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REGISTERED NUMBER: 05713630 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

RAM ENTERPRISE (WHOLESALE) LIMITED

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


RAM ENTERPRISE (WHOLESALE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr D B Ghedia
Mrs M Ghedia
Mr M Ghedia
Mrs V Ghedia



SECRETARY: Mr M Ghedia



REGISTERED OFFICE: RAM House
Prologis Park
Central Boulevard
Coventry
West Midlands
CV6 4QJ



REGISTERED NUMBER: 05713630 (England and Wales)



AUDITORS: R Pau & Co Limited
Chartered Certified Accountants
& Statutory Auditors
12-16 Station Street East
Coventry
West Midlands
CV6 5FJ



BANKERS: National Westminster Bank Plc
519 Foleshill Road
Coventry
West Midlands
CV6 5AU

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023


The directors present their strategic report for the year ended 31st March 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we face.

RAM Enterprise (Wholesale) Limited is a family owned and run business which operates in the UK. Our business model is primarily the wholesale distribution of branded FMCG products (non-food) within the UK and global international markets. The business focuses on the import/export and distribution of personal care products, smoker requisites, stationery and household items.


The key financial and other performance indicators during the year were as follows:

2023 2022 change
£'000 £' 000 %

Turnover 21,448 17,366 +23.51%
Operating Profit 1,901 1,205 +57.76%
Profit / (loss) after tax 1,521 970 +56.80%
Current Assets as % of Current liabilities 255.85% 202.81% +26.15%
Debtors turnover as days 120.59 161.10 -25.15%

Our overall objective is to maintain and improve the level of trade that we currently enjoy.

Overall, at present, our market is reasonably stable and we would expect further improvement in turnover in the coming year.

The products sold by the company have minimal environmental impact. However, the board believes that good environmental practices support the board's strategy by enhancing the reputation of the company. These practises continue to achieve increased energy efficiency and reduced wastage.


RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The board reviews the risks and uncertainties faced by the company regularly. These broadly group into the three categories of competitive risk, legislative risk and financial risk.

Competitive Risk

The board has put in place systems that regularly monitor the strategies, (pricing or otherwise), of our competitors. In this way the Board ensures that selling prices and the quality of the products purchased are competitive.

Legislative Risk

The legal environments within which we operate are regularly monitored by the Board in order to ensure that the effect of legislative changes have the minimum effect on the trade.

The effects of Brexit on the markets within which we operate remain an unknown quantity and to a lesser extent potential changes in US trade policy as a result of the presidential elections. We have increased our Non EU trade profile as a hedge against changes that may occur in these areas.

Currently due to the national COVID-19 pandemic the Board is keeping a constant review on lockdown measures being introduced by the government, however the company operates in an environment where it has not had to cease trading due to legislative changes introduced during lockdown.

Financial Risk

The board aims to limit exposure to debtors, ensure sufficient working capital exists and limit exposure to foreign exchange losses. The use of invoice financing and its associated vetting procedures have reduced our exposure to bad debts in the short and long term. The current assets ratio shows that working capital is in a healthy position and is continuing to improve. Foreign exchange losses are minimized by limiting transactions to sterling wherever possible. However, as our non EU trade profile increases we will have to consider other methods of limiting foreign exchange losses.

ON BEHALF OF THE BOARD:





Mr M Ghedia - Director


2nd February 2024

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023


The directors present their report with the financial statements of the company for the year ended 31st March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of consumable good wholesalers.

DIVIDENDS
The total distribution of dividends for the year ended 31st March 2023 will be £36,000 (2022: £38,000).

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st April 2022 to the date of this report.

