Ramair Filters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07562190 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

RAMAIR FILTERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Mullan

L J Sturges

REGISTERED OFFICE:

Unit 21A Manningford Motorsport Centre

Manningford Bohune

Pewsey

SN9 6NL

REGISTERED NUMBER:

07562190 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Intangible assets

4

148,000

166,500

Tangible assets

5

131,996

119,829

279,996

286,329

CURRENT ASSETS

Stocks

305,480

255,500

Debtors

6

125,226

102,909

Cash at bank and in hand

38,984

2,910

469,690

361,319

CREDITORS

Amounts falling due within one year

7

409,792

386,615

NET CURRENT ASSETS/(LIABILITIES)

59,898

(25,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

339,894

261,033

CREDITORS

Amounts falling due after more than one year

8

12,132

51,421

NET ASSETS

327,762

209,612

CAPITAL AND RESERVES

Called up share capital

10

2

2

Share premium

30,000

30,000

Retained earnings

297,760

179,610

SHAREHOLDERS' FUNDS

327,762

209,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 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.

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 on 20 November 2019 and were signed on its behalf by:

D Mullan - Director

L J Sturges - Director

1.	STATUTORY INFORMATION

Ramair Filters 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.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is

the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the

profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of

acquisition.

Stocks

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

slow moving items.

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.

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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past

event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 March 2018

and 28 February 2019

185,000

AMORTISATION

At 1 March 2018

18,500

Amortisation for year

18,500

At 28 February 2019

37,000

NET BOOK VALUE

At 28 February 2019

148,000

At 28 February 2018

166,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2018

260,342

7,218

4,500

28,351

300,411

Additions

32,647

6,857

3,400

3,469

46,373

At 28 February 2019

292,989

14,075

7,900

31,820

346,784

DEPRECIATION

At 1 March 2018

145,744

4,800

3,077

26,961

180,582

Charge for year

29,449

1,855

356

2,546

34,206

At 28 February 2019

175,193

6,655

3,433

29,507

214,788

NET BOOK VALUE

At 28 February 2019

117,796

7,420

4,467

2,313

131,996

At 28 February 2018

114,598

2,418

1,423

1,390

119,829

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

100,009

94,375

Other debtors

25,217

8,534

125,226

102,909

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

10,634

Hire purchase contracts

3,012

7,592

Trade creditors

221,621

169,691

Taxation and social security

72,503

50,009

Other creditors

112,656

148,689

409,792

386,615

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

3,180

6,189

Other creditors

8,952

45,232

12,132

51,421

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

10,634

Hire purchase contracts

6,192

13,781

6,192

24,415

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

2,223

Share capital 2

0.1p

2

2

11.	RELATED PARTY DISCLOSURES

At the year end a balance of £8,952 was owed to a director (2018 - 43,373 owed to two directors).

12.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Ramair Group Holdings Limited, a company incorporated in England

& Wales. The registered office address and principal place of business of Ramair Group Holdings Limited is Unit

3 Hatfield Farm, Oare, Pewsey, SN8 4JE.