R.A.M.Machining Limited Accounts

R.A.M. MACHINING LIMITED - Company Information






R.A.M.Machining Limited
	Company No. 01910504
		Information for Filing with The Registrar
		30 June 2020

at	30 June 2020
Company No.		01910504	Notes	2020	2019
				£	£
Fixed assets

	Tangible assets		3	6,854	8,064


				6,854	8,064
Current assets
	Stocks		4	770	3,290
	Debtors		5	49,986	50,255

	Cash at bank and in hand			135,587	120,060
				186,343	173,605
Creditors: Amount falling due within one year			6	(37,923)	(35,581)
Net current assets				148,420	138,024
Total assets less current liabilities				155,274	146,088




Net assets				155,274	146,088

Capital and reserves
	Called up share capital			50	50


	Capital redemption reserve		7	50	50
	Profit and loss account		7	155,174	145,988

Total equity				155,274	146,088


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 14 January 2021
And signed on its behalf by:
J. SOUTHALL
Director

for the year ended 30 June 2020

Accounting policies

Basis of preparation

The accounts have been prepared 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) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

15% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

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.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2020	2019
			Number	Number
		The average number of persons employed during the year :	4	5

3	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 July 2019	50,455	50,455




		At 30 June 2020	50,455	50,455
		Depreciation
		At 1 July 2019	42,391	42,391
		Charge for the year	1,210	1,210



		At 30 June 2020	43,601	43,601
		Net book values
		At 30 June 2020	6,854	6,854
		At 30 June 2019	8,064	8,064

4	Stocks
			2020	2019
			£	£
		Raw materials and consumables	770	3,290


			770	3,290

5	Debtors
			2020	2019
			£	£
		Trade debtors	49,986	48,764






		Prepayments and accrued income	-	1,491
			49,986	50,255

6	Creditors:
		amounts falling due within one year
			2020	2019
			£	£




		Trade creditors	1,862	1,802

		Corporation tax	19,364	14,780
		Other taxes and social security	8,496	11,267
		Loans from directors	5,451	5,451

		Accruals and deferred income	2,750	2,281
			37,923	35,581

7	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2018	50	50



		At 30 June 2019 and 1 July 2019	50	50



		At 30 June 2020	50	50


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

8	Dividends
			2020	2019
			£	£
		Dividends for the period:
		Dividends paid in the period	72,000	54,000

			72,000	54,000

		Dividends by type:

		Equity dividends	72,000	54,000
			72,000	54,000

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

01910504

Its registered office is:

Roetan Trading Estate Provid

Lye

Stourbridge

DY9 8HS