The beneficial interests of the directors holding office at 31st March 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.23 1.4.22
Ordinary 'A' shares of £1 each
Mr D B Ghedia 5,000 5,000
Mrs M Ghedia 5,000 5,000
Mr M Ghedia - -
Mrs V Ghedia - -

Ordinary 'B' shares of £1 each
Mr D B Ghedia - -
Mrs M Ghedia - -
Mr M Ghedia 100 100
Mrs V Ghedia - -

Ordinary C shares of £1 each
Mr D B Ghedia - -
Mrs M Ghedia - -
Mr M Ghedia - -
Mrs V Ghedia 1 1

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, R Pau & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M Ghedia - Director


2nd February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAM ENTERPRISE (WHOLESALE) LIMITED


Opinion
We have audited the financial statements of Ram Enterprise (Wholesale) Limited (the 'company') for the year ended 31st March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 company's affairs as at 31st March 2023 and of its 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.

Basis for opinion
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 Auditors' 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAM ENTERPRISE (WHOLESALE) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on pages four and five, 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAM ENTERPRISE (WHOLESALE) LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline 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.

Based on our understanding of the company and the industry in which it operates, we identified the principal risks
of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition.

Audit procedures performed included:

o Review of the financial statement disclosures to underlying supporting documentation
o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations
o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms
o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAM ENTERPRISE (WHOLESALE) LIMITED


Use of our 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 a Report of the Auditors 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.




Mr Nimesh Pau F.C.C.A (Senior Statutory Auditor)
for and on behalf of R Pau & Co Limited
Chartered Certified Accountants
& Statutory Auditors
12-16 Station Street East
Coventry
West Midlands
CV6 5FJ

2nd February 2024

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023

2023 2022
Notes £    £   

TURNOVER 21,448,040 17,365,655

Cost of sales 18,505,109 15,051,051
GROSS PROFIT 2,942,931 2,314,604

Administrative expenses 1,042,314 1,110,006
OPERATING PROFIT 4 1,900,617 1,204,598


Interest payable and similar expenses 5 16,957 7,615
PROFIT BEFORE TAXATION 1,883,660 1,196,983

Tax on profit 6 362,840 226,738
PROFIT FOR THE FINANCIAL YEAR 1,520,820 970,245

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,520,820 970,245


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,520,820

970,245

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 26,700 31,150
Tangible assets 9 116,579 127,939
143,279 159,089

CURRENT ASSETS
Stocks 10 3,673,811 2,490,925
Debtors 11 7,085,868 7,664,460
Cash at bank and in hand 297,164 182,522
11,056,843 10,337,907
CREDITORS
Amounts falling due within one year 12 4,321,545 5,097,315
NET CURRENT ASSETS 6,735,298 5,240,592
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,878,577

5,399,681

PROVISIONS FOR LIABILITIES 15 13,011 18,935
NET ASSETS 6,865,566 5,380,746

CAPITAL AND RESERVES
Called up share capital 16 10,101 10,101
Retained earnings 6,855,465 5,370,645
SHAREHOLDERS' FUNDS 6,865,566 5,380,746

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 2nd February 2024 and were signed on its behalf by:





Mr M Ghedia - Director


RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2021 10,101 4,438,400 4,448,501

Changes in equity
Dividends - (38,000 ) (38,000 )
Total comprehensive income - 970,245 970,245
Balance at 31st March 2022 10,101 5,370,645 5,380,746

Changes in equity
Dividends - (36,000 ) (36,000 )
Total comprehensive income - 1,520,820 1,520,820
Balance at 31st March 2023 10,101 6,855,465 6,865,566

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 235,072 (219,125 )
Interest paid (16,957 ) (7,615 )
Tax paid 21,708 (33,363 )
Net cash from operating activities 239,823 (260,103 )

Cash flows from investing activities
Purchase of tangible fixed assets (26,944 ) (26,912 )
Sale of tangible fixed assets - 9,195
Net cash from investing activities (26,944 ) (17,717 )

Cash flows from financing activities
Amount withdrawn by directors (62,237 ) (47,631 )
Equity dividends paid (36,000 ) (38,000 )
Net cash from financing activities (98,237 ) (85,631 )

Increase/(decrease) in cash and cash equivalents 114,642 (363,451 )
Cash and cash equivalents at beginning of
year

