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Raintree House Holidays Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Raintree House Holidays Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Raintree House Holidays Limited

Company Information

Director

Mr P J Cherry

Registered office

Minnows Barn
St Merryn
Padstow
Cornwall
PL28 8PN

Registered number

06859489 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Raintree House Holidays Limited

(Registration number: 06859489)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

fixed assets

   

 

tangible assets

6

 

56,501

 

51,709

Current assets

   

 

stocks

7

5,142

 

4,774

 

Debtors

8

12,485

 

10,832

 

Cash at bank and in hand

 

1,499,067

 

1,430,174

 

 

1,516,694

 

1,445,780

 

Creditors: Amounts falling due within one year

9

(1,195,967)

 

(1,239,692)

 

Net current assets

   

320,727

 

206,088

Total assets less current liabilities

   

377,228

 

257,797

Provisions for liabilities

10

 

(5,690)

 

(3,360)

Net assets

   

371,538

 

254,437

capital and reserves

   

 

Called up share capital

350

 

350

 

Capital redemption reserve

50

 

50

 

Profit and loss account

371,138

 

254,037

 

Total equity

   

371,538

 

254,437

For the financial year ending 31 March 2023 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

 

Raintree House Holidays Limited

(Registration number: 06859489)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 13 October 2023


 

.........................................

Mr P J Cherry
Director

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Minnows Barn
St Merryn
Padstow
Cornwall
PL28 8PN

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

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.

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.

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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 25 (2022 - 25).

4

Taxation

Tax charged/(credited) in the income statement

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
 £

2022
 £

Current taxation

UK corporation tax

49,573

33,716

UK corporation tax adjustment to prior periods

(473)

-

49,100

33,716

Deferred taxation

Arising from changes in tax rates and laws

2,331

(1,455)

Tax expense in the income statement

51,431

32,261

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

62,360

62,360

At 31 March 2023

62,360

62,360

Amortisation

At 1 April 2022

62,360

62,360

At 31 March 2023

62,360

62,360

Carrying amount

At 31 March 2023

-

-

6

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

28,388

65,838

23,098

68,647

Additions

-

1,290

1,044

24,916

Disposals

-

-

-

(450)

At 31 March 2023

28,388

67,128

24,142

93,113

Depreciation

At 1 April 2022

20,742

52,866

16,278

44,376

Charge for the year

1,912

3,605

4,564

12,270

Eliminated on disposal

-

-

-

(343)

At 31 March 2023

22,654

56,471

20,842

56,303

Carrying amount

At 31 March 2023

5,734

10,657

3,300

36,810

At 31 March 2022

7,646

12,972

6,820

24,271

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Total
£

Cost or valuation

At 1 April 2022

185,971

Additions

27,250

Disposals

(450)

At 31 March 2023

212,771

Depreciation

At 1 April 2022

134,262

Charge for the year

22,351

Eliminated on disposal

(343)

At 31 March 2023

156,270

Carrying amount

At 31 March 2023

56,501

At 31 March 2022

51,709

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Other inventories

5,142

4,774

8

Debtors

Current

2023
£

2022
£

Trade debtors

281

419

Prepayments

7,482

6,647

Other debtors

4,722

3,766

 

12,485

10,832

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,116,148

1,194,388

Taxation and social security

55,514

41,093

Accruals and deferred income

2,174

2,037

Other creditors

22,131

2,174

1,195,967

1,239,692

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 April 2022

3,360

3,360

Increase (decrease) in existing provisions

2,330

2,330

At 31 March 2023

5,690

5,690

11

Dividends

 

Raintree House Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

   

2023

 

2022

   

£

 

£

Final dividend of £258.31 (2022 - £214.28) per ordinary share

 

90,410

 

75,000

Interim dividend of £114.94 (2022 - £Nil) per ordinary share

 

20,000

 

-

   

110,410

 

75,000