REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 November 2021 |
for |
Rainford Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 November 2021 |
for |
Rainford Properties Limited |
Rainford Properties Limited (Registered number: 11672640) |
Contents of the Financial Statements |
for the Year Ended 29 November 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Rainford Properties Limited |
Company Information |
for the Year Ended 29 November 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Rainford Properties Limited (Registered number: 11672640) |
Balance Sheet |
29 November 2021 |
29.11.21 | 29.11.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Rainford Properties Limited (Registered number: 11672640) |
Balance Sheet - continued |
29 November 2021 |
29.11.21 | 29.11.20 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Rainford Properties Limited (Registered number: 11672640) |
Notes to the Financial Statements |
for the Year Ended 29 November 2021 |
1. | STATUTORY INFORMATION |
Rainford Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
(i) Investment property |
The fair value of investment property is assessed at each reporting date. An independent qualified surveyor will be appointed periodically to formally value investment property but in the intervening periods the directors will obtain a valuation from an estate agent. |
The key factors considered by the directors when valuing the investment property are the condition of the property, market demand and comparability with similar properties in the local area. |
Turnover |
Turnover represents VAT-exempt rents received. |
Revenue recognition |
Rent is recognised in the period to which it relates. |
Tenant deposits are recognised as income to the extent they are withheld and at the point that the amount to be withheld is formally agreed with the tenant. |
Tenant deposits are paid directly into a third party Deposit Protection Scheme by the tenant and are therefore not accounted for in these financial statements. |
Investment property |
Investment properties are revalued annually with any surplus or deficit being dealt with through profit and loss. No depreciation is provided in respect of investment properties. |
Rainford Properties Limited (Registered number: 11672640) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2021 |
3. | ACCOUNTING POLICIES - continued |
Current tax |
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Deferred tax |
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 and that are expected to apply to the reversal of the timing difference. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 November 2020 |
Revaluations | 10,000 |
At 29 November 2021 |
NET BOOK VALUE |
At 29 November 2021 |
At 29 November 2020 |
Investment property is comprised of one property, acquired on 22 March 2019 for £140,000 exclusive of stamp duty and fees. The property was revalued as at 29 November 2021 by a local estate agent. |
There are no restrictions on the realisability of investment property or on the remittance of income and proceeds of disposal. |
The company is contractually obliged to maintain building insurance by its mortgage provider. |
Rainford Properties Limited (Registered number: 11672640) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.21 | 29.11.20 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.21 | 29.11.20 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.11.21 | 29.11.20 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.11.21 | 29.11.20 |
£ | £ |
Bank loans |
The Mortgage Works (UK) plc has a fixed charge over the company's property located at 13 Derby Drive, St Helens, WA11 8EX. |
Rainford Properties Limited (Registered number: 11672640) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2021 |
10. | RESERVES |
Revaluatio |
reserve |
£ |
At 30 November 2020 |
Revaluation reserve transfer | 8,100 |
At 29 November 2021 |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Rainford Properties Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rainford Properties Limited for the year ended 29 November 2021 which comprise the Income Statement, 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Rainford Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rainford Properties Limited and state those matters that we have agreed to state to the director of Rainford Properties Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rainford Properties Limited and its director for our work or for this report. |
It is your duty to ensure that Rainford Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rainford Properties Limited. You consider that Rainford Properties 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 financial statements of Rainford Properties 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 financial statements. |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Date: ............................................. |