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Rain Storm (Honiton) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 09705767

 

Rain Storm (Honiton) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Rain Storm (Honiton) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,500,000

769,497

Current assets

 

Cash at bank and in hand

 

23,262

18,298

Creditors: Amounts falling due within one year

5

(86,456)

(90,919)

Net current liabilities

 

(63,194)

(72,621)

Total assets less current liabilities

 

1,436,806

696,876

Creditors: Amounts falling due after more than one year

5

(359,616)

(387,267)

Provisions for liabilities

(178,000)

-

Net assets

 

899,190

309,609

Capital and reserves

 

Called up share capital

6

100

100

Other reserves

552,503

-

Profit and loss account

346,587

309,509

Shareholders' funds

 

899,190

309,609

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

.........................................
Mr R O'Connell
Director

Company Registration Number: 09705767

 

Rain Storm (Honiton) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 21
Flightway Business Park
Dunkeswell
Honiton
EX14 4RD

These financial statements were authorised for issue by the Board on 14 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Rain Storm (Honiton) Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Going concern

The directors are satisfied that the company has adequate resources available to discharge its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover represents property rental income recognised on a straight line basis over the life of the tenancy.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rain Storm (Honiton) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment properties are carried at fair value, derived from market data, including rental yields. Changes in fair value are recognised in profit or loss. At the balance sheet date any changes in fair value are transferred from retained earnings to an other reserve. Deffered tax relating to investment property revaluations follow the same treatment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Rain Storm (Honiton) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4

Investment properties

2024
£

At 1 October

769,497

Fair value adjustments

730,503

At 30 September

1,500,000

Investment properties are included in the balance sheet at the directors' valuation as at 30 September, based on an existing use open market value.

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank borrowings

29,655

34,620

Taxation and social security

16,350

15,648

Accruals and deferred income

1,800

2,000

Other creditors

38,651

38,651

86,456

90,919

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings

359,616

387,267

 

Rain Storm (Honiton) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Related party transactions

Included within other creditors is an amount of £38,651 (2023: £38,651) due to the directors. This balance is interest free and repayable on demand.