Ramp Surface Coatings Limited - Period Ending 2021-03-31

Ramp Surface Coatings Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 11

Ramp Surface Coatings Limited

(Registration number: 09961115)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	112,371	136,179
Tangible assets	5	826,658	482,525
		939,029	618,704
Current assets
Stocks	6	94,765	98,189
Debtors	7	1,995,644	1,456,965
Cash at bank and in hand		399,961	499,519
		2,490,370	2,054,673
Creditors: Amounts falling due within one year	8	(685,090)	(538,276)
Net current assets		1,805,280	1,516,397
Total assets less current liabilities		2,744,309	2,135,101
Creditors: Amounts falling due after more than one year	8	(1,042,940)	(908,707)
Provisions for liabilities		(112,467)	(34,668)
Net assets		1,588,902	1,191,726
Capital and reserves
Called up share capital		1	1
Profit and loss account		1,588,901	1,191,725
Total equity		1,588,902	1,191,726

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 Board on 11 November 2021 and signed on its behalf by:
 

Mr N J Pitman Director

Mr I Rowe Director

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
20 - 21 Cumberland Drive
Granby Industrial Estate
Weymouth
Dorset
DT4 9TB

These financial statements were authorised for issue by the Board on 11 November 2021.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have prepared forecasted cash flows for the foreseeable future for the company and for the group of which the company is a member. The forecasts indicate that the company will have sufficient working capital from its own cash inflows and through support from the group, to meet its needs.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 November 2021 was Nigel Fry, who signed for and on behalf of Milsted Langdon LLP.

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a)Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:-

(i)Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of the property, plant and equipment and for the useful economic lives for each class of assets.

(ii)Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. .

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 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

Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.

Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Motor vehicles	25% straight line
Equipment	20% straight line
Plant and machinery	10% and 25% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of the financial position and the amount of the provision as an expense. Provisions are intitially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate.

The company does not currently apply hedge accounting for foreign exchange derivatives.
 

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Impairment
If a reliable measure of fair value is not available, the financial instrument is valued at cost less impairment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 35 (2020 - 36).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2020	238,029	238,029
At 31 March 2021	238,029	238,029
Amortisation
At 1 April 2020	101,850	101,850
Amortisation charge	23,808	23,808
At 31 March 2021	125,658	125,658
Carrying amount
At 31 March 2021	112,371	112,371
At 31 March 2020	136,179	136,179

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

5	Tangible assets

	Equipment  £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2020	58,171	27,657	673,063	758,891
Additions	10,946	-	431,190	442,136
At 31 March 2021	69,117	27,657	1,104,253	1,201,027
Depreciation
At 1 April 2020	18,016	23,727	234,623	276,366
Charge for the year	13,193	3,710	81,100	98,003
At 31 March 2021	31,209	27,437	315,723	374,369
Carrying amount
At 31 March 2021	37,908	220	788,530	826,658
At 31 March 2020	40,155	3,930	438,440	482,525

6

Stocks

	2021 £	2020 £
Raw materials and consumables	73,863	72,601
Work in progress	20,902	25,588
	94,765	98,189

7

Debtors

	2021 £	2020 £
Trade debtors	279,530	342,031
Receivables from related parties	1,449,072	831,754
Prepayments	40,423	57,666
Other debtors	226,619	225,514
	1,995,644	1,456,965

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

8

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Bank loans and overdrafts	9	262,101	175,934
Trade creditors		195,003	136,293
Taxation and social security		218,723	186,349
Other creditors		5,788	6,089
Accruals and deferred income		3,475	33,611
		685,090	538,276

Bank loans and overdrafts include net obligations under finance lease and hire purchase contracts of £34,173 (2020: £98), and an invoice discounting facility of £227,928 (2020: £175,836) which are secured.

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	9	84,632	-
Other non-current financial liabilities		958,308	908,707
		1,042,940	908,707

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £84,632 (2020: £nil).

9	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Hire purchase contracts	84,632	-

	2021 £	2020 £
Current loans and borrowings
Hire purchase contracts	34,173	98
Other borrowings	227,928	175,836
	262,101	175,934

Ramp Surface Coatings Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £106,529 (2020 - £153,875).

11	Parent and ultimate parent undertaking

The company's immediate parent is Heartland Engineering Limited, incorporated in England and Wales.

 The ultimate parent is FGP Group Limited, incorporated in England and Wales.

  These financial statements are available upon request from
38 Furham Field
London
Hatch End
England
HA5 4DZ