RATHCOOLE_LIMITED - Accounts

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rathcoole Limited for the period ended 31 May 2014 set out on pages 2 to 6 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Rathcoole Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Rathcoole Limited and state those matters that we have agreed to state to the Board of Directors of Rathcoole Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rathcoole Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Rathcoole Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rathcoole Limited. You consider that Rathcoole Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Rathcoole 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 financial statements.

The financial statements have been prepared on a going concern basis.

The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from the creditors, directors and shareholders of the company. The financial statements do not include any adjustments that would result in discontinuance of this financial support. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Stock constitutes property held by the company and is valued at the lower of cost and net realisable value. Property is included in stock on completion of purchase and not on exchange of contracts.

The aggregate amount of creditors for which security has been given amounted to £329,254.

During the period 100 £1 Ordinary shares were issued for a cash consideration of £100.

During the year the company became a wholly owned subsidary undertaking of S 2 Estates (Holloway) Limited.