Rainbowgiles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07818151 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

RAINBOWGILES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms R Parker

REGISTERED OFFICE:

5 Forest House

186 Forest Road

Loughton

Essex

IG10 1EG

REGISTERED NUMBER:

07818151 (England and Wales)

ACCOUNTANTS:

Abbey Stevens Limited

5 Forest House

186 Forest Road

Loughton

Essex

IG10 1EG

FIXED ASSETS

Tangible assets

4

685

205

CURRENT ASSETS

Debtors

5

436,316

418,720

Cash at bank

205,083

203,549

641,399

622,269

CREDITORS

Amounts falling due within one year

6

272,243

287,731

NET CURRENT ASSETS

369,156

334,538

TOTAL ASSETS LESS CURRENT LIABILITIES

369,841

334,743

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

369,840

334,742

369,841

334,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2021 and were signed by:

Ms R Parker - Director

1.	STATUTORY INFORMATION

Rainbowgiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

2,637

Additions

800

At 31 March 2021

3,437

DEPRECIATION

At 1 April 2020

2,432

Charge for year

320

At 31 March 2021

2,752

NET BOOK VALUE

At 31 March 2021

685

At 31 March 2020

205

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

436,316

418,720

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

203,630

233,104

Amounts owed to associates

21,023

14,341

Taxation and social security

29,968

33,013

Other creditors

17,622

7,273

272,243

287,731

7.	RELATED PARTY DISCLOSURES

During the year the company was charged £22,000 (2020 : £36,000) by Rainbowgiles Blue Limited, an associate company under common control, in respect of the provision recruitment staff services employment by Rainbowgiles Blue Limited.

At the end of the year the company owed Rainbowgiles Blue Limited £21,023.