Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06187227 2023-06-01 2024-05-31 06187227 2022-06-01 2023-05-31 06187227 2024-05-31 06187227 2023-05-31 06187227 c:Director1 2023-06-01 2024-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2024-05-31 06187227 d:Buildings d:ShortLeaseholdAssets 2023-05-31 06187227 d:LandBuildings 2024-05-31 06187227 d:LandBuildings 2023-05-31 06187227 d:MotorVehicles 2023-06-01 2024-05-31 06187227 d:MotorVehicles 2024-05-31 06187227 d:MotorVehicles 2023-05-31 06187227 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06187227 d:FurnitureFittings 2023-06-01 2024-05-31 06187227 d:FurnitureFittings 2024-05-31 06187227 d:FurnitureFittings 2023-05-31 06187227 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06187227 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06187227 d:CurrentFinancialInstruments 2024-05-31 06187227 d:CurrentFinancialInstruments 2023-05-31 06187227 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 06187227 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06187227 d:ShareCapital 2024-05-31 06187227 d:ShareCapital 2023-05-31 06187227 d:RetainedEarningsAccumulatedLosses 2024-05-31 06187227 d:RetainedEarningsAccumulatedLosses 2023-05-31 06187227 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 06187227 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 06187227 c:FRS102 2023-06-01 2024-05-31 06187227 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 06187227 c:FullAccounts 2023-06-01 2024-05-31 06187227 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 06187227









RAINBOW 2 LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
RAINBOW 2 LTD
REGISTERED NUMBER: 06187227

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,189
7,118

  
6,189
7,118

Current assets
  

Stocks
 5 
4,250
4,650

Debtors: amounts falling due within one year
 6 
11,212
11,706

Cash at bank and in hand
 7 
39,212
46,642

  
54,674
62,998

Creditors: amounts falling due within one year
 8 
(96,990)
(119,133)

Net current liabilities
  
 
 
(42,316)
 
 
(56,135)

Total assets less current liabilities
  
(36,127)
(49,017)

  

Net liabilities
  
(36,127)
(49,017)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(36,227)
(49,117)

  
(36,127)
(49,017)


Page 1

 
RAINBOW 2 LTD
REGISTERED NUMBER: 06187227
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




................................................
Celia Grummitt
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Rainbow 2 Ltd is a private company limited by share capital, incorporated in England and Wales. The principal activity throughout the year was that of health services, property services, outdoor activities and housekeeping.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. The Company is dependent on the continuing support of the directors, which they have pledged for the foreseeable future. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Yard improvements
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 4

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Tangible fixed assets





Yard improve-ments
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
11,051
35,176
20,023
66,250


Additions
-
-
854
854



At 31 May 2024

11,051
35,176
20,877
67,104



Depreciation


At 1 June 2023
10,444
31,441
17,247
59,132


Charge for the year on owned assets
121
935
727
1,783



At 31 May 2024

10,565
32,376
17,974
60,915



Net book value



At 31 May 2024
486
2,800
2,903
6,189



At 31 May 2023
607
3,735
2,776
7,118




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
486
607

486
607


Page 5

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Work in progress
4,250
4,650

4,250
4,650



6.


Debtors

2024
2023
£
£


Trade debtors
5,653
6,056

Other debtors
4,253
4,518

Prepayments and accrued income
1,306
1,132

11,212
11,706



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
39,212
46,642

39,212
46,642



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
124

Other creditors
94,980
116,879

Accruals and deferred income
2,010
2,130

96,990
119,133


Page 6

 
RAINBOW 2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
39,212
46,642




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


Controlling party

The Company is controlled by the director, Celia Grummitt, by virtue of her shareholding as described in the Directors' report.

 
Page 7