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Registration number: 05361642

Rainbow Wholesale Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Rainbow Wholesale Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Rainbow Wholesale Limited

Company Information

Directors

Mr R J White

Mrs N White

Registered office

The White House
London Road
Whimple
Exeter
Devon
EX5 2PT

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Rainbow Wholesale Limited

(Registration number: 05361642)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,034,946

4,051,299

Current assets

 

Stocks

5

246,543

246,645

Debtors

6

1,417,401

1,205,284

Cash at bank and in hand

 

482,215

622,486

 

2,146,159

2,074,415

Prepayments and accrued income

 

296

273

Creditors: Amounts falling due within one year

(3,648,047)

(3,659,325)

Net current liabilities

 

(1,501,592)

(1,584,637)

Net assets

 

2,533,354

2,466,662

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

1,912,679

1,912,679

Retained earnings

620,575

553,883

Shareholders' funds

 

2,533,354

2,466,662

For the financial year ending 31 January 2024 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 6 September 2024 and signed on its behalf by:
 

 

Rainbow Wholesale Limited

(Registration number: 05361642)
Abridged Balance Sheet as at 31 January 2024

.........................................
Mr R J White
Director

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
The White House
London Road
Whimple
Exeter
Devon
EX5 2PT

These financial statements were authorised for issue by the Board on 6 September 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 abridged 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 abridged 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.

Tax

The tax expense for the period comprises current 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.

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.

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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

Fixtures, Fittings and Equipment

15% p.a. on reducing balance basis.

Motor Vehicles

20% p.a. on reducing balance basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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 non-current liabilities.

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

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

3,950,000

493,388

147,053

4,590,441

Additions

-

2,644

-

2,644

At 31 January 2024

3,950,000

496,032

147,053

4,593,085

Depreciation

At 1 February 2023

-

460,200

78,942

539,142

Charge for the year

-

5,375

13,622

18,997

At 31 January 2024

-

465,575

92,564

558,139

Carrying amount

At 31 January 2024

3,950,000

30,457

54,489

4,034,946

At 31 January 2023

3,950,000

33,188

68,111

4,051,299

Included within the net book value of land and buildings above is £3,950,000 (2023 - £3,950,000) in respect of freehold land and buildings.
 

5

Stocks

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Raw materials and consumables

171,400

171,400

Other inventories

75,143

75,245

246,543

246,645

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Related party transactions

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Mr R J White

691,011

223,900

914,911

       
     

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr R J White

564,579

126,432

691,011

       
     

 

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,398

9,197

Contributions paid to money purchase schemes

40,000

40,000

49,398

49,197

Summary of transactions with parent

Rainbow Holdings (UK) Limited
 

Income and receivables from related parties

2024

Associates
£

Sale of goods

224,628

Amounts receivable from related party

58,618

2023

Associates
£

Sale of goods

230,522

Amounts receivable from related party

75,408

Loans to related parties

2024

Associates
£

Total
£

At start of period

200,449

200,449

Advanced

60,000

60,000

At end of period

260,449

260,449

2023

Associates
£

Total
£

At start of period

200,436

200,436

Advanced

13

13

At end of period

200,449

200,449

Loans from related parties

2024

Parent
£

Total
£

At start of period

3,738,461

3,738,461

At end of period

3,738,461

3,738,461

 

Rainbow Wholesale Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

2023

Parent
£

Total
£

At start of period

3,738,474

3,738,474

Repaid

(13)

(13)

At end of period

3,738,461

3,738,461