Ramp & Co Limited - Period Ending 2021-10-31

Ramp & Co Limited

Contents of the Financial Statements
for the Year Ended 31 October 2021

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Ramp & Co Limited

Company Information
for the Year Ended 31 October 2021

Director:

P R Wollaston

Registered office:

Savoy House Savoy Circus London W3 7DA

Registered number:

03600476

Accountants:

Wem & Co Chartered Accountants Savoy House Savoy Circus London W3 7DA

Ramp & Co Limited

(Registration number: 03600476)
Balance Sheet as at 31 October 2021

	Note	31.10.21		31.10.20
		£	£	£	£
FIXED ASSETS
Tangible assets	5		1,041,650		1,049,072
CURRENT ASSETS
Stocks	6	56,215		77,020
Debtors	7	539,974		399,823
Cash at bank and in hand		225,696		157,980
		821,885		634,823
CREDITORS
Creditors within 1yr	8	820,108		650,562
Net current assets/(liabilities)			1,777		(15,739)
Total assets less current liabilities			1,043,427		1,033,333
Creditors Amounts falling due after more than one year	8		77,553		145,345
PROVISIONS FOR LIABILITES			(89,575)		(89,575)
Net assets			876,299		798,413
CAPITAL AND RESERVES
Called up share capital			100		100
Profit and loss account			876,199		798,313
Shareholders' funds			876,299		798,413

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 July 2022
 

Ramp & Co Limited

(Registration number: 03600476)
Balance Sheet as at 31 October 2021 (continued)

.........................................

P R Wollaston
Director

Ramp & Co Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2021

1.	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 21 July 2022.

2.	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Ramp & Co Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2021 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Straight line over 33 years
Plant and machinery	25% on reducing balance
Fixtures and fittings	25% on reducing balance
Computer equipment	Straight line over 3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

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

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.

3.	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2020 - 24).

Ramp & Co Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2021 (continued)

4.	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 November 2020	10,000	10,000
At 31 October 2021	10,000	10,000
Amortisation
At 1 November 2020	10,000	10,000
At 31 October 2021	10,000	10,000
Carrying amount
At 31 October 2021	-	-

5.	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 November 2020	1,455,201	55,812	193,156	35,879	1,740,048
At 31 October 2021	1,455,201	55,812	193,156	35,879	1,740,048
Depreciation
At 1 November 2020	422,184	54,622	178,570	35,600	690,976
Charge for the year	-	1,190	5,953	279	7,422
At 31 October 2021	422,184	55,812	184,523	35,879	698,398
Carrying amount
At 31 October 2021	1,033,017	-	8,633	-	1,041,650
At 31 October 2020	1,033,017	1,190	14,586	279	1,049,072

Included in cost of land and buildings is freehold land of £450,000 (2020 - £450,000) which is not depreciated.

The freehold property is maintained to a high standard and no depreciation is charged as, in the opinion of the director, any such sum is immaterial.

The cost of the freehold property for capital gains tax purposes is £492,475.

Ramp & Co Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2021 (continued)

6.

Stocks

	31.10.21 £	31.10.20 £
Goods for resale	56,215	77,020

7.

Debtors

	31.10.21 £	31.10.20 £
Trade debtors	65,092	35,654
Prepayments	14,886	14,886
Other debtors	459,996	349,283
	539,974	399,823

Ramp & Co Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2021 (continued)

8.

Creditors

Creditors: amounts falling due within one year

	Note	31.10.21 £	31.10.20 £
Due within one year
Loans and borrowings	9	79,007	30,654
Trade creditors		429,631	439,131
Taxation and social security		105,048	115,224
Accruals and deferred income		11,715	11,715
Other creditors		194,707	53,838
		820,108	650,562

Creditors: amounts falling due after more than one year

	Note	31.10.21 £	31.10.20 £
Due after one year
Loans and borrowings	9	77,553	145,345

9.	Loans and borrowings

	31.10.21 £	31.10.20 £
Non-current loans and borrowings
Bank borrowings	77,553	145,345

	31.10.21 £	31.10.20 £
Current loans and borrowings
Bank borrowings	79,007	30,654