Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Andrew John Baker 20/08/2007 Allan John Vodden 20/08/2007 17 March 2025 The principal activity of the Company during the financial year was the sale and installation of range cookers and stoves. 01347416 2024-06-30 01347416 bus:Director1 2024-06-30 01347416 bus:Director2 2024-06-30 01347416 2023-06-30 01347416 core:CurrentFinancialInstruments 2024-06-30 01347416 core:CurrentFinancialInstruments 2023-06-30 01347416 core:Non-currentFinancialInstruments 2024-06-30 01347416 core:Non-currentFinancialInstruments 2023-06-30 01347416 core:ShareCapital 2024-06-30 01347416 core:ShareCapital 2023-06-30 01347416 core:RevaluationReserve 2024-06-30 01347416 core:RevaluationReserve 2023-06-30 01347416 core:CapitalRedemptionReserve 2024-06-30 01347416 core:CapitalRedemptionReserve 2023-06-30 01347416 core:RetainedEarningsAccumulatedLosses 2024-06-30 01347416 core:RetainedEarningsAccumulatedLosses 2023-06-30 01347416 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-06-30 01347416 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-06-30 01347416 core:LandBuildings 2023-06-30 01347416 core:PlantMachinery 2023-06-30 01347416 core:Vehicles 2023-06-30 01347416 core:FurnitureFittings 2023-06-30 01347416 core:LandBuildings 2024-06-30 01347416 core:PlantMachinery 2024-06-30 01347416 core:Vehicles 2024-06-30 01347416 core:FurnitureFittings 2024-06-30 01347416 core:CostValuation 2023-06-30 01347416 core:CostValuation 2024-06-30 01347416 core:ImmediateParent core:CurrentFinancialInstruments 2024-06-30 01347416 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 01347416 core:CurrentFinancialInstruments core:Secured 2024-06-30 01347416 bus:OrdinaryShareClass1 2024-06-30 01347416 core:WithinOneYear 2024-06-30 01347416 core:WithinOneYear 2023-06-30 01347416 core:BetweenOneFiveYears 2024-06-30 01347416 core:BetweenOneFiveYears 2023-06-30 01347416 2023-07-01 2024-06-30 01347416 bus:FilletedAccounts 2023-07-01 2024-06-30 01347416 bus:SmallEntities 2023-07-01 2024-06-30 01347416 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01347416 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01347416 bus:Director1 2023-07-01 2024-06-30 01347416 bus:Director2 2023-07-01 2024-06-30 01347416 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-07-01 2024-06-30 01347416 core:PlantMachinery core:BottomRangeValue 2023-07-01 2024-06-30 01347416 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 01347416 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 01347416 core:FurnitureFittings core:BottomRangeValue 2023-07-01 2024-06-30 01347416 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 01347416 2022-07-01 2023-06-30 01347416 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 01347416 core:LandBuildings 2023-07-01 2024-06-30 01347416 core:PlantMachinery 2023-07-01 2024-06-30 01347416 core:Vehicles 2023-07-01 2024-06-30 01347416 core:FurnitureFittings 2023-07-01 2024-06-30 01347416 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 01347416 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 01347416 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 01347416 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01347416 (England and Wales)

RANGEMOORS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

RANGEMOORS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

RANGEMOORS LIMITED

CHAIRMAN'S STATEMENT

For the financial year ended 30 June 2024
RANGEMOORS LIMITED

CHAIRMAN'S STATEMENT (continued)

For the financial year ended 30 June 2024

This has been a more challenging trading year with turnover through Rangemoors and Rangemoors Exeter (previously known as Hearth and Cook) down from the previous year. During the year the business started to pay rent to its parent company Chimney Holdings Limited following the transfer of the Winkleigh site between the two companies.

The balance sheet remains strong with Shareholders Funds of £2.493m and low gearing. The business was cash-positive and was able to reduce its bank borrowing by £112k in the year. We remain a strong business, able to withstand the current slowdown in the economic market.

Online sales continue to be healthy, especially the supply of spares. Ensuring our stove products are compliant with new emission requirements has been a priority and has been successfully achieved.

The acquisition of West Country Stoves in Aveton Gifford South Devon in May 2023 has proven a good investment contributing a substantial management charge to both Rangemoors Limited and Chimney Holdings Limited. This acquisition enhanced our geographic spread in Devon and increased our stove product offering.

