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Rainbo Procurement Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 31 March 2024

Registration number: 14265214

 

Rainbo Procurement Solutions Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Rainbo Procurement Solutions Ltd

(Registration number: 14265214)
Statement of financial position as at 31 March 2024

Note

2024
£

2022
£

Current assets

 

Debtors

212,442

-

Cash at bank and in hand

 

5,622

100

 

218,064

100

Creditors: Amounts falling due within one year

5

(217,868)

-

Net assets

 

196

100

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

96

-

Shareholders' funds

 

196

100

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 23 October 2024
 

.........................................
Mr S Quigley
Director

 

Rainbo Procurement Solutions Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2023 to 31 March 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:
Unit B2
Link 10
Napier Way
Crawley
West Sussex
RH10 9RA
England

These financial statements were authorised for issue by the director on 23 October 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 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Rainbo Procurement Solutions Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2023 to 31 March 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

4

Investments

2024
£

2022
£

Subsidiaries

£

Cost or valuation

Additions

168,942

Disposals

(168,942)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

 

Rainbo Procurement Solutions Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2023 to 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

78,207

-

Taxation and social security

 

22

-

Other creditors

 

139,639

-

 

217,868

-

6

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £0.01 each

10,000

100

10,000

100