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Registration number: 06969502

Rainwater Direct Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2024

 

Rainwater Direct Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Rainwater Direct Limited

Company Information

Director

S Goodliffe

Registered office

The Old Bus Station
Harborough Road
Desborough
Northamptonshire
NN14 2QY

 

Accountants

SKP Tax & Accounting Services Ltd
t/a AIMS Accountants for Business17 Mileway Gardens
Headington
Oxford
OX3 7XH

 

Rainwater Direct Limited

(Registration number: 06969502)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

55,930

31,240

Current assets

 

Stocks

6

258,077

236,450

Debtors

7

30,696

44,838

Cash at bank and in hand

 

19,018

41,037

 

307,791

322,325

Creditors: Amounts falling due within one year

8.1

(290,125)

(299,843)

Net current assets

 

17,666

22,482

Total assets less current liabilities

 

73,596

53,722

Creditors: Amounts falling due after more than one year

8.2

(55,929)

(43,321)

Provisions for liabilities

(9,417)

(4,726)

Accruals and deferred income

 

(8,050)

(5,471)

Net assets

 

200

204

Capital and reserves

 

Called up share capital

9

105

105

Retained earnings

95

99

Shareholders' funds

 

200

204

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Rainwater Direct Limited

(Registration number: 06969502)
Abridged Balance Sheet as at 31 July 2024

Approved and authorised by the director on 28 March 2025
 

.........................................
S Goodliffe
Director

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
The Old Bus Station
Harborough Road
Desborough
Northamptonshire
NN14 2QY

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 9).

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2023

40,000

At 31 July 2024

40,000

Amortisation

At 1 August 2023

40,000

At 31 July 2024

40,000

Carrying amount

At 31 July 2024

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

13,481

101,280

12,987

30,110

157,858

Additions

-

-

-

43,334

43,334

At 31 July 2024

13,481

101,280

12,987

73,444

201,192

Depreciation

At 1 August 2023

12,723

79,493

11,436

22,965

126,617

Charge for the year

190

5,447

388

12,620

18,645

At 31 July 2024

12,913

84,940

11,824

35,585

145,262

Carrying amount

At 31 July 2024

568

16,340

1,163

37,859

55,930

At 31 July 2023

757

21,787

1,551

7,145

31,240

6

Stocks

2024
£

2023
£

Other inventories

258,077

236,450

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due within one year


Creditors include hire purchase liabilities and other loans of £118,122 (2023 - £55,417).
Creditors also include a Bounce Back Loan of £6,000.

Creditors: amounts falling due after more than one year


Creditors include hire purchase liabilities and other loans of £50,929 (2023 - £32,321).
Creditors also include a Bounce Back Loan of £5,000 (2023 - £11,000).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

Ordinary B £1 shares of £1 each

5

5

5

5

105

105

105

105

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £176.00 (2023 - £396.03) per each Ordinary £1 shares

17,600

39,603

Interim dividend of £2,800.00 (2023 - £4,200.00) per each Ordinary B £1 shares

14,000

21,000

31,600

60,603

 

Rainwater Direct Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

11

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

S Goodliffe

Included in debtors is a directors loan

9,861

(9,861)

-

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,500

12,000

Contributions paid to money purchase schemes

518

158

24,018

12,158