Again, I pay tribute and thank all our staff, as none of the above could have been achieved without their support, hard work and dedication to the business.

RANGEMOORS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
RANGEMOORS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 278 944
Tangible assets 4 280,290 1,072,176
Investments 5 375,206 375,206
655,774 1,448,326
Current assets
Stocks 778,744 1,124,639
Debtors 6 2,230,938 1,412,810
Cash at bank and in hand 7 5,134 4,081
3,014,816 2,541,530
Creditors: amounts falling due within one year 8 ( 972,892) ( 1,150,820)
Net current assets 2,041,924 1,390,710
Total assets less current liabilities 2,697,698 2,839,036
Creditors: amounts falling due after more than one year 9 ( 160,922) ( 261,813)
Provision for liabilities ( 44,432) ( 35,138)
Net assets 2,492,344 2,542,085
Capital and reserves
Called-up share capital 10 10,000 10,000
Revaluation reserve 0 484,591
Capital redemption reserve 10,000 10,000
Profit and loss account 2,472,344 2,037,494
Total shareholder's funds 2,492,344 2,542,085

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Rangemoors Limited (registered number: 01347416) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

Andrew John Baker
Director
Allan John Vodden
Director
RANGEMOORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
RANGEMOORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
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 The Airfield, Torrington Road, Winkleigh, EX19 8DW, 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.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 29

3. Intangible assets

Website costs Total
£ £
Cost
At 01 July 2023 28,198 28,198
At 30 June 2024 28,198 28,198
Accumulated amortisation
At 01 July 2023 27,254 27,254
Charge for the financial year 666 666
At 30 June 2024 27,920 27,920
Net book value
At 30 June 2024 278 278
At 30 June 2023 944 944

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2023 848,260 127,515 186,717 495,889 1,658,381
Additions 0 1,617 80,680 58,665 140,962
Disposals ( 848,260) 0 ( 31,436) 0 ( 879,696)
At 30 June 2024 0 129,132 235,961 554,554 919,647
Accumulated depreciation
At 01 July 2023 18,260 120,661 50,650 396,634 586,205
Charge for the financial year 0 3,759 53,724 36,290 93,773
Disposals ( 18,260) 0 ( 22,361) 0 ( 40,621)
At 30 June 2024 0 124,420 82,013 432,924 639,357
Net book value
At 30 June 2024 0 4,712 153,948 121,630 280,290
At 30 June 2023 830,000 6,854 136,067 99,255 1,072,176

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 375,206
At 30 June 2024 375,206
Carrying value at 30 June 2024 375,206
Carrying value at 30 June 2023 375,206

6. Debtors

2024 2023
£ £
Trade debtors 152,556 153,765
Amounts owed by Group undertakings 5,793 0
Amounts owed by Parent undertakings 2,000,410 1,170,656
Prepayments 66,005 88,389
Corporation tax 6,174 0
2,230,938 1,412,810

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 5,134 4,081
Less: Bank overdrafts ( 382,762) ( 313,669)
(377,628) (309,588)

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 500,429 431,336
Trade creditors 157,238 317,244
Amounts owed to Group undertakings 0 85,000
Amounts owed to directors 50,000 0
Accruals 15,988 8,846
Taxation and social security 56,561 103,714
Payments received on account 126,822 101,820
Obligations under finance leases and hire purchase contracts (secured) 60,713 35,143
Other creditors 5,141 67,717
972,892 1,150,820

See Note 9 for details of security given.

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

2024 2023
£ £
Bank loans (secured) 120,441 232,389
Obligations under finance leases and hire purchase contracts (secured) 40,481 29,424
160,922 261,813

Bank loans are secured by a debenture over the assets of the group excluding book debts contains fixed and floating charges with a negative pledge.

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

10. Called-up share capital

2024 2023
£ £
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:

2024 2023
£ £
within one year 32,000 32,000
between one and five years 72,000 104,000
104,000 136,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,228 3,055

12. Related party transactions

Transactions with owners holding a participating interest in the entity

As the Company is a 100% subsidiary of Chimney Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its parent company.

Transactions with entities in which the entity itself has a participating interest

As the Company is a 100% parent of West Country Stoves 2016 Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its subsidiary company.

Transactions with the entity's directors

2024 2023
£ £
Owed by/(to) the Directors 50,000 0

The loan bears interest of 8.95% and is repayable on demand.