Registered number: 14697674
RAINIER REAL ESTATE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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RAINIER REAL ESTATE LIMITED
CONTENTS
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Notes to the financial statements
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RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Equity attributable to owners of the parent Company
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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.
The notes on pages 7 to 14 form part of these financial statements.
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RAINIER REAL ESTATE LIMITED
REGISTERED NUMBER: 14697674
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account carried forward
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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.
The notes on pages 7 to 14 form part of these financial statements.
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RAINIER REAL ESTATE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Equity attributable to owners of parent Company
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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The notes on pages 7 to 14 form part of these financial statements.
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RAINIER REAL ESTATE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Comprehensive income for the year
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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The notes on pages 7 to 14 form part of these financial statements.
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
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.
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessee
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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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Current and deferred taxation
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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.
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.
Investments in subsidiaries and associated companies are measured at cost less accumulated impairment.
Investments in subsidiaries are measured at cost less accumulated impairment.
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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.
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.
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The average monthly number of employees, including the directors, during the period was as follows:
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Investments in subsidiary companies
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Investments in subsidiary and associated companies
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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The following were subsidiary undertakings of the Company:
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City Regeneration Limited
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Rainier Developments (Berryfields) Limited
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Rainier Developments (Copthorne) Limited
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Rainier Developments (Crawley) Limited
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Rainier Developments (Farnham) Limited
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Rainier Developments (Ipsley) Limited
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Rainier Developments (Moseley Street) Limited
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Rainier Developments (Nottingham) Limited
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Rainier Developments (Paradise Street) Limited
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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.
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Land promotion agreements
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by associated companies
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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RAINIER REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to associated companies
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Tax losses carried forward
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Related party transactions
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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.
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