RAINBOW EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 JULY 2024
Rainbow Experience Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 26 Great Queen Street, London, WC2B 5BL.
The company was Incorporated on 15 June 2023 and began trading on this date.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Functional and presentation currency
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The Company's functional and presentational currency is GBP rounded to the nearest £.
Tax is recognised in the Statement of Income and Retained Earnings. 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 income.
The Company is eligible to claim a tax credit on the production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.
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Stocks - Production costs
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Stocks comprise theatre production costs, which are recorded as a current asset. Theatre production costs will be amortised to the Statement of Income and Retained Earnings over the anticipated number of weeks the show will run.
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