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Company registration number: 09846821
Raindance Educational Services Limited
Filleted financial statements
31 October 2024
Raindance Educational Services Limited
Contents
Director's responsibilities statement
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Notes to the financial statements
Raindance Educational Services Limited
Director's responsibilities statement
Year ended 31 October 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Raindance Educational Services Limited
Independent auditor's report to the members of
Raindance Educational Services Limited
Year ended 31 October 2024
Opinion
We have audited the financial statements of Raindance Educational Services Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: a) Identification with management of significant laws and regulations relating to the company, and how the company maintains compliance.b) Considering the competences, independence and integrity of individuals within the company to identify and recognise non-compliance with laws and regulations.c) Requesting management confirm and outline any instances of actual, suspected or alleged fraud in the year. This forms part of the company's representations to us.d) Reviewing the company's internal control processes by way of substantive testing. The reasonable implementation of these processes would mitigate the likelihood of fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart Relf (Senior Statutory Auditor)
For and on behalf of
Henry Reeves & Co Limited
Chartered Certified Accountant and Registered Auditor
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD
28 March 2025
Raindance Educational Services Limited
Statement of comprehensive income
Year ended 31 October 2024
2024 2023
Note £ £
Turnover 880,590 772,739
Cost of sales ( 207,595) ( 184,343)
_______ _______
Gross profit 672,995 588,396
Administrative expenses ( 584,551) ( 464,555)
_______ _______
Operating profit 88,444 123,841
Other interest receivable and similar income 288 -
Interest payable and similar expenses ( 1,315) ( 1,550)
_______ _______
Profit before taxation 87,417 122,291
Tax on profit ( 20,159) ( 25,522)
_______ _______
Profit for the financial year and total comprehensive income 67,258 96,769
_______ _______
All the activities of the company are from continuing operations.
Raindance Educational Services Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 7,587 7,972
_______ _______
7,587 7,972
Current assets
Debtors 4 588,937 618,310
Cash at bank and in hand 12,580 31,107
_______ _______
601,517 649,417
Creditors: amounts falling due
within one year 5 ( 302,062) ( 407,605)
_______ _______
Net current assets 299,455 241,812
_______ _______
Total assets less current liabilities 307,042 249,784
Creditors: amounts falling due
after more than one year 6 ( 9,167) ( 19,167)
_______ _______
Net assets 297,875 230,617
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 297,775 230,517
_______ _______
Shareholders funds 297,875 230,617
_______ _______
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'.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr Z A Choudhry
Director
Company registration number: 09846821
Raindance Educational Services Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
Raindance Educational Services Limited (Company number 09846821 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10a Craven Street, London, WC2N 5PE.
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.
The company provides MA, BA, and HND Education qualifications to both UK-based and International Students. The company has adopted the following turnover policy to match the timing of the associated costs in relation to each Course. For International Students, 50% of the full Course cost is payable upfront and is non-refundable. This 50% is allocated to Turnover on Day 1 of the Course. Invoices raised per Student totalling more than 50% before the year's end are held on the Balance Sheet as Deferred Income and will be recorded as Turnover over the remaining term of the course. For UK-based Students, 25% of the full Course cost is payable upfront and is non-refundable. This 25% is allocated to Turnover on Day 1 of the Course. Invoices raised per Student totalling more than 25% before the year's end are held on the Balance Sheet as Deferred Income and will be recorded as Turnover over the remaining term of the course.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
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.
Financial instruments
The company only enters into basis financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 13 (2023: 11).
3. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 November 2023 20,460 20,460
Additions 3,727 3,727
_______ _______
At 31 October 2024 24,187 24,187
_______ _______
Depreciation
At 1 November 2023 12,488 12,488
Charge for the year 4,112 4,112
_______ _______
At 31 October 2024 16,600 16,600
_______ _______
Carrying amount
At 31 October 2024 7,587 7,587
_______ _______
At 31 October 2023 7,972 7,972
_______ _______
4. Debtors
2024 2023
£ £
Trade debtors 114,978 289,822
Amounts owed by group undertakings and undertakings in which the company has a participating interest 137,379 137,227
Other debtors 336,580 191,261
_______ _______
588,937 618,310
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 97,477 59,908
Corporation tax 20,155 25,522
Social security and other taxes 53,251 58,929
Other creditors 141,334 278,768
_______ _______
322,217 433,127
_______ _______
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Loan 9,167 19,167
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
1,575 9,149 ( 20,000) ( 9,276)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
( 20,396) 21,971 - 1,575
_______ _______ _______ _______