REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
RAIN CLOUD PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
RAIN CLOUD PROPERTIES LIMITED |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RAIN CLOUD PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 4 Mulgrave Chambers |
26-28 Mulgrave Road |
Sutton |
Surrey |
SM2 6LE |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment properties | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
The financial statements were approved by the director and authorised for issue on |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Rain Cloud Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
The director, having considered all the information available, is confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Rain Cloud Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the rents receivable from the company's investment properties. |
Revenue is recognised in the accounting period in which rents are receivable. |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investment properties |
Investment Properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "Fair value reserve". |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: PO Box 2825, Sauteurs, St Patrick's, Grenada, WI |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INVESTMENT PROPERTIES |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 53,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2015 | 19,919 |
Valuation in 2016 | 40,000 |
Valuation in 2017 | 23,557 |
Valuation in 2018 | 346 |
Valuation in 2019 | (12,000 | ) |
Valuation in 2022 | 82,000 |
Valuation in 2024 | 53,000 |
Cost | 686,178 |
893,000 |
The director confirms that the properties remain valued on an open market basis, based on rental yields. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Other creditors |
Director's current account | 54 | 54 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans more 5 yrs non-inst | 202,979 | 202,965 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
RAIN CLOUD PROPERTIES LIMITED (REGISTERED NUMBER: 08452927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed charge and negative pledge against one of the investment properties held on the balance sheet. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Property revaluations | 37,180 | 24,089 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date an amount of £509,162 (2023: £498,427) was owed to the company from its subsidiary company. |
At the year end, the Director was owed £54 (2023: £54) to the company. The loan is interest free and with no fixed repayment terms. |