ACCOUNTS - Final Accounts

RAINFALL DEVELOPMENTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-04-302018-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2017-10-01The principal activity of the company is that of property development. 09634147 2017-10-01 2018-04-30 09634147 2018-04-30 09634147 2017-09-30 09634147 c:Director1 2017-10-01 2018-04-30 09634147 d:FreeholdInvestmentProperty 2017-10-01 2018-04-30 09634147 d:CurrentFinancialInstruments 2018-04-30 09634147 d:CurrentFinancialInstruments 2017-09-30 09634147 d:CurrentFinancialInstruments d:WithinOneYear 2018-04-30 09634147 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-30 09634147 d:ShareCapital 2018-04-30 09634147 d:ShareCapital 2017-09-30 09634147 d:RetainedEarningsAccumulatedLosses 2018-04-30 09634147 d:RetainedEarningsAccumulatedLosses 2017-09-30 09634147 c:FRS102 2017-10-01 2018-04-30 09634147 c:AuditExempt-NoAccountantsReport 2017-10-01 2018-04-30 09634147 c:FullAccounts 2017-10-01 2018-04-30 09634147 c:PrivateLimitedCompanyLtd 2017-10-01 2018-04-30 iso4217:GBP

Registered number: 09634147

RAINFALL DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2018


RAINFALL DEVELOPMENTS LIMITED REGISTERED NUMBER:09634147

BALANCE SHEET

AS AT 30 APRIL 2018

	30 April	30 September
	2018	2017
Note	£	£


Current assets
Stocks	5	-		85,210
Debtors: amounts falling due within one year	6	59,194		800
Cash at bank and in hand	7	-		833
		59,194		86,843
Creditors: amounts falling due within one year	8	(59,297)		(88,143)
Net current liabilities			(103)		(1,300)
Total assets less current liabilities			(103)		(1,300)

Net liabilities			(103)		(1,300)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(203)	(1,400)
	(103)	(1,300)

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RAINFALL DEVELOPMENTS LIMITED REGISTERED NUMBER:09634147

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2018

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2018.

H Gover

Director

The notes on pages 3 to 6 form part of these financial statements.

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RAINFALL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2018

1.	General information

Rainfall Developments Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the business continued to be that of property development.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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RAINFALL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2018

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.10

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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RAINFALL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2018

Employees

The average monthly number of employees, including directors, during the period was 1 (2017 - 1).

4.	Investment property

		Freehold investment property
		£

	Additions at cost	1,260,000
	Disposals	(1,260,000)
	At 30 April 2018	-

5.	Stocks
		30 April	30 September
		2018	2017
		£	£

Work in progress	-	85,210
	-	85,210

Debtors

					30 April	30 September
					2018	2017
					£	£


Amounts owed by group undertakings	59,194	-
Other debtors	-	800
	59,194	800

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RAINFALL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2018

7.	Cash and cash equivalents
		30 April	30 September
		2018	2017
		£	£

Cash at bank and in hand	-	833
	-	833

8.	Creditors: Amounts falling due within one year
		30 April	30 September
		2018	2017
		£	£

Amounts owed to group undertakings	-	85,643
Other taxation and social security	58,547	-
Accruals and deferred income	750	2,500
	59,297	88,143

9.	Related party transactions
	The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

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