Company Registration No. 07091208 (England and Wales)
RAINBOW BUSINESS ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
RAINBOW BUSINESS ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
RTB Presidents Limited
RTB Secretaries Limited
RTB Treasurers Limited
P Konig
Company number
07091208
Registered office
2nd Floor Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
RAINBOW BUSINESS ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RAINBOW BUSINESS ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
Total £
Total £
£
£
Fixed assets
Investments
2
5,244,340
5,349,832
Current assets
Debtors
3
268,152
-
Cash at bank and in hand
53
124
268,205
124
Creditors: amounts falling due within one year
4
(783,352)
(510,335)
Net current liabilities
(515,147)
(510,211)
Total assets less current liabilities
4,729,193
4,839,621
Capital and reserves
Called up share capital
12,276,965
12,276,965
Profit and loss reserves
(7,547,772)
(7,437,344)
Total equity
4,729,193
4,839,621
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
RTB Presidents Limited
RTB Treasurers Limited
Director
Director
Company Registration No. 07091208
RAINBOW BUSINESS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Rainbow Business Enterprises Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest Total £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
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 if 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.
Basic financial liabilities
Trade and other payables 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 if the future payments discounted at the prevailing market rate of interest. Other financial liabilities are measured at fair value net of their transaction costs. They are subsequently measured as amortised cost using the effective interest method.
RAINBOW BUSINESS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Fixed asset investments
Total £
Cost
At 1 January 2018 and 31 December 2018
12,345,979
Impairment
At 1 January 2018
6,996,147
Impairment in the year
105,492
At 31 December 2018
7,101,639
Carrying amount
At 31 December 2018
5,244,340
At 31 December 2017
5,349,832
RAINBOW BUSINESS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
2
Fixed asset investments
(Continued)
- 4 -
The aggregate capital and reserves at 31 December 2018 and the loss for the year then ended, as disclosed in the unaudited accounting records of the subsidiary undertaking were as follows:-
|
Aggregate capital and reserves as at 31 December 2018
|
Profit/ (Loss) for the year ended 31 December 2018
|
|
|
|
|
|
|
3
Debtors
2018
2017
Amounts falling due within one year:
Total £
Total £
Amounts owed by group undertakings
268,152
-
4
Creditors: amounts falling due within one year
2018
2017
Total £
Total £
Amounts owed to group undertakings
777,352
505,835
Other creditors
6,000
4,500
783,352
510,335
5
Capital commitments
The company had no capital commitments, either authorised or contracted for, at the balance sheet date.
RAINBOW BUSINESS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
6
Parent undertaking and related party transactions
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.
At the balance sheet date an amount of £
777,352
was due to Grapevest Holdings Ltd (see note
4
) in respect of
loan advances. (201
7
: £
505,835). No loan interest arises on this balance which is repayable on demand.
At the balance sheet date an amount of £
268,152
(201
7
:
£Nil
) was due from Cumbres Del Chanza S.L.
(see note 3)
in
which the company has a 100% interest, in respect of
interest free
loan advances.
No loan interest arises on this balance which is repayable on demand