Company Registration No. 04246702 (England and Wales)
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
COMPANY INFORMATION
Directors
Mr M McGuirk
Mr J D C Hambling
Mr R W A Lawrence
Mr A Taylor
Secretary
Mr J D C Hambling
Company number
04246702
Registered office
Hardys Yard
London Road
Riverhead
Sevenoaks
Kent
TN13 2DN
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Hardys Yard
London Road
Riverhead
Sevenoaks
Kent
TN13 2DN
Bankers
Barclays Bank Plc
9 St Georges Street
Canterbury
Kent
CT1 2JX
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5
Group income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11 - 12
Group statement of changes in equity
13 - 14
Company statement of changes in equity
15 - 16
Group statement of cash flows
17
Notes to the financial statements
18 - 44
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -
The directors present the strategic report for the year ended 28 February 2023.
Fair review of the business
The financial results are set out in the group statement of comprehensive income. The revenue is analysed by activity in note 3 to the financial statements.
Group operating revenue has increased to £17.1m (2022 - £15.6m). There is a profit for the year of £2.8m (2022 -£8.5m).
The net surplus from defined benefit pension schemes is £3.0m (2022 - £1.0m).
The group remains financially strong with shareholders’ funds amounting to £85.4m (2022 - £81.5m). The board are satisfied with the financial position of the group at the year end.
The group uses various financial instruments which include cash, trade receivables, and trade payables that arise directly from its operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.
Principal risks and uncertainties
Credit risk
The main risk arising from the group's financial instruments is credit risk. The directors review and agree policies for managing this risk and they are summarised below. These policies have remained unchanged from previous years.
The principal credit risk arises from the group's trade debtors. To manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the finance function on a regular basis in conjunction with debt ageing and collection history. No credit is routinely offered to individuals in the hire or leisure business offering.
Market risk
The directors consider that a fall in the housing market, a slowdown in demand from the property rental sector, a slowdown in economic growth or performance in the construction industry to be areas of risk to the group’s activities.
To mitigate market risk, the directors pursue a strategy so that building activity is matched to market conditions and construction activities are differentiated in service type and quality.
The overall performance of the economy affects standards of living and any fall is likely to also impact the group's leisure activities. This is mitigated by offering unique and innovative services.
Reputational risk
A proportion of the group's activities are in the leisure industry. The directors consider that this risk could affect the company's relationship with its customers.
Management believe that the business reputation is key to future success, along with the ability to provide services which are valued by the customers. As a result, the directors are continually exploring ways to improve the experience and services on offer so that customers receive the high level of service they expect.
Key performance indicators
The group's senior management use the following key performance indicators:
2023 2022
Revenue £17,143,701 £15,573,585
Gross profit percentage 44.8% 50.4%
Net operating cash inflow as a percentage of revenue 1.7% 5.4%
Given the challenging operating conditions the directors continue to review the key performance indicators for the monitoring of the group’s performance.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
This report was approved by the board and signed on its behalf.
Mr J D C Hambling
Director
20 November 2023
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
The directors present their annual report and financial statements for the year ended 28 February 2023.
Principal activities
The group's principal activities comprised: building and construction, property management services and provision of recreational facilities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M McGuirk
Mr J D C Hambling
Mr R W A Lawrence
Mr A Taylor
Results and dividends
The results for the year are set out on page 8.
Preferred dividends were paid amounting to £172,000. The directors do not recommend payment of a final dividend.
Financial instruments
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.
Future developments
The directors believe that there are no future developments that require disclosure.
