REGISTERED NUMBER:
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RAMCO (UK) LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 JANUARY 2021 TO 31 JANUARY 2022 |
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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 PERIOD |
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1 JANUARY 2021 TO 31 JANUARY 2022 |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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Page |
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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 PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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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 JANUARY 2022 |
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2022 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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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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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 by the director and authorised for issue on
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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1. | STATUTORY INFORMATION |
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Ramco (UK) Limited is a
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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 goods and services, excluding value added tax and net of commissions paid and payable. Turnover is recognised upon delivery of the goods to the customer. |
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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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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the period 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 period 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 PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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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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Government grants |
Grants are recognised as income in the period in which they become receivable or where the grant is in relation to a fixed asset, the grant is deferred and recognised over the useful life of the fixed asset. |
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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 period was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2021 |
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Disposals | ( |
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At 31 January 2022 |
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AMORTISATION |
At 1 January 2021 |
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Eliminated on disposal | ( |
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At 31 January 2022 |
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NET BOOK VALUE |
At 31 January 2022 |
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At 31 December 2020 |
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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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At 31 January 2022 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for period |
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Eliminated on disposal |
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At 31 January 2022 |
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NET BOOK VALUE |
At 31 January 2022 |
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At 31 December 2020 |
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The net book value of tangible fixed assets includes £ 7,359 (2020 - £ 10,098 ) 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 2021 |
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101 |
Disposals |
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At 31 January 2022 |
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1 |
NET BOOK VALUE |
At 31 January 2022 |
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1 |
At 31 December 2020 |
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101 |
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7. | DEBTORS |
2022 | 2020 |
£ | £ |
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 PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2020 |
£ | £ |
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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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2020 |
£ | £ |
Hire purchase contracts (see note 10) |
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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 |
2022 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
2022 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2020 |
£ | £ |
Hire purchase contracts | 4,699 | 11,101 |
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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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RAMCO (UK) LIMITED (REGISTERED NUMBER: 02722506) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2021 TO 31 JANUARY 2022 |
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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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14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The director has a directors loan account totalling £1,021,989 brought forward (2020: £946,460) |
During the year, the director of the company borrowed £247,510 (2020: £132,955) from the company and repaid £1,269,499 (2020: £57,426). The balance was fully repaid at the end of the year (2020: £ 1,021,989 overdrawn). |
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The loans made to the director were unsecured, interest free and repayable on demand. |
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15. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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16. | 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. |