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Registered number: 02773202
Rainbow Manufacturing Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Contents
Page
Company Information 1
Accountants' Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—6
Page 1
Company Information
Director Mr R Mihalop
Secretary Mrs M Clark
Company Number 02773202
Registered Office 2 Rectory Lane
Pulborough
West Sussex
RH20 2AB
Accountants Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Page 1
Page 2
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rainbow Manufacturing Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Rainbow Manufacturing Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rainbow Manufacturing Limited and state those matters that we have agreed to state to the director of Rainbow Manufacturing Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Rainbow Manufacturing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rainbow Manufacturing Limited . You consider that Rainbow Manufacturing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rainbow Manufacturing Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Merranti Accounting (Brighton) Limited
7 January 2025
Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Page 2
Page 3
Balance Sheet
Registered number: 02773202
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,298 20,260
15,298 20,260
CURRENT ASSETS
Stocks 5 15,507 8,416
Debtors 6 80,320 75,161
Cash at bank and in hand 47,603 22,347
143,430 105,924
Creditors: Amounts Falling Due Within One Year 7 (98,337 ) (59,657 )
NET CURRENT ASSETS (LIABILITIES) 45,093 46,267
TOTAL ASSETS LESS CURRENT LIABILITIES 60,391 66,527
NET ASSETS 60,391 66,527
CAPITAL AND RESERVES
Called up share capital 133,333 133,333
Profit and Loss Account (72,942 ) (66,806 )
SHAREHOLDERS' FUNDS 60,391 66,527
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Page 4
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Mihalop
Director
7 January 2025
The notes on pages 5 to 6 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Rainbow Manufacturing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02773202 . The registered office is 2 Rectory Lane, Pulborough, West Sussex, RH20 2AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 277,325 19,031 296,356
Additions - 249 249
As at 31 May 2024 277,325 19,280 296,605
Depreciation
As at 1 June 2023 257,877 18,219 276,096
Provided during the period 4,861 350 5,211
As at 31 May 2024 262,738 18,569 281,307
Net Book Value
As at 31 May 2024 14,587 711 15,298
As at 1 June 2023 19,448 812 20,260
5. Stocks
2024 2023
£ £
Finished goods 15,507 8,416
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 57,784 56,110
Other debtors 22,536 19,051
80,320 75,161
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,712 5,546
Other creditors 74,064 53,555
Taxation and social security 12,561 556
98,337 59,657
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