Auditor
The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr J D C Hambling
Director
20 November 2023
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAMAC HOLDINGS (TRADING) LIMITED
- 5 -
Opinion
We have audited the financial statements of Ramac Holdings (Trading) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 28 February 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAMAC HOLDINGS (TRADING) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the group and company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, the valuation on investment properties and compliance with the UK Companies Act.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAMAC HOLDINGS (TRADING) LIMITED
- 7 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to retirement benefit scheme obligation, deferred taxation, deferred income, depreciation, valuation of investment property and valuation of work in progress; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
23 November 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
17,143,702
15,573,585
Cost of sales
(9,456,999)
(7,725,643)
Gross profit
7,686,703
7,847,942
Administrative expenses
(4,168,475)
(4,009,877)
Other operating income
301,203
598,137
Operating profit
4
3,819,431
4,436,202
Other investment income
8
82,694
164,773
Finance costs
9
(377,982)
(351,226)
Fair value gains and losses on investment properties
621,770
7,812,500
Profit before taxation
4,145,913
12,062,249
Taxation
10
(1,330,474)
(3,557,438)
Profit for the financial year
2,815,439
8,504,811
Profit for the financial year is all attributable to the owners of the parent company.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
2023
2022
£
£
Profit for the year
2,815,439
8,504,811
Other comprehensive income
Actuarial gain on defined benefit pension schemes
1,779,000
522,000
Tax relating to other comprehensive income
(513,000)
(192,000)
Other comprehensive income for the year
1,266,000
330,000
Total comprehensive income for the year
4,081,439
8,834,811
Total comprehensive income for the year is all attributable to the owners of the parent company.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
12
(589,277)
(613,842)
Property, plant and equipment
15
10,481,250
10,649,023
Investment properties
13
59,595,011
58,843,241
Investments
14
3,000
3,000
69,489,984
68,881,422
Current assets
Inventories
18
48,882,045
39,792,639
Trade and other receivables falling due after one year
17
-
98,000
Trade and other receivables falling due within one year
17
3,594,241
4,133,695
Cash at bank and in hand
1,427,849
1,104,507
53,904,135
45,128,841
Current liabilities
19
(29,908,764)
(23,917,658)
Net current assets
23,995,371
21,211,183
Total assets less current liabilities
93,485,355
90,092,605
Non-current liabilities
20
(2,396,294)
(1,862,914)
Provisions for liabilities
23
(8,721,662)
(7,717,731)
Net assets excluding pension surplus
82,367,399
80,511,960
Defined benefit pension surplus
24
3,008,000
954,000
Net assets
85,375,399
81,465,960
Equity
Called up share capital
25
22,292,944
22,292,944
Share premium account
9,073,015
9,073,015
Non-distributable retained earnings
26
12,076,271
12,059,006
Other reserves
27
1,036,779
1,036,779
Capital redemption reserve
1,778
1,778
Retained earnings
40,894,612
37,002,438
Total equity
85,375,399
81,465,960
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:
20 November 2023
Mr J D C Hambling
Mr A Taylor
Director
Director
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
15
218,528
160,006
Investment properties
13
62,452,011
61,600,241
Investments
14
6,522,138
6,522,138
69,192,677
68,282,385
Current assets
Inventories
18
14,508,339
8,683,863
Trade and other receivables falling due after one year
17
22,947,942
18,107,223
Trade and other receivables falling due within one year
17
8,673,816
8,952,141
Cash at bank and in hand
196,294
176,284
46,326,391
35,919,511
Current liabilities
19
(24,151,163)
(19,164,896)
Net current assets
22,175,228
16,754,615
Total assets less current liabilities
91,367,905
85,037,000
Non-current liabilities
20
(7,214,094)
(4,388,597)
Provisions for liabilities
23
(5,037,942)
(4,219,145)
Net assets excluding pension surplus/(deficit)
79,115,869
76,429,258
Defined benefit pension surplus/(deficit)
24
692,000
(393,000)
Net assets
79,807,869
76,036,258
Equity
Called up share capital
25
22,292,944
22,292,944
Share premium account
9,073,015
9,073,015
Non-distributable retained earnings
26
12,689,589
12,597,324
Capital redemption reserve
1,778
1,778
Retained earnings
35,750,543
32,071,197
Total equity
79,807,869
76,036,258
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 12 -
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £3,270,611 (2022 - £8,837,817).
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:
20 November 2023
Mr J D C Hambling
Mr A Taylor
Director
Director
Company Registration No. 04246702
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
Share capital
Share premium account
Non- distributable retained earnings
Capital redemption reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
£
£
Balance at 1 March 2021
22,292,944
9,073,015
5,773,418
1,778
1,036,779
34,604,215
72,782,149
Year ended 28 February 2022:
Profit for the year
-
-
-
-
-
8,504,811
8,504,811
Other comprehensive income:
Actuarial gains on defined benefit plans
24
-
-
-
-
-
522,000
522,000
Fair value adjustments appropriated from profit or loss
-
-
6,285,588
-
-
(6,285,588)
-
Tax relating to other comprehensive income
-
-
-
-
-
(192,000)
(192,000)
Total comprehensive income for the year
-
-
6,285,588
-
-
2,549,223
8,834,811
Dividends
11
-
-
-
-
-
(151,000)
(151,000)
Balance at 28 February 2022
22,292,944
9,073,015
12,059,006
1,778
1,036,779
37,002,438
81,465,960
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Share capital
Share premium account
Non- distributable retained earnings
