Company registration number 03403816 (England and Wales)
RAINBOW PROPERTIES (WELLING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RAINBOW PROPERTIES (WELLING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
RAINBOW PROPERTIES (WELLING) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
149
Investment property
5
2,763,295
2,763,295
2,763,295
2,763,444
Current assets
Debtors
6
182
182
Cash at bank and in hand
406,302
231,365
406,484
231,547
Creditors: amounts falling due within one year
7
(70,271)
(46,316)
Net current assets
336,213
185,231
Total assets less current liabilities
3,099,508
2,948,675
Creditors: amounts falling due after more than one year
8
(1,130,872)
(1,133,902)
Provisions for liabilities
(4,350)
(4,350)
Net assets
1,964,286
1,810,423
Capital and reserves
Called up share capital
300
300
Revaluation reserve
244,038
244,038
Profit and loss reserves
1,719,948
1,566,085
Total equity
1,964,286
1,810,423
RAINBOW PROPERTIES (WELLING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
A D Crane
Director
Company registration number 03403816 (England and Wales)
RAINBOW PROPERTIES (WELLING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Rainbow Properties (Welling) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income. Any rents paid in advance are included as other debtors within debtors. Any rent owing at the year end is included as other creditors within creditors.
1.3
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:
Fixtures, fittings & equipment
25% straight line
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.
1.4
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RAINBOW PROPERTIES (WELLING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
599
Depreciation and impairment
At 1 April 2023
450
Depreciation charged in the year
149
At 31 March 2024
599
Carrying amount
At 31 March 2024
At 31 March 2023
149
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,763,295
The directors have reviewed the market valuation of the property and consider the current valuation held is still appropriate.
RAINBOW PROPERTIES (WELLING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
182
182
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
53,338
39,401
Other creditors
16,933
6,915
70,271
46,316
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,130,872
1,133,902