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

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

RAPID BRIDGING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09568514
Rapid Bridging Ltd
Filleted Unaudited Financial Statements
30 April 2021
Rapid Bridging Ltd
Balance Sheet
30 April 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
6,903
7,904
Current assets
Debtors
6
115,613
57,948
Cash at bank and in hand
37,471
15,007
---------
--------
153,084
72,955
Creditors: amounts falling due within one year
7
48,819
25,972
---------
--------
Net current assets
104,265
46,983
---------
--------
Total assets less current liabilities
111,168
54,887
Creditors: amounts falling due after more than one year
8
72,393
40,518
---------
--------
Net assets
38,775
14,369
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
38,774
14,368
--------
--------
Shareholders funds
38,775
14,369
--------
--------
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 (including profit and loss account) has not been delivered.
For the year ending 30 April 2021 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 Bridging Ltd
Balance Sheet (continued)
30 April 2021
These financial statements were approved by the board of directors and authorised for issue on 13 September 2021 , and are signed on behalf of the board by:
Mr A I Jones
Director
Company registration number: 09568514
Rapid Bridging Ltd
Notes to the Financial Statements
Year ended 30 April 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Southampton Buildings, London, WC2A 1AL.
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. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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 and machinery
-
25% straight line
Impairment of fixed assets
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 .
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 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 May 2020
16,321
Additions
1,299
--------
At 30 April 2021
17,620
--------
Depreciation
At 1 May 2020
8,417
Charge for the year
2,300
--------
At 30 April 2021
10,717
--------
Carrying amount
At 30 April 2021
6,903
--------
At 30 April 2020
7,904
--------
6. Debtors
2021
2020
£
£
Trade debtors
91,929
39,103
Amounts owed by related parties
23,184
9,945
Other debtors
500
8,900
---------
--------
115,613
57,948
---------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
15,185
–
Corporation tax
28,012
21,347
Social security and other taxes
40
1,571
Other creditors
5,582
3,054
--------
--------
48,819
25,972
--------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
72,393
40,518
--------
--------
9. Related party transactions
During the year, further amounts totalling £13,239 were advanced to A Head of Time Estates, a company under joint control, so that as at 30 April 2021 £23,184 (2020 £9,945) was owed by that company and will be repaid before 30 April 2022.
10. Reserves
The only movements in equity during the year were the profit for the year and dividends paid. All of the profit and loss account represents distributable reserves.