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Registration number: 9475704

Rangers (Durrington) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Rangers (Durrington) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 11

 

Rangers (Durrington) Limited

Company Information

Directors

Mr M Ranger

Mr A Ranger

Mrs K Keane

Mrs K Castle

Registered office

Bulford Road
Durrington
Salisbury
Wiltshire
SP4 8DL

Accountants

Elysium
Chartered Accountants
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

 

Rangers (Durrington) Limited

(Registration number: 9475704)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

3

63,559

90,847

Current assets

 

Stocks

4

86,150

66,220

Debtors

5

111,166

97,639

Cash at bank and in hand

 

643

17,172

 

197,959

181,031

Creditors: Amounts falling due within one year

6

(186,724)

(160,737)

Net current assets

 

11,235

20,294

Total assets less current liabilities

 

74,794

111,141

Creditors: Amounts falling due after more than one year

6

(62,121)

(93,794)

Provisions for liabilities

(12,077)

(17,261)

Net assets

 

596

86

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

496

(14)

Shareholders' funds

 

596

86

 

Rangers (Durrington) Limited

(Registration number: 9475704)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 September 2022 and signed on its behalf by:
 

.........................................
Mr A Ranger
Director

 

Rangers (Durrington) Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2021

100

(14)

86

Profit for the year

-

104,110

104,110

Total comprehensive income

-

104,110

104,110

Dividends

-

(103,600)

(103,600)

At 31 December 2021

100

496

596

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2020

100

612

712

Profit for the year

-

11,374

11,374

Total comprehensive income

-

11,374

11,374

Dividends

-

(12,000)

(12,000)

At 31 December 2020

100

(14)

86

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25 % Straight line

Plant and machinery

15% Reduce balance

Computer equipment

33% Reduce balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2020 - 14).

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

9,108

93,963

4,162

96,654

203,887

Additions

2,115

-

800

-

2,915

At 31 December 2021

11,223

93,963

4,962

96,654

206,802

Depreciation

At 1 January 2021

4,270

41,003

3,391

64,376

113,040

Charge for the year

948

7,944

435

20,876

30,203

At 31 December 2021

5,218

48,947

3,826

85,252

143,243

Carrying amount

At 31 December 2021

6,005

45,016

1,136

11,402

63,559

At 31 December 2020

4,838

52,960

771

32,278

90,847

4

Stocks

2021
£

2020
£

Other inventories

86,150

66,220

5

Debtors

2021
£

2020
£

Trade debtors

6,742

7,201

Prepayments

12,158

12,502

Other debtors

92,266

77,936

111,166

97,639

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

65,309

34,282

Trade creditors

 

68,106

79,785

Taxation and social security

 

47,454

45,853

Accruals and deferred income

 

29

13

Other creditors

 

5,826

804

 

186,724

160,737

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

62,121

93,794

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

62,121

88,937

Hire purchase contracts

-

4,857

62,121

93,794

2021
£

2020
£

Current loans and borrowings

Bank borrowings

18,182

27,806

Bank overdrafts

47,127

-

Hire purchase contracts

-

6,476

65,309

34,282

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Bank borrowings

Bank loan is denominated in pounds with a nominal interest rate of 4.1%, and the final instalment is due on 21 December 2022. The carrying amount at year end is £Nil (2020 - £11,333).

Lloyds bank PLC hold a fixed and floating charge over the assets of the company.

Bank Loan is denominated in pounds with a nominal interest rate of 6.6%, and the final instalment is due on 31 May 2023. The carrying amount at year end is £Nil (2020 - £12,930).

Covid Loan is denominated in Pounds with a nominal interest rate of 2.84%, and the final instalment is due on 14 May 2026. The carrying amount at year end is £80,303 (2020 - £98,485).

8

Related party transactions

During the year, the company occupied commercial premised owned jointly by Mr M Ranger, Mrs S Ranger and Mr A Ranger. The company occupy the site free of rent.

The company also occupied a site owned jointly by Mr A Ranger and Mrs K Keane. During the year, the company paid a rent of £10,200 (2020 £10,200).

Transactions with directors

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr M Ranger

Company loan

37,216

9,271

(10,200)

36,287

         
       

Mr A Ranger

Company loan

19,572

38,284

(20,600)

37,256

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

At 31 December 2020
£

Mr M Ranger

Company loan

37,216

-

37,216

       
     

Mr A Ranger

Company loan

-

19,572

19,572

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Rangers (Durrington) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Remuneration

40,260

40,260

Contributions paid to money purchase schemes

2,000

60,000

42,260

100,260