Rainbow SG (London) Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
over the lease term |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Group accounts |
|
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 399 of the Companies Act 2006 due to the company is subject to the small companies regime. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 April 2022 |
14,156 |
|
At 31 March 2023 |
14,156 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
1,888 |
|
Charge for the year |
943 |
|
At 31 March 2023 |
2,831 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
11,325 |
|
At 31 March 2022 |
12,268 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
35,519 |
|
35,519 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
78,000 |
|
60,000 |
|
Other creditors |
1,900 |
|
1,599 |
|
|
|
|
|
|
79,900 |
|
61,599 |
|
|
|
|
|
|
|
|
|
|
6 |
Controlling party |
|
|
The parent company is Abacus Lease Investment Limited, a company registered in England and Wales. Abacus Lease Investment Limited holds 100% of the shares in the company. |
|
|
7 |
Other information |
|
|
Rainbow SG (London) Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
15 Frith Street |
|
1st Floor |
|
London |
|
W1D 4RE |