Registered number
09650440
RAINSTONE FINANCIAL SERVICES LIMITED
Filleted Accounts
30 June 2022
RAINSTONE FINANCIAL SERVICES LIMITED
Registered number: 09650440
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 25,000 25,000
Tangible assets 4 96,710 107,456
121,710 132,456
Current assets
Debtors 5 (1,950) 47,354
Cash at bank and in hand 322,074 178,122
320,124 225,476
Creditors: amounts falling due within one year 6 (49,427) (55,110)
Net current assets 270,697 170,366
Total assets less current liabilities 392,407 302,822
Creditors: amounts falling due after more than one year 7 (172,143) (169,432)
Net assets 220,264 133,390
Capital and reserves
Called up share capital 2 2
Profit and loss account 220,262 133,388
Shareholders' funds 220,264 133,390
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kobir AHMED
Director
Approved by the board on 9 August 2022
RAINSTONE FINANCIAL SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 16 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2021 25,000
At 30 June 2022 25,000
Amortisation
At 30 June 2022 -
Net book value
At 30 June 2022 25,000
At 30 June 2021 25,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021 127,276
At 30 June 2022 127,276
Depreciation
At 1 July 2021 19,820
Charge for the year 10,746
At 30 June 2022 30,566
Net book value
At 30 June 2022 96,710
At 30 June 2021 107,456
5 Debtors 2022 2021
£ £
Trade debtors - (8,146)
Other debtors (1,950) 55,500
(1,950) 47,354
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 16,993 -
Taxation and social security costs 21,604 30,457
Other creditors 10,830 24,653
49,427 55,110
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 126,889 131,978
Other creditors 45,254 37,454
172,143 169,432
8 Other information
RAINSTONE FINANCIAL SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit G2
Myrdle Street
London
E1 1HL
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