Southchurch Solutions Limited 05561002 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is fire and flood restoration and cleaning Digita Accounts Production Advanced 6.30.9574.0 true true 05561002 2023-01-01 2023-12-31 05561002 2023-12-31 05561002 bus:OrdinaryShareClass1 2023-12-31 05561002 bus:OrdinaryShareClass2 2023-12-31 05561002 core:CurrentFinancialInstruments 2023-12-31 05561002 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05561002 core:Non-currentFinancialInstruments 2023-12-31 05561002 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05561002 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05561002 core:FurnitureFittingsToolsEquipment 2023-12-31 05561002 core:OtherPropertyPlantEquipment 2023-12-31 05561002 bus:SmallEntities 2023-01-01 2023-12-31 05561002 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05561002 bus:FullAccounts 2023-01-01 2023-12-31 05561002 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05561002 bus:RegisteredOffice 2023-01-01 2023-12-31 05561002 bus:CompanySecretaryDirector2 2023-01-01 2023-12-31 05561002 bus:Director1 2023-01-01 2023-12-31 05561002 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05561002 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 05561002 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05561002 bus:Agent1 2023-01-01 2023-12-31 05561002 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 05561002 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05561002 core:OfficeEquipment 2023-01-01 2023-12-31 05561002 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05561002 core:PlantMachinery 2023-01-01 2023-12-31 05561002 countries:England 2023-01-01 2023-12-31 05561002 2022-12-31 05561002 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05561002 core:FurnitureFittingsToolsEquipment 2022-12-31 05561002 core:OtherPropertyPlantEquipment 2022-12-31 05561002 2022-01-01 2022-12-31 05561002 2022-12-31 05561002 bus:OrdinaryShareClass1 2022-12-31 05561002 bus:OrdinaryShareClass2 2022-12-31 05561002 core:CurrentFinancialInstruments 2022-12-31 05561002 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05561002 core:Non-currentFinancialInstruments 2022-12-31 05561002 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05561002 core:FurnitureFittingsToolsEquipment 2022-12-31 05561002 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05561002

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Company Information

Directors

S Mahon

K S Mahon

Company secretary

K S Mahon

Registered office

DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

Accountants

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Southchurch Solutions Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Southchurch Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 15 June 2015. Our work has been undertaken solely to prepare for your approval the accounts of Southchurch Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Southchurch Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southchurch Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Southchurch Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Southchurch Solutions Limited. You consider that Southchurch Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Southchurch Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

14 May 2024

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

(Registration number: 05561002)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,260

5,680

Current assets

 

Stocks

1,352

1,365

Debtors

6

88,823

101,193

Cash at bank and in hand

 

6

6

 

90,181

102,564

Creditors: Amounts falling due within one year

7

(78,909)

(79,379)

Net current assets

 

11,272

23,185

Total assets less current liabilities

 

15,532

28,865

Creditors: Amounts falling due after more than one year

7

(11,362)

(17,904)

Provisions for liabilities

(810)

(1,079)

Net assets

 

3,360

9,882

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

3,160

9,682

Shareholders' funds

 

3,360

9,882

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2024 and signed on its behalf by:
 

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

(Registration number: 05561002)
Balance Sheet as at 31 December 2023

.........................................
S Mahon
Director

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

These financial statements were authorised for issue by the Board on 14 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants received under the Coronovirus Job Retention Scheme are accounted for as other income and in the period in which they are received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licences

10% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as creditors: Amounts falling due after more than one year.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

15,000

15,000

At 31 December 2023

15,000

15,000

Amortisation

At 1 January 2023

15,000

15,000

At 31 December 2023

15,000

15,000

Net book value

At 31 December 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

6,597

49,441

56,038

At 31 December 2023

6,597

49,441

56,038

Depreciation

At 1 January 2023

6,596

43,762

50,358

Charge for the year

-

1,420

1,420

At 31 December 2023

6,596

45,182

51,778

Net book value

At 31 December 2023

1

4,259

4,260

At 31 December 2022

1

5,679

5,680

6

Debtors

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Current

2023
£

2022
£

Trade debtors

52,189

58,126

Prepayments

1,558

1,558

Other debtors

35,076

41,509

 

88,823

101,193

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

31,939

30,120

Trade creditors

 

27,462

20,289

Taxation and social security

 

19,365

25,566

Other creditors

 

143

3,404

 

78,909

79,379

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

11,362

17,904

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

 

200

200

200

200

9

Reserves

The only movements on reserves in this period and the preceding period are profits and dividends.

 

Southchurch Solutions Limited

trading as Rainbow International - Southend-on-Sea

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,362

17,904

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,053

7,053

Bank overdrafts

24,886

23,067

31,939

30,120