Shanghai Rainbow Estate Limited - Period Ending 2021-12-31
Shanghai Rainbow Estate Limited - Period Ending 2021-12-31
Registration number:
Shanghai Rainbow Estate Limited
for the Year Ended 31 December 2021
Shanghai Rainbow Estate Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Shanghai Rainbow Estate Limited
Company Information
Directors |
Mrs Janet Treacy Pierce Ms Xiaohong Liu |
Company secretary |
Mrs Janet Treacy Pierce |
Registered office |
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Accountants |
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Shanghai Rainbow Estate Limited
(Registration number: 04429371)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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- |
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Other financial assets |
271,692 |
225,212 |
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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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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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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
Shanghai Rainbow Estate Limited
(Registration number: 04429371)
Balance Sheet as at 31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Shanghai Rainbow Estate Limited
Statement of Changes in Equity for the Year Ended 31 December 2021
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 January 2020 |
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|
( |
( |
Loss for the year |
- |
- |
( |
( |
Transfers |
- |
(9,816) |
9,816 |
- |
At 31 December 2020 |
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|
( |
( |
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 January 2021 |
|
|
( |
( |
Loss for the year |
- |
- |
( |
( |
Transfers |
- |
(25,139) |
25,139 |
- |
At 31 December 2021 |
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|
( |
( |
Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
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
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 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 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.
These financial statements have been prepared and presented in Euros (€) which is the functional currency of the company. The financial statements are rounded to the nearest whole €.
Going concern
The shareholder will continue to support the company for the next twelve months and therefore the financial statements have been prepared on a going concern basis.
Judgements
No significant judgements have been made by management in the preparation of these financial statements. |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tax
The tax expense for the period comprises deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% Straight line |
Security equipment |
25% Straight line |
Arbour |
25% Straight line |
Investments
Investments, whether current or long-term are derived from current market prices as at the balance sheet date. Any changes to the market value of investments held are recognised in profit or loss with gains and losses transferred from a distributable reserve to a non-distributable reserve until those gains or losses are realised on disposal.
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.
Trade debtors
Trade debtors are amounts due from customers for rental income due.
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.
Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
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.
Financial instruments
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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- |
- |
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Transfers to/from investment property |
( |
- |
- |
( |
At 31 December 2021 |
- |
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Depreciation |
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At 1 January 2021 |
- |
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At 31 December 2021 |
- |
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Carrying amount |
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At 31 December 2021 |
- |
- |
- |
- |
At 31 December 2020 |
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- |
- |
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Included within the net book value of land and buildings above is €Nil (2020 - €3,500,000) in respect of freehold land and buildings. The property has been transferred to Investment property.
Investment properties |
2021 |
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Transfer from tangible assets |
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Fair value adjustments |
( |
At 31 December 2021 |
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There has been no valuation by an independent valuer. The shareholder has reviewed the value of the property by observing market prices and deems the property value to be €3,500,000 as at 31 December 2021 and therefore an impairment of €395,135 has been recognised in the financial statements. The historic cost of the investment property is €3,280,441 (2020: €2,885,306)
There has been no valuation of investment property by an independent valuer.
Impairment of investment property
The amount of impairment loss included in profit or loss is €395,135 (2020 - €Nil).
Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Other financial assets (current and non-current) |
Other financial assets |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2021 |
225,212 |
225,212 |
Additions |
143,944 |
143,944 |
Disposals |
(113,492) |
(113,492) |
Fair value adjustments |
16,028 |
16,028 |
At 31 December 2021 |
271,692 |
271,692 |
Carrying amount |
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At 31 December 2021 |
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271,692 |
Debtors |
2021 |
2020 |
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Prepayments |
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Accrued income |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Other creditors |
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Shanghai Rainbow Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Related party transactions |
Summary of transactions with other related parties