-	248,226
Additions	-	-	4,167	4,167
	_______	_______	_______	_______
At 31 March 2025	240,426	7,800	4,167	252,393
	_______	_______	_______	_______
Depreciation
At 1 April 2024	234,208	7,800	-	242,008
Charge for the year	933	-	521	1,454
	_______	_______	_______	_______
At 31 March 2025	235,141	7,800	521	243,462
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	5,285	-	3,646	8,931
	_______	_______	_______	_______
At 31 March 2024	6,218	-	-	6,218
	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Other debtors	56	23,831
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	-	403,695
Social security and other taxes	653	7,034
Other creditors	136,936	104,229
	_______	_______
	137,589	514,958
	_______	_______

9. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Stephen Franks	( 103,069)	( 112,647)	80,000	( 135,716)
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Stephen Franks	( 108,059)	( 30,010)	35,000	( 103,069)
		_______	_______	_______	_______

The directors loan is repayable and no interest is payable on the outstanding loan.

10. Controlling party

Mr S.M.Franks a director of the company has the controlling interest in the company by virtue of his 100% ownership of the issued share capital.