Ramsac Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02698056 (England and Wales)

RAMSAC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

S A Cooper

R P V May

D J May-Jones

P S Mew

P J Tooke

SECRETARY:

S A Cooper

REGISTERED OFFICE:

Compton House

The Guildway Campus

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

REGISTERED NUMBER:

02698056 (England and Wales)

ACCOUNTANTS:

Bessler Hendrie LLP

Chartered Accountants

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

FIXED ASSETS

Intangible assets

4

6,846

26,231

Tangible assets

5

662,138

101,111

668,984

127,342

CURRENT ASSETS

Stocks

-

1,923

Debtors

6

830,765

675,462

Cash at bank

626,364

1,498,736

1,457,129

2,176,121

CREDITORS

Amounts falling due within one year

7

(1,144,473

)

(1,082,880

)

NET CURRENT ASSETS

312,656

1,093,241

TOTAL ASSETS LESS CURRENT LIABILITIES

981,640

1,220,583

CREDITORS

Amounts falling due after more than one year

8

(24,475

)

-

PROVISIONS FOR LIABILITIES

10

(50,000

)

(90,641

)

NET ASSETS

907,165

1,129,942

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

907,065

1,129,842

SHAREHOLDERS' FUNDS

907,165

1,129,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:

R P V May - Director

S A Cooper - Director

1.	STATUTORY INFORMATION

Ramsac 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.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

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

Short-term leasehold property

20% on cost

Improvements to leasehold property

10% on cost

Fixtures and fittings

20% on cost

Computer equipment

33.33% on cost (2022: 25% on cost)

On disposal the difference between net proceeds and the carrying amount of the item sold is recognised in the income statement and is included in administrative expenses.

At the start of the 2023 financial year, the directors reviewed the depreciation policy and felt it was prudent to depreciate assets at the revised rates from 1 May 2022.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks

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

Financial instruments

Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price and subsequently recognised at amortised cost using the effective interest method. The company does not have any financial non-basic instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Provisions for liabilities

Provisions are recognised in the financial statements for all expected cash outflows arising in respect of lease dilapidations.

Provisions for lease dilapidations are provided for when the company has a contractual obligation under the agreed lease term to return the premises to its original order. The provision is based on previous experience and is apportioned on the square footage of the premises and the current state of repair. The expected costs are charged to the profit and loss account as the directors' expect the costs to arise.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 97 (2022 - 81 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2022

and 30 April 2023

216,606

AMORTISATION

At 1 May 2022

190,375

Charge for year

19,385

At 30 April 2023

209,760

NET BOOK VALUE

At 30 April 2023

6,846

At 30 April 2022

26,231

5.	TANGIBLE FIXED ASSETS

Short-term

Improvements

Fixtures

leasehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 May 2022

67,500

-

192,042

325,677

585,219

Additions

-

495,860

113,970

26,377

636,207

Disposals

(67,500

)

-

(178,678

)

(206,829

)

(453,007

)

At 30 April 2023

-

495,860

127,334

145,225

768,419

DEPRECIATION

At 1 May 2022

52,521

-

181,192

250,395

484,108

Charge for year

13,500

4,290

6,788

44,252

68,830

Eliminated on disposal

(66,021

)

-

(174,533

)

(206,103

)

(446,657

)

At 30 April 2023

-

4,290

13,447

88,544

106,281

NET BOOK VALUE

At 30 April 2023

-

491,570

113,887

56,681

662,138

At 30 April 2022

14,979

-

10,850

75,282

101,111

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

366,544

471,180

Other debtors

357,421

204,282

723,965

675,462

Amounts falling due after more than one year:

Other debtors

106,800

-

Aggregate amounts

830,765

675,462

Included within other debtors is a deferred tax asset falling due within one year of £67,925 which arises due to taxable trading losses and offset by timing differences and liabilities. See the Provision for liabilities note for further information.

Included within other debtors due after more than one year is a deposit on the office premises.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

654,896

639,287

Taxation and social security

271,764

339,366

Other creditors

217,813

104,227

1,144,473

1,082,880

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

24,475

-

Other creditors of £24,475 relates to the rent free period which will be released as a lease expense after more than one year.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

200,014

122,872

Between one and five years

722,601

20,728

922,615

143,600

10.	PROVISIONS FOR LIABILITIES

Deferred tax

Lease dilapidations

Total

£

£

£

Balance at 1 May 2022

23,141

67,500

90,641

Increase in provisions during the period

91,366

50,000

141,366

Amounts charged against the provision during the period

-

(67,500

)

(67,500

Decrease in provisions arising from taxable losses

(182,432

)

-

(182,432

Balance at 30 April 2023

(67,925

)

50,000

(17,925

The deferred tax asset of £67,925 has been included within other debtors. This is made up of short term timing differences and capital allowances of £114,507 offset by £182,432 of taxable losses.

Lease dilapidations relates to the provision for future costs expected to be incurred when the lease term comes to an end under the contractual obligation to return the premises to its original order. The provision is expected to be utilised by 2033 when the lease is due to terminate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000,000

Ordinary

0.000

1

100

100

On 10 May 2022, the company divided its shares from 100 shares at a nominal value of £1.00 to 1,000,000 shares with a nominal value of £0.0001.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R P V May.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ramsac Limited for the year ended 30 April 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ramsac Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ramsac Limited and state those matters that we have agreed to state to the Board of Directors of Ramsac Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ramsac Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ramsac Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ramsac Limited. You consider that Ramsac Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ramsac Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtains access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.

Bessler Hendrie LLP

Chartered Accountants

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

18 October 2023