Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false1212falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08885706 2023-04-01 2024-03-31 08885706 2022-04-01 2023-03-31 08885706 2024-03-31 08885706 2023-03-31 08885706 c:Director5 2023-04-01 2024-03-31 08885706 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 08885706 d:Buildings d:ShortLeaseholdAssets 2024-03-31 08885706 d:Buildings d:ShortLeaseholdAssets 2023-03-31 08885706 d:FurnitureFittings 2023-04-01 2024-03-31 08885706 d:FurnitureFittings 2024-03-31 08885706 d:FurnitureFittings 2023-03-31 08885706 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885706 d:OfficeEquipment 2023-04-01 2024-03-31 08885706 d:OfficeEquipment 2024-03-31 08885706 d:OfficeEquipment 2023-03-31 08885706 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885706 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885706 d:CurrentFinancialInstruments 2024-03-31 08885706 d:CurrentFinancialInstruments 2023-03-31 08885706 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08885706 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08885706 d:ShareCapital 2024-03-31 08885706 d:ShareCapital 2023-03-31 08885706 d:RetainedEarningsAccumulatedLosses 2024-03-31 08885706 d:RetainedEarningsAccumulatedLosses 2023-03-31 08885706 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08885706 c:OrdinaryShareClass1 2024-03-31 08885706 c:OrdinaryShareClass1 2023-03-31 08885706 c:FRS102 2023-04-01 2024-03-31 08885706 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08885706 c:FullAccounts 2023-04-01 2024-03-31 08885706 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08885706 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08885706










RAINIER DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RAINIER DEVELOPMENTS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
RAINIER DEVELOPMENTS LIMITED
REGISTERED NUMBER: 08885706

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
176,431
212,420

Current assets
  

Stocks
 5 
11,319,540
9,138,419

Debtors: amounts falling due within one year
 6 
285,734
1,251,598

Cash at bank and in hand
  
2,379,706
1,081,124

  
13,984,980
11,471,141

Creditors: amounts falling due within one year
 7 
(7,926,275)
(7,424,845)

Net current assets
  
 
 
6,058,705
 
 
4,046,296

  

Net assets
  
6,235,136
4,258,716


Capital and reserves
  

Called up share capital 
 8 
10,000
10,000

Profit and loss account
  
6,225,136
4,248,716

  
6,235,136
4,258,716


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


Mrs J C Kirk
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
RAINIER DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Rainier Developments Limited (the Company) is a private company limited by shares incorporated and domiciled in England. The address of the registered office, which is also the principal place of business, is Rainier House, 62 High Street, Henley in Arden, Warwickshire, B95 5AN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis following the directors’ assessment of the current position and future trading expectations. Within this they recognise that the company is primarily reliant for funding not from external sources but upon a loan from one of the directors, who is also the principal shareholder, as has been the case throughout its history. A commitment has been received from the director that current funding will be maintained, and future funding if required will be made available.

 
2.3

Revenue

The Company has five principal income streams and the accounting treatment of these is as follows:-
a) sales of land and property: are recognised on legal completion and included within turnover,
b) rental income: is recognised on a receivable basis and included within turnover,
c) land promotion agreements: turnover is recognised at the point at which the company becomes entitled to a share of the proceeds under the terms of the land promotion agreement,
d) dividends: are recognised when the company becomes entitled to receive them and included within income from fixed asset investments,
e) interest receivable and similar funding charges: where there is reasonable certainty that the income will be received, it is recognised using the effective interest rate method and is shown after the operating result.

 
2.4

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays a fixed contribution rate of salary into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
RAINIER DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over the term of the lease
Fixtures and fittings
-
Straight line over the term of the lease
Office equipment
-
Straight line over five years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Property development projects include land and property held for development and re-sale are stated at the lower of cost and net realisable value. Cost includes the acquistion and related costs and any subsequent costs of development. Net realisable value is based on estimated selling price, less further costs of realisation.
Work in progress includes the costs incurred in land promotion agreements. This is when the company is contracted to progress third party held land through the planning process for ultimate disposal. The contracts are long term and the eventual outcomes are uncertain. The company performs regular reviews of each site to ensure that the anticipated net realisable value exceeds contracted costs or written down to reflect the change in circumstances.

Page 3

 
RAINIER DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 4

 
RAINIER DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 April 2023
323,121
259,168
91,323
673,612


Additions
-
-
1,711
1,711


Disposals
-
-
(815)
(815)



At 31 March 2024

323,121
259,168
92,219
674,508



Depreciation


At 1 April 2023
323,121
76,067
62,004
461,192


Charge for the year on owned assets
-
29,746
7,682
37,428


Disposals
-
-
(543)
(543)



At 31 March 2024

323,121
105,813
69,143
498,077



Net book value



At 31 March 2024
-
153,355
23,076
176,431



At 31 March 2023
-
183,101
29,319
212,420


5.


Stocks

2024
2023
£
£

Property development projects
3,453,620
2,663,894

Work in progress - land promotion agreements
7,865,920
6,474,525

11,319,540
9,138,419


Page 5

 
RAINIER DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
517
27,235

Amounts owed by related undertaking
274,294
-

Other debtors
-
660,891

Prepayments and accrued income
10,923
66,922

Amounts recoverable on contracts
-
496,550

285,734
1,251,598



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
271,855
343,555

Corporation tax
304,004
-

Other taxation and social security
1,329,642
260,519

Other creditors
5,158,944
6,220,527

Accruals and deferred income
861,830
600,244

7,926,275
7,424,845



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



9.


Related party transactions

Within creditors is an amount of £5,145,887 (2023: £6,207,065) due to Mr E W Grove, a director of the Company. Interest of £294,147 (2023: £485,009) was charged on this loan during the year. The loan is unsecured and has no fixed repayment date.

 
Page 6