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COMPANY REGISTRATION NUMBER: 12123291
Rainbow Support Limited
Filleted Unaudited Financial Statements
26 July 2024
Rainbow Support Limited
Statement of Financial Position
26 July 2024
26 Jul 24
31 Jul 23
Note
£
£
Fixed assets
Tangible assets
5
5,957
11,574
Current assets
Debtors
6
497,804
125,796
Cash at bank and in hand
91,473
161,258
---------
---------
589,277
287,054
Creditors: amounts falling due within one year
7
171,518
116,201
---------
---------
Net current assets
417,759
170,853
---------
---------
Total assets less current liabilities
423,716
182,427
---------
---------
Net assets
423,716
182,427
---------
---------
Capital and reserves
Called up share capital
800
800
Profit and loss account
422,916
181,627
---------
---------
Shareholders funds
423,716
182,427
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 26 July 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rainbow Support Limited
Statement of Financial Position (continued)
26 July 2024
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
M G Hawkes
Director
Company registration number: 12123291
Rainbow Support Limited
Notes to the Financial Statements
Period from 1 August 2023 to 26 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Corporation Road, Newport, South Wales, NP19 0AR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The company took advantage of group relief by claiming losses from Crescent Housing Limited a wholly owned subsidiary of The Cresbow Group Limited.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 106 (2023: 65 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2023
29,042
8,273
37,315
Additions
3,668
3,668
--------
--------
--------
At 26 July 2024
29,042
11,941
40,983
--------
--------
--------
Depreciation
At 1 August 2023
22,319
3,422
25,741
Charge for the period
6,723
2,562
9,285
--------
--------
--------
At 26 July 2024
29,042
5,984
35,026
--------
--------
--------
Carrying amount
At 26 July 2024
5,957
5,957
--------
--------
--------
At 31 July 2023
6,723
4,851
11,574
--------
--------
--------
6. Debtors
26 Jul 24
31 Jul 23
£
£
Trade debtors
109,563
51,088
Amounts owed by group undertakings and undertakings in which the company has a participating interest
236,873
Other debtors
151,368
74,708
---------
---------
497,804
125,796
---------
---------
7. Creditors: amounts falling due within one year
26 Jul 24
31 Jul 23
£
£
Trade creditors
128,307
78,286
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,721
Social security and other taxes
30,052
18,724
Other creditors
13,159
17,470
---------
---------
171,518
116,201
---------
---------
8. Other financial commitments
The Company along with all companies within the group have guaranteed the Group's obligations under the Group bank facility. The total liability for at the end of the period is £1,391,548.
9. Parent company
The company is a wholly owned subsidiary of The Cresbow Group Limited.