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Company registration number: 10928240
Raffle House
Trading as Raffle House Ltd
Unaudited abridged financial statements
31 August 2023
Raffle House
Contents
Directors and other information
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Raffle House
Directors and other information
Directors Mr Benno Spencer
Company number 10928240
London
SW2 5UH
Business address 1b Ashmere Grove
London
SW2 5UH
Raffle House
Directors report
Year ended 31 August 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2023.
Directors
The directors who served the company during the year were as follows:
Mr Benno Spencer
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 29 February 2024 and signed on behalf of the board by:
Mr Benno Spencer
Director
Raffle House
Abridged statement of comprehensive income
Year ended 31 August 2023
2023 2022
Note £ £
Gross profit 1,020,941 193,223
Administrative expenses ( 931,606) ( 237,161)
_______ _______
Operating profit/(loss) 89,335 ( 43,938)
_______ _______
Profit/(loss) before taxation 89,335 ( 43,938)
Tax on profit/(loss) - -
_______ _______
Profit/(loss) for the financial year and total comprehensive income 89,335 ( 43,938)
_______ _______
All the activities of the company are from continuing operations.
Company registration number: 10928240
Raffle House
Abridged statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Current assets
Cash at bank and in hand 246,416 117,522
_______ _______
246,416 117,522
Creditors: amounts falling due
within one year ( 121,985) ( 7,426)
_______ _______
Net current assets 124,431 110,096
_______ _______
Total assets less current liabilities 124,431 110,096
Creditors: amounts falling due
after more than one year ( 55,540) ( 130,540)
_______ _______
Net assets/(liabilities) 68,891 ( 20,444)
_______ _______
Capital and reserves
Called up share capital 230 230
Share premium account 268,186 268,186
Profit and loss account ( 199,525) ( 288,860)
_______ _______
Shareholders funds/(deficit) 68,891 ( 20,444)
_______ _______
For the year ending 31 August 2023 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 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Mr Benno Spencer
Director
Raffle House
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 September 2021 230 268,186 ( 244,922) 23,494
Profit/(loss) for the year ( 43,938) ( 43,938)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 43,938) ( 43,938)
_______ _______ _______ _______
At 31 August 2022 and 1 September 2022 230 268,186 ( 288,860) ( 20,444)
Profit/(loss) for the year 89,335 89,335
_______ _______ _______ _______
Total comprehensive income for the year - - 89,335 89,335
_______ _______ _______ _______
At 31 August 2023 230 268,186 ( 199,525) 68,891
_______ _______ _______ _______
Raffle House
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 1b Ashmere Grove, London, SW2 5UH.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Benno Spencer ( 130,540) 75,000 ( 55,540)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Benno Spencer ( 30,540) ( 100,000) ( 130,540)
_______ _______ _______
During the Year Benno Spencer was repaid £75,000.00. As of the balance sheet date 31.08.23, £55, 540.36 remained outstanding