Singlerapid Limited
Singlerapid Limited
Registered number: 02506304
Unaudited Financial Statements
For The Year Ended 31 December 2018
Ten Forward Finance Ltd
Chartered Certified Accountants
Balfour House
741 High Road
London
N12 0BP
Singlerapid Limited
Unaudited Financial Statements
For The Year Ended 31 December 2018
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Singlerapid Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
02506304
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
31 December 2018 | Period to 31 December 2017 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Capital redemption reserve |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 181,733 | 55,881 | |||
Page 1
Singlerapid Limited
Balance Sheet (continued)
As at
31 December 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Singlerapid Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.7.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Page 3
Singlerapid Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
31 December 2018 | Period to 31 December 2017 | ||
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Sales, marketing and distribution |
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3.
Tangible Assets
Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at |
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Additions |
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As at |
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Depreciation | ||||
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Provided during the period |
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As at |
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Net Book Value | ||||
As at |
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As at |
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4.
Stocks
31 December 2018 | Period to 31 December 2017 | ||
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£ | £ | ||
Stock - materials and work in progress | 11,656 | 11,162 | |
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Page 4
Singlerapid Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
5.
Debtors
31 December 2018 | Period to 31 December 2017 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT |
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Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
31 December 2018 | Period to 31 December 2017 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security | - |
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Accruals and deferred income |
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Page 5
Singlerapid Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Other | ||
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31 December 2018 | Period to 31 December 2017 | |
£ | £ | |
Within 1 year | 23,063 | 23,869 |
Between 1 and 5 years | - | 5,594 |
23,063 | 29,463 | |
9.
Related Party Transactions
TDM Group Ltd
The company is owned by TDM Group Ltd
In April 2018, TDM Group Ltd, took over the company's employees. Monthly payroll is reimbursed by the company to TDM Group Ltd. There were a number of transactions durring the year, and at year end the company was owed £19,404 from TDM Group Ltd.
10.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is now TDM Group Ltd . TDM Group Ltd was incorporated in the UK and controls 100% of the shares of Singlerapid Limited .
On 9 February 2018, the company was purchased by TDM Group Ltd, a company incorporated in the UK on 22 August 1997. TDM Group Ltd's principal activity is that of information technology and cloud services.
The company was purchased for a cash consideration of £300,000 and a deferred consideration of £200,000, subject to conditions as per the Share Purchase Agreement. This is payable over three separate tranches.
11.
General Information
Singlerapid Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02506304 . The registered office is Balfour House, 741 High Road, London, N12 0BP.
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