Company registration number 01716027 (England and Wales)
RAMSAY RUBBER & PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RAMSAY RUBBER & PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RAMSAY RUBBER & PLASTICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
229,772
209,885
Current assets
Stocks
306,719
284,919
Debtors
4
2,044,623
2,141,202
Cash at bank and in hand
315,421
209,256
2,666,763
2,635,377
Creditors: amounts falling due within one year
5
(1,475,691)
(1,434,714)
Net current assets
1,191,072
1,200,663
Total assets less current liabilities
1,420,844
1,410,548
Creditors: amounts falling due after more than one year
6
(23,333)
(33,333)
Provisions for liabilities
7
(26,228)
(31,173)
Net assets
1,371,283
1,346,042
Capital and reserves
Called up share capital
1,765
1,765
Profit and loss reserves
1,369,518
1,344,277
Total equity
1,371,283
1,346,042

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RAMSAY RUBBER & PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Mr P M Killeen
Director
Company Registration No. 01716027
RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Ramsay Rubber & Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vulcan Road, Bilston, West Midlands, WV14 7HT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold property
4% straight line
Plant and machinery
10% straight line
Fittings fixtures and equipment
10% straight line
Information technology
10% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

 

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
33
36
RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
111,116
375,823
486,939
Additions
28,537
23,046
51,583
Disposals
-
0
(2,475)
(2,475)
At 31 March 2023
139,653
396,394
536,047
Depreciation and impairment
At 1 April 2022
33,953
243,101
277,054
Depreciation charged in the year
4,540
27,156
31,696
Eliminated in respect of disposals
-
0
(2,475)
(2,475)
At 31 March 2023
38,493
267,782
306,275
Carrying amount
At 31 March 2023
101,160
128,612
229,772
At 31 March 2022
77,163
132,722
209,885
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
778,645
988,086
Corporation tax recoverable
1,515
-
0
Amounts owed by group undertakings
240
1,113,675
Other debtors
159,600
39,441
940,000
2,141,202
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,104,623
-
0
Total debtors
2,044,623
2,141,202
RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
793,856
525,115
Corporation tax
-
0
35,335
Other taxation and social security
94,620
115,510
Other creditors
577,215
748,754
1,475,691
1,434,714
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,333

All bank borrowings are secured by a fixed and floating charge over all of the company's assets.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
26,228
31,173
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
30,178
19,805
RAMSAY RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,104,863
1,106,374
Other related parties
118,008
5,501
10
Parent company

Until 15 March 2023, Ramsay Rubber & Plastics Limited was a wholly owned subsidiary of Ram Cellular Products Limited. The ultimate parent company was Dark Industrial Holdings Limited.

 

Following a group restructuring on 15 March 2023, Ramsay Rubber & Plastics Limited is now a wholly owned subsidiary of Ramsay Rubber & Plastics Holdings Limited. All of the companies have the same registered office address.

2023-03-312022-04-01false06 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A J RoundMr P M KilleenMs L M H BotfieldMs L M H Botfield2023-10-17017160272022-04-012023-03-31017160272023-03-31017160272022-03-3101716027core:LandBuildings2023-03-3101716027core:OtherPropertyPlantEquipment2023-03-3101716027core:LandBuildings2022-03-3101716027core:OtherPropertyPlantEquipment2022-03-3101716027core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101716027core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101716027core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101716027core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101716027core:CurrentFinancialInstruments2023-03-3101716027core:CurrentFinancialInstruments2022-03-3101716027core:ShareCapital2023-03-3101716027core:ShareCapital2022-03-3101716027core:RetainedEarningsAccumulatedLosses2023-03-3101716027core:RetainedEarningsAccumulatedLosses2022-03-3101716027bus:Director22022-04-012023-03-3101716027core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3101716027core:PlantMachinery2022-04-012023-03-3101716027core:FurnitureFittings2022-04-012023-03-3101716027core:ComputerEquipment2022-04-012023-03-3101716027core:MotorVehicles2022-04-012023-03-31017160272021-04-012022-03-3101716027core:LandBuildings2022-03-3101716027core:OtherPropertyPlantEquipment2022-03-31017160272022-03-3101716027core:LandBuildings2022-04-012023-03-3101716027core:OtherPropertyPlantEquipment2022-04-012023-03-3101716027core:Non-currentFinancialInstruments2023-03-3101716027core:Non-currentFinancialInstruments2022-03-3101716027core:WithinOneYear2023-03-3101716027core:WithinOneYear2022-03-3101716027bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101716027bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101716027bus:FRS1022022-04-012023-03-3101716027bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101716027bus:Director12022-04-012023-03-3101716027bus:Director32022-04-012023-03-3101716027bus:CompanySecretary12022-04-012023-03-3101716027bus:FilletedAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP