Company registration number 04090465 (England and Wales)
RAINBOW OFFICE DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RAINBOW OFFICE DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RAINBOW OFFICE DESIGN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
854
5,150
Tangible assets
5
22,133
16,108
22,987
21,258
Current assets
Debtors
7
2,081,023
1,807,215
Investments
8
216,623
293,963
Cash at bank and in hand
2,612,976
3,043,029
4,910,622
5,144,207
Creditors: amounts falling due within one year
9
(1,992,195)
(2,483,780)
Net current assets
2,918,427
2,660,427
Net assets
2,941,414
2,681,685
Capital and reserves
Called up share capital
102
100
Profit and loss reserves
2,941,312
2,681,585
Total equity
2,941,414
2,681,685

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Andrea Antoniou
Anthony Antoniou
Director
Director
Company registration number 04090465 (England and Wales)
RAINBOW OFFICE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Rainbow Office Design 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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill being the amount paid in connection with the acquisition of a business, this being amortised over its useful life of 20 years.

1.4
Intangible fixed assets other than goodwill

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.

Branding & Website are being amortised evenly over their estimated useful life of nil years.

Website & Branding
25 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

RAINBOW OFFICE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Computers
15% Reducing Balance
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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

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.

1.8
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RAINBOW OFFICE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
12
4
Intangible fixed assets
Goodwill
Website & Branding
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
68,000
22,400
90,400
Amortisation and impairment
At 1 January 2023
64,600
20,650
85,250
Amortisation charged for the year
3,400
896
4,296
At 31 December 2023
68,000
21,546
89,546
Carrying amount
At 31 December 2023
-
0
854
854
At 31 December 2022
3,400
1,750
5,150
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
80,245
Additions
9,179
At 31 December 2023
89,424
Depreciation and impairment
At 1 January 2023
64,137
Depreciation charged in the year
3,154
At 31 December 2023
67,291
Carrying amount
At 31 December 2023
22,133
At 31 December 2022
16,108
RAINBOW OFFICE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
216,623
293,963
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
829,799
1,261,900
Other debtors
1,251,224
545,315
2,081,023
1,807,215
8
Current asset investments
2023
2022
£
£
Other investments
216,623
293,963
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
6,293
Trade creditors
1,294,920
2,091,706
Taxation and social security
133,439
303,365
Other creditors
563,836
82,416
1,992,195
2,483,780
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
506,714
283,714
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