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Company registration number: 07098812
RAINBOW PROPERTY LIMITED
Filleted financial statements
31 December 2023
RAINBOW PROPERTY LIMITED
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
RAINBOW PROPERTY LIMITED
Directors and other information
Director Danial Hansen
Company number 07098812
Registered office The Old Surgery
43 Derbe Road
Lytham St. Annes
Lancashire
FY8 1NJ
Auditor McDaid McCullough Moore
28/32 Clarendon Street
Londonderry
BT48 7HD
N Ireland
RAINBOW PROPERTY LIMITED
Director's responsibilities statement
Year ended 31 December 2023
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RAINBOW PROPERTY LIMITED
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 140,000 140,000
Investments 5 89 89
_______ _______
140,089 140,089
Current assets
Debtors 6 1,086 -
Cash at bank and in hand - 756
_______ _______
1,086 756
Creditors: amounts falling due
within one year 7 ( 3,116) ( 4,436)
_______ _______
Net current liabilities ( 2,030) ( 3,680)
_______ _______
Total assets less current liabilities 138,059 136,409
Creditors: amounts falling due
after more than one year 8 ( 127,000) ( 127,000)
_______ _______
Net assets 11,059 9,409
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,959 9,309
_______ _______
Shareholder funds 11,059 9,409
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 April 2024 , and are signed on behalf of the board by:
Danial Hansen
Director
Company registration number: 07098812
RAINBOW PROPERTY LIMITED
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 4,986 5,086
Profit for the year 4,323 4,323
_______ _______ _______
Total comprehensive income for the year - 4,323 4,323
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 9,309 9,409
Profit for the year 1,650 1,650
_______ _______ _______
Total comprehensive income for the year - 1,650 1,650
_______ _______ _______
At 31 December 2023 100 10,959 11,059
_______ _______ _______
RAINBOW PROPERTY LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Surgery, 43 Derbe Road, Lytham St. Annes, Lancashire, FY8 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Investment property - Not depreciated
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment property Total
£ £
FAIR VALUE
At 1 January 2023 and 31 December 2023 140,000 140,000
_______ _______
Carrying amount
At 31 December 2023 140,000 140,000
_______ _______
At 31 December 2022 140,000 140,000
_______ _______
Investment property
Investment property was valued on an open market basis on 7 January 2021 by Robert Pinkus & Co
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property Total
£ £
At 31 December 2023
Aggregate cost 235,000 235,000
Aggregate depreciation - -
_______ _______
Carrying amount 235,000 235,000
_______ _______
At 31 December 2022
Aggregate cost 235,000 235,000
Aggregate depreciation - -
_______ _______
Carrying amount 235,000 235,000
_______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 89 89
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 89 89
_______ _______
At 31 December 2022 89 89
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,086 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 89 520
Corporation tax 387 1,276
Other creditors 2,640 2,640
_______ _______
3,116 4,436
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 127,000 127,000
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 127,000 (2022 £ 127,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The creditors due after more than five years are in respect of a loan from the company's parent company. Interest is charged on this loan.
9. Summary audit opinion
The auditor's report dated 08 April 2024 was unqualified.
The senior statutory auditor was Gerard McQuillan for and on behalf of McDaid McCullough Moore
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
P/F Rainbow Seafood 6,180 7,800 ( 125,914) ( 127,431)
RBW Seafood Limited - - ( 89) ( 89)
_______ _______ _______ _______
P/F Rainbow Seafood, a company incorporated in the Faroe Islands holds the entire issued share capital of Rainbow Property Limited.RBW Seafood Limited, a company incorporated in the Republic of Ireland, is a wholly owned subsidiary of Rainbow Property Limited.
11. Controlling party
During the period under review, P/F Rainbow Seafood, a company registered in the Faroe Islands, controlled the company by virtue of a 100% holding in the issued share capital of the company. The parent company's principal place of business is Joannesar Gota 15, FO-100 Torshavn, Faroe Islands.