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 2017

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

BUSINESS ADDRESS:

Abbey Road

London

NW10 7TS

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

1,044,300

1,043,014

1,044,300

1,043,014

CURRENT ASSETS

Stocks

90,675

56,488

Debtors

6

214,423

58,128

Cash at bank and in hand

5,363

148,907

310,461

263,523

CREDITORS

Amounts falling due within one year

7

532,316

400,308

NET CURRENT LIABILITIES

(221,855

)

(136,785

)

TOTAL ASSETS LESS CURRENT LIABILITIES

822,445

906,229

PROVISIONS FOR LIABILITIES

9

97,908

104,943

NET ASSETS

724,537

801,286

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

724,437

801,186

SHAREHOLDERS' FUNDS

724,537

801,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 July 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

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 21 (2016 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

10,000

AMORTISATION

At 1 November 2016

and 31 October 2017

10,000

NET BOOK VALUE

At 31 October 2017

-

At 31 October 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 November 2016

1,455,201

179,275

55,812

31,505

1,721,793

Additions

-

312

-

4,374

4,686

At 31 October 2017

1,455,201

179,587

55,812

35,879

1,726,479

DEPRECIATION

At 1 November 2016

422,184

173,212

52,049

31,334

678,779

Charge for year

-

1,424

941

1,035

3,400

At 31 October 2017

422,184

174,636

52,990

32,369

682,179

NET BOOK VALUE

At 31 October 2017

1,033,017

4,951

2,822

3,510

1,044,300

At 31 October 2016

1,033,017

6,063

3,763

171

1,043,014

Included in cost of land and buildings is freehold land of £ 450,000 (2016 - £ 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

31.10.17

31.10.16

as restated

£

£

Trade debtors

20,940

23,892

Other debtors

193,483

34,236

214,423

58,128

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

as restated

£

£

Bank loans and overdrafts

48,628

-

Trade creditors

334,585

318,573

Taxation and social security

55,437

38,601

Other creditors

93,666

43,134

532,316

400,308

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

as restated

£

£

Bank overdraft

48,628

-

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

9.	PROVISIONS FOR LIABILITIES

In accordance with requirements of FRS 102, deferred tax of £103,700 has been recognised as a prior year adjustment. This

is based on the difference between the book cost of freehold land and buildings and cost for capital gains tax purposes.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Interest on the loan to the director, P R Wollaston was charged at the official rate. The highest balance outstanding during

the year was £73,532. At the year-end, the director was owed £868.

11.	FIRST YEAR ADOPTION

The financial statements for the year ended 31 October 2017 are the first financial statements of Ramp & Co Ltd prepared

in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of

transition was 1 November 2015. The reported financial position and financial performance for the previous period are not

affected by the transition to FRS 102 other than as already stated above.

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment.