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Rainbo Supplies & Services Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 31 January 2024

Registration number: 2965851

 

Rainbo Supplies & Services Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Rainbo Supplies & Services Limited

(Registration number: 2965851)
Statement of financial position as at 31 January 2024

Note

2024
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

8,030

10,351

Tangible assets

5

154,521

1,233,786

Investments

6

26,518

26,518

 

189,069

1,270,655

Current assets

 

Stocks

7

460,416

370,579

Debtors

8

3,844,020

4,149,064

Cash at bank and in hand

 

165,698

480,985

 

4,470,134

5,000,628

Creditors: Amounts falling due within one year

9

(3,433,428)

(3,830,394)

Net current assets

 

1,036,706

1,170,234

Total assets less current liabilities

 

1,225,775

2,440,889

Creditors: Amounts falling due after more than one year

9

(92,849)

(427,271)

Provisions for liabilities

(64,053)

(37,899)

Net assets

 

1,068,873

1,975,719

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

316,519

316,519

Retained earnings

752,254

1,659,100

Shareholders' funds

 

1,068,873

1,975,719

 

Rainbo Supplies & Services Limited

(Registration number: 2965851)
Statement of financial position as at 31 January 2024

For the financial period 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 period 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.

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 Income statement.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

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

 

Rainbo Supplies & Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 January 2023 to 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:
Imperial House
Link 10
Napier Way
Crawley
West Sussex
RH10 9RA

These financial statements were authorised for issue by the Board 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.

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.

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.

 

Rainbo Supplies & Services Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

25% reducing balance

Freehold Property

1% on cost

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

25% reducing balance

 

Rainbo Supplies & Services Limited

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

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Rainbo Supplies & Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 January 2023 to 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 period, was 24 (2022 - 22).

 

Rainbo Supplies & Services Limited

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

60,698

60,698

At 31 January 2024

60,698

60,698

Amortisation

At 1 January 2023

50,347

50,347

Amortisation charge

2,321

2,321

At 31 January 2024

52,668

52,668

Carrying amount

At 31 January 2024

8,030

8,030

At 31 December 2022

10,351

10,351

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,250,000

147,535

-

1,397,535

Additions

-

17,838

115,909

133,747

Disposals

(1,250,000)

(44,072)

-

(1,294,072)

At 31 January 2024

-

121,301

115,909

237,210

Depreciation

At 1 January 2023

49,858

113,892

-

163,750

Charge for the period

-

12,817

-

12,817

Eliminated on disposal

(49,858)

(44,020)

-

(93,878)

At 31 January 2024

-

82,689

-

82,689

Carrying amount

At 31 January 2024

-

38,612

115,909

154,521

At 31 December 2022

1,200,142

33,644

-

1,233,786

 

Rainbo Supplies & Services Limited

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

6

Investments

2024
£

2022
£

Investments in subsidiaries

26,518

26,518

Subsidiaries

£

Cost or valuation

At 1 January 2023

497,427

Provision

At 1 January 2023

470,909

Carrying amount

At 31 January 2024

26,518

At 31 December 2022

26,518

7

Stocks

2024
£

2022
£

Other inventories

460,416

370,579

8

Debtors

Current

Note

2024
£

2022
£

Trade debtors

 

2,277,762

2,124,009

Amounts owed by related parties

13

206,289

192,315

Prepayments

 

180,258

23,795

Other debtors

 

1,179,711

1,808,945

   

3,844,020

4,149,064

 

Rainbo Supplies & Services Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

11

2,040,566

2,371,454

Trade creditors

 

651,059

731,598

Taxation and social security

 

85,582

139,982

Accruals and deferred income

 

403,927

547,828

Other creditors

 

252,294

39,532

 

3,433,428

3,830,394

Current liabilities includes bank and other loans of £1,131,264 (2022: £1,613,779) that are decured with fixed and floating charges on the assets that the company has the rights to or will obtain the rights to.

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

11

92,849

427,271

10

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £0.01 each

10,000

100

10,000

100

       
 

Rainbo Supplies & Services Limited

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

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Bank borrowings

-

271,978

Hire purchase contracts

92,849

-

Other borrowings

-

155,293

92,849

427,271

Current loans and borrowings

2024
£

2022
£

Bank borrowings

1,131,264

1,554,037

Bank overdrafts

895,242

663,693

Hire purchase contracts

14,060

-

Other borrowings

-

153,724

2,040,566

2,371,454

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £2,064 (2022 - £7,432).

 

Rainbo Supplies & Services Limited

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

13

Related party transactions

Transactions with directors

2024

At 1 January 2023
£

Advances to director
£

At 31 January 2024
£

Mr S Quigley

Director's Loan

239,599

5,191

244,790

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr S Quigley

Director's Loan

234,901

4,698

239,599