IRIS Accounts Production v25.1.3.33 01669601 Board of Directors 1.1.24 31.12.24 31.12.24 true false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016696012023-12-31016696012024-12-31016696012024-01-012024-12-31016696012022-12-31016696012023-01-012023-12-31016696012023-12-3101669601ns15:EnglandWales2024-01-012024-12-3101669601ns14:PoundSterling2024-01-012024-12-3101669601ns10:Director12024-01-012024-12-3101669601ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101669601ns10:SmallEntities2024-01-012024-12-3101669601ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3101669601ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3101669601ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101669601ns10:FullAccounts2024-01-012024-12-310166960112024-01-012024-12-3101669601ns10:Director22024-01-012024-12-3101669601ns10:Director32024-01-012024-12-3101669601ns10:Director42024-01-012024-12-3101669601ns10:CompanySecretary12024-01-012024-12-3101669601ns10:RegisteredOffice2024-01-012024-12-3101669601ns5:CurrentFinancialInstruments2024-12-3101669601ns5:CurrentFinancialInstruments2023-12-3101669601ns5:Non-currentFinancialInstruments2024-12-3101669601ns5:Non-currentFinancialInstruments2023-12-3101669601ns5:ShareCapital2024-12-3101669601ns5:ShareCapital2023-12-3101669601ns5:RevaluationReserve2024-12-3101669601ns5:RevaluationReserve2023-12-3101669601ns5:RetainedEarningsAccumulatedLosses2024-12-3101669601ns5:RetainedEarningsAccumulatedLosses2023-12-3101669601ns5:NetGoodwill2024-01-012024-12-3101669601ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3101669601ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3101669601ns5:LandBuildingsns5:ShortLeaseholdAssets2024-01-012024-12-3101669601ns5:PlantMachinery2024-01-012024-12-3101669601ns5:FurnitureFittings2024-01-012024-12-3101669601ns5:MotorVehicles2024-01-012024-12-3101669601ns5:NetGoodwill2023-12-3101669601ns5:NetGoodwill2024-12-3101669601ns5:NetGoodwill2023-12-3101669601ns5:LandBuildings2023-12-3101669601ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3101669601ns5:PlantMachinery2023-12-3101669601ns5:LandBuildings2024-01-012024-12-3101669601ns5:LandBuildings2024-12-3101669601ns5:LandBuildingsns5:ShortLeaseholdAssets2024-12-3101669601ns5:PlantMachinery2024-12-3101669601ns5:LandBuildings2023-12-3101669601ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3101669601ns5:PlantMachinery2023-12-3101669601ns5:FurnitureFittings2023-12-3101669601ns5:MotorVehicles2023-12-3101669601ns5:FurnitureFittings2024-12-3101669601ns5:MotorVehicles2024-12-3101669601ns5:FurnitureFittings2023-12-3101669601ns5:MotorVehicles2023-12-3101669601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3101669601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3101669601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-12-3101669601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3101669601ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3101669601ns5:UnlistedNon-exchangeTraded2024-12-3101669601ns5:UnlistedNon-exchangeTraded2023-12-3101669601ns5:Subsidiary12024-01-012024-12-31016696011ns5:Subsidiary12024-01-012024-12-3101669601ns5:Subsidiary12024-12-3101669601ns5:Subsidiary12023-12-3101669601ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3101669601ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3101669601ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3101669601ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3101669601ns5:Secured2024-12-3101669601ns5:Secured2023-12-3101669601ns5:DeferredTaxation2023-12-3101669601ns5:DeferredTaxation2024-12-3101669601ns5:RevaluationReserve2023-12-310166960112024-01-012024-12-31
REGISTERED NUMBER: 01669601 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Targetgrange Limited

Targetgrange Limited (Registered number: 01669601)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Targetgrange Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: D A Patel
K A Patel
N A Patel
M A Patel





SECRETARY: K A Patel





REGISTERED OFFICE: c/o 26 Acland Crescent
London
SE5 8EQ





REGISTERED NUMBER: 01669601 (England and Wales)





ACCOUNTANTS: Wormald & Partners
Chartered Accountants (ICAEW)
Brunel House
11 The Promenade
Clifton Down
Bristol
BS8 3NG

Targetgrange Limited (Registered number: 01669601)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 632,953 675,487
Investments 6 100 100
Investment properties 7 1,065,000 1,065,000
1,698,054 1,740,588

CURRENT ASSETS
Stocks 892,059 779,745
Debtors 8 408,861 439,106
Cash at bank and in hand 656,106 700,482
1,957,026 1,919,333
CREDITORS
Amounts falling due within one year 9 1,698,831 1,929,815
NET CURRENT ASSETS/(LIABILITIES) 258,195 (10,482 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,956,249

1,730,106

CREDITORS
Amounts falling due after more than one year 10 (184,061 ) (220,294 )

PROVISIONS FOR LIABILITIES 12 (176,514 ) (196,183 )
NET ASSETS 1,595,674 1,313,629

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Non distributable reserves 13 434,342 425,655
Retained earnings 1,156,332 882,974
SHAREHOLDERS' FUNDS 1,595,674 1,313,629

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

Targetgrange Limited (Registered number: 01669601)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 May 2025 and were signed on its behalf by:





D A Patel - Director


Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Targetgrange 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.

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Targetgrange Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Targetgrange (Holdings) Limited, .

