Rapid Engineering Supplies Ltd Filleted accounts for Companies House (small and micro)

RAPID ENGINEERING SUPPLIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03663511

Rapid Engineering Supplies Ltd

Filleted Unaudited Financial Statements

31 December 2018

Rapid Engineering Supplies Ltd

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	562,372	534,033

Current assets

Stocks		348,000	348,000
Debtors	6	4,882,483	3,802,774
Investments	7	1	1
Cash at bank and in hand		982,174	1,094,022
		------------	------------
		6,212,658	5,244,797

Creditors: amounts falling due within one year	8	3,582,184	3,024,573
		------------	------------
Net current assets		2,630,474	2,220,224
		------------	------------
Total assets less current liabilities		3,192,846	2,754,257

Provisions	12,343	6,867
	------------	------------
Net assets	3,180,503	2,747,390
	------------	------------

Capital and reserves

Called up share capital	200	200
Revaluation reserve	93,585	93,585
Capital redemption reserve	100	100
Profit and loss account	3,086,618	2,653,505
	------------	------------
Shareholders funds	3,180,503	2,747,390
	------------	------------

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 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 income and retained earnings has not been delivered.

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.

Director's responsibilities:

- The members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rapid Engineering Supplies Ltd

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 16 September 2019 , and are signed on behalf of the board by:

Mr N J Simpkins Director

Company registration number: 03663511

Rapid Engineering Supplies Ltd

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B8, Telford Road, Bicester, Oxon, OX26 4LD.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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 & Machinery	-	15% straight line
Fixtrues & Fittings	-	15% straight line
Motor Vehicles	-	25% straight line
Equipment	-	33% reducing balance

The director considers the residual value of the freehold land and buildings to be higher than the cost and therefore no depreciation has been charged.

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 stock to its 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 as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 25 (2017: 21 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2018	487,000	105,150	6,068	104,528	68,922	771,668
Additions	–	600	–	49,459	848	50,907
	---------	---------	-------	---------	--------	---------
At 31 Dec 2018	487,000	105,750	6,068	153,987	69,770	822,575
	---------	---------	-------	---------	--------	---------
Depreciation
At 1 Jan 2018	–	76,598	6,068	89,603	65,366	237,635
Charge for the year	–	11,100	–	10,156	1,312	22,568
	---------	---------	-------	---------	--------	---------
At 31 Dec 2018	–	87,698	6,068	99,759	66,678	260,203
	---------	---------	-------	---------	--------	---------
Carrying amount
At 31 Dec 2018	487,000	18,052	–	54,228	3,092	562,372
	---------	---------	-------	---------	--------	---------
At 31 Dec 2017	487,000	28,552	–	14,925	3,556	534,033
	---------	---------	-------	---------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	4,106,360	2,603,930
Amounts owed by group undertakings and undertakings in which the company has a participating interest	543,986	751,000
Other debtors	232,137	447,844
	------------	------------
	4,882,483	3,802,774
	------------	------------

7. Investments

	2018	2017
	£	£
Other investments	1	1
	----	----

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	192,640	626,235
Trade creditors	2,239,627	1,435,383
Amounts owed to group undertakings and undertakings in which the company has a participating interest	59,060	198,260
Corporation tax	106,950	39,189
Social security and other taxes	199,620	98,860
Other creditors	784,287	626,646
	------------	------------
	3,582,184	3,024,573
	------------	------------

9. Director's advances, credits and guarantees

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

	Balance brought forward and outstanding
	2018	2017
	£	£
Mr N J Simpkins	955	955
	----	----

10. Related party transactions

The company was under the control of Mr N Simpkins throughout the current and previous year. Mr N Simpkins is the managing director and majority shareholder. Included in other debtors is £955 due from the director Included in trade debtors are the following balances: Rapid Engineering N.E.Limited £26,563 Rapid Manufacturing (South) Limited £132,050 Included in debtors are the following inter company balances: European Engineering Group Limited £59,060 Rapid Engineering N.E.Limited £56,382 Rapid Management Limited £487,011 Included in trade creditors are the folling balances: Rapid Management Limited £624,400 Rapid Manufacturing (South) Limited £197,591 Included in creditors are the following inter company balances: Rapid Engineering N E Limited £509,130 The following transaction took place during the year with related parties: Management fees £525,000