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 2022

Rapid Bridging Ltd

Balance Sheet

30 April 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	5,177	6,903

Current assets

Debtors	6	128,907	115,613
Cash at bank and in hand		49,055	37,471
		---------	---------
		177,962	153,084

Creditors: amounts falling due within one year	7	83,695	48,819
		---------	---------
Net current assets		94,267	104,265
		--------	---------
Total assets less current liabilities		99,444	111,168

Creditors: amounts falling due after more than one year	8	56,922	72,393
		--------	---------
Net assets		42,522	38,775
		--------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	42,521	38,774
	--------	--------
Shareholders funds	42,522	38,775
	--------	--------

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 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 28 December 2022 , 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 2022

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 2 (2021: 3 ).

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 May 2021 and 30 April 2022	17,620
	--------
Depreciation
At 1 May 2021	10,717
Charge for the year	1,726
	--------
At 30 April 2022	12,443
	--------
Carrying amount
At 30 April 2022	5,177
	--------
At 30 April 2021	6,903
	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	98,634	91,929
Amounts owed by related parties	21,430	23,184
Other debtors	8,843	500
	---------	---------
	128,907	115,613
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	37,674	15,185
Corporation tax	41,278	28,012
Social security and other taxes	189	40
Other creditors	4,554	5,582
	--------	--------
	83,695	48,819
	--------	--------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	56,922	72,393
	--------	--------

9. Director's advances, credits and guarantees

During the year amounts were advanced to the director and cleared by dividends, with the largest amount outstanding during the year £60,480 at the end of October 2021. As at 30 April 2022, £8,342 (2021 £nil) was owed by the director and will be repaid before 31 January 2023.

10. Related party transactions

During the year, repayments totalling £1,754 were received from A Head of Time Estates, a company under joint control, so that as at 30 April 2022 £21,430 (2021 £23,184) was owed by that company and will be repaid before 30 April 2023

11. 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.