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Registered number: SC175329 RAPID PROJECT DEVELOPMENT LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
RAPID PROJECT DEVELOPMENT LTD COMPANY INFORMATION
DIRECTORS | Mr P Duxbury
| Mrs R Duxbury
REGISTERED NUMBER | SC175329
REGISTERED OFFICE | Cowley Farm
| Rothienorman
| Aberdeenshire
| AB51 8YB
ACCOUNTANTS | EQ Accountants Limited
| Chartered Accountants
| Westby
| 64 West High Street
| Forfar
| Angus
| DD8 1BJ
RAPID PROJECT DEVELOPMENT LTD REGISTERED NUMBER: SC175329 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
|  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 1,674,858 |  | 1,722,863
|  |  | 1,674,858 |  | 1,722,863
CURRENT ASSETS |  |  |  |  |
Stocks |  | 411,565 |  | 331,360 |
Debtors: amounts falling due within one year | 5 | 903,663 |  | 1,088,709 |
Cash at bank and in hand |  | 169,874 |  | 34,127 |
|  | 1,485,102 |  | 1,454,196 |
Creditors: amounts falling due within one year | 6 | (995,867) |  | (924,310) |
NET CURRENT ASSETS |  |  | 489,235 |  | 529,886
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,164,093 |  | 2,252,749
Creditors: amounts falling due after more than one year | 7 |  | (118,037) |  | (244,494)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax |  | (285,093) |  | (213,490) |
|  |  | (285,093) |  | (213,490)
NET ASSETS |  |  | 1,760,963 |  | 1,794,765
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 8 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 1,759,963 |  | 1,793,765
|  |  | 1,760,963 |  | 1,794,765
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RAPID PROJECT DEVELOPMENT LTD REGISTERED NUMBER: SC175329 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025 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 27 November 2025.
Mr P Duxbury
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
RAPID PROJECT DEVELOPMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
Rapid Project Development Limited is a private company, limited by shares, incorporated in Scotland with registration number SC175329. The registered office is Cowley Farm, Rothienorman, Aberdeenshire, AB51 8YB. The financial statements are presented in Sterling which is the functional currency of the Company, rounded to the nearest £. 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 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover 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 turnover 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.
| 2.3 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method. Page 3
RAPID PROJECT DEVELOPMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that 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 reporting date.
| 2.5 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 12.5% | Reducing balance
|  |  |  | Motor vehicles | - | 25.0% | Straight line
|  |  |  | Office equipment | - | 12.5% | Reducing balance
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. Page 4
RAPID PROJECT DEVELOPMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | VALUATION OF INVESTMENTS
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.7 | 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 reporting 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.
| 2.8 | 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. 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.
| 2.9 | GOVERNMENT GRANTS
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 30 (2024 - 30).
Page 5
RAPID PROJECT DEVELOPMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | TANGIBLE FIXED ASSETS
|  | Land and buildings | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 May 2024 | 555,000 | 1,849,917 | 574,373 | 45,174 | 3,024,464
| Additions | - | 126,728 | 71,665 | 2,727 | 201,120
| Disposals | - | (94,471) | (21,350) | - | (115,821)
| At 30 April 2025 | 555,000 | 1,882,174 | 624,688 | 47,901 | 3,109,763
| DEPRECIATION |  |  |  |  |
| At 1 May 2024 | 35,000 | 1,001,499 | 226,206 | 38,896 | 1,301,601
| Charge for the year on owned assets | - | 119,114 | 104,428 | 1,127 | 224,669
| Disposals | - | (72,152) | (19,213) | - | (91,365)
| At 30 April 2025 | 35,000 | 1,048,461 | 311,421 | 40,023 | 1,434,905
| NET BOOK VALUE |  |  |  |  |
| At 30 April 2025 | 520,000 | 833,713 | 313,267 | 7,878 | 1,674,858
5. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 613,490 | 693,672
| Other debtors | 286,542 | 390,878
| Prepayments and accrued income | 3,631 | 4,159
|  | 903,663 | 1,088,709
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RAPID PROJECT DEVELOPMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 38,182 | 38,182
| Trade creditors | 707,035 | 737,121
| Other taxation and social security | 157,401 | 48,410
| Obligations under finance lease and hire purchase contracts | 88,274 | 95,669
| Accruals and deferred income | 4,975 | 4,928
|  | 995,867 | 924,310
| The bank loan is secured by a floating charge over the property and all the assets of the Company. Hire purchase liabilities are secured over the assets to which they relate.
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 38,182
| Net obligations under finance leases and hire purchase contracts | 118,037 | 206,312
|  | 118,037 | 244,494
| The bank loan is secured by a floating charge over the property and all the assets of the Company. Hire purchase liabilities are secured over the assets to which they relate.
8. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,000 (2024 - 1,000) ordinary shares shares of £1.00 each | 1,000 | 1,000
Page 7