Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06187227 2022-06-01 2023-05-31 06187227 2021-06-01 2022-05-31 06187227 2023-05-31 06187227 2022-05-31 06187227 c:Director1 2022-06-01 2023-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2022-06-01 2023-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2023-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2022-05-31 06187227 d:LandBuildings 2023-05-31 06187227 d:LandBuildings 2022-05-31 06187227 d:MotorVehicles 2022-06-01 2023-05-31 06187227 d:MotorVehicles 2023-05-31 06187227 d:MotorVehicles 2022-05-31 06187227 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06187227 d:FurnitureFittings 2022-06-01 2023-05-31 06187227 d:FurnitureFittings 2023-05-31 06187227 d:FurnitureFittings 2022-05-31 06187227 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06187227 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06187227 d:CurrentFinancialInstruments 2023-05-31 06187227 d:CurrentFinancialInstruments 2022-05-31 06187227 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06187227 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 06187227 d:ShareCapital 2023-05-31 06187227 d:ShareCapital 2022-05-31 06187227 d:RetainedEarningsAccumulatedLosses 2023-05-31 06187227 d:RetainedEarningsAccumulatedLosses 2022-05-31 06187227 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 06187227 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 06187227 c:FRS102 2022-06-01 2023-05-31 06187227 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 06187227 c:FullAccounts 2022-06-01 2023-05-31 06187227 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 06187227









RAINBOW 2 LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
RAINBOW 2 LTD
REGISTERED NUMBER: 06187227

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,118
9,211

  
7,118
9,211

Current assets
  

Stocks
 5 
4,650
4,650

Debtors: amounts falling due within one year
 6 
11,706
7,948

Cash at bank and in hand
 7 
46,642
53,962

  
62,998
66,560

Creditors: amounts falling due within one year
 8 
(119,133)
(170,318)

Net current liabilities
  
 
 
(56,135)
 
 
(103,758)

Total assets less current liabilities
  
(49,017)
(94,547)

  

Net liabilities
  
(49,017)
(94,547)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(49,117)
(94,647)

  
(49,017)
(94,547)


Page 1

 
RAINBOW 2 LTD
REGISTERED NUMBER: 06187227
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 income and retained earnings 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 9 February 2024.




................................................
Celia Grummitt
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Rainbow 2 Ltd is a private company limited by share capital, incorporated in England and Wales. The principal activity throughout the year was that of health services, property services, outdoor activities and housekeeping.

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

Going concern

The accounts have been prepared on a going concern basis. The Company is dependent on the continuing support of the directors, which they have pledged for the forseeable future. 

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Yard improvements
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

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 out basis. 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.

 
2.6

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.

 
2.7

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.

 
2.8

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 4

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Tangible fixed assets





Yard improve-ments
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2022
11,051
35,176
20,023
66,250



At 31 May 2023

11,051
35,176
20,023
66,250



Depreciation


At 1 June 2022
10,292
30,194
16,553
57,039


Charge for the year on owned assets
152
1,247
694
2,093



At 31 May 2023

10,444
31,441
17,247
59,132



Net book value



At 31 May 2023
607
3,735
2,776
7,118



At 31 May 2022
759
4,982
3,470
9,211




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
607
759

607
759


Page 5

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Stocks

2023
2022
£
£

Work in progress
4,650
4,650

4,650
4,650



6.


Debtors

2023
2022
£
£


Trade debtors
6,056
1,790

Other debtors
4,518
4,920

Prepayments and accrued income
1,132
1,238

11,706
7,948



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
46,642
53,962

46,642
53,962



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
124
76

Other creditors
116,879
168,208

Accruals and deferred income
2,130
2,034

119,133
170,318


Page 6

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
46,642
53,962




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


Controlling party

The Company is controlled by the director, Celia Grummitt, by virtue of her shareholding as described in the Directors' report.

 
Page 7