Company registration number 05983221 (England and Wales)
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
27,018
31,757
Investment property
4
300,000
300,000
Investments
5
100
100
327,118
331,857
CURRENT ASSETS
Stocks
1,705,983
1,479,295
Debtors
6
864,455
1,237,048
Cash at bank and in hand
103,388
35,749
2,673,826
2,752,092
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(2,939,719)
(2,657,781)
NET CURRENT (LIABILITIES)/ASSETS
(265,893)
94,311
TOTAL ASSETS LESS CURRENT LIABILITIES
61,225
426,168
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(15,000)
(380,348)
PROVISIONS FOR LIABILITIES
(32,259)
(32,567)
NET ASSETS
13,966
13,253
CAPITAL AND RESERVES
Called up share capital
100
100
Non-distributable profits reserve
9
82,500
82,500
Distributable profit and loss reserves
(68,634)
(69,347)
TOTAL EQUITY
13,966
13,253
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
..............................................
Sven Cronk
Director
Company registration number 05983221 (England and Wales)
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
BALANCE AT 1 FEBRUARY 2022
100
82,500
(88,161)
(5,561)
YEAR ENDED 31 JANUARY 2023:
Profit and total comprehensive income
-
-
18,814
18,814
BALANCE AT 31 JANUARY 2023
100
82,500
(69,347)
13,253
YEAR ENDED 31 JANUARY 2024:
Profit and total comprehensive income
-
-
713
713
BALANCE AT 31 JANUARY 2024
100
82,500
(68,634)
13,966
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
ACCOUNTING POLICIES
Company information
Rainbow Developments (South Wales) Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Gerry Jones Transport Services Limited, Unit 25 , Prince of Wales Industrial Estate, Cwmcarn, Newport, NP11 5AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Straight line
Motor vehicles
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
TANGIBLE FIXED ASSETS
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
93,348
22,494
115,842
Additions
15,375
15,375
At 31 January 2024
108,723
22,494
131,217
Depreciation and impairment
At 1 February 2023
61,591
22,494
84,085
Depreciation charged in the year
20,114
20,114
At 31 January 2024
81,705
22,494
104,199
Carrying amount
At 31 January 2024
27,018
27,018
At 31 January 2023
31,757
31,757
4
INVESTMENT PROPERTY
2024
£
Fair value
At 1 February 2023 and 31 January 2024
300,000
The investment property has been valued by the directors at the year end on the basis of open market value basis by reference to market evidence of transaction prices for similar properties.
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
FIXED ASSET INVESTMENTS
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,491
4,991
Amounts owed by group undertakings
741,628
1,120,413
Other debtors
120,336
111,644
864,455
1,237,048
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
273,723
38,118
Trade creditors
62,314
110,734
Corporation tax
10,341
9,545
Other creditors
2,593,341
2,499,384
2,939,719
2,657,781
The bank loan is secured by the company.
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
15,000
380,348
The bank loan is secured by the company.
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
NON-DISTRIBUTABLE PROFITS RESERVE
2024
2023
£
£
At the beginning and end of the year
82,500
82,500
10
RELATED PARTY TRANSACTIONS
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,915,114
1,990,114
Director's loan account
674,169
500,594
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
39,800
39,800
Other information
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102, not to disclose related party transactions with wholly owned subsidiaries within the group.
In addition to the directors loans above there are overdrawn directors loan accounts as described in Note 11 below.
11
DIRECTORS' TRANSACTIONS
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
54,632
43,702
(40,000)
58,334
54,632
43,702
(40,000)
58,334
RAINBOW DEVELOPMENTS (SOUTH WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
12
PARENT COMPANY
The immediate and ultimate parent undertaking is Charles Barclay Group Limited.
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