Ramp & Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03600476 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

RAMP & CO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P R Wollaston

REGISTERED OFFICE:

Savoy House

Savoy Circus

London

W3 7DA

REGISTERED NUMBER:

03600476 (England and Wales)

ACCOUNTANTS:

Wem & Co Chartered Accountants

Savoy House

Savoy Circus

London

W3 7DA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,049,071

1,038,536

1,049,071

1,038,536

CURRENT ASSETS

Stocks

77,020

91,365

Debtors

6

399,824

284,656

Cash at bank

157,980

6,526

634,824

382,547

CREDITORS

Amounts falling due within one year

7

650,563

570,682

NET CURRENT LIABILITIES

(15,739

)

(188,135

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,033,332

850,401

CREDITORS

Amounts falling due after more than one year

8

(145,345

)

(64,683

)

PROVISIONS FOR LIABILITIES

10

(89,575

)

(89,575

)

NET ASSETS

798,412

696,143

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

798,312

696,043

SHAREHOLDERS' FUNDS

798,412

696,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 30 July 2021 and were signed by:

P R Wollaston - Director

1.	STATUTORY INFORMATION

Ramp & Co 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents net sales excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is written off over its estimated useful life.

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.

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

Government grants

Government grants in relation to tangible fixed asset 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2019 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

10,000

AMORTISATION

At 1 November 2019

and 31 October 2020

10,000

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 November 2019

1,455,201

180,169

55,812

35,879

1,727,061

Additions

-

12,987

-

-

12,987

At 31 October 2020

1,455,201

193,156

55,812

35,879

1,740,048

DEPRECIATION

At 1 November 2019

422,184

177,113

54,226

35,005

688,528

Charge for year

-

1,457

396

596

2,449

At 31 October 2020

422,184

178,570

54,622

35,601

690,977

NET BOOK VALUE

At 31 October 2020

1,033,017

14,586

1,190

278

1,049,071

At 31 October 2019

1,033,017

3,056

1,586

874

1,038,533

Included in cost of land and buildings is freehold land of £ 450,000 (2019 - £ 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 directors, any such sum is immaterial.

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

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

35,654

27,027

Other debtors

364,170

257,629

399,824

284,656

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

30,654

23,212

Trade creditors

439,131

445,305

Taxation and social security

115,225

53,728

Other creditors

65,553

48,437

650,563

570,682

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans

145,345

64,683

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Bank overdraft

-

3,873

Bank loans

175,999

84,022

175,999

87,895

The loan is secured by a legal charge over the freehold property.

10.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

Freehold property

89,575

89,575

Deferred

tax

£

Balance at 1 November 2019

89,575

Movement in the year

Balance at 31 October 2020

89,575

In accordance with the requirements of FRS 102, deferred tax of £89,575 has been recognised and is based on the difference between the book cost of freehold land and buildings and cost for capital gains tax purposes.

11.	RELATED PARTY DISCLOSURES

The director has given a personal guarantee in respect of the bank loan.

12.	IMPACT OF COVID-19

The COVID-19 pandemic developed rapidly in 2020, with a significant number of cases. Measures taken by government to contain the virus have had some impact on the company's trading. The exact impact on activities in the remainder of 2020 and thereafter cannot be predicted. However, following the easing of restrictions, the director expects demand to continue to boost turnover further.