Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31falsefalse2023-03-01Holding companyfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14697674 2023-02-28 14697674 2023-03-01 2024-03-31 14697674 2022-03-01 2023-02-28 14697674 2024-03-31 14697674 c:Director3 2023-03-01 2024-03-31 14697674 d:CurrentFinancialInstruments 2024-03-31 14697674 d:Non-currentFinancialInstruments 2024-03-31 14697674 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14697674 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14697674 d:ShareCapital 2023-03-01 2024-03-31 14697674 d:ShareCapital 2024-03-31 14697674 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-03-31 14697674 d:RetainedEarningsAccumulatedLosses 2024-03-31 14697674 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 14697674 c:FRS102 2023-03-01 2024-03-31 14697674 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-03-31 14697674 c:FullAccounts 2023-03-01 2024-03-31 14697674 c:PrivateLimitedCompanyLtd 2023-03-01 2024-03-31 14697674 d:Subsidiary1 2023-03-01 2024-03-31 14697674 d:Subsidiary1 1 2023-03-01 2024-03-31 14697674 d:Subsidiary2 2023-03-01 2024-03-31 14697674 d:Subsidiary2 1 2023-03-01 2024-03-31 14697674 d:Subsidiary3 2023-03-01 2024-03-31 14697674 d:Subsidiary3 1 2023-03-01 2024-03-31 14697674 d:Subsidiary4 2023-03-01 2024-03-31 14697674 d:Subsidiary4 1 2023-03-01 2024-03-31 14697674 d:Subsidiary5 2023-03-01 2024-03-31 14697674 d:Subsidiary5 1 2023-03-01 2024-03-31 14697674 d:Subsidiary6 2023-03-01 2024-03-31 14697674 d:Subsidiary6 1 2023-03-01 2024-03-31 14697674 d:Subsidiary7 2023-03-01 2024-03-31 14697674 d:Subsidiary7 1 2023-03-01 2024-03-31 14697674 d:Subsidiary8 2023-03-01 2024-03-31 14697674 d:Subsidiary8 1 2023-03-01 2024-03-31 14697674 d:Subsidiary9 2023-03-01 2024-03-31 14697674 d:Subsidiary9 1 2023-03-01 2024-03-31 14697674 d:Subsidiary10 2023-03-01 2024-03-31 14697674 d:Subsidiary10 1 2023-03-01 2024-03-31 14697674 c:Consolidated 2024-03-31 14697674 c:ConsolidatedGroupCompanyAccounts 2023-03-01 2024-03-31 14697674 6 2023-03-01 2024-03-31 14697674 e:PoundSterling 2023-03-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 14697674










RAINIER REAL ESTATE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
RAINIER REAL ESTATE LIMITED
 

CONTENTS



Page
Consolidated balance sheet
 
1 - 2
Company balance sheet
 
3 - 4
Consolidated statement of changes in equity
 
5
Company statement of changes in equity
 
6
Notes to the financial statements
 
7 - 14

 
RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

31 March
2024
Note
£

Fixed assets
  

Intangible assets
 4 
97,438

Investments
 5 
579,313

  
676,751

Current assets
  

Stocks
 6 
12,773,741

Debtors: amounts falling due within one year
 7 
1,977,313

Cash at bank and in hand
  
10,872

  
14,761,926

Creditors: amounts falling due within one year
 8 
(477,692)

Net current assets
  
 
 
14,284,234

Total assets less current liabilities
  
14,960,985

Creditors: amounts falling due after more than one year
 9 
(10,646,797)

Net assets
  
4,314,188


Capital and reserves
  

Called up share capital 
  
10,000

Profit and loss account
  
4,304,188

Equity attributable to owners of the parent Company
  
4,314,188


Page 1

 
RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated statement of comprehensive income 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 7 to 14 form part of these financial statements.

Page 2

 
RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

31 March
2024
Note
£

Fixed assets
  

Investments
 5 
581,442

Current assets
  

Stocks
 6 
319,059

Debtors: amounts falling due after more than one year
 7 
13,530,316

Debtors: amounts falling due within one year
 7 
60,388

  
13,909,763

Creditors: amounts falling due within one year
 8 
(7,568,630)

Net current assets
  
 
 
6,341,133

Total assets less current liabilities
  
6,922,575

  

Creditors: amounts falling due after more than one year
 9 
(306)

  

Net assets
  
6,922,269


Capital and reserves
  

Called up share capital 
  
10,000

Profit for the period

  

6,912,269

Profit and loss account carried forward
  
6,912,269

  
6,922,269


Page 3

 
RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income in these financial statements.  The profit for the period was £6,912,269.

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 consolidated statement of comprehensive income 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 7 to 14 form part of these financial statements.

