| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RAINBIRD TECHNOLOGIES LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RAINBIRD TECHNOLOGIES LTD |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| RAINBIRD TECHNOLOGIES LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Saxon House |
| Hellesdon Park Road |
| Norwich |
| Norfolk |
| NR6 5DR |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Rainbird Technologies Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Rainbird Technologies Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Where licence and monthly recurring revenue are separately identifiable, revenue on licence and services is recognised separately at the quoted rate from the contract. Monthly recurring income is recognised on a straight-line basis over the term of the contract. Services are recognised to the extent that they are delivered in the period. |
| Where contracts are such that that licence and monthly recurring revenue are combined so that they are not separately identifiable, a value is imputed to service days on the basis of salary plus overhead and deduct this from the total contract value, with the remainder of the contract value recognised on a straight line basis over the contract term.The carved out service revenue is then recognised on a monthly basis to the extent that it is delivered. |
| Intangible fixed assets |
| Intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Amortisation is provided on development expenditure on a 20% straight line basis. |
| Development costs are capitalised when certain criteria are met. The product must be technically feasible, sale is intended, a market exists, expenditure can be measured reliably, and sufficient resources are available to complete the project. |
| The extent of capitalisation is limited to the amount, which when added to further related costs, will be recovered from the future economic benefits related to the asset. When the board is confident that all criteria for capitalisation are met, development costs are capitalised over the expected useful life, currently assessed as five years, from the date the asset is available for use. |
| Development costs that have been capitalised, but where amortisation has not yet commenced are reviewed annually for impairment. If no intangible asset can be recognised based on the above, then development costs are recognised in administrative expenses in the period in which incurred. |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Fixtures and Fittings - 20% on reducing balance |
| Computer Equipment - 33% on cost |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The company is reliant on the continued financial support of its shareholders to meet its liabilities as they fall due. The directors have received assurances from shareholders that sufficient financial support will be provided for at least the next twelve months. The directors are confident that this support will enable the company to meet its obligations as they fall due, and accordingly have prepared the financial statements on a going concern basis. However, there remains a material uncertainty related to the ability of the company to continue as a going concern, which may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| RAINBIRD TECHNOLOGIES LTD (REGISTERED NUMBER: 08599568) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | RELATED PARTY DISCLOSURES |
| At the year end the company owed RBDI Holdings Limited £739,000, a company in which Mr J Duez, W Churchill and B Taylor are directors. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is controlled on an operational basis by the directors. |
| At 31 December 2024, the ultimate controlling party was RBDI Holdings Ltd. |