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Company registration number: 10792678
RAINBOW NAIL AND BEAUTY LIMITED
REPORT OF THE DIRECTOR'S AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2023

RAINBOW NAIL AND BEAUTY LIMITED
BALANCE SHEET
AS AT 31 May 2023
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets315,9095,271
Tangible assets46,2703,427
22,1798,698
CURRENT ASSETS
Stocks1,2001,000
Debtors530156
Cash at bank and in hand107,68190,213
109,41191,369
CREDITORS
Amounts falling due within one year (91,603) (36,265)
NET CURRENT ASSETS 17,808 55,104
TOTAL ASSETS LESS
CURRENT LIABILITIES 39,987 63,802
Creditors falling due after one year(0)(22,000)
PROVISIONS FOR LIABILITIES(1,568)(484)
NET ASSETS 38,419 41,318
CAPITAL AND RESERVES
Called-up equity share capital 100 100
Profit and loss account 38,319 41,218
SHAREHOLDERS FUNDS 38,419 41,318
For the year ending 31 May 2023 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
All the members have consented to the preparation of abridged financial statements for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime.
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. Approved by the board of directors on 25 October 2023 and signed on its behalf.
..........................................................................
Ms Y Chen
25 October 2023
The annexed notes form part of these financial statements.

RAINBOW NAIL AND BEAUTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
1. Accounting policies
Basis of preparing the financial statements
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).
Turnover
Turnover comprises the value of goods and services supplied by the company, net of Value Added Tax.
Intangible Assets
Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is being written off in equal annual instalments over a period of ten years, which is the maximum period over which the directors consider its useful life can be predicted.
Fixed Assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and fittings - 20% reducing balance basis.
Stocks and Work In Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
Government grants
Grants from local government and HMRC due to Coronavirus (COVID19) are credited to the profit and loss account, in the period in which entitlement arises.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date.
Pension Scheme
The company operates a statutory contribution pension scheme. The pension charge is the amount payable by the company to the fund in respect of the year.
2.Employees
The average number of persons employed by the company (including directors) during the year was 5.
3.Intangible fixed assets
Total
Cost
At start of period10,250
Additions12,000
At end of period 22,250
Amortisation
At start of period4,979
Provided during the period1,362
At end of period6,341
Net Book Values
At start of period5,271
At end of period15,909
4.Tangible fixed assets
Total
Cost
At start of period8,299
Additions3,756
At end of period12,055
Depreciation
At start of period4,872
Provided during the period913
At end of period5,785
Net Book Value
At start of period3,427
At end of period6,270
5.
Related Party Transactions
On 29 January 2023 the company acquired for full market value, the trade and trading assets of a business which had been previously carried on by the director. The price paid was as follows: £ Goodwill 12,000 Fixtures & Fittings 3,000 £15,000 The director has provided an interest-free loan to the company. The balance outstanding at the balance sheet date was £69,753 (2022 : £15,755). The company occupies business premises which are held under a lease between its director, and an unconnected third party. The company has agreed to meet all property obligations under the lease whilst it is the occupier of the premises. During the period, the company paid dividends totalling £36,000 to its director.
6.Pension costs
The company operates a statutory contribution scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund.