REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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FOR |
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RAINBOW BUSINESS ENTERPRISES LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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FOR |
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RAINBOW BUSINESS ENTERPRISES LIMITED |
RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 | to | 4 |
RAINBOW BUSINESS ENTERPRISES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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ABBREVIATED BALANCE SHEET |
31 DECEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 2 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS |
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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. |
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The financial statements were approved by the Board of Directors on
by: |
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RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Deferred tax |
Provision is made for taxation deferred as a result of material timing differences between the incidence of |
income and expenditure for taxation and accounts purposes, using the liability method, only to the extent that, in |
the opinion of the directors that there is a reasonable probability that a liability or asset will crystallise in the near |
future. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Going concern |
The accounts are prepared on a going concern basis, the use of the going concern basis of accounting is |
appropriate because there are no material uncertainties related to events or conditions that may cast significant |
doubt about the ability of the company to continue as a going concern. |
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Investments |
Investments are stated at cost, including the cost of associated expenses, less any provisions for permanent |
diminution in value. The company has taken advantage of the exemption provided by Section 405 of the |
Companies Act 2006 not to prepare consolidated financial statements. Accordingly, the financial statements |
present information about the company as an individual undertaking and not about its group. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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2. | FIXED ASSET INVESTMENTS |
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Total |
£ |
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Cost at 1 January 2015 | 8,021,070 |
Addition in the year | 3,276,965 |
Cost at 31 December 2015 | £11,298,035 |
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Name of Company |
Country of
Incorporation |
Holding |
Proportion
Held |
Nature of
Business |
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Cumbres Del Chanza S.L. |
Spain |
Ordinary Shares |
100% |
Property
Investment Company |
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The aggregate capital and reserves at 31 December 2015 and the loss for the year then ended, as disclosed |
in the unaudited accounting records of the subsidiary undertaking were as follows:- |
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Name of Company |
Aggregate capital and reserves as at
31 December 2015 |
Profit for the year ended 31
December 2015 |
£ | £ |
Cumbres Del Chanza S.L. | 3,111,497 | 267,027 |
The directors consider that the market value of the underlying assets held by the subsidiary undertaking are |
sufficient for them to be satisfied that there is no permanent diminution in the value of the carrying value of its |
investment in this entity. |
RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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4. | PARENT UNDERTAKING AND RELATED PARTY TRANSACTIONS |
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The company is a 100% subsidiary of Grapevest Holdings Ltd, a company incorporated in the British Virgin |
Islands. The ultimate controlling party is considered to be the Trustees of the Woodcock Settlement, a |
discretionary trust established under Canadian law. |
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At the balance sheet date an amount of £94,639 was due from Grapevest Holdings Ltd (see note 6) in respect of |
loan advances. (2014: £2,975,328 was payable to) |
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At the balance sheet date an amount of £368,566 (2014: £3,442,025) was due from Cumbres Del Chanza S.L. in |
which the company has a 100% interest, in respect of loan advances. |
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5. | CAPITAL COMMITMENTS |
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The company had no capital commitments, either authorised or contracted for, at the balance sheet date. |