Company Registration No. 06478896 (England and Wales)
Make It Rain Limited
Unaudited accounts
for the year ended 31 December 2018
Make It Rain Limited
Statement of financial position
as at
31 December 2018
Tangible assets
47,960
48,761
Debtors
1,777,782
1,018,772
Cash at bank and in hand
185,259
247,985
Creditors: amounts falling due within one year
(1,116,088)
(576,335)
Net current assets
846,953
690,422
Total assets less current liabilities
894,913
739,183
Creditors: amounts falling due after more than one year
(1,933,625)
(1,574,879)
Net liabilities
(1,038,712)
(835,696)
Called up share capital
200
200
Profit and loss account
(1,038,912)
(835,896)
Shareholders' funds
(1,038,712)
(835,696)
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 September 2019.
Norman Hagarty
Director
Company Registration No. 06478896
Make It Rain Limited
Notes to the Accounts
for the year ended 31 December 2018
Make It Rain Limited is a private company, limited by shares, registered in England and Wales, registration number 06478896. The registered office is 1 Fleet Place, London, EC4M 7WS, England.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridge accounts for this accounting period in accordance with section 444(2A)
2.2 Foreign currency translation
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Make It Rain Limited
Notes to the Accounts
for the year ended 31 December 2018
2.5 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Depreciation is provided on the following basis:
Short term debtors are initially measured at transaction price (Including transaction costs) and subsequently held at cost, less any impairment.
Short term creditors are initially measured at transaction price (Including transaction costs) and subsequently held at cost, less any impairment.
2.8 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
3
Tangible fixed assets
Total
At 1 January 2018
100,285
At 31 December 2018
117,494
Charge for the year
18,010
At 31 December 2018
69,534
At 31 December 2018
47,960
At 31 December 2017
48,761
Make It Rain Limited
Notes to the Accounts
for the year ended 31 December 2018
4
Share capital
2018
2017
Allotted, called up and fully paid:
200,000 Ordinary shares of £0.001 each
200
200
The company is 100% subsidiary of DAC Group Europe Limited, a company registered in England and Wales.
6
Average number of employees
During the year the average number of employees was 13 (2017: 13).