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Company registration number: 11679336
Rain Construction Ltd
Unaudited filleted financial statements
30 November 2021
Rain Construction Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Rain Construction Ltd
Directors and other information
Directors Mr Abolfazl Jamalian Shahrbabaki
Company number 11679336
Registered office Office 202, Rex House
354 Ballards Lane, Finchley
London
N12 0DD
Business address Office 202, Rex House
354 Ballards Lane
Finchley, London
N12 0DD
Accountants Agents for Accounting Ltd
Apex House, 2nd Floor
Grand Arcade
London
N12 0EH
Rain Construction Ltd
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Current assets
Debtors 5 49,256 49,882
Cash at bank and in hand 3 1
_______ _______
49,259 49,883
Creditors: amounts falling due
within one year 6 ( 50,956) ( 50,706)
_______ _______
Net current liabilities ( 1,697) ( 823)
_______ _______
Total assets less current liabilities ( 1,697) ( 823)
_______ _______
Net liabilities ( 1,697) ( 823)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 1,698) ( 824)
_______ _______
Shareholders deficit ( 1,697) ( 823)
_______ _______
For the year ending 30 November 2021 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 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 financial statements.
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 has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 August 2022 , and are signed on behalf of the board by:
Mr Abolfazl Jamalian Shahrbabaki
Director
Company registration number: 11679336
Rain Construction Ltd
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Office 202, Rex House, 354 Ballards Lane, Finchley, London, N12 0DD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The financial statements have been prepared on a basis other than that of the going concern basis because throughout the period of trading the business required the support of the director Mr Abolfazl Jamalian Shahrbabaki.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
The aggregate payroll costs incurred during the year were:
2021 2020
£ £
Wages and salaries 242 ( 556)
_______ _______
5. Debtors
2021 2020
£ £
Other debtors 49,256 49,882
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 50,000 50,000
Other creditors 956 706
_______ _______
50,956 50,706
_______ _______
7. Directors advances, credits and guarantees
During the period, the director of the company owed £49,256 to the company This balance is unsecured and interest free, with no fixed repayment terms.