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REGISTERED NUMBER: 08874255 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Red Rainbow Textiles Limited

Red Rainbow Textiles Limited (Registered number: 08874255)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Red Rainbow Textiles Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: Miss J C Mammatt





REGISTERED OFFICE: Denton House
Old North Road
Stilton Fen
Peterborough
Cambridgeshire
PE7 3SB





REGISTERED NUMBER: 08874255 (England and Wales)





ACCOUNTANTS: Hills Accountants Limited
Greenhill House
First Floor East Wing
Thorpe Road
Peterborough
Cambridgeshire
PE3 6RU

Red Rainbow Textiles Limited (Registered number: 08874255)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 831
Tangible assets 5 16,285 19,345
16,285 20,176

CURRENT ASSETS
Stocks 229,493 218,320
Debtors 6 570 5,327
Cash at bank and in hand 2,054 4,608
232,117 228,255
CREDITORS
Amounts falling due within one year 7 10,363 14,358
NET CURRENT ASSETS 221,754 213,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

238,039

234,073

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 237,939 233,973
SHAREHOLDERS' FUNDS 238,039 234,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Red Rainbow Textiles Limited (Registered number: 08874255)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





Miss J C Mammatt - Director


Red Rainbow Textiles Limited (Registered number: 08874255)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Red Rainbow Textiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Red Rainbow Textiles Limited (Registered number: 08874255)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 8,328
AMORTISATION
At 1 March 2023 7,497
Charge for year 831
At 29 February 2024 8,328
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 831

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 44,738
Additions 286
At 29 February 2024 45,024
DEPRECIATION
At 1 March 2023 25,393
Charge for year 3,346
At 29 February 2024 28,739
NET BOOK VALUE
At 29 February 2024 16,285
At 28 February 2023 19,345

Red Rainbow Textiles Limited (Registered number: 08874255)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 50 -
Other debtors 520 5,327
570 5,327

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 2,164 -
Trade creditors 3,609 6,130
Taxation and social security 3,838 8,145
Other creditors 752 83
10,363 14,358

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 March 2023 233,973
Profit for the year 6,966
Dividends (3,000 )
At 29 February 2024 237,939

10. RELATED PARTY DISCLOSURES

As at 28 February 2024 the company owed Miss J Mammatt £752 (2023- £83 ) in respect of her directors loan account.