Capital redemption reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
£
£
- 14 -
Balance at 28 February 2022
22,292,944
9,073,015
12,059,006
1,778
1,036,779
37,002,438
81,465,960
Year ended 28 February 2023:
Profit for the year
-
-
-
-
-
2,815,439
2,815,439
Other comprehensive income:
Actuarial losses on defined benefit plans
24
-
-
-
-
-
1,779,000
1,779,000
Fair value adjustments appropriated from profit or loss
-
-
17,265
-
-
(17,265)
-
Tax relating to other comprehensive income
23
-
-
-
-
-
(513,000)
(513,000)
Total comprehensive income for the year
-
-
17,265
-
-
4,064,174
4,081,439
Dividends
11
-
-
-
-
-
(172,000)
(172,000)
Balance at 28 February 2023
22,292,944
9,073,015
12,076,271
1,778
1,036,779
40,894,612
85,375,399
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
Share capital
Share premium account
Non-distributable retained earnings
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 March 2021
22,292,944
9,073,015
6,255,829
1,778
29,347,875
66,971,441
Year ended 28 February 2022:
Profit for the year
-
-
-
-
8,837,817
8,837,817
Other comprehensive income:
Actuarial losses on defined benefit plans
24
-
-
-
-
465,000
465,000
Fair value adjustments appropriated from profit or loss
-
-
6,341,495
-
(6,341,495)
Tax relating to other comprehensive income
23
-
-
-
(87,000)
(87,000)
Total comprehensive income for the year
-
-
6,341,495
-
2,874,322
9,215,817
Dividends
11
-
-
-
-
(151,000)
(151,000)
Balance at 28 February 2022
22,292,944
9,073,015
12,597,324
1,778
32,071,197
76,036,258
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Share capital
Share premium account
Non-distributable retained earnings
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
- 16 -
Balance at 28 February 2022
22,292,944
9,073,015
12,597,324
1,778
32,071,197
76,036,258
Year ended 28 February 2023:
Profit for the year
-
-
-
-
2,641,106
2,641,106
Other comprehensive income:
Actuarial gains on defined benefit plans
24
-
-
-
-
944,000
944,000
Fair value adjustments appropriated from profit or loss
-
-
92,265
-
537,240
629,505
Tax relating to other comprehensive income
23
-
-
-
(271,000)
(271,000)
Total comprehensive income for the year
-
-
92,265
-
3,851,346
3,314,106
Dividends
11
-
-
-
-
(172,000)
(172,000)
Balance at 28 February 2023
22,292,944
9,073,015
12,689,589
1,778
35,750,543
79,807,869
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,087,327
1,794,746
Interest paid
(410,982)
(359,226)
Income taxes paid
(386,676)
(590,633)
Net cash inflow from operating activities
289,669
844,887
Investing activities
Purchase of property, plant and equipment
(535,867)
(346,544)
Proceeds on disposal of property, plant and equipment
119,205
42,074
Purchase of investment property
(130,000)
-
Other investments and loans made
-
(2,000)
Interest received
82,694
164,773
Net cash used in investing activities
(463,968)
(141,697)
Financing activities
Proceeds from borrowings
550,373
-
Repayment of borrowings
-
(537,666)
Payment of finance leases obligations
(16,523)
(14,930)
Dividends paid to equity shareholders
(172,000)
(151,000)
Net cash generated from/(used in) financing activities
361,850
(703,596)
Net increase/(decrease) in cash and cash equivalents
187,551
(406)
Cash and cash equivalents at beginning of year
223,313
223,719
Cash and cash equivalents at end of year
410,864
223,313
Relating to:
Cash at bank and in hand
1,427,849
1,104,507
Bank overdrafts included in creditors payable within one year
(1,016,985)
(881,194)
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 18 -
1
Accounting policies
Company information
Ramac Holdings (Trading) Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Hardy's Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The group consists of Ramac Holdings (Trading) Limited and all of its subsidiaries.
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.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 28 February 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries are accounted for using the purchase method of accounting with the exception of Quayside Homes Holdings Limited and it's subsidiary which were accounted for using the merger method of accounting.
An associate is an entity, being neither a subsidiary or a joint venture, in which the the group has a participating interest and over whose operating and financial policies the group exercises a significant influence. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold during the year are included in the consolidated income statements up to the date of the change of control or changes of significant influences.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’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.
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and other discounts.
Sale of goods
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.
Rendering of services and long term contracts
Revenue from the rendering of services and construction contracts is recognised when the outcome of a service or contract can be measured reliably. Revenue is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenue from derived variations on contracts are recognised when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Rental income
Revenue from rental income is recognised on a time apportioned basis, from investment properties held by the group.
1.5
Intangible assets - negative goodwill
Negative goodwill arises were the cost of acquisition of a business is less than the fair value of the net assets acquired. It is initially recognised on the statement of financial position and is subsequently credited to the income statement in the period in which the acquired investment properties decline in value or are sold, or when the acquired property, plant and equipment are depreciated or impaired.
1.6
Property, plant and equipment
Property plant and equipment are stated at cost less depreciation.
Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Land and buildings freehold
2% per annum on cost of building elements.
Plant and machinery
12% - 24% per annum on cost
Fixtures, fittings & equipment
12.5% - 25% per annum on cost
Motor vehicles
12% - 25% per annum on cost
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 20 -
Freehold land and assets in the course of construction are not depreciated.
The carrying values of property, plant & equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
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 recognised in the income statement.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
Where fair value cannot be determined without undue cost or effort, investment property is accounted for as property, plant and equipment.
Certain investment properties are utilised by subsidiary entities for the purpose of group activities. These properties are not investment properties for the purposes of the consolidated financial statements. As such they are recognised in the group statement of financial position as property, plant and equipment.
1.8
Non-current investments
In the parent company financial statements, investments in subsidiaries and associates are initially measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration.
1.9
Impairment of non-current assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 21 -
1.10
Inventories
Work in progress represents all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.
Properties for resale are valued at the lower of cost and sale price, less costs to complete and sell.
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving inventories. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 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 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised as a loss in the Income Statement.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 22 -
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 group after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, 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 receipts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Compound instruments
Instruments showing both debt and equity characteristics are compound financial instruments. The debt element is calculated using a discounted cash flow of future obligations, with the residue being allocated as equity.
1.14
Equity instruments
Equity instruments issued by the group 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 group.
1.15
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Any deferred tax balance is not discounted.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 23 -
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.18
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to the income statement 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 leased asset are consumed.
1.19
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.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 24 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Retirement benefit scheme obligation
The two defined benefit pension schemes operated by the group, Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme have been aggregated in the group statement of financial position to give a net surplus of £3,008,000 (2022 - £954,000) as detailed in note 24.
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.
Investment property
Investment property valuations are reviewed annually using the fair value method. Alternative valuations are considered where applicable and results are compared to actual market rates for similar properties. Property yields are benchmarked against market rates and adjusted for tenant quality and covenant. Forecasted rental receipts are based upon lease terms and local demand.
Construction contracts
Management undertake regular progress reviews. Profits (or losses) are recognised within the Group Income Statement as part of a contract's revenue and costs where management consider that the outcome of a construction contract can be estimated reliably.
Work in progress
The value of work in progress is assessed by the directors at the year end by reference to all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.
Defined benefit pension scheme
The amounts in the financial statements for the year ended 28 February 2023, relating to pensions, are based on full actuarial valuations dated 29 February 2020 and 1 October 2021 (and updated as necessary for aspects such as member movements and changes in assumptions) for the Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme respectively.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 25 -
3
Revenue
An analysis of the group's revenue is as follows:
2023
2022
£
£
Revenue analysed by class of business
Building construction and engineering
31,104
48,548
Plant hire and repairs
639,482
699,347
Property sales
3,607,987
3,657,564
Recreational facilities
6,481,419
5,717,659
Management services
800,000
370,000
Rental income
5,583,710
5,080,467
17,143,702
15,573,585
2023
2022
£
£
Other significant revenue
Interest income
82,694
164,773
Grants received
27,051
361,679
Sundry income
130,878
77,400
Rental income
143,274
159,058
The total revenue of the group for the year and the comparative year have been derived from its principal activities wholly undertaken in the United Kingdom.
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(27,051)
(361,679)
Depreciation of owned property, plant and equipment
644,173
660,222
Depreciation of property, plant and equipment held under finance leases
9,990
9,411
Profit on disposal of property, plant and equipment
(69,728)
(32,581)
Release of negative goodwill
(24,565)
(24,565)
Operating lease charges
37,725
56,568
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 26 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
39
38
25
23
Production
11
11
-
-
Golf club, gym and public house operations
104
103
-
-
Total
154
152
25
23
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,707,590
3,572,440
844,305
739,173
Social security costs
329,987
286,495
91,190
74,804
Pension costs
180,622
170,943
