Registered number
01480995
RANGEPAY LIMITED
Filleted Accounts
31 March 2024
RANGEPAY LIMITED
Registered number: 01480995
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,773,723 4,796,350
Current assets
Debtors 4 79,118 532,855
Cash at bank and in hand 100,411 114,416
179,529 647,271
Creditors: amounts falling due within one year 5 (723,958) (455,134)
Net current (liabilities)/assets (544,429) 192,137
Total assets less current liabilities 6,229,294 4,988,487
Creditors: amounts falling due after more than one year 6 (2,340,820) (945,166)
Net assets 3,888,474 4,043,321
Capital and reserves
Called up share capital 250 250
Revaluation reserve 8 3,593,271 3,593,271
Profit and loss account 294,953 449,800
Shareholders' funds 3,888,474 4,043,321
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V Patel
Director
Approved by the board on 25 September 2024
RANGEPAY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixture & equipment 25% on reducing balance
Investment property
Investment property is included in the Balance Sheet at most recent valuation.The property is not depreciated in accordance with the Financial Reporting Standards as in the directors opinion the open market valuatuion is higher than the valuation.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment Property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 4,796,350 - 4,796,350
Additions 1,975,045 2,328 1,977,373
At 31 March 2024 6,771,395 2,328 6,773,723
Depreciation
At 31 March 2024 - - -
Net book value
At 31 March 2024 6,771,395 2,328 6,773,723
At 31 March 2023 4,796,350 - 4,796,350
Freehold land and buildings: 2024 2023
£ £
Historical cost 326,601 326,601
Cumulative depreciation based on historical cost - -
326,601 326,601
Investment property was valued on as open market basis on 31 March 2014 by the directors.
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Storegroup Limited Ordinary 100 61,928 433
4 Debtors 2024 2023
£ £
Other debtors 79,118 532,855
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 1,284 -
Other creditors 722,674 455,134
723,958 455,134
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,274,854 879,200
Amounts owed to group undertakings and undertakings in which the company has a participating interest 65,966 65,966
2,340,820 945,166
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,274,854 879,200
Secured bank loans 2,274,854 879,200
Bank loan is secured by mortgage debenture and first legal charge over the company's propertry.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 3,593,271 3,593,271
At 31 March 2024 3,593,271 3,593,271
9 Controlling party
The company is controlled by the directors.
10 Other information
RANGEPAY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 Olivia Gardens
Harefield
Uxbridge
UB9 6QF
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