Page 4

 
RAINIER REAL ESTATE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
4,304,188
4,304,188
4,304,188
Total comprehensive income for the period
-
4,304,188
4,304,188
4,304,188


Contributions by and distributions to owners

Shares issued during the period
10,000
-
10,000
10,000


Total transactions with owners
10,000
-
10,000
10,000


At 31 March 2024
10,000
4,304,188
4,314,188
4,314,188


The notes on pages 7 to 14 form part of these financial statements.

Page 5

 
RAINIER REAL ESTATE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the year

Profit for the period
-
6,912,269
6,912,269
Total comprehensive income for the period
-
6,912,269
6,912,269


Contributions by and distributions to owners

Shares issued during the period
10,000
-
10,000


Total transactions with owners
10,000
-
10,000


At 31 March 2024
10,000
6,912,269
6,922,269


The notes on pages 7 to 14 form part of these financial statements.

Page 6

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Rainier Real Estate 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. We can confirm the company does not control Rainier Developments (Tenby Street) Limited, as this is a joint venture, accordingly this investment has been accounted for under the equity method.

 
2.3

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 prinicpal 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.

 
2.4

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 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.

Page 7

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
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.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impiarment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

 
2.9

Valuation of investments

Investments in subsidiaries and associated companies are measured at cost less accumulated impairment.

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 8

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.  Costs include the acquisition 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 the directors, during the period was as follows:


       2024
Group
     2024
Company
            No.
            No.







Directors
6
6

Page 9

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Intangible assets

Group







Goodwill

£



Cost


Additions
97,438



At 31 March 2024

97,438






Net book value



At 31 March 2024
97,438



Page 10

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Fixed asset investments

Group








Investments in subsidiary companies

£



Cost or valuation


Additions
579,313



At 31 March 2024
579,313




Company








Investments in subsidiary and associated companies

£



Cost 


Additions
581,442



At 31 March 2024
581,442




Page 11

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

City Regeneration Limited
Rainier House
Ordinary
100%
EGO Shrewsbury Limited
Rainier House
Ordinary
100%
Rainier Developments (Berryfields) Limited
Rainier House
Ordinary
100%
Rainier Developments (Copthorne) Limited
Rainier House
Ordinary
100%
Rainier Developments (Crawley) Limited
Rainier House
Ordinary
100%
Rainier Developments (Farnham) Limited
Rainier House
Ordinary
100%
Rainier Developments (Ipsley) Limited
Rainier House
Ordinary
100%
Rainier Developments (Moseley Street) Limited
Rainier House
Ordinary
100%
Rainier Developments (Nottingham) Limited
Rainier House
Ordinary
100%
Rainier Developments (Paradise Street) Limited
Rainier House
Ordinary
100%

The address of Rainier House is 62 High Street, Henley in Arden, Warwickshire B95 5AN.
All of the above companies, with the exception of Rainier Real Estate (Ipsley) Limited, were acquired under a de-merger agreement, see note 4.
Since the period end Rainier Developments (Moseley Street) Limited has been struck off. 


6.


Stocks

Group
31 March
Company
31 March
2024
2024
£
£

Work in progress
12,480,454
25,772

Land promotion agreements
293,287
293,287

12,773,741
319,059


Page 12

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Debtors

Group
31 March
Company
31 March
2024
2024
£
£

Due after more than one year

Amounts owed by group undertakings
-
13,530,316


Group
31 March
Company
31 March
2024
2024
£
£

Due within one year

Amounts owed by associated companies
1,431,682
-

Other debtors
40,497
3,743

Prepayments and accrued income
20,552
-

Deferred taxation
484,582
56,645

1,977,313
60,388



8.


Creditors: Amounts falling due within one year

Group
31 March
Company
31 March
2024
2024
£
£

Trade creditors
152,707
54,349

Amounts owed to group undertakings
-
274,294

Other creditors
-
6,922,503

Accruals and deferred income
324,985
317,484

477,692
7,568,630




Page 13

 
RAINIER REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

Group
31 March
Company
31 March
2024
2024
£
£

Amounts owed to group undertakings
-
306

Amounts owed to associated companies
274,294
-

Other creditors
10,372,503
-



10.


Deferred taxation


Group



2024


£






Credit to profit or loss
484,582



At end of year
484,582

Company


2024


£






Credit to profit or loss
56,645



At end of year
56,645

Group
31 March
Company
31 March
2024
2024
£
£

Tax losses carried forward
484,582
56,645


11.


Related party transactions

During the period there was an amount outstanding of £10,372,503 due to the director, Eric Grove. There is no date for repayment and no interest due on this amount.

 
Page 14