157,190
102,191
4,218,199
4,029,878
1,092,685
916,168
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
205,625
189,479
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
75,208
-
7
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,680
22,440
Audit of the financial statements of the company's subsidiaries
37,020
33,660
61,700
56,100
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
8
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
7,949
Other interest income
74,745
164,773
Total income
82,694
164,773
Disclosed on the income statement as follows:
Other investment income
82,694
164,773
9
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
46,201
41,769
Dividends on redeemable preference shares not classified as equity
638
645
Other interest on financial liabilities
359,826
316,812
Net interest on the net defined benefit asset/liability
(33,000)
(8,000)
Other interest
4,317
-
Total finance costs
377,982
351,226
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
738,031
801,615
Adjustments in respect of prior periods
(4,088)
Other taxes
7,600
7,400
Total current tax
741,543
809,015
Deferred tax
Origination and reversal of temporary differences
(15,574)
24,743
Changes in tax rates
1,196,768
Investment property
604,505
1,526,912
Total deferred tax
588,931
2,748,423
Total tax charge
1,330,474
3,557,438
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
10
Taxation
(Continued)
- 28 -
The charge for the year can be reconciled to the loss per the income statement as follows:
2023
2022
£
£
Profit before taxation
4,145,913
12,062,249
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
787,723
2,291,827
Tax effect of expenses that are not deductible in determining taxable profit
3,816
1,035
Tax effect of income not taxable in determining taxable profit
413,905
(55,115)
Change in unrecognised deferred tax assets
16,051
(862)
Adjustments in respect of prior years
(4,088)
Effect of change in corporation tax rate
(1,884)
1,243,714
Permanent capital allowances in excess of depreciation
(7,689)
-
Depreciation on assets not qualifying for tax allowances
36,686
36,048
Deferred tax adjustments in respect of prior years
(11,645)
Internally generated profit
92,943
32,703
Other taxes
7,600
7,400
Rounding and other adjustments
(2,944)
688
Taxation charge for the year
1,330,474
3,557,438
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
513,000
192,000
In the Budget 2020, the government announced that the corporation tax main rate (for all profits except ring fence profits) for the years starting 1 April 2020 and 2021 would remain at 19%. In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. In the Autumn Statement in November 2022, the government confirmed the increase in corporation tax rate to 25% from April 2023 will go ahead. Therefore deferred tax has been calculated at 25%.
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
172,000
151,000
The dividend was paid on preferred ordinary B shares.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 29 -
12
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 March 2022
(613,842)
Release to income statement
24,565
At 28 February 2023
(589,277)
Amortisation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
(589,277)
At 28 February 2022
(613,842)
The company had no intangible fixed assets at 28 February 2023 or 28 February 2022.
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 March 2022
58,843,241
61,600,241
Additions through external acquisition
130,000
130,000
Net gains or losses through fair value adjustments
621,770
721,770
At 28 February 2023
59,595,011
62,452,011
Group and Company
Investment property comprises of commercial and residential property. The fair value of the investment properties have been arrived at on the basis of a valuation carried out at the year end date by the directors. The valuations for commercial properties are made using the discounted cash flow method with reference to expected rental yields of the properties. The valuation of residential property was made on a fair value basis by reference to similar properties for sale on property websites.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
6,520,138
6,520,138
Unlisted investments
3,000
3,000
2,000
2,000
3,000
3,000
6,522,138
6,522,138
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
14
Fixed asset investments
(Continued)
- 30 -
Movements in non-current investments
Group
Investments
£
Cost or valuation
At 1 March 2022 and 28 February 2023
3,000
Carrying amount
At 28 February 2023
3,000
At 28 February 2022
3,000
Movements in non-current investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2022 and 28 February 2023
6,520,138
2,000
6,522,138
Carrying amount
At 28 February 2023
6,520,138
2,000
6,522,138
At 28 February 2022
6,520,138
2,000
6,522,138
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 31 -
15
Property, plant and equipment
Group
Land and buildings freehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
11,039,831
3,539,090
1,300,714
505,019
16,384,654
Additions
148,749
173,482
26,938
186,698
535,867
Disposals
(62,729)
(438,757)
(147,923)
(649,409)
At 28 February 2023
11,039,831
148,749
3,649,843
888,895
543,794
16,271,112
Depreciation and impairment
At 1 March 2022
1,583,864
2,610,130
1,172,525
369,112
5,735,631
Depreciation charged in the year
244,889
283,847
55,501
69,926
654,163
Eliminated in respect of disposals
(62,722)
(438,658)
(98,552)
(599,932)
At 28 February 2023
1,828,753
2,831,255
789,368
340,486
5,789,862
Carrying amount
At 28 February 2023
9,211,078
148,749
818,588
99,527
203,308
10,481,250
At 28 February 2022
9,455,967
928,960
128,189
135,907
10,649,023
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
15
Property, plant and equipment
(Continued)
- 32 -
Company
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
247,562
239,870
487,432
Additions
23,391
162,203
185,594
Disposals
(116,474)
(116,474)
At 28 February 2023
270,953
285,599
556,552
Depreciation and impairment
At 1 March 2022
168,491
158,935
327,426
Depreciation charged in the year
26,571
51,131
77,702
Eliminated in respect of disposals
(67,104)
(67,104)
At 28 February 2023
195,062
