| Registered number |
| for the year ended |
| Raffal limited | |
| Report and accounts | |
| Contents | |
| Page | |
| Accountants' report | 1 |
| Balance sheet | 2 |
| Notes to the accounts | 3 |
| Raffal limited | ||||
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Raffal limited for the year ended 30 June 2024 | ||||
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Raffal limited for the year ended 30 June 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. | ||||
| As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. | ||||
| This report is made solely to the Board of Directors of Raffal limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2016. Our work has been undertaken solely to prepare for your approval the accounts of Raffal limited and state those matters that we have agreed to state to the Board of Directors of Raffal limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raffal limited and its Board of Directors as a body for our work or for this report. | ||||
| It is your duty to ensure that Raffal limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Raffal limited. You consider that Raffal limited is exempt from the statutory audit requirement for the year. | ||||
| We have not been instructed to carry out an audit or a review of the accounts of Raffal limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. | ||||
| MAH, Chartered Accountants | ||||
| 2nd Floor | ||||
| 154 Bishopsgate | ||||
| London | ||||
| EC2M 4LN | ||||
| 20 May 2025 | ||||
| Registered number: | |||||||
| Balance Sheet | |||||||
| as at |
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| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Intangible assets | 3 | ||||||
| Tangible assets | 4 | ||||||
| Current assets | |||||||
| Debtors | 5 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 6 | ( |
( |
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| Net current assets/(liabilities) | ( |
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| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | 7 | ||||||
| Share premium | 8 | ||||||
| Profit and loss account | 9 | ||||||
| Shareholder's funds | |||||||
| The financial statements were authorised for issue and approved by the board on 20 May 2025 and signed on its behalf. | |||||||
| Stelios Kounnou | |||||||
| Director | |||||||
| Approved by the board on |
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| The notes on pages 3 to 8 form part of these financial statements. | |||||||
| Notes to the Accounts | ||||||||
| for the year ended |
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| 1 | Accounting policies | |||||||
| Basis of preparation | ||||||||
| Turnover | ||||||||
Turnover from the online platform for hosting and participating in legally compliant raffles and competitions that provides a secure and transparent system, user-friendly interface, and support throughout the process. |
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| Research and development | ||||||||
| Research expenditure is written off to the income statement in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied that: - an individual project is technically, commercially and financially viable - a project gives rise to a separately identifiable asset and arises from contractual or other legal rights - it is probable that future economic benefits that are attributable to the project will flow to the company - the cost or value of the asset can be measured reliably If the above criteria are met, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
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| Tangible fixed assets | ||||||||
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: |
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| Plant and machinery | over 3 years | |||||||
| 1 | Summary of significant accounting policies(continued) | |||||||
| Financial assets | ||||||||
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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| Financial liabilities | ||||||||
| Basic financial liabilities, including trade and other payables, excluding any financing transactions, are initially recognised at transaction price and are subsequently measured at amortised cost determined using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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| Taxation | ||||||||
Deferred tax is recognised in respect of all material 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. |
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| Provisions | ||||||||
| 1 | Summary of significant accounting policies(continued) | |||||||
| Foreign currency translation | ||||||||
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| Leased assets | ||||||||
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| 2 | Employees | 2024 | 2023 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 3 | Intangible fixed assets | £ | ||||||
| Software development: | ||||||||
| Cost | ||||||||
| At 1 July 2023 | ||||||||
| Additions | - | |||||||
| At 30 June 2024 | ||||||||
| Amortisation | ||||||||
| At 1 July 2023 | ||||||||
| Provided during the year | ||||||||
| At 30 June 2024 | ||||||||
| Net book value | ||||||||
| At 30 June 2024 | ||||||||
| At 30 June 2023 | ||||||||
| The software development intangible fixed assets relate to internally generated technology which has been developed by the company. The cost is being amortised over the reliably estimated useful economic life of 5 years. | ||||||||
| 4 | Tangible fixed assets | |||||||
| Plant and machinery etc | ||||||||
| £ | ||||||||
| Cost | ||||||||
| At 1 July 2023 | ||||||||
| Additions | ||||||||
| At 30 June 2024 | ||||||||
| Depreciation | ||||||||
| At 1 July 2023 | ||||||||
| Charge for the year | ||||||||
| At 30 June 2024 | ||||||||
| Net book value | ||||||||
| At 30 June 2024 | ||||||||
| At 30 June 2023 | ||||||||
| 5 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Other debtors | ||||||||
| Prepayments and accrued income | - | 720 | ||||||
| 6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade creditors | ||||||||
| Other creditors | ||||||||
| Accruals | 330,934 | 87,374 | ||||||
| Deferred income | 425,458 | 227,652 | ||||||
| 7 | Share capital | Nominal | 2024 | 2023 | ||||
| value | Number | £ | £ | |||||
| Allotted, called up and fully paid: |
||||||||
| Ordinary shares | £1 each | 12,410 | 12,410 | 12,410 | ||||
| At 30 June 2024 | ||||||||
| 8 | Share premium | 2024 | 2023 | |||||
| £ | £ | |||||||
| At 1 July | 182,936 | 182,936 | ||||||
| At 30 June | ||||||||
| 9 | Profit and loss account | 2024 | 2023 | |||||
| £ | £ | |||||||
| At 1 July | 67,261 | 228,636 | ||||||
| Profit/(Loss) for the financial year | 124,730 | (161,375) | ||||||
| At 30 June | ||||||||
| 10 | Controlling party | |||||||
| 11 | Presentation currency | |||||||
| The financial statements are presented in Sterling. | ||||||||
| 12 | Legal form of entity and country of incorporation | |||||||
| Raffall Limited is a private company limited by shares and incorporated in England. The address of the company's principal place of business and registered office is: 7 Bell Yard, London, United Kingdom, WC2A 2JR |
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| 13 | Principal place of business | |||||||
| Raffal limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
| 7 Bell Yard, London, United Kingdom, WC2A 2JR | ||||||||