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Registration number: 05361653

Rainbow S&L Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Rainbow S&L Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Rainbow S&L Ltd

Company Information

Directors

Mrs N White

Mr R J 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 S&L Ltd

(Registration number: 05361653)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,846,054

1,849,093

Current assets

 

Debtors

5

107,157

83,165

Cash at bank and in hand

 

520,833

438,492

 

627,990

521,657

Prepayments and accrued income

 

397

386

Creditors: Amounts falling due within one year

(885,816)

(792,059)

Net current liabilities

 

(257,429)

(270,016)

Total assets less current liabilities

 

1,588,625

1,579,077

Accruals and deferred income

 

(350)

(15,321)

Net assets

 

1,588,275

1,563,756

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

839,863

839,863

Retained earnings

748,312

723,793

Shareholders' funds

 

1,588,275

1,563,756

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 S&L Ltd

(Registration number: 05361653)
Abridged Balance Sheet as at 31 January 2024

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

 

Rainbow S&L Ltd

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 England and Wales.

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

The principal place of business is:
Ormidale Square
Lowman Way
Tiverton
Devon
EX16 6SR

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.

 

Rainbow S&L Ltd

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

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.

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. reducing balance basis.

Motor Vehicles

20% p.a. 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.

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.

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.

 

Rainbow S&L Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,952,303

25,198

31,253

2,008,754

At 31 January 2024

1,952,303

25,198

31,253

2,008,754

Depreciation

At 1 February 2023

121,285

13,678

24,698

159,661

Charge for the year

-

1,728

1,311

3,039

At 31 January 2024

121,285

15,406

26,009

162,700

Carrying amount

At 31 January 2024

1,831,018

9,792

5,244

1,846,054

At 31 January 2023

1,831,018

11,520

6,555

1,849,093

Included within the net book value of land and buildings above is £1,830,000 (2023 - £1,830,000) in respect of freehold land and buildings and £1,018 (2023 - £1,018) in respect of short leasehold land and buildings.
 

5

Debtors

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

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

7

Related party transactions

 

Rainbow S&L Ltd

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

69,975

16,775

86,750

       
     

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr R J White

60,345

9,630

69,975

       
     

 

 

Rainbow S&L Ltd

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

Summary of transactions with parent

Rainbow Holdings (UK) Limited
 

Summary of transactions with associates

Rainbow Wholesale Ltd
 (Note - Included in Other Creditors is £50,000 due to Rainbow Wholesale Limited regarding management fees for the year to 31 January 2012.)
 

Expenditure with and payables to related parties

2024

Associates
£

Purchase of goods

224,628

Amounts payable to related party

58,618

2023

Associates
£

Purchase of goods

230,522

Amounts payable to related party

75,408

Loans from related parties

2024

Parent
£

Associates
£

Total
£

At start of period

464,036

200,449

664,485

Advanced

50,072

60,000

110,072

At end of period

514,108

260,449

774,557

2023

Parent
£

Associates
£

Total
£

At start of period

464,036

200,436

664,472

Advanced

-

13

13

At end of period

464,036

200,449

664,485