142,962
338,024
Carrying amount
At 28 February 2023
75,891
142,637
218,528
At 28 February 2022
79,071
80,935
160,006
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures, fittings & equipment
1,214
4,228
1,214
4,228
Motor vehicles
33,154
40,130
34,368
44,358
1,214
4,228
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 33 -
16
Subsidiaries
Details of the company's subsidiaries at 28 February 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Country House Developments Limited
Note 1
Property development
Ordinary
100.00
Oaks Plant Hire Limited
Note 1
Dormant
Ordinary
100.00
Port Richborough Developments Limited
Note 1
Pension administration
Ordinary
100.00
Prince's Leisure Group Limited
Note 1
Golf club, public house and gym
Ordinary
100.00
Quayside Homes Holdings Limited
Note 1
Investment company
Ordinary
100.00
Quayside Homes Limited
Note 1
Property development
Ordinary
100.00
Quickway Buildings Limited
Note 1
Dormant
Ordinary
100.00
R.M.Brookes Limited
Note 1
Construction industry
Ordinary
100.00
Sandwich Bay Estate Limited
Note 1
Dormant
Ordinary
100.00
The Wingham Engineering Company Limited
Note 1
Property management, plant hire and repair and sale of relocatable steel buildings
Ordinary
100.00
Chart Hills Limited
Note 1
Golf club, restaurant and pub
Ordinary
100.00
Chart Hills (Holdings) Limited
Note 1
Non-trading
Ordinary
100.00
Note 1) Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
800,682
1,639,782
586,325
1,121,261
Amounts owed by group undertakings
-
-
7,545,557
7,472,398
Other receivables
2,216,977
1,984,039
360,440
218,981
Prepayments and accrued income
576,582
509,874
181,494
139,501
3,594,241
4,133,695
8,673,816
8,952,141
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
22,947,942
18,009,223
Deferred tax asset (note 23)
98,000
98,000
-
98,000
22,947,942
18,107,223
Total debtors
3,594,241
4,231,695
31,621,758
27,059,364
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 34 -
18
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials land for development / re-sale
17,319,581
17,292,685
-
-
Work in progress
30,705,580
21,702,246
14,508,339
8,683,863
Finished goods and goods for resale
856,884
797,708
48,882,045
39,792,639
14,508,339
8,683,863
Included in inventories is an element of land that is subject to a charge by a third party whereby the ownership of the land would be transferred to the third party if development of the land is not undertaken by the company. Also included in inventories is a lease over land whereby the lease is subject to meeting target dates, if development of the land is not undertaken by the company the lease would transfer to a third party at cost plus value of works undertaken to date. The directors expect both development requisites to be met.
19
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
1,016,985
881,194
Obligations under finance leases
22
17,002
16,532
17,002
16,532
Trade payables
2,206,337
2,143,883
622,012
562,182
Corporation tax payable
1,156,762
801,895
428,977
454,770
Other taxation and social security
295,232
351,607
165,596
227,774
Other payables
23,515,590
18,137,811
22,216,272
17,278,998
Accruals and deferred income
1,700,856
1,584,736
701,304
624,640
29,908,764
23,917,658
24,151,163
19,164,896
The overdraft facility included within bank loans and overdrafts has been provided under a composite accounting agreement with Barclays Bank plc. See note 28 for further details.
Net obligations under finance leases are secured against the assets to which they relate.
Included within other payables is £260,173 (2022 - £Nil) relating to a loan, which is secured over the property owned by the company.
20
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
22
1,439
18,432
1,439
18,432
Other borrowings
21
2,394,855
1,844,482
1,483,933
933,560
Amounts owed to group undertakings
5,728,722
3,436,605
2,396,294
1,862,914
7,214,094
4,388,597
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
20
Non-current liabilities
(Continued)
- 35 -
Net obligations under finance leases are secured against the assets to which they relate.
Included within other borrowings is £1,097,448 (2022 - £Nil) relating to a loan, which is secured over the property owned by the company.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
9,510
9,510
-
-
21
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
1,016,985
881,194
Preference shares
9,510
9,510
Loans from related parties
1,483,933
933,560
1,483,933
933,560
Other loans
901,412
901,412
3,411,840
2,725,676
1,483,933
933,560
Payable within one year
1,016,985
881,194
Payable after one year
2,394,855
1,844,482
1,483,933
933,560
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
17,002
16,532
17,002
16,532
In two to five years
1,439
18,432
1,439
18,432
18,441
34,964
18,441
34,964
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 36 -
23
Deferred taxation
Deferred tax assets and liabilities are offset where the group or 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
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accumulated capital allowances
414,653
409,227
-
-
Fair value movements on acquisition of subsidiary
812,354
812,355
-
-
Retirement benefit obligations
752,000
337,000
-
98,000
Investment property
4,818,655
4,214,149
-
-
Held over gains
1,924,000
1,945,000
-
-
8,721,662
7,717,731
-
98,000
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accumulated capital allowances
51,731
35,439
-
-
Retirement benefit obligations
173,000
-
-
98,000
Investment property
4,813,211
4,183,706
-
-
5,037,942
4,219,145
-
98,000
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 March 2022
7,619,731
4,121,145
Charge to profit or loss
588,931
645,797
Charge to other comprehensive income
513,000
271,000
Liability at 28 February 2023
8,721,662
5,037,942
The directors have considered the deferred tax assets and liabilities notes above and concluded that it is not possible to state the estimated assets and 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 (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 37 -
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
261,172
203,323
Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.
