Registered number
13364594
RAINBOW TYRES LTD
Filleted Accounts
30 April 2025
RAINBOW TYRES LTD
Registered number: 13364594
Balance Sheet
as at 30 April 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 65,410 42,072
Current assets
Stocks 16,900 12,850
Debtors 4 740 1,095
Cash at bank and in hand 16,613 24,901
34,253 38,846
Creditors: amounts falling due within one year 5 (14,923) (12,774)
Net current assets 19,330 26,072
Total assets less current liabilities 84,740 68,144
Creditors: amounts falling due after more than one year 6 (6,059) (123)
Net assets 78,681 68,021
Capital and reserves
Called up share capital 100 100
Profit and loss account 78,581 67,921
Shareholders' funds 78,681 68,021
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
BARTHIAR MUHAMED RAHIM
Director
Approved by the board on 15 May 2025
RAINBOW TYRES LTD
Notes to the Accounts
for the year ended 30 April 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 May 2024 49,675
Additions 31,451
At 30 April 2025 81,126
Depreciation
At 1 May 2024 7,603
Charge for the year 8,113
At 30 April 2025 15,716
Net book value
At 30 April 2025 65,410
At 30 April 2024 42,072
4 Debtors 2025 2024
£ £
Trade debtors 740 1,095
5 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 876 928
Taxation and social security costs 7,378 9,116
Other creditors 6,669 2,730
14,923 12,774
6 Creditors: amounts falling due after one year 2025 2024
£ £
Directors Loan 6,059 123
7 Controlling party
The company is in the ultimate control of the Director and his spouse.
8 Other information
RAINBOW TYRES LTD is a private company limited by shares and incorporated in England. Its registered office is:
230 DONCASTER ROAD
WAKEFIELD
WF1 5DF
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