Company No: 01347416 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	2,417		2,552
Tangible assets	4	1,013,265		925,567
Investments	5	190		190
		1,015,872		928,309
Current assets
Stocks		963,030		753,874
Debtors	6	1,399,454		1,462,727
Cash at bank and in hand	7	4,431		390
		2,366,915		2,216,991
Creditors: amounts falling due within one year	8	( 865,417)		( 800,367)
Net current assets		1,501,498		1,416,624
Total assets less current liabilities		2,517,370		2,344,933
Creditors: amounts falling due after more than one year	9	( 185,900)		( 290,604)
Provision for liabilities		( 24,472)		( 22,296)
Net assets		2,306,998		2,032,033
Capital and reserves
Called-up share capital	10	10,000		10,000
Revaluation reserve		484,591		429,591
Capital redemption reserve		10,000		10,000
Profit and loss account		1,802,407		1,582,442
Total shareholder's funds		2,306,998		2,032,033

For the financial year ending 30 June 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Rangemoors Limited (registered number: 01347416) were approved and authorised for issue by the Director on 25 January 2023. They were signed on its behalf by:

Andrew John Baker Director

Allan John Vodden Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rangemoors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Foot Anstey Solicitors, Senate Court Southernhay Gardens, Exeter, EX1 1NT, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	4 - 10 years straight line
Vehicles	4 years straight line
Fixtures and fittings	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Land and buildings were valued at £830,000. The valuation was undertaken by Symonds & Sampson.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	27		30

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 July 2021	26,198		26,198
Additions	2,000		2,000
At 30 June 2022	28,198		28,198
Accumulated amortisation
At 01 July 2021	23,646		23,646
Charge for the financial year	2,135		2,135
At 30 June 2022	25,781		25,781
Net book value
At 30 June 2022	2,417		2,417
At 30 June 2021	2,552		2,552

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost/Valuation
At 01 July 2021	793,260		150,353		145,568		472,021		1,561,202
Additions	0		2,780		51,230		61,677		115,687
Revaluations	55,000		0		0		0		55,000
Disposals	0		( 26,694)		( 43,132)		( 82,071)		( 151,897)
At 30 June 2022	848,260		126,439		153,666		451,627		1,579,992
Accumulated depreciation
At 01 July 2021	16,968		131,978		86,236		400,453		635,635
Charge for the financial year	1,292		8,377		31,390		41,930		82,989
Disposals	0		( 26,694)		( 43,132)		( 82,071)		( 151,897)
At 30 June 2022	18,260		113,661		74,494		360,312		566,727
Net book value
At 30 June 2022	830,000		12,778		79,172		91,315		1,013,265
At 30 June 2021	776,292		18,375		59,332		71,568		925,567

Revaluation of tangible assets

Leasehold land and buildings were professionally valued by Symons & Sampson, an independent valuer, to fair value at 10 June 2022, with subsequent additions at cost. Leasehold land and buildings with a carrying amount of £830,000 (2021: £775,000) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

	2022		2021
	£		£
Historical cost	510,000		510,000
Accumulated depreciation	(210,000)		(180,000)
Carrying value	300,000		330,000

5. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 July 2021	190
At 30 June 2022	190
Carrying value at 30 June 2022	190
Carrying value at 30 June 2021	190

6. Debtors

	2022		2021
	£		£
Trade debtors	164,957		203,879
Amounts owed by Parent undertakings	1,159,685		1,154,007
Prepayments	74,812		104,841
	1,399,454		1,462,727

7. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	4,431		390
Less: Bank overdrafts	( 235,757)		( 149,980)
	(231,326)		(149,590)

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans and overdrafts	295,757		189,980
Trade creditors	205,126		186,370
Accruals	28,235		1,241
Corporation tax	46,428		72,554
Other taxation and social security	45,868		110,827
Payments received on account	209,396		202,439
Obligations under finance leases and hire purchase contracts	34,607		36,956
	865,417		800,367

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans (secured)	158,333		260,000
Obligations under finance leases and hire purchase contracts	27,567		30,604
	185,900		290,604

Bank loans are secured by a first charge over the leasehold property and a debenture over the company assets excluding book debts.

An Omnibus guarantee and Set-Off Arrangement has been given in favour of Lloyds Banking Group by the company to secure all monies and liabilities then due or which might thereafter become due.

Finance lease and hire agreements are secured against the assets to which they relate.

10. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each	10,000		10,000

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	32,000		32,000
- between one and five years	146,667		176,000
	178,667		208,000

12. Related party transactions

During the year, the Company paid a management charge of £100,000 (2021: £120,000) to Chimney Holdings Limited, the parent company. The Company also maintained a loan account with Chimney Holdings Limited. At the year end, the Company was owed £1,159,685 (2021: £1,154,007). No interest is charged on this loan and it is repayable on demand.