Defined benefit schemes
Group
The group operates two defined benefit pension schemes, Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme. The Ramac Holdings (Trading) Limited Pension Scheme had a surplus of £692,000 (2022 deficit - £393,000) as at the reporting date and the Port Richborough Developments Limited Retirement Benefits Scheme had a surplus of £2,316,000 (2022 - £1,347,000) as at year end. The group figures and disclosures have been aggregated to show a net pension scheme surplus of £3,008,000 (2022 - £954,000) on the group statement of financial position.
The amounts in the financial statements for the year ended 28 February 2023, relating to pensions, are based on full actuarial valuations dated 29 February 2020 and 1 October 2021 (and updated as necessary for aspects such as member movements and changes in assumptions) for the Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme respectively.
The employer contributions are borne by the parent company, Ramac Holdings (Trading) Limited. The agreed contribution for future years is between 26% and 45%.
2023
2022
Key assumptions
%
%
Discount rate
4.91
2.61
Expected rate of salary increases
2.60
3.20
Pension revaluation in deferment
2.60
3.20
Inflation assumption
3.20
3.80
Medical cost trend rate
3.15
3.67
Mortality assumptions
2023
2022
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22
21.9
- Females
23.9
23.8
Retiring in 20 years
- Males
23.6
23.6
- Females
25.6
25.6
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
24
Retirement benefit schemes
(Continued)
- 38 -
The change in economic conditions since the year end and the related change in assumptions is likely to have a material impact on the actuarial liabilities and therefore the overall pension scheme deficit.
2023
2022
Amounts recognised in the income statement
£
£
Current service cost
43,000
59,000
Net interest on defined benefit liability/(asset)
(148,000)
(117,000)
Total costs/(income)
(105,000)
(58,000)
2023
2022
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
183,000
(153,000)
Less: calculated interest element
208,000
141,000
Return on scheme assets excluding interest income
391,000
(12,000)
Actuarial changes related to obligations
(2,170,000)
(510,000)
Total costs/(income)
(1,779,000)
(522,000)
The amounts included in the statement of financial position arising from the group and company's obligations in respect of defined benefit plans are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Present value of defined benefit obligations
5,738,000
8,132,000
4,156,000
5,636,000
Fair value of plan assets
(8,746,000)
(9,086,000)
(4,848,000)
(5,243,000)
(Surplus)/deficit in scheme
(3,008,000)
(954,000)
(692,000)
393,000
Group
Company
2023
2023
Movements in the present value of defined benefit obligations
£
£
Liabilities at 1 March 2022
8,132,000
5,636,000
Current service cost
43,000
17,000
Benefits paid
(212,000)
(152,000)
Contributions from scheme members
16,000
2,000
Actuarial gains and losses
(2,170,000)
(1,315,000)
Interest cost
175,000
120,000
Movement in fair value of insured annuities
(246,000)
(152,000)
At 28 February 2023
5,738,000
4,156,000
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
24
Retirement benefit schemes
(Continued)
- 39 -
The defined benefit obligations arise from plans which are wholly funded.
Group
Company
2023
2023
Movements in the fair value of plan assets
£
£
Fair value of assets at 1 March 2022
9,086,000
5,243,000
Interest income
323,000
116,000
Return on plan assets (excluding amounts included in net interest)
(506,000)
(371,000)
Benefits paid
(212,000)
(152,000)
Contributions by the employer
285,000
162,000
Contributions by scheme members
16,000
2,000
Movement in fair value of insured annuities
(361,000)
(152,000)
Annual bonus
115,000
-
At 28 February 2023
8,746,000
4,848,000
Fair value of plan assets at the reporting period end
Group
Company
2023
2022
2023
2022
£
£
£
£
Equity instruments
7,194,640
7,146,090
3,296,640
3,303,090
Debt instruments
1,212,000
1,625,330
1,212,000
1,625,330
Property
290,880
314,580
290,880
314,580
Cash
48,480
-
48,480
-
8,746,000
9,086,000
4,848,000
5,243,000
25
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
42,944 Ordinary shares of £1 each
42,944
42,944
7,500,000 Preferred A ordinary shares of £1 each
7,500,000
7,500,000
12,500,000 Preferred ordinary shares of £1 each
12,500,000
12,500,000
2,250,000 Preferred B ordinary shares of £1 each
2,250,000
2,250,000
22,292,944
22,292,944
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
Preferred ordinary shares are non-voting shares and carry the right to receive (whether by means of dividend, other return of capital or on windings up) a maximum of £1 per share. The shares have no redemption date and the holder has no right to demand repayment. There is no right to demand a dividend.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 40 -
26
Non-distributable retained earnings
Group
The non-distributable retained earnings represents fair value gains on the investment property, net of deferred tax of £12,076,271 (2022 - £12,059,006).
