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COMPANY REGISTRATION NUMBER: 06802973
RAINBOW CHILDCARE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2021
RAINBOW CHILDCARE LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2021
2021
2020
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
1,591
69,077
CURRENT ASSETS
Debtors
8
15,772
5,906
Cash at bank and in hand
55,973
25,351
--------
--------
71,745
31,257
CREDITORS: amounts falling due within one year
9
( 8,711)
( 19,866)
--------
--------
NET CURRENT ASSETS
63,034
11,391
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
64,625
80,468
CREDITORS: amounts falling due after more than one year
10
( 45,333)
PROVISIONS
( 302)
( 359)
--------
--------
NET ASSETS
18,990
80,109
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
18,890
80,009
--------
--------
SHAREHOLDERS FUNDS
18,990
80,109
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RAINBOW CHILDCARE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2021
These financial statements were approved by the board of directors and authorised for issue on 28 August 2022 , and are signed on behalf of the board by:
L Gentile
Director
Company registration number: 06802973
RAINBOW CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Barley Bank Street, Darwen, Lancashire, BB3 1NW, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over its useful economic life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
Variable, depending on type of asset
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2020: 8 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
Year to
1 Apr 19 to
30 Sep 21
30 Sep 20
£
£
Current tax:
UK current tax expense
2,772
9,528
Deferred tax:
Origination and reversal of timing differences
( 57)
177
-------
-------
Tax on profit
2,715
9,705
-------
-------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 October 2020 and 30 September 2021
19,000
--------
Amortisation
At 1 October 2020 and 30 September 2021
19,000
--------
Carrying amount
At 30 September 2021
--------
At 30 September 2020
--------
7. TANGIBLE ASSETS
Freehold property
Equipment
Total
£
£
£
Cost
At 1 October 2020
67,088
10,461
77,549
Disposals
( 67,088)
( 67,088)
--------
--------
--------
At 30 September 2021
10,461
10,461
--------
--------
--------
Depreciation
At 1 October 2020
8,472
8,472
Charge for the year
398
398
--------
--------
--------
At 30 September 2021
8,870
8,870
--------
--------
--------
Carrying amount
At 30 September 2021
1,591
1,591
--------
--------
--------
At 30 September 2020
67,088
1,989
69,077
--------
--------
--------
8. DEBTORS
2021
2020
£
£
Trade debtors
3,081
2,193
Amounts owed by group undertakings and undertakings in which the company has a participating interest
8,978
Other debtors
3,713
3,713
--------
-------
15,772
5,906
--------
-------
9. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
2,667
Corporation tax
2,772
14,654
Social security and other taxes
485
Other creditors
2,787
5,212
-------
--------
8,711
19,866
-------
--------
10. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
45,333
--------
----