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Registered number: 10762139
Rainbow Rocket Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Paul Ng & Associates
15 Halifax Way
Welwyn Garden City
Hertfordshire
AL72QH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10762139
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,460 110,519
Investments 5 25,000 35,000
98,460 145,519
CURRENT ASSETS
Stocks 6,317 4,395
Debtors 6 122,940 146,331
Cash at bank and in hand 269,342 234,047
398,599 384,773
Creditors: Amounts Falling Due Within One Year 7 (228,611 ) (257,402 )
NET CURRENT ASSETS (LIABILITIES) 169,988 127,371
TOTAL ASSETS LESS CURRENT LIABILITIES 268,448 272,890
PROVISIONS FOR LIABILITIES
Provisions For Charges (30,000 ) (22,490 )
Deferred Taxation (11,500 ) (18,500 )
NET ASSETS 226,948 231,900
CAPITAL AND RESERVES
Called up share capital 8 1,180 1,180
Share premium account 158,458 158,458
Capital redemption reserve 360 360
Profit and Loss Account 66,950 71,902
SHAREHOLDERS' FUNDS 226,948 231,900
Page 1
Page 2
For the year ending 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and were signed on its behalf by:
Mr J Leong
Director
31/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rainbow Rocket Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10762139 . The registered office is 49 Clifton Road, Cambridge, CB1 7ED.
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 recognised to the extent that the company obtains the right to consideration in exchange for its
performance. Turnover is measured at the fair value of the consideration received or receivable and represents
the amount receivable for sales of goods and services rendered, net of discounts, rebates and value added tax.
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:
Leasehold In accordance with the property
Plant & Machinery 33% and 50% on cost
Fixtures & Fittings 20% and 50% on cost
Computer Equipment 50% on cost
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
2.6. Financial Instruments
The company only enters into basic financial instruments 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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Investments are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 13)
15 13
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2024 26,629 299,435 326,064
Additions - 7,243 7,243
As at 31 December 2024 26,629 306,678 333,307
Depreciation
As at 1 January 2024 19,250 196,295 215,545
Provided during the period 2,530 41,772 44,302
As at 31 December 2024 21,780 238,067 259,847
Net Book Value
As at 31 December 2024 4,849 68,611 73,460
As at 1 January 2024 7,379 103,140 110,519
Page 4
Page 5
5. Investments
Other
£
Cost
As at 1 January 2024 35,000
Disposals (10,000 )
As at 31 December 2024 25,000
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 25,000
As at 1 January 2024 35,000
6. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 11,531 13,383
Other debtors 52,283 73,822
63,814 87,205
Due after more than one year
Other debtors 59,126 59,126
122,940 146,331
7. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Trade creditors 1,156 1,438
Other creditors 151,223 168,533
Taxation and social security 76,232 87,431
228,611 257,402
8. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 1,180 1,180
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2024 31 December 2023
£ £
Not later than one year 139,489 139,489
Later than one year and not later than five years 128,024 267,513
267,513 407,002
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Jeremy Leong 24,417 10,000 24,417 - 10,000
The above loan is unsecured, interest free and repayable on demand.  The outstanding balance was fully repaid in January 2025.
11. Ultimate Controlling Party
The company's ultimate controlling party is J Leong .
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