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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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RAINBOW BUSINESS ENTERPRISES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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RAINBOW BUSINESS ENTERPRISES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
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Retained earnings | ( |
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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 |
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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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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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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 FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Rainbow Business Enterprises Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions |
about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates |
and underlying assumptions are based on historical experience and other factors that are considered to be |
relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or |
in the period of the revision and future periods if the revision affects both current and future periods. |
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There are no key judgements and sources of estimation uncertainty that have a significant effect on the amounts |
recognised in the financial statements. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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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Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of the future |
receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are |
subsequently measured at amortised cost using the effective interest method less any impairment. |
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Trade and other payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing |
transaction in which case the transaction is measured at present value of future payments discounted at |
prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their |
transaction costs. They are subsequently measured at amortised cost using the effective interest method. |
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3. | FIXED ASSET INVESTMENTS |
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Total |
£ |
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Cost at 1 January 2016 | 11,298,035 |
Impairment in the year | (6,148,714 | ) |
Cost at 31 December 2016 | £5,149,321 |
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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 2016 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 2016 |
Loss for the year ended 31
December 2016 |
£ | £ |
Cumbres Del Chanza S.L. | 5,149,321 | 1,246,825 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Amounts owed by group undertakings |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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RAINBOW BUSINESS ENTERPRISES LIMITED (REGISTERED NUMBER: 07091208) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | 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 £197,493 was due to Grapevest Holdings Ltd (see note 5) in respect of |
loan advances. (2015: £94,639 was payable from) |
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At the balance sheet date an amount of £725,491 (2015: £368,566) 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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7. | CAPITAL COMMITMENTS |
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The company had no capital commitments, either authorised or contracted for, at the balance sheet date. |
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8. | FIRST YEAR ADOPTION |
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The transition to FRS 102 Section 1A has resulted in a number of changes in the reported financial statements, |
notes thereto and accounting principles compared to previous annual reports which were prepared under United |
Kingdom Generally Accepted Accounting Principles (UK GAAP). No restatement of opening balances at the date |
of transition were required in making the transition to FRS 102 Section 1A. The transition date was 1 January |
2015. |
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