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REGISTERED NUMBER: 01072564 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RAINBOW CORNER (READING) LIMITED

RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


RAINBOW CORNER (READING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr Gary Staples





SECRETARY: Mrs Tracy Staples





REGISTERED OFFICE: 140 - 142 Caversham Road
Reading
Berkshire
RG1 8AZ





REGISTERED NUMBER: 01072564 (England and Wales)





ACCOUNTANTS: Malcolm J. Greer FCCA, ATT
Chartered Certified Accountant
3 Jesse Terrace
Reading
Berkshire
RG1 7RS

RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,535 15,548

CURRENT ASSETS
Stocks 11,261 12,253
Debtors 5 269,146 231,305
Cash at bank and in hand 131,360 103,284
411,767 346,842
CREDITORS
Amounts falling due within one year 6 108,511 68,202
NET CURRENT ASSETS 303,256 278,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,791

294,188

CAPITAL AND RESERVES
Called up share capital 9 49 49
Capital redemption reserve 51 51
Retained earnings 314,691 294,088
SHAREHOLDERS' FUNDS 314,791 294,188

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 June 2024 and were signed by:





Mr Gary Staples - Director


RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Rainbow Corner (Reading) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Furniture and equipment - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Furniture
Short and Motor Computer
leasehold equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 3,741 8,094 18,127 2,720 32,682
Additions - 195 - 1,050 1,245
Disposals - (2,069 ) (4,128 ) (1,214 ) (7,411 )
At 31 March 2024 3,741 6,220 13,999 2,556 26,516
DEPRECIATION
At 1 April 2023 3,739 6,348 5,541 1,506 17,134
Charge for year - 897 3,499 346 4,742
Eliminated on disposal - (2,058 ) (4,083 ) (754 ) (6,895 )
At 31 March 2024 3,739 5,187 4,957 1,098 14,981
NET BOOK VALUE
At 31 March 2024 2 1,033 9,042 1,458 11,535
At 31 March 2023 2 1,746 12,586 1,214 15,548

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 59,561 41,676
Inter company loan 190,394 170,394
Deferred tax asset 1,685 740
Prepayments and accrued income 17,506 18,495
269,146 231,305

RAINBOW CORNER (READING) LIMITED (REGISTERED NUMBER: 01072564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 60,695 37,447
Corporation tax 22,533 6,544
Social security and other taxes 2,032 2,306
VAT 13,395 10,098
Pension creditor 457 504
Net wages and salaries 158 158
Other creditors - 3,796
Directors' current accounts 738 238
Accruals and deferred income 8,503 7,111
108,511 68,202

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 33,600 33,600
Between one and five years 33,600 67,200
67,200 100,800

8. DEFERRED TAX
£   
Balance at 1 April 2023 (740 )
Provided during year (945 )
Balance at 31 March 2024 (1,685 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
49 Ordinary shares £1 49 49

10. RELATED PARTY DISCLOSURES

Staples Investments Limited, a Company in which Mr. Gary Staples is a shareholder.

During the year, the Company occupied a property owned by Staples Investments Limited for which it paid a rent of £32,400 (2023: £32,400).

At the year end, the Company owed £2,700 (2023: £2,700) to Staples Investments Limited.

During the year, the Company provided with an interest free loan to Staples Investments Limited which is repayable on demand. At the year end, the balance outstanding on this loan amounted to £190,394 (2023: £170,394).

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr Gary Staples.