Registration number:
Rainworth Developments 2021 Limited
for the Year Ended 29 March 2025
Rainworth Developments 2021 Limited
Contents
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Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Rainworth Developments 2021 Limited
Company Information
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Director |
A M Webster |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Rainworth Developments 2021 Limited
for the Year Ended 29 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rainworth Developments 2021 Limited for the year ended 29 March 2025 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Rainworth Developments 2021 Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rainworth Developments 2021 Limited and state those matters that we have agreed to state to the Board of Directors of Rainworth Developments 2021 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rainworth Developments 2021 Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Rainworth Developments 2021 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rainworth Developments 2021 Limited. You consider that Rainworth Developments 2021 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Rainworth Developments 2021 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
West Bridgford
Nottingham
NG2 6AX
Rainworth Developments 2021 Limited
(Registration number: 13634609)
Abridged Balance Sheet as at 29 March 2025
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2025 |
2024 |
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Fixed assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
360,402 |
- |
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Retained earnings |
(436,030) |
(309,895) |
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Shareholders' deficit |
(75,627) |
(309,894) |
Rainworth Developments 2021 Limited
(Registration number: 13634609)
Abridged Balance Sheet as at 29 March 2025
For the financial year ending 29 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Director
Rainworth Developments 2021 Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of real estate in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The current income 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.
Investment properties
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Rainworth Developments 2021 Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 March 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Rainworth Developments 2021 Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 March 2025
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Investment properties |
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2025 |
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At 30 March |
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Additions |
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Fair value adjustments |
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At 29 March |
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The investment properties have been valued by the Director at 29 March 2025.
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Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans which are secured of £nil (2024 - £1,401,301).
Creditors: amounts falling due after more than one year
Creditors include bank loans which are secured of £1,440,194 (2024 - £nil).
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Related party transactions |
Summary of transactions with other related parties
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Transition to FRS 102 |
At 29 March 2024, the investment property was not complete and was therefore not re-measured at market value; thus no revaluation has been included within the transition to FRS102 1a at 29 March 2024 nor 1 April 2023. Subsequently, no deferred tax liability would have arisen.
Whilst there were Corporation Tax losses at both 29 March 2024 and 31 March 2023, no deferred tax asset has been recognised, as it is unlikely that the asset would ever be realised.