Company Registration No. 00944933 (England and Wales)
RAMAC HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
RAMAC HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
RAMAC HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment properties
5
56,977,303
50,030,303
Investments
6
5,000
5,000
56,982,303
50,035,303
Current assets
Trade and other receivables
7
21,458,962
16,873,144
Cash and cash equivalents
18,671
501,842
21,477,633
17,374,986
Current liabilities
8
(6,924,196)
(5,771,365)
Net current assets
14,553,437
11,603,621
Total assets less current liabilities
71,535,740
61,638,924
Non-current liabilities
9
(9,500,000)
(9,900,000)
Provisions for liabilities
10
(8,392,892)
(6,648,897)
Net assets
53,642,848
45,090,027
Equity
Called up share capital
11
23,250
23,250
Capital redemption reserve
1,750
1,750
Retained earnings
12
53,617,848
45,065,027
Total equity
53,642,848
45,090,027
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr M McGuirk
Mr J D C Hambling
Director
Director
Company Registration No. 00944933
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Ramac Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Revenue
Revenue comprises operating lease income, which is recognised on a straight-line basis over the term of the lease agreements, where agreements include incentives or similar arrangements those are recognised on a straight line basis over the period of the lease agreement. All income is shown net of VAT and other sales related taxes.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lifes on the following bases:
Plant and machinery
24% per annum on cost
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.
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties
Investment property comprises commercial property. The fair value of the majority of investment properties has been arrived at on the basis of a valuation carried out at the year end date by the directors. The valuation was made on an open market value basis by reference to expected rental yields of the properties.
1.6
Non-current investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All called up share capital is allotted and fully paid.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
As detailed under note 1.5 and note 6, the fair value of investment properties is assessed by the directors at the year end by reference to expected rental yields of the properties. A professional external valuation was obtained for two properties during the year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 5).
4
Property, plant and equipment
Plant and machinery
£
Cost
At 1 March 2022 and 28 February 2023
14,900
Depreciation and impairment
At 1 March 2022 and 28 February 2023
14,900
Carrying amount
At 28 February 2023
At 28 February 2022
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Property, plant and equipment
(Continued)
- 5 -
5
Investment property
2023
£
Fair value
At 1 March 2022
50,030,303
Revaluations
6,947,000
At 28 February 2023
56,977,303
Investment property comprises of commercial and residential property. The fair value of the majority of investment properties has been arrived on the basis of a valuation carried out at the year end by the directors. The valuation was made using a discounted cash flow method by reference to expected rental yields of the properties. Two of the properties received professional external valuations during the current year.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,000
5,000
7
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
318,367
363,245
Other receivables
21,140,595
16,509,899
21,458,962
16,873,144
Other receivables includes amounts owed by connected companies of £20,812,844 (2022 - £16,195,799) which have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the connected company is financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support of its connected companies.
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
1,330,397
400,000
Trade payables
302,708
242,828
Amounts owed to group undertakings
2,811,585
3,061,585
Taxation and social security
1,436,357
1,280,444
Other payables
1,043,149
786,508
6,924,196
5,771,365
Included within other payables is a balance of £400,000 (2022 - £400,000) which relates to a bank loan secured against certain investment properties in the company
9
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
9,500,000
9,900,000
The bank loan is secured against certain investment properties in the company.
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
134,104
133,421
Investment property
8,258,788
6,515,476
8,392,892
6,648,897
2023
Movements in the year:
£
Liability at 1 March 2022
6,648,897
Charge to profit or loss
1,743,995
Liability at 28 February 2023
8,392,892
The directors have considered the deferred tax liabilities noted above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
23,250
23,250
23,250
23,250
12
Retained earnings
Included within retained earnings are non-distributable amounts totalling £33,437,889 (2022 - £28,234,201).
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Reeves ACA FCCA.
The auditor was Carpenter Box.
Carpenter Box is a trading name of Carpenter Box Limited
14
Financial commitments, guarantees and contingent liabilities
Ramac Holdings Limited are liable for a bond held by Barclays amounting to £695,595 in relation to the adoption of the roads within a development site in Dover for which a related party is responsible. This only becomes payable in the event that the work ceases on this site. Currently there is no intention to do so and therefore no liability exists at this stage.
15
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
22,190,292
22,499,643
RAMAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
16
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Connected companies
295,769
266,572
400,521
497,033
Interest received
Interest paid
2023
2022
2023
2022
£
£
£
£
Connected companies
364,038
316,812
1,586
22,247
The following amounts were outstanding at the reporting end date:
2023
Balance
Amounts owed by related parties
£
Connected companies
20,816,540
2022
Amounts owed in previous period
£
Connected companies
16,195,799
In accordance with the requirements in Section 33.1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
17
Parent company
The ultimate parent company is Ramac Group Limited by virtue of 100% shareholding in the company. The registered office and principal place of business is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
2023-02-282022-03-01false23 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr M McGuirkMr J D C HamblingMr R W A LawrenceMr J D C Hamblingfalse009449332022-03-012023-02-28009449332023-02-28009449332022-02-2800944933core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2800944933core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2800944933core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2800944933core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2800944933core:CurrentFinancialInstruments2023-02-2800944933core:CurrentFinancialInstruments2022-02-2800944933core:ShareCapital2023-02-2800944933core:ShareCapital2022-02-2800944933core:CapitalRedemptionReserve2023-02-2800944933core:CapitalRedemptionReserve2022-02-2800944933core:RetainedEarningsAccumulatedLosses2023-02-2800944933core:RetainedEarningsAccumulatedLosses2022-02-2800944933bus:Director12022-03-012023-02-2800944933bus:CompanySecretaryDirector12022-03-012023-02-2800944933core:PlantMachinery2022-03-012023-02-28009449332021-03-012022-02-2800944933core:PlantMachinery2022-02-2800944933core:PlantMachinery2023-02-2800944933core:PlantMachinery2022-02-28009449332022-02-2800944933core:WithinOneYear2023-02-2800944933core:WithinOneYear2022-02-2800944933core:Non-currentFinancialInstruments2023-02-2800944933core:Non-currentFinancialInstruments2022-02-2800944933bus:PrivateLimitedCompanyLtd2022-03-012023-02-2800944933bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2800944933bus:FRS1022022-03-012023-02-2800944933bus:Audited2022-03-012023-02-2800944933bus:Director22022-03-012023-02-2800944933bus:Director32022-03-012023-02-2800944933bus:CompanySecretary12022-03-012023-02-2800944933bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP