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Company registration number: 06212379
RNF International Ltd
Unaudited filleted financial statements
30 November 2023
RNF International Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
RNF International Ltd
Directors and other information
Directors Mr Ruslan Aliyev
Mrs Olga Nepomnyashchikh (Resigned 10 January 2024)
Company number 06212379
Registered office 176 Devonshire Road
London
W4 2AW
Business address 176 Devonshire Road
London
W4 2AW
Accountant Reza Samii
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
RNF International Ltd
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of RNF International Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of RNF International Ltd for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii
Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
12 August 2024
RNF International Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,721,088 1,488,711
_______ _______
1,721,088 1,488,711
Current assets
Debtors 6 2,947,618 2,927,046
Cash at bank and in hand 91 14,815
_______ _______
2,947,709 2,941,861
Creditors: amounts falling due
within one year 7 ( 3,924,790) ( 3,740,629)
_______ _______
Net current liabilities ( 977,081) ( 798,768)
_______ _______
Total assets less current liabilities 744,007 689,943
Provisions for liabilities ( 4,267) ( 734)
_______ _______
Net assets 739,740 689,209
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 739,730 689,199
_______ _______
Shareholders funds 739,740 689,209
_______ _______
For the year ending 30 November 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 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 12 August 2024 , and are signed on behalf of the board by:
Mr Ruslan Aliyev
Director
Company registration number: 06212379
RNF International Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is RNF International Ltd, 176 Devonshire Road, London, W4 2AW.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Office Equipment - 25 % straight line
Fixtures, fittings and plant & machinery - 10 % straight line
Investment Properties - No depreciation has been provided on investment properties.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Office Equipment Fixtures, fittings and equipment Investment Properties Total
£ £ £ £
Cost
At 1 December 2022 - 9,129 1,484,847 1,493,976
Additions 833 14,990 219,174 234,997
_______ _______ _______ _______
At 30 November 2023 833 24,119 1,704,021 1,728,973
_______ _______ _______ _______
Depreciation
At 1 December 2022 - 5,265 - 5,265
Charge for the year 208 2,412 - 2,620
_______ _______ _______ _______
At 30 November 2023 208 7,677 - 7,885
_______ _______ _______ _______
Carrying amount
At 30 November 2023 625 16,442 1,704,021 1,721,088
_______ _______ _______ _______
At 30 November 2022 - 3,864 1,484,847 1,488,711
_______ _______ _______ _______
The directors are of the opinion that the above carrying amounts fairly represent the properties market value as at 30th November 2023.Investment properties are not being depreciated.
6. Debtors
2023 2022
£ £
Trade debtors 7,500 8,138
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,940,118 2,918,057
Other debtors - 851
_______ _______
2,947,618 2,927,046
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 18,098 8,603
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,206,562 3,206,562
Corporation tax 44,103 31,299
Social security and other taxes 902 1,031
Other creditors 655,125 493,134
_______ _______
3,924,790 3,740,629
_______ _______
8. 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 Ruslan Aliyev ( 431,199) ( 204,306) ( 635,505)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ruslan Aliyev ( 314,170) ( 117,029) ( 431,199)
_______ _______ _______
Directors' loans are unsecured and interest free.
9. Related party transactions
During the year the company advanced funds amounting to £22,061 to Britannia Construction Standard Ltd, a UK registered company controlled and owned by the directors. The year end balance amounted to £2,940,118.The balance of £3,206,562 due to "related party undertakings" represent sums owing to Mr. Aliyev's close relatives. The creditor balance is interest free, unsecured and repayable on demand. The directors' credit balances with the company as at 30.11.2023 amounted to £635,505.
10. Controlling party
The company was controlled throughout the current and previous year by its two directors.