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The Goodwill arising represents the excess of the consideration given over the fair value of the net tangible assets acquired. Goodwill has being written off over 3 years, which was estimated to be its useful economic life by the directors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Leasehold property - over the term of the lease
Plant and machinery - 15% on reducing balance basis
Fixtures and fittings - 15% on reducing balance basis
Motor vehicles - 25% on reducing balance basis

Investment properties
In accordance with Section 16 of FRS 102, the investment properties are revalued annually and the aggregate surplus or deficit is recognised within the Income Statement and then transferred to non-distributable reserves. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with Section 16 of FRS 102. The directors consider that, because this property is not held for consumption , but for its investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt Section 16 of FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified , because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts
It is the policy of the company to take advantage of Financial Reporting Standard 2 and exclude consolidation of its non-trading subsidiaries on the grounds that this would have an immaterial effect on the consolidated accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 1,095,000
AMORTISATION
At 1 January 2024
and 31 December 2024 1,094,999
NET BOOK VALUE
At 31 December 2024 1
At 31 December 2023 1

Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST
At 1 January 2024 352,190 295,434 668,393
Additions 1,538 - 2,105
At 31 December 2024 353,728 295,434 670,498
DEPRECIATION
At 1 January 2024 74,645 114,336 630,721
Charge for year 4,788 15,729 5,966
At 31 December 2024 79,433 130,065 636,687
NET BOOK VALUE
At 31 December 2024 274,295 165,369 33,811
At 31 December 2023 277,545 181,098 37,672

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 289,770 88,733 1,694,520
Additions - 16,000 19,643
At 31 December 2024 289,770 104,733 1,714,163
DEPRECIATION
At 1 January 2024 158,233 41,098 1,019,033
Charge for year 19,785 15,909 62,177
At 31 December 2024 178,018 57,007 1,081,210
NET BOOK VALUE
At 31 December 2024 111,752 47,726 632,953
At 31 December 2023 131,537 47,635 675,487

Included in cost of land and buildings is freehold land of £ 114,341 (2023 - £ 114,341 ) which is not depreciated.

Included within Motor Vehicles are assets of £80,638, which were acquired during the year ended 31 December 2022 under a hire purchase finance agreement. These Motor Vehicles have a net book value of £34,019 (2023: :£45,359).


Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 80,638
DEPRECIATION
At 1 January 2024 35,279
Charge for year 11,340
At 31 December 2024 46,619
NET BOOK VALUE
At 31 December 2024 34,019
At 31 December 2023 45,359

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024
and 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100
At 31 December 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

ASK Pharmaceuticals Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

7. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,065,000
NET BOOK VALUE
At 31 December 2024 1,065,000
At 31 December 2023 1,065,000

Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. INVESTMENT PROPERTIES - continued

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2018 513,693
Valuation in 2019 65,430
Cost 485,877
1,065,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 485,877 485,877

Investment property was valued on an open market basis on 12 March 2020 by an independent third party valuer .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 327,278 280,910
Other debtors 34,355 121,467
Prepayments and accrued income 47,228 36,729
408,861 439,106

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 26,183 24,696
Hire purchase contracts 9,248 9,248
Trade creditors 905,990 1,066,689
Current corporation tax 73,591 23,627
Social security and other taxes 22,059 21,222
Other creditors 396,370 322,894
Directors' loan accounts 242,678 428,434
Accruals and deferred income 22,712 33,005
1,698,831 1,929,815

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 150,184 177,169
Hire purchase contracts 33,877 43,125
184,061 220,294

Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 176,367 201,865

The bank loan and overdraft are secured by legal mortgages over the company's Freehold, Leasehold and Investment properties, together with a mortgage debenture including a fixed charge over the company's book debts and a floating charge over the company's other assets.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 176,514 196,183

Deferred
tax
£   
Balance at 1 January 2024 196,183
Accelerated capital allowances (10,982 )
Revaluation (8,687 )
Balance at 31 December 2024 176,514

13. RESERVES
Non
distributable
reserves
£   
At 1 January 2024 425,655
Revaluation of investment properties 8,687

At 31 December 2024 434,342

14. CONTINGENT LIABILITIES

The company has given intercompany guarantees to Ask Pharmaceuticals Limited and Targetgrange Investments Limited. These companies are described in more detail in note 19.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Within the accounts is a directors loan account due of £242,678 as at 31 December 2024. (2023: £428,434) This is a joint directors loan account between all four directors of the Company.

Targetgrange Limited (Registered number: 01669601)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. RELATED PARTY DISCLOSURES

The company leases the premises at 36 Denmark Hill, Camberwell, London which is occupied by one of the company branches, from a Group SSAS Pension Scheme in names of the directors:
Mr D A Patel
Mr K A Patel
Mr N A Patel
Mr M A Patel

The SSAS is with the Targetgrange Executive Pension Scheme administered by James Hay Partnership.
Rent paid on this lease amounted to £32,500 (2023 - £32,500).

The company leases the premises at 204 Walworth, Road, London which is occupied by one of the company branches, from a Group SSAS Pension Scheme in names of the directors:
Mr D A Patel
Mr K A Patel
Mr N A Patel
Mr M A Patel

The SSAS is with the Targetgrange Executive Pension Scheme administered by James Hay Partnership.
Rent paid on this lease amounted to £65,000 (2023 - £65,000).

Ask Pharmaceuticals Limited
Non trading subsidiary.

At the year end there was a balance due to Targetgrange Limited of £nil (2023: £nil).

Targetgrange Investments Limited
A fellow subsidiary of Targetgrange (Holdings) Limited

At the year end there was a balance due from this company of £nil (2023: £nil)

Targetgrange (Holdings) Limited
Parent Company

At the year end there was a balance due from this company of £nil (2023 - £nil). In addition the company paid a dividend to its parent in the year of £110,000 (2023 - £110,000).

17. POST BALANCE SHEET EVENTS

No significant post balance sheet events have arisen at the date of signing the report.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Targetgrange (Holdings) Limited.