Rapid Management Services Limited Small abridged accounts

RAPID MANAGEMENT SERVICES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Rapid Management Services Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 02065689

Rapid Management Services Limited

Unaudited Abridged Financial Statements

31 March 2017

Rapid Management Services Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Directors' report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Rapid Management Services Limited

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Directors

The directors who served the company during the year were as follows:

Mr A G Omar
Mrs S Omar
Mr N Omar
Mr H Omar
Mr R Omar	(Appointed 13 September 2016)

It is with sadness we report that Mr H Omar passed away on 20 May 2017.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 28 July 2017 and signed on behalf of the board by:

Mr A G Omar	Mr N Omar
Director	Director

Rapid Management Services Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	98,579	97,465

Property outgoings	3,944	17,335
Administrative expenses	5,748	3,138
	--------	--------
Operating profit	88,887	76,992

Interest payable and similar expenses	4	1,038	1,573
		--------	--------
Profit before taxation		87,849	75,419

Tax on profit	17,645	15,084
	--------	--------
Profit for the financial year and total comprehensive income	70,204	60,335
	--------	--------

Retained earnings at the start of the year	109,579	49,244
	---------	---------
Retained earnings at the end of the year	179,783	109,579
	---------	---------

All the activities of the company are from continuing operations.

Rapid Management Services Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		750,025	750,025

Current assets

Debtors	102,659	84,201
Cash at bank and in hand	117,006	92,063
	---------	---------
	219,665	176,264

Creditors: amounts falling due within one year	779,864		779,104
	---------		---------
Net current liabilities		560,199	602,840
		---------	---------
Total assets less current liabilities		189,826	147,185

Creditors: amounts falling due after more than one year	9,943	37,506
	---------	---------
Net assets	179,883	109,679
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	179,783	109,579
	---------	---------
Members funds	179,883	109,679
	---------	---------

These abridged financial statements have been prepared 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'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Rapid Management Services Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 28 July 2017 , and are signed on behalf of the board by:

Mr A G Omar	Mr N Omar
Director	Director

Company registration number: 02065689

Rapid Management Services Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

The turnover shown in the profit and loss account represents the company's share of rental income from its investment property and from a joint venture interest.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Interest payable and similar expenses

	2017	2016
	£	£
Interest on banks loans and overdrafts	972	1,573
Other interest payable and similar charges	66	–
	-------	-------
	1,038	1,573
	-------	-------

5. Investments

	£
Cost
At 1 April 2016 and 31 March 2017	750,025
	---------
Impairment
At 1 April 2016 and 31 March 2017	–
	---------
Carrying amount
At 31 March 2017	750,025
	---------

6. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr A G Omar	702,653	( 2,600)	700,053
	---------	-------	---------

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr A G Omar	714,271	( 11,619)	702,652
	---------	--------	---------

7. Related party transactions

Control:- The company was under the control of Mr A G Omar , a director, and members of his close family throughout the current year. Mr A G Omar is personally interested in 51% (2016 - 51%) of the company's share capital. In addition, his wife and adult children control in aggregate the remaining 49% (2016 - 49%) of the company's issued share capital. Transactions:- On 1 April 2014, Mr A G Omar transferred his beneficial interest in a property at 76 and 76a Clapham High Street, London SE4 to this company. Mr A G Omar also transferred his 25% Joint Venture interest in a property at 35 Clapham High Street, London SW4 to this company.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.