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RAINBOW PROPERTY COMPANY LIMITED(THE)

Registered Number
00485115
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

RAINBOW PROPERTY COMPANY LIMITED(THE)
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

ENTWISTLE, John Nicholas McAlpine OBE
ENTWISTLE, Phillida Gail Sinclair

Company Secretary

ENTWISTLE, John Nicholas Mcalpine OBE

Registered Address

40 Kentsford Road
Grange-Over-Sands
LA11 7AP

Registered Number

00485115 (England and Wales)
RAINBOW PROPERTY COMPANY LIMITED(THE)
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,0681,334
Investments4214,813184,112
215,881185,446
Current assets
Debtors55,3626,548
Cash at bank and on hand9,00035,259
14,36241,807
Creditors amounts falling due within one year6(42,101)(4,402)
Net current assets (liabilities)(27,739)37,405
Total assets less current liabilities188,142222,851
Net assets188,142222,851
Capital and reserves
Called up share capital2,5002,500
Profit and loss account185,642220,351
Shareholders' funds188,142222,851
The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2024, and are signed on its behalf by:
ENTWISTLE, John Nicholas McAlpine OBE
Director
Registered Company No. 00485115
RAINBOW PROPERTY COMPANY LIMITED(THE)
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.
Interest income
Interest income is recognised using the effective interest rate method.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment20
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 May 236,6266,626
At 30 April 246,6266,626
Depreciation and impairment
At 01 May 235,2925,292
Charge for year266266
At 30 April 245,5585,558
Net book value
At 30 April 241,0681,068
At 30 April 231,3341,334
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 May 23184,112184,112
Additions132,926132,926
Revaluations9,3719,371
Disposals(111,596)(111,596)
At 30 April 24214,813214,813
Net book value
At 30 April 24214,813214,813
At 30 April 23184,112184,112

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Other debtors5,3626,548
Total5,3626,548
6.Creditors: amounts due within one year

2024

2023

££
Other creditors38,8722,052
Accrued liabilities and deferred income3,2292,350
Total42,1014,402
7.Description of reasons for any change in chosen formats of the financial statments
These accounts have been prepared under FRS102 1(a), due to the investment portfolio.