Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false2022-09-01falseNo description of principal activity1615truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08642848 2022-09-01 2023-08-31 08642848 2021-09-01 2022-08-31 08642848 2023-08-31 08642848 2022-08-31 08642848 c:Director1 2022-09-01 2023-08-31 08642848 d:FurnitureFittings 2022-09-01 2023-08-31 08642848 d:FurnitureFittings 2023-08-31 08642848 d:FurnitureFittings 2022-08-31 08642848 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08642848 d:Goodwill 2022-09-01 2023-08-31 08642848 d:Goodwill 2023-08-31 08642848 d:Goodwill 2022-08-31 08642848 d:CurrentFinancialInstruments 2023-08-31 08642848 d:CurrentFinancialInstruments 2022-08-31 08642848 d:Non-currentFinancialInstruments 2023-08-31 08642848 d:Non-currentFinancialInstruments 2022-08-31 08642848 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08642848 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08642848 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08642848 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08642848 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 08642848 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 08642848 d:ShareCapital 2023-08-31 08642848 d:ShareCapital 2022-08-31 08642848 d:RetainedEarningsAccumulatedLosses 2023-08-31 08642848 d:RetainedEarningsAccumulatedLosses 2022-08-31 08642848 c:OrdinaryShareClass1 2022-09-01 2023-08-31 08642848 c:OrdinaryShareClass1 2023-08-31 08642848 c:OrdinaryShareClass1 2022-08-31 08642848 c:FRS102 2022-09-01 2023-08-31 08642848 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08642848 c:FullAccounts 2022-09-01 2023-08-31 08642848 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08642848 d:WithinOneYear 2023-08-31 08642848 d:WithinOneYear 2022-08-31 08642848 d:BetweenOneFiveYears 2023-08-31 08642848 d:BetweenOneFiveYears 2022-08-31 08642848 d:Goodwill d:OwnedIntangibleAssets 2022-09-01 2023-08-31 08642848 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 08642848












RAINBOWMONTESSORISCHOOL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

 

RAINBOWMONTESSORISCHOOL LTD

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
REGISTERED NUMBER:08642848
RAINBOWMONTESSORISCHOOL LTD

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
150,000
200,000

Tangible assets
 5 
1,239
466

  
151,239
200,466

Current assets
  

Debtors: amounts falling due within one year
 6 
-
43,826

Cash at bank and in hand
  
36,580
8,222

  
36,580
52,048

Creditors: amounts falling due within one year
 7 
(181,709)
(157,936)

Net current liabilities
  
 
 
(145,129)
 
 
(105,888)

Total assets less current liabilities
  
6,110
94,578

Creditors: amounts falling due after more than one year
 8 
(17,488)
(27,503)

  

Net (liabilities)/assets
  
(11,378)
67,075


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(11,379)
67,074

Total (deficit)/equity
  
(11,378)
67,075


Page 1


 
REGISTERED NUMBER:08642848
RAINBOWMONTESSORISCHOOL LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers 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 director acknowledges his 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and  signed by the sole director: 




J Madden
Director

Date: 31 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Rainbowmontessorischool Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

 
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

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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:

Fixtures and fittings
-
25%

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

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
          Goodwill                                       -           10 years


2.6

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

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. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.8

Share capital

Ordinary shares are classified as equity.

  
2.9

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

  
2.10

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. 
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees


The average monthly number of employees, including directors, during the year was 16 (2022 -15).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2022
500,000



At 31 August 2023

500,000



Amortisation


At 1 September 2022
300,000


Charge for the year on owned assets
50,000



At 31 August 2023

350,000



Net book value



At 31 August 2023
150,000



At 31 August 2022
200,000



Page 7

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 September 2022
6,156


Additions
928



At 31 August 2023

7,084



Depreciation


At 1 September 2022
5,690


Charge for the year on owned assets
155



At 31 August 2023

5,845



Net book value



At 31 August 2023
1,239



At 31 August 2022
466


6.


Debtors

2023
2022
£
£


Trade debtors
-
6,051

Other debtors
-
37,775

-
43,826


Page 8

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,012
9,997

Trade creditors
9,486
54,700

Other taxation and social security
10,687
30,285

Other creditors
77,129
2,144

Accruals and deferred income
74,395
60,810

181,709
157,936



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,488
27,503



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,012
9,997

Amounts falling due 1-5 years

Bank loans
17,488
27,503

27,500
37,500


The bank loan bears interest at a rate of 2.5% per annum.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 -1) Ordinary share of £1.00
1
1


Page 9

 

RAINBOWMONTESSORISCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
22,500
24,417

Later than 1 year and not later than 5 years
22,500
67,500

45,000
91,917


12.


Related party transactions

At the end of the financial year an amount of £74,185 (2022 - £37,775 was owed by) was owed to the director and this amount is included in other creditors. This amount is unsecured, interest free and repayable on demand.

 
Page 10