Company Registration No. 00990307 (England and Wales)
RAINHEATH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
RAINHEATH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,474
5,593
Tangible assets
4
8,178,521
8,219,588
Investment properties
5
226,188
226,188
Investments
6
1
160,608
8,409,184
8,611,977
Current assets
Stocks
481,303
-
Debtors
7
5,442,802
5,412,130
Cash at bank and in hand
702,785
1,386,672
6,626,890
6,798,802
Creditors: amounts falling due within one year
8
(508,813)
(566,298)
Net current assets
6,118,077
6,232,504
Total assets less current liabilities
14,527,261
14,844,481
Creditors: amounts falling due after more than one year
9
(56,565)
(67,758)
Net assets
14,470,696
14,776,723
Capital and reserves
Called up share capital
10
7,682
7,682
Capital redemption reserve
1,450
1,450
Profit and loss reserves
14,461,564
14,767,591
Total equity
14,470,696
14,776,723
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 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 22 August 2024 and are signed on its behalf by:
Mrs Julie Stephenson
Director
Company Registration No. 00990307
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Rainheath Limited is a private company limited by shares incorporated in England and Wales. The registered office is Triune Court, Monks Cross Drive, Huntington, YORK, YO32 9GZ.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover comprises the invoiced value of furnished holiday accommodation, farming and rental income provided by the company, net of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over 50 years
Plant and Equipment
Straight line over 5 - 7 years
Fixtures and fittings
Straight line over 5 years
Motor vehicles
Straight line over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
All investments, including listed investments, interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at market/fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred.
Changes in market/ fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
1.8
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
46
3
Intangible fixed assets
Website costs
£
Cost
At 1 December 2022 and 30 November 2023
11,188
Amortisation and impairment
At 1 December 2022
5,595
Amortisation charged for the year
1,119
At 30 November 2023
6,714
Carrying amount
At 30 November 2023
4,474
At 30 November 2022
5,593
4
Tangible fixed assets
Freehold land and buildings
Plant and Equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
9,145,006
1,140,039
521,932
131,868
10,938,845
Additions
348,382
190,746
2,715
30,000
571,843
Disposals
(348,382)
(125,850)
(18,395)
(492,627)
At 30 November 2023
9,145,006
1,204,935
524,647
143,473
11,018,061
Depreciation and impairment
At 1 December 2022
1,275,982
829,936
490,120
123,219
2,719,257
Depreciation charged in the year
120,527
77,365
10,771
7,408
216,071
Eliminated in respect of disposals
(80,090)
(15,698)
(95,788)
At 30 November 2023
1,396,509
827,211
500,891
114,929
2,839,540
Carrying amount
At 30 November 2023
7,748,497
377,724
23,756
28,544
8,178,521
At 30 November 2022
7,869,024
310,103
31,812
8,649
8,219,588
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
226,188
The freehold investment properties were revalued at 30 November 2022 by the directors on an existing use open market value basis at £226,188.
The historical cost of the freehold investment properties at 30 November 2022 was £107,696.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
160,607
1
160,608
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 December 2022
1
160,607
160,608
Additions
-
10,534
10,534
Valuation changes
-
177,861
177,861
Cash movement
-
(3,811)
(3,811)
Disposals
-
(345,191)
(345,191)
At 30 November 2023
1
-
1
Carrying amount
At 30 November 2023
1
-
1
At 30 November 2022
1
160,607
160,608
RAINHEATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
419,644
99,436
Amounts owed by group undertakings
4,978,772
5,268,772
Other debtors
247
30
Prepayments and accrued income
44,139
43,892
5,442,802
5,412,130
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,800
9,600
Obligations under finance leases (secured)
52,382
20,025
Trade creditors
67,126
118,689
Other taxation and social security
50,108
18,680
Deferred income
138,429
226,997
Other creditors
158,189
146,043
Directors current accounts
1,000
1,000
Accruals and deferred income
31,779
25,264
508,813
566,298
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,665
27,708
Obligations under finance leases (secured)
38,900
40,050
56,565
67,758
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
76,820 Ordinary shares of 10p each
7,682
7,682