Acorah Software Products - Accounts Production 16.5.460 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 06238769 Mr T AYYUB iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06238769 2023-12-31 06238769 2024-12-31 06238769 2024-01-01 2024-12-31 06238769 frs-core:CurrentFinancialInstruments 2024-12-31 06238769 frs-core:Non-currentFinancialInstruments 2024-12-31 06238769 frs-core:ComputerEquipment 2024-12-31 06238769 frs-core:ComputerEquipment 2024-01-01 2024-12-31 06238769 frs-core:ComputerEquipment 2023-12-31 06238769 frs-core:PlantMachinery 2024-12-31 06238769 frs-core:PlantMachinery 2024-01-01 2024-12-31 06238769 frs-core:PlantMachinery 2023-12-31 06238769 frs-core:ShareCapital 2024-12-31 06238769 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 06238769 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06238769 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 06238769 frs-bus:SmallEntities 2024-01-01 2024-12-31 06238769 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 06238769 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06238769 frs-bus:Director1 2024-01-01 2024-12-31 06238769 frs-core:CurrentFinancialInstruments 1 2024-12-31 06238769 frs-core:CurrentFinancialInstruments 2 2024-12-31 06238769 frs-core:CurrentFinancialInstruments 3 2024-12-31 06238769 frs-countries:EnglandWales 2024-01-01 2024-12-31 06238769 2022-12-31 06238769 2023-12-31 06238769 2023-01-01 2023-12-31 06238769 frs-core:CurrentFinancialInstruments 2023-12-31 06238769 frs-core:Non-currentFinancialInstruments 2023-12-31 06238769 frs-core:ShareCapital 2023-12-31 06238769 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06238769 frs-core:CurrentFinancialInstruments 1 2023-12-31 06238769 frs-core:CurrentFinancialInstruments 2 2023-12-31 06238769 frs-core:CurrentFinancialInstruments 3 2023-12-31
Registered number: 06238769
RAINBOW SMILES LTD
Unaudited Financial Statements
For The Year Ended 31 December 2024
Farringdon & Co
Chartered Accountants
176 Franciscan Road
London
SW17 8HH
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 06238769
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,241 29,005
25,241 29,005
CURRENT ASSETS
Debtors 5 2,085,409 1,955,560
Investments 6 10 10
Cash at bank and in hand 466,713 425,740
2,552,132 2,381,310
Creditors: Amounts Falling Due Within One Year 7 (211,840 ) (184,646 )
NET CURRENT ASSETS (LIABILITIES) 2,340,292 2,196,664
TOTAL ASSETS LESS CURRENT LIABILITIES 2,365,533 2,225,669
Creditors: Amounts Falling Due After More Than One Year 8 (192,881 ) (272,259 )
NET ASSETS 2,172,652 1,953,410
CAPITAL AND RESERVES
Called up share capital 9 12 12
Income Statement 2,172,640 1,953,398
SHAREHOLDERS' FUNDS 2,172,652 1,953,410
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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 Income Statement.
On behalf of the board
Mr T AYYUB
Director
03/09/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
RAINBOW SMILES LTD is a private company, limited by shares, incorporated in England & Wales, registered number 06238769 . The registered office is 117 Rosendale Road, West Dulwich, London, SE21 8HE.
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 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 20% reducing balance
Computer Equipment 20% reducing balance
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2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2023: 24)
29 24
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 148,847 92,504 241,351
Additions - 2,547 2,547
As at 31 December 2024 148,847 95,051 243,898
Depreciation
As at 1 January 2024 141,203 71,143 212,346
Provided during the period 1,529 4,782 6,311
As at 31 December 2024 142,732 75,925 218,657
...CONTINUED
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Net Book Value
As at 31 December 2024 6,115 19,126 25,241
As at 1 January 2024 7,644 21,361 29,005
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,894 11,845
Due after more than one year
Other debtors 2,074,515 1,943,715
2,085,409 1,955,560
6. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 10 10
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 27,776 27,776
Corporation tax 53,091 31,565
Other taxes and social security 3,050 4,479
Other creditors 4,891 4,681
NEST Pension 722 752
Deposits & fees received in advance 54,848 52,684
Credit card 1 1
Accruals and deferred income 4,019 4,532
Director's loan account 63,442 58,176
211,840 184,646
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 72,047 101,426
CBIL Loan 120,834 170,833
192,881 272,259
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
10. Related Party Transactions
The company was under the control of Mr T Ayyub and his family throughout the current and previous year. Mr T Ayyub is a director and together with his wife and family the shareholders of the company.
The company's premises is owned by the Director in his personal name. The company paid a market rent to the Director for this business property.
Over the previous years the company advanced monies to Astec Solutions Limited, a company incorporated in England and a wholly owned subsidiary of Rainbow Smiles Ltd. The amount owed by Astec Solutions Limited as at the year end was £2,074,515 (2023 £1,943,715) and is included within other debtors above.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
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