Abbreviated Company Accounts - RAINBOW ESTATES LIMITED

RAINBOW ESTATES LIMITED - Company Information

07930620 RAINBOW ESTATES LIMITED 2015-01-31 false 2014-02-01 2015-01-31 true 07930620 2014-02-01 2015-01-31 07930620 2015-01-31 07930620 2014-01-31 07930620 uk-gaap-cd-bus:Director1 2014-02-01 2015-01-31 07930620 uk-gaap-cd-bus:Director2 2014-02-01 2015-01-31 uk-gaap-cd-bus:Director3 2014-02-01 2015-01-31 uk-gaap-cd-bus:Director3 2015-01-31 uk-gaap-cd-bus:Director3 2014-01-31 uk-gaap-cd-bus:Director4 2014-02-01 2015-01-31 uk-gaap-cd-bus:Director4 2015-01-31 uk-gaap-cd-bus:Director4 2014-01-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-02-01 2015-01-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-01-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-31 iso4217:GBP shares

Registered Number 07930620

RAINBOW ESTATES LIMITED

Abbreviated Accounts

31 January 2015

RAINBOW ESTATES LIMITED Registered Number 07930620

Abbreviated Balance Sheet as at 31 January 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	700,552	700,552
		700,552	700,552
Current assets
Debtors		121,500	2,500
Cash at bank and in hand		19,451	728
		140,951	3,228
Creditors: amounts falling due within one year		(64,356)	(1,096)
Net current assets (liabilities)		76,595	2,132
Total assets less current liabilities		777,147	702,684
Creditors: amounts falling due after more than one year		(81,250)	-
Total net assets (liabilities)		695,897	702,684
Capital and reserves
Called up share capital	3	100	100
Revaluation reserve		701,090	701,090
Profit and loss account		(5,293)	1,494
Shareholders' funds		695,897	702,684

For the year ending 31 January 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 9 March 2015

And signed on their behalf by:
Mr Dolphin Davies, Director

RAINBOW ESTATES LIMITED Registered Number 07930620

Notes to the Abbreviated Accounts for the period ended 31 January 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year in relation to residential property rental.

Other accounting policies
Fixed assets

All fixed assets are initially recorded at cost.

Investment properties

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) no depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in the FRSSE (April 2008). The directors consider that, because the property is not held for consumption, but for investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt the FRSSE (April 2008) in order to give a true and fair view.

If this departure from the Act had not been made, the loss for the year would have been increased by depreciation. However, the amount of depreciation cannot be reasonably quantified, because depreciation is one of the many factors which are unavailable, for example useful life and residual value.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2Tangible fixed assets

	£
Cost
At 1 February 2014	700,552
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 January 2015	700,552
Depreciation
At 1 February 2014	-
Charge for the year	-
On disposals	-
At 31 January 2015	-
Net book values
At 31 January 2015	700,552
At 31 January 2014	700,552

The Investment Properties were valued at £700,552 which is considered to be their market value at the 31 January 2015 by the director, Mr D Davies.

The above assets have a historical cost value of £Nil.

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100

4Transactions with directors

Name of director receiving advance or credit:	S Davies
Description of the transaction:	Amounts repaid
Balance at 1 February 2014:	£ 1,000
Advances or credits made:	-
Advances or credits repaid:	£ 1,000
Balance at 31 January 2015:	£ 0

Name of director receiving advance or credit:	D Davies
Description of the transaction:	Amounts repaid
Balance at 1 February 2014:	£ 1,500
Advances or credits made:	-
Advances or credits repaid:	£ 1,500
Balance at 31 January 2015:	£ 0