REGISTERED NUMBER:
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RAMCO (UK) LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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RAMCO (UK) LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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RAMCO (UK) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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27 - 29 Lumley Avenue |
Skegness |
Lincolnshire |
PE25 2AT |
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BANKERS: |
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97 Lumley Road |
Skegness |
Lincolnshire |
PE25 3LY |
RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Inventories |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the director and authorised for issue on
signed by: |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Ramco (UK) Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax and net of commissions paid and payable. |
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Intangible asset - computer software |
A website domain name purchased during 2012 has been fully amortised over its expected useful life of 3 years. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of |
financial position 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. |
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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 the income statement in the period to which they relate. |
RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stock |
The company holds stock under agreements from various UK Government bodies and other private clients on the basis that |
the company will sell the goods in the market place and retain a commission from the UK Government (or its delegated |
agency). |
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Much of the stock held does not have an identifiable base cost due to its often unique original usage to the original user |
and accordingly stock control from the Government to the company is based on units rather than base costs. Stock items |
purchased from other suppliers are valued at the lower of cost and net realisable value. |
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Ramco (UK) Limited seeks to achieve the maximum possible for each unit in the market. |
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Accordingly, whilst the holding of stock by Ramco (UK) Limited for the UK Government has many features which Financial |
Reporting Standards 102 may indicate as being consignment stock. Furthermore, at the reporting date there are not |
deemed to be any material benefits or risk as a result of this arrangement. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the |
lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The net book value of property, plant and equipment includes £ 25,665 (2018 - £ 34,220 ) in respect of assets held under |
hire purchase contracts. |
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6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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101 |
NET BOOK VALUE |
At 31 December 2019 |
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101 |
At 31 December 2018 |
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101 |
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7. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | - | 79,227 |
Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 10) |
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Other creditors |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 19,406 | 32,202 |
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The bank has a fixed and floating charge over all the assets of the business. A personal guarantee is provided from NA |
Sanderson (director) to Nat West Bank PLC of £200,000, this has been reduced to £100,000 from February 2020. The |
company has provided security against a fixed asset to The Freedom Trust. An inter-company guarantee is provided from |
Piggly Wiggly Holdings Limited, Ramco (UK) Limited, Ramco Global Limited and Storit Limited to Nat West Bank PLC and is |
of an unlimited amount. |
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Hire purchase liabilities are secured on the asset to which they relate. |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | OTHER FINANCIAL COMMITMENTS |
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There is a bank guarantee in place in favour of The Secretary of State for Defence amounting to £250,000, which is |
provided as a parent company guarantee. |
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The company has also guaranteed the overdraft of its sister company Ramco Global Limited whose balance at 31 December |
2019 was £24 (2018: £39,592). |
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14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The director has a directors loan account totalling £910,059 brought forward (2018: £890,008) |
During the year, the director of the company borrowed £172,901 (2018: £156,051) from the company and repaid £136,500 |
(2018: £130,000). The balance at the end of the year totalled £946,460 overdrawn (2018: £916,059 overdrawn). |
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The loans made to the director were unsecured, interest free and repayable on demand. |
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15. | ULTIMATE CONTROLLING PARTY |
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The controlling party is joint control by NA and Mrs BK Sanderson by virtue of majority shareholding in parent company |
Wiggly Piggly Investments Limited. |