Registered number
11647076
Rainbow Lease Ltd
Unaudited Filleted Accounts
31 October 2023
Rainbow Lease Ltd
Registered number: 11647076
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,178 53,622
Current assets
Debtors 4 348,418 159,180
Cash at bank and in hand 469 622
348,887 159,802
Creditors: amounts falling due within one year 5 (705,576) (517,538)
Net current liabilities (356,689) (357,736)
Total assets less current liabilities (335,511) (304,114)
Creditors: amounts falling due after more than one year 6 (32,678) (36,937)
Net liabilities (368,189) (341,051)
Capital and reserves
Called up share capital 100 100
Profit and loss account (368,289) (341,151)
Shareholders' funds (368,189) (341,051)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S C Chew
Director
Approved by the board on 30 July 2024
Rainbow Lease Ltd
Notes to the Accounts
for the year ended 31 October 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
Plant and machinery over 5 years
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
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 400 of the Companies Act 2006 as it is a subsidiary undertaking of First Cup Limited, a company incorporated in England and Wales.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support of other creditors who have indicated that they intend to provide necessary facilities to enable the company to continue to trade for the foreseeable future. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long-term liabilities as current assets and liabilities.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 124,560 37,659 162,219
At 31 October 2023 124,560 37,659 162,219
Depreciation
At 1 November 2022 81,212 27,385 108,597
Charge for the year 24,912 7,532 32,444
At 31 October 2023 106,124 34,917 141,041
Net book value
At 31 October 2023 18,436 2,742 21,178
At 31 October 2022 43,348 10,274 53,622
4 Debtors 2023 2022
£ £
Trade debtors 94,000 33,180
Amounts owed by group undertakings and undertakings in which the company has a participating interest 31,178 -
Other debtors 223,240 126,000
348,418 159,180
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,029 7,092
Trade creditors 3,865 6,043
Amounts owed to group undertakings and undertakings in which the company has a participating interest 590,119 407,900
Taxation and social security costs - 28,940
Other creditors 104,563 67,563
705,576 517,538
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,678 36,937
7 Controlling party
The parent company is First Cup Limited, a company registered in England and Wales. First Cup Limited holds 100% of the shares in the company. Its registered office is : 15 Frith Street , 1st Floor, London W1D 4RE.
8 Other information
Rainbow Lease Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Frith Street,
1st Floor
London
England
W1D 4RE
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