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REGISTERED NUMBER: 02130421 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Spectrum Franchising Limited
Trading as
Rainbow Restoration

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Spectrum Franchising Limited
Trading as Rainbow Restoration

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C P Roche
M P McMullen





REGISTERED OFFICE: Spectrum House
Lower Oakham Way
Oakham Buisness Park
Mansfield
Nottinghamshire
NG18 5BY





REGISTERED NUMBER: 02130421 (England and Wales)





ACCOUNTANTS: Jerroms GCN Limited
West Point
Second Floor, Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 170,350 127,548

CURRENT ASSETS
Stocks 271,491 173,324
Debtors 5 1,178,903 865,370
Cash at bank and in hand 1,722,645 1,099,648
3,173,039 2,138,342
CREDITORS
Amounts falling due within one year 6 2,063,259 1,014,065
NET CURRENT ASSETS 1,109,780 1,124,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,280,130

1,251,825

CREDITORS
Amounts falling due after more than
one year

7

77,587

69,818
NET ASSETS 1,202,543 1,182,007

CAPITAL AND RESERVES
Called up share capital 850,000 850,000
Retained earnings 352,543 332,007
SHAREHOLDERS' FUNDS 1,202,543 1,182,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:




C P Roche - Director



M P McMullen - Director


Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

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

1. STATUTORY INFORMATION

Spectrum Franchising 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Computer software has been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 20% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
Based on the Board's review of the Company's going concern assessment and the liquidity and cash flow reviews of the Company, the Directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual report and accounts.

National advertising fund
Under the terms of the franchise agreement between the company and its franchisees, the company charges each franchisee a levy to be applied to a centrally held fund for use in marketing and promoting the franchise network (the 'National Advertising Fund'). Levies received under this fund are accrued as a liability and any expenditure incurred with respect to the fund are debited to the accrual, with the balance being recognised as an accrual on the balance sheet.
.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 188,382
Additions 110,557
At 31 December 2023 298,939
DEPRECIATION
At 1 January 2023 60,834
Charge for year 67,755
At 31 December 2023 128,589
NET BOOK VALUE
At 31 December 2023 170,350
At 31 December 2022 127,548

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 101,799
Additions 28,500
At 31 December 2023 130,299
DEPRECIATION
At 1 January 2023 15,369
Charge for year 39,887
At 31 December 2023 55,256
NET BOOK VALUE
At 31 December 2023 75,043
At 31 December 2022 86,430

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 991,232 759,049
Amounts owed by group undertakings 145,446 56,143
Other debtors 42,225 50,178
1,178,903 865,370

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 22,586 15,049
Trade creditors 191,318 137,272
Amounts owed to group undertakings 11,761 11,761
Taxation and social security 409,679 225,600
Other creditors 1,427,915 624,383
2,063,259 1,014,065

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 77,587 69,818

Spectrum Franchising Limited
Trading as Rainbow Restoration

Report of the Accountants to the Directors of
Spectrum Franchising Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spectrum Franchising Limited for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at

https://www.accaglobal.com/gb/en/member/standards/rules-and-
standards/rulebook.html.

This report is made solely to the board of directors of Spectrum Franchising Limited, as a body, in accordance with the terms of our engagement letter dated 13th September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Spectrum Franchising Limited and state those matters that we have agreed to state to the board of directors of Spectrum Franchising Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified
Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-
163.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than Spectrum Franchising Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Spectrum Franchising Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spectrum Franchising Limited. You consider that Spectrum Franchising 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 financial statements of Spectrum Franchising 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 financial statements.






Jerroms GCN Limited
West Point
Second Floor, Mucklow Office Park
Mucklow Hill

Spectrum Franchising Limited (Registered number: 02130421)
Trading as Rainbow Restoration

Report of the Accountants to the Directors of
Spectrum Franchising Limited

Halesowen
B62 8DY


17 July 2024