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Registered number: 12637940
Rainbow Prime Properties Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12637940
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 417,250 264,530
417,250 264,530
CURRENT ASSETS
Cash at bank and in hand 2,653 3,304
2,653 3,304
Creditors: Amounts Falling Due Within One Year 5 (5,500 ) (6,140 )
NET CURRENT ASSETS (LIABILITIES) (2,847 ) (2,836 )
TOTAL ASSETS LESS CURRENT LIABILITIES 414,403 261,694
Creditors: Amounts Falling Due After More Than One Year 6 (412,201 ) (254,627 )
NET ASSETS 2,202 7,067
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 2,102 6,967
SHAREHOLDERS' FUNDS 2,202 7,067
Page 1
Page 2
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Memory Nyahunzwi
Director
7 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rainbow Prime Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12637940 . The registered office is Applewood House Knutsford Road, Chelford, Macclesfield, Cheshire East, SK11 9BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the renting of owned properties.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Investment Property
2023
£
Fair Value
As at 1 July 2022 264,530
Additions 152,720
As at 30 June 2023 417,250
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax - 640
Accruals and deferred income 500 500
Director's loan account 5,000 5,000
5,500 6,140
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6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 112,463 -
Amounts owed to related parties 299,738 254,627
412,201 254,627
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Ultimate Controlling Party
The company's ultimate controlling party is M Nyahunzwi by virtue of her ownership of 100% of the issued share capital in the company.
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