Company Registration No. 00619552 (England and Wales)
RAINES PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
RAINES PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RAINES PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,000,000
1,000,000
Current assets
Debtors
4
41,990
45,188
Cash at bank and in hand
222,019
313,154
264,009
358,342
Creditors: amounts falling due within one year
5
(34,126)
(40,537)
Net current assets
229,883
317,805
Total assets less current liabilities
1,229,883
1,317,805
Capital and reserves
Called up share capital
28
28
Capital redemption reserve
72
72
Investment property reserve
951,988
951,988
Profit and loss reserves
277,795
365,717
Total equity
1,229,883
1,317,805

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
L Raine
Director
Company Registration No. 00619552
RAINES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Raines Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

 

1.2
Turnover

Turnover represents rent receivable.

Rental income from operating leases (net of any incentives given to the lessee) is recognised on a straight-line basis over the lease term.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

RAINES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
RAINES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
1,000,000

Investment property comprises commercial properties which are let out to tenants and held for increases in value.

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
48,012
48,012
Accumulated depreciation
-
-
Carrying amount
48,012
48,012
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
3,207
1,537
2023
2022
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
38,783
43,651
Total debtors
41,990
45,188
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
751
843
Corporation tax
5,857
4,656
Other creditors
17,497
25,017
Accruals and deferred income
10,021
10,021
34,126
40,537
RAINES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
6
Investment property reserve

 

The investment property reserve comprises the fair value uplift of the investment properties (net of the associated deferred tax) classified as fixed assets. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Change in Equity. The reserve in non-distributable.

2023-06-302022-07-01false06 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityL RaineS RaineM RaineD RaineJ ThackerL Raine006195522022-07-012023-06-30006195522023-06-30006195522022-06-3000619552core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3000619552core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3000619552core:CurrentFinancialInstruments2023-06-3000619552core:CurrentFinancialInstruments2022-06-3000619552core:ShareCapital2023-06-3000619552core:ShareCapital2022-06-3000619552core:CapitalRedemptionReserve2023-06-3000619552core:CapitalRedemptionReserve2022-06-3000619552core:OtherMiscellaneousReserve2023-06-3000619552core:OtherMiscellaneousReserve2022-06-3000619552core:RetainedEarningsAccumulatedLosses2023-06-3000619552core:RetainedEarningsAccumulatedLosses2022-06-3000619552bus:CompanySecretaryDirector12022-07-012023-06-30006195522021-07-012022-06-30006195522022-06-3000619552core:Non-currentFinancialInstruments2023-06-3000619552bus:PrivateLimitedCompanyLtd2022-07-012023-06-3000619552bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3000619552bus:FRS1022022-07-012023-06-3000619552bus:AuditExemptWithAccountantsReport2022-07-012023-06-3000619552bus:Director12022-07-012023-06-3000619552bus:Director22022-07-012023-06-3000619552bus:Director32022-07-012023-06-3000619552bus:Director42022-07-012023-06-3000619552bus:Director52022-07-012023-06-3000619552bus:CompanySecretary12022-07-012023-06-3000619552bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP