Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalsefalse2023-01-015453truefalse SC191505 2023-01-01 2023-12-31 SC191505 2021-09-01 2022-12-31 SC191505 2023-12-31 SC191505 2022-12-31 SC191505 c:Director1 2023-01-01 2023-12-31 SC191505 c:Director2 2023-01-01 2023-12-31 SC191505 c:Director3 2023-01-01 2023-12-31 SC191505 c:Director4 2023-01-01 2023-12-31 SC191505 c:Director5 2023-01-01 2023-12-31 SC191505 c:RegisteredOffice 2023-01-01 2023-12-31 SC191505 d:Buildings 2023-01-01 2023-12-31 SC191505 d:Buildings 2023-12-31 SC191505 d:Buildings 2022-12-31 SC191505 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:PlantMachinery 2023-01-01 2023-12-31 SC191505 d:PlantMachinery 2023-12-31 SC191505 d:PlantMachinery 2022-12-31 SC191505 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:MotorVehicles 2023-01-01 2023-12-31 SC191505 d:MotorVehicles 2023-12-31 SC191505 d:MotorVehicles 2022-12-31 SC191505 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:FurnitureFittings 2023-01-01 2023-12-31 SC191505 d:FurnitureFittings 2023-12-31 SC191505 d:FurnitureFittings 2022-12-31 SC191505 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:OfficeEquipment 2023-01-01 2023-12-31 SC191505 d:OfficeEquipment 2023-12-31 SC191505 d:OfficeEquipment 2022-12-31 SC191505 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC191505 d:Goodwill 2023-01-01 2023-12-31 SC191505 d:Goodwill 2023-12-31 SC191505 d:Goodwill 2022-12-31 SC191505 d:CurrentFinancialInstruments 2023-12-31 SC191505 d:CurrentFinancialInstruments 2022-12-31 SC191505 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC191505 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC191505 d:ShareCapital 2023-12-31 SC191505 d:ShareCapital 2022-12-31 SC191505 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC191505 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC191505 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC191505 c:OrdinaryShareClass1 2023-12-31 SC191505 c:OrdinaryShareClass1 2022-12-31 SC191505 c:FRS102 2023-01-01 2023-12-31 SC191505 c:Audited 2023-01-01 2023-12-31 SC191505 c:FullAccounts 2023-01-01 2023-12-31 SC191505 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC191505 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC191505 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC191505 d:SpecificBusinessCombination1 2023-01-01 2023-12-31 SC191505 d:SpecificBusinessCombination1 2023-12-31 SC191505 d:SpecificBusinessCombination1 2 2023-12-31 SC191505 d:SpecificBusinessCombination1 d:CurrentFinancialInstruments 2023-12-31 SC191505 d:SpecificBusinessCombination2 2023-01-01 2023-12-31 SC191505 d:SpecificBusinessCombination2 2023-12-31 SC191505 d:SpecificBusinessCombination2 2 2023-12-31 SC191505 d:SpecificBusinessCombination2 d:CurrentFinancialInstruments 2023-12-31 SC191505 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC191505










RAINBOW BLINDS AND FABRICS LIMITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
RAINBOW BLINDS AND FABRICS LIMITED
 

COMPANY INFORMATION


Directors
Mr A Blaney 
Mrs M Blaney 
Mr L Blaney 
Mr C Blaney 
Mrs M Patrick 




Registered number
SC191505



Registered office
61 Canyon Road
Netherton Industrial Estate

Wishaw

Lanarkshire

ML2 0EG




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
RAINBOW BLINDS AND FABRICS LIMITED
REGISTERED NUMBER: SC191505

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
£
£

Fixed assets
  

Intangible assets
 4 
12,667
14,334

Tangible assets
 5 
281,577
307,602

  
294,244
321,936

Current assets
  

Stocks
  
737,623
658,047

Debtors: amounts falling due within one year
 6 
3,247,638
2,916,407

Bank and cash balances
  
1,021,070
942,814

  
5,006,331
4,517,268

Creditors: amounts falling due within one year
 7 
(685,788)
(648,662)

Net current assets
  
 
 
4,320,543
 
 
3,868,606

Total assets less current liabilities
  
4,614,787
4,190,542

Provisions for liabilities
  

Deferred tax
  
(57,657)
(59,791)

  
 
 
(57,657)
 
 
(59,791)

Net assets
  
4,557,130
4,130,751


Capital and reserves
  

Called up share capital 
 8 
30,000
30,000

Profit and loss account
  
4,527,130
4,100,751

  
4,557,130
4,130,751


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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




Mr L Blaney
Director

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

1.


General information

Rainbow Blinds and Fabrics Limited is a private company limited by shares domiciled in Scotland with registration number SC191505. The registered office is 61 Canyon Road, Netherton Industrial Estate, Wishaw, Lanarkshire, ML2 0EG.
The Company's functional and presentational currency is GBP.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 turnover 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

Operating leases: the Company as lessee

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

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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 Statement of Income and Retained Earnings 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.

Page 4

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, and is provided on the following basis.


Improvements to property
-
10% straight line
Plant and machinery
-
10-15% reducing balance, 15-25% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
10% reducing balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 54 (2022 - 53).

Page 5

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
40,000



At 31 December 2023

40,000



Amortisation


At 1 January 2023
25,666


Charge for the year on owned assets
1,667



At 31 December 2023

27,333



Net book value



At 31 December 2023
12,667



At 31 December 2022
14,334



Page 6

 


 
RAINBOW BLINDS AND FABRICS LIMITED


 

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


5.


Tangible fixed assets






Improvements to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
21,045
747,595
207,642
8,243
19,740
1,004,265


Additions
1,250
2,800
44,886
-
-
48,936


Disposals
-
-
(54,472)
-
-
(54,472)



At 31 December 2023

22,295
750,395
198,056
8,243
19,740
998,729



Depreciation


At 1 January 2023
17,950
528,325
135,718
6,080
8,590
696,663


Charge for the year on owned assets
1,835
33,184
26,113
324
1,145
62,601


Disposals
-
-
(42,112)
-
-
(42,112)



At 31 December 2023

19,785
561,509
119,719
6,404
9,735
717,152



Net book value



At 31 December 2023
2,510
188,886
78,337
1,839
10,005
281,577



At 31 December 2022
3,095
219,270
71,924
2,163
11,150
307,602

Page 7

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

6.


Debtors

As restated
2023
2022
£
£


Trade debtors
400,856
509,297

Amounts owed by group undertakings
2,818,748
2,403,938

Prepayments and accrued income
28,034
3,172

3,247,638
2,916,407



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
364,247
301,873

Amounts owed to group undertakings
3,161
31,400

Other taxation and social security
263,659
254,203

Other creditors
54,721
61,186

685,788
648,662


Group borrowing is secured by an inter-company guarantee and a bond and floating charge over the assets of the company.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1.00 each
30,000
30,000


Page 8

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

9.


Business combinations

On 31 December 2023 Scotblinds Larbert Limited (SC289954) and VBS Centurion Blinds Ltd (SC340793) were hived across into Rainbow Blinds and Fabrics Limited. Rainbow Blinds and Fabrics Limited,  Scotblinds Larbert Limited and VBS Centurion Blinds Ltd are all wholly owned subsidiaries of GC Group Limited and the ultimate equity owners remain the same following the business combination. The hive across of these two companies is considered to be a group reconstruction meeting the requirements of FRS 102 s19.27, therefore the merger accounting method is permissable treatment for this business combination. 
The principles of merger accounting as set out in FRS 102 s19.29 to s19.32 has been applied as follows:
• the assets and liabilities of parties to the combination have not been restated to fair value;
• the results and cash flows of Scotblinds Larbert Limited and VBS Centurion Blinds Ltd have been    
          brought into the financial statements from the beginning of the 2023 financial year; and
• comparatives for the 2022 financial period have been restated to combine the results of Scotblinds 
          Larbert Limited and VBS Centurion Blinds Ltd.

Acquisition of Scotblinds Larbert Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Fixed assets

Tangible
4,023

Current assets

Stocks
231

Debtors
6,698

Cash at bank and in hand
68,282

Total assets
79,234

Creditors

Due within one year
(14,227)

Deferred taxation
(1,006)

Total identifiable net assets
64,001


Goodwill
-

Total consideration
64,001

Consideration

£

Intercompany debt
64,001

Total consideration
64,001



Page 9

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

.Business combinations (continued)

Acquisition of V B S Centurion Blinds Ltd

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Current assets

Stocks
8,002

Debtors
1,265,910

Cash at bank and in hand
87,681

Total assets
1,361,593

Creditors

Due within one year
(17,290)

Total identifiable net assets
1,344,303


Goodwill
-

Total consideration
1,344,303

Consideration

£

Intercompany debt
1,344,303

Total consideration
1,344,303

Intercompany debt equivalent to the consideration for Scotblinds Larbert Limited and VBS Centurion Ltd arose between Rainbow Blinds and Fabrics Limited and the respective companies on the business combinations. As Scotblinds Larbert Limited and VBS Centurion Blinds Ltd have become dormant companies following the hive across, the group does not intend to pay the intercompany debt arising on the combinations and therefore the debts have not been recognised in the dormant companies' financial statements.



Page 10

 
RAINBOW BLINDS AND FABRICS LIMITED
 

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

10.


Prior year adjustment

On 31 December 2023 Scotblinds Larbert Limited and VBS Centurion Ltd were hived into Rainbow Blinds and Fabrics Limited using the merger accounting method, as such the prior year figures have been restated to include their results. 


11.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
29,016
-

29,016
-


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,214 (2022 - £35,375). There were no amounts (2022 - £nil) due to be paid to the fund at the balance sheet date.


13.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.


14.


Controlling party

The  immediate parent company is GC Group Limited, a company registered in Scotland. 
The ultimate parent undertaking is Crest Properties (Scotland) Ltd, a company registered in Scotland, with a registered office of 8 Pendreich Road, Bridge of Allan, Stirling, Stirlingshire, FK9 4LY.
Crest Properties (Scotland) Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2023. The results of Rainbow Blinds and Fabrics Limited are included within the consolidated financial statements of Crest Properties (Scotland) Ltd.

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Douglas Rae (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.


Page 11