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Registration number: 04551939

Rainbow Signs Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2024

 

Rainbow Signs Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Rainbow Signs Limited

Company Information

Director

Mr MS Oliver

Company secretary

Mrs K Oliver

Registered office

32 Chantal Avenue
Pen Y Fai
Bridgend
Mid Glamorgan
CF31 4NN

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Rainbow Signs Limited

(Registration number: 04551939)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,120

19,251

Current assets

 

Debtors

13,237

18,090

Cash at bank and in hand

 

93,303

77,998

 

106,540

96,088

Prepayments and accrued income

 

210

148

Creditors: Amounts falling due within one year

(26,727)

(19,295)

Net current assets

 

80,023

76,941

Total assets less current liabilities

 

93,143

96,192

Accruals and deferred income

 

(2,145)

(2,035)

Net assets

 

90,998

94,157

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

90,898

94,057

Shareholders' funds

 

90,998

94,157

 

Rainbow Signs Limited

(Registration number: 04551939)
Abridged Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 February 2025
 

.........................................

Mr MS Oliver
Director

 

Rainbow Signs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
32 Chantal Avenue
Pen Y Fai
Bridgend
Mid Glamorgan
CF31 4NN

These financial statements were authorised for issue by the director on 19 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Rainbow Signs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rainbow Signs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

3,792

25,533

29,325

At 31 October 2024

3,792

25,533

29,325

Depreciation

At 1 November 2023

2,566

7,508

10,074

Charge for the year

123

6,008

6,131

At 31 October 2024

2,689

13,516

16,205

Carrying amount

At 31 October 2024

1,103

12,017

13,120

At 31 October 2023

1,226

18,025

19,251

 

Rainbow Signs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

6

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £445.00 (2023 - £532.00) per each Ordinary

44,500

53,200

 

 

7

Related party transactions

Key management personnel

Relationship - Director

Summary of transactions with key management

During the year, the director provided an unsecured interest free repayable on demand loan to the company. At the balance sheet date, the amount due to the director was £29 (2023:£156).