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Registered number: 06241556










R2C ONLINE HOLDINGS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
R2C ONLINE HOLDINGS LIMITED
REGISTERED NUMBER: 06241556

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1,530
1,530

Current assets
  

Debtors: amounts falling due within one year
 5 
199,000
199,000

  
199,000
199,000

Creditors: amounts falling due within one year
 6 
(1,503,639)
(1,503,639)

Net current liabilities
  
 
 
(1,304,639)
 
 
(1,304,639)

Total assets less current liabilities
  
(1,303,109)
(1,303,109)

Creditors: amounts falling due after more than one year
 7 
(247,350)
(247,350)

  

Net liabilities
  
(1,550,459)
(1,550,459)


Capital and reserves
  

Called up share capital 
  
3,485
3,485

Share premium account
  
24,177
24,177

Capital redemption reserve
  
615
615

Profit and loss account
  
(1,578,736)
(1,578,736)

  
(1,550,459)
(1,550,459)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2025.




A Varadpande
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
R2C ONLINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

R2C Online Holdings Limited is a private Company limited by shares, incorporated in England and Wages (registered number: 06241156). Its registered office is 2 Vantage Drive, Sheffield, South Yorkshire, S91RG. The principal activity of the Company throughout the year continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

Going concern

As at 31 December 2024 the Company's liabilities exceeded its assets by £1,550,459 (2023: £1,550,459).
The directors have prepared detailed cash flow projections which leave them confident that the Company will be able to meet its obligations as they become due, with support from its trading subsidiary and/or parent company as and when necessary, and accordingly the financial statements have been prepared on a going concern basis.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 
R2C ONLINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 3

 
R2C ONLINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2024
1,530



At 31 December 2024
1,530





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

R2C Online Limited
England & Wales
Ordinary
100%


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
199,000
199,000



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,503,639
1,503,639



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Share capital treated as debt
247,350
247,350


Page 4

 
R2C ONLINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



204,700 (2023 - 204,700) Ordinary shares of £0.01 each
2,047
2,047
143,794 (2023 - 143,794) Ordinary A shares of £0.01 each
1,438
1,438

3,485

3,485

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



247,350 (2023 - 247,350) Preference shares of £1.00 each
247,350
247,350



9.


Controlling party

The ultimate controlling party is Corpay Inc, a listed company based in the United States. Its registered office is 3280 Peachtree Road, Suite 2400, Atlanta, Georgia, 30305. The results of R2C Online Limited are consolidated in the financial statements of Corpay, Inc. 


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 14 August 2025 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

Page 5