REGISTERED NUMBER: 07091208 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

RAINBOW BUSINESS ENTERPRISES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

RTB Presidents Ltd

RTB Secretaries Ltd

RTB Treasurers Ltd

P Koenig

REGISTERED OFFICE:

Bridge House

4 Borough High Street

London Bridge

London

SE1 9QR

REGISTERED NUMBER:

07091208 (England and Wales)

FIXED ASSETS

Investments

3

5,349,832

5,149,322

CURRENT ASSETS

Debtors

4

-

725,491

Cash at bank

124

382

124

725,873

CREDITORS

Amounts falling due within one year

5

510,335

203,009

NET CURRENT (LIABILITIES)/ASSETS

(510,211

)

522,864

TOTAL ASSETS LESS CURRENT LIABILITIES

4,839,621

5,672,186

CAPITAL AND RESERVES

Called up share capital

12,276,965

12,276,965

Retained earnings

(7,437,344

)

(6,604,779

)

SHAREHOLDERS' FUNDS

4,839,621

5,672,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 24 September 2018 and were signed on its behalf by:

RTB Presidents Ltd - Director

RTB Treasurers Ltd - Director

1.	STATUTORY INFORMATION

Rainbow Business Enterprises 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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. In addition, and subsequent to the

balance sheet date, there is an intention to capitalise part of the intercompany loan balance due to Grapevest

Holdings Ltd.

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.

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.

There are no key judgements and sources of estimation uncertainty that have a significant effect on the amounts

recognised in the financial statements.

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.

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.

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.

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.

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.

3.	FIXED ASSET INVESTMENTS

Total

£

Cost at 1 January 2017

11,298,035

Additions

1,047,944

--------------------

Cost at 31 December 2017

12,345,978

Impairment as at 1 January 2017

(6,148,713

)

Impairment in the year

(847,433

)

Net book value at 31 December 2017

£5,349,832

Name of Company

Country of Incorporation

Holding

Proportion Held

Nature of Business

Cumbres Del Chanza S.L.

Spain

Ordinary Shares

100%

Property Investment Company

The aggregate capital and reserves at 31 December 2017 and the loss for the year then ended, as disclosed

in the unaudited accounting records of the subsidiary undertaking were as follows:-

Name of Company

Aggregate capital and reserves as at 31 December 2017

Profit/(loss) for the year ended 31 December 2017

£

£

Cumbres Del Chanza S.L.

5,349,832

301,124

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

-

725,491

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

505,835

197,493

Other creditors

4,500

5,516

510,335

203,009

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 £505,835 was due to Grapevest Holdings Ltd (see note 5) in respect of

loan advances. (2016: £197,493)

At the balance sheet date an amount of £Nil (2016: £725,491) was due from Cumbres Del Chanza S.L. in which

the company has a 100% interest, in respect of loan advances.

7.	CAPITAL COMMITMENTS

The company had no capital commitments, either authorised or contracted for, at the balance sheet date.