Company
The non-distributable retained earnings represents fair value gains on the investment property, net of deferred tax of £12,689,589 (2022 - £12,597,324).
27
Other reserves
Group
The other reserves includes amounts totalling £1,036,779 (2022 - £1,036,779) which relate to a merger reserve recognised when Quayside Homes Holdings Limited and it's subsidiary were acquired using the merger accounting method. This reserve reflects other reserves included on the Statement of Financial Position of Quayside Homes Limited at the point of acquisition.
Company
There are no other reserves in the company at 28 February 2023 or 28 February 2022.
28
Financial commitments, guarantees and contingent liabilities
The overdraft facility has been provided under a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of a cross guarantee with the company and its subsidiary undertakings.
The total exposure under this agreement at the year end was £1,016,985 (2022: £881,194).
Ramac Holding (Trading) Limited has an agreement in place with a third party whereby they are contractually obliged to obtain planning permission and redevelop land for residential purposes.
There is a bond in existence held by Barclays amounting to £695,595 in relation to the adoption of the roads within a development site in Dover for which Ramac Holding (Trading) Limited is responsible. The bond is held by a related party and 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.
29
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
24,625
30,085
-
-
Between two and five years
53,995
78,620
-
-
78,620
108,705
-
-
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
29
Operating lease commitments
(Continued)
- 41 -
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
4,540,967
4,121,880
4,441,990
4,048,680
Between two and five years
14,574,282
11,999,644
14,379,636
11,808,353
In over five years
17,634,404
11,879,375
17,274,346
11,532,179
36,749,653
28,000,899
36,095,972
27,389,212
30
Events after the reporting date
Subsequent to the year end, dividends totalling £172,000 were declared and paid to Preferred B Ordinary shareholders.
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 42 -
31
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
405,317
501,945
60,681
52,348
Company
Entities over which the company has control, joint control or significant influence
-
-
235,088
214,224
Interest payable to related party:
Interest receivable from related party:
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
364,038
316,812
1,586
22,248
Company
Other related parties
354,544
336,463
73,159
22,248
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
2023
2022
£
£
Group
Other related parties
23,107,721
17,667,025
Company
Other related parties
20,816,540
16,195,799
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
31
Related party transactions
(Continued)
- 43 -
The following amounts were outstanding at the reporting end date:
Amounts owed by related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
1,545,557
1,472,398
Company
Other related parties
1,545,557
1,472,398
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 any wholly owned subsidiary undertaking of the group.
32
Controlling party
The ultimate controlling party is M McGuirk and J Hambling, directors, acting jointly in their capacity as trustees of the trusts that are the majority shareholders.
33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,815,439
10,031,723
Adjustments for:
Taxation charged
1,330,474
2,030,526
Finance costs
377,982
351,226
Investment income
(82,694)
(164,773)
Gain on disposal of property, plant and equipment
(69,728)
(32,581)
Fair value gain on investment properties
(621,770)
(7,812,500)
Amortisation and impairment of intangible assets
(24,565)
(24,565)
Depreciation and impairment of property, plant and equipment
654,163
669,633
Pension scheme non-cash movement
(242,000)
(176,000)
Movements in working capital:
Increase in inventories
(9,089,406)
(4,186,130)
Decrease/(increase) in trade and other receivables
539,454
(870,828)
Increase in trade and other payables
5,499,978
1,979,015
Cash generated from operations
1,087,327
1,794,746
RAMAC HOLDINGS (TRADING) LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 44 -
34
Analysis of changes in net debt - group
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
1,104,507
323,342
1,427,849
Bank overdrafts
(881,194)
(135,791)
(1,016,985)
223,313
187,551
410,864
Borrowings excluding overdrafts
(1,844,482)
(550,373)
(2,394,855)
Obligations under finance leases
(34,964)
16,523
(18,441)
(1,656,133)
(346,299)
(2,002,432)
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.300Mr M McGuirkMr R W A LawrenceMr A TaylorMr A TaylorMr J D C 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