2

182,522

545,973

Cash and cash equivalents at end of year 2 297,164 182,522

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,883,660 1,196,983
Depreciation charges 42,754 38,668
Profit on disposal of fixed assets - (4,575 )
Finance costs 16,957 7,615
1,943,371 1,238,691
(Increase)/decrease in stocks (1,182,886 ) 1,492,311
Decrease/(increase) in trade and other debtors 578,592 (3,902,190 )
(Decrease)/increase in trade and other creditors (1,104,005 ) 952,063
Cash generated from operations 235,072 (219,125 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 297,164 182,522
Year ended 31st March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 182,522 545,973


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 182,522 114,642 297,164
182,522 114,642 297,164
Debt
Debts falling due within 1 year (397,983 ) 307,821 (90,162 )
(397,983 ) 307,821 (90,162 )
Total (215,461 ) 422,463 207,002

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Ram Enterprise (Wholesale) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The nature of the company's operations and principal activities are included in the Report of the Directors.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102 the "Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Judgements and key sources of estimation uncertainty
Certain judgments are made in the process of applying the above accounting policies. None of these are considered to have a significant effect on the amounts recognised in the financial statements.

Certain estimates are also made concerning the future, however, it is considered that there are no key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount valued on incorporation of the business from the partnership 'Mr & Mrs Ghedia t/as Ram Enterprise' in February 2006, is being written off evenly over its useful economic life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Plant and machinery- 25% on reducing balance
Fixture and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of it's employees. Contributions are expensed as they become payable.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 372,812 509,808
Social security costs 24,215 36,869
Other pension costs 7,035 33,337
404,062 580,014

The average number of employees during the year was as follows:
2023 2022

The average monthly number of employees 19 22

2023 2022
£    £   
Directors' remuneration 26,865 31,500
Directors' pension contributions to money purchase schemes - 24,200

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 4

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 15,575 34,218
Depreciation - assets on hire purchase contracts or finance leases 22,729 -
Profit on disposal of fixed assets - (4,575 )
Goodwill amortisation 4,450 4,450
Auditors' remuneration 2,630 2,620
Cost of stock recognised as an expense 17,965,876 19,659,450
Loss/(gain) on foreign exchange 12,262 52,741

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 16,957 7,615

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 368,764 223,963

Deferred tax (5,924 ) 2,775
Tax on profit 362,840 226,738

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,883,660 1,196,983
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

357,895

227,427

Effects of:
Expenses not deductible for tax purposes 4,125 -
Income not taxable for tax purposes - (869 )
Capital allowances in excess of depreciation - (2,594 )
Depreciation in excess of capital allowances 6,744 -
Deferred taxation movement (5,924 ) 2,774
Total tax charge 362,840 226,738

7. DIVIDENDS
2023 2022
£    £   
Ordinary 'A' shares of £1 each
Interim dividends 4,000 4,000
Ordinary 'B' shares of £1 each
Interim dividends 10,000 15,000
Ordinary C share of £1
Interim dividends 22,000 19,000
36,000 38,000

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 89,000
AMORTISATION
At 1st April 2022 57,850
Amortisation for year 4,450
At 31st March 2023 62,300
NET BOOK VALUE
At 31st March 2023 26,700
At 31st March 2022 31,150

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2022 149,083 277,229 - 426,312
Additions - 444 26,500 26,944
At 31st March 2023 149,083 277,673 26,500 453,256
DEPRECIATION
At 1st April 2022 106,752 191,621 - 298,373
Charge for year 10,583 21,096 6,625 38,304
At 31st March 2023 117,335 212,717 6,625 336,677
NET BOOK VALUE
At 31st March 2023 31,748 64,956 19,875 116,579
At 31st March 2022 42,331 85,608 - 127,939

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st April 2022
and 31st March 2023 123,104 129,911 253,015
DEPRECIATION
At 1st April 2022 84,154 51,964 136,118
Charge for year 9,738 12,991 22,729
At 31st March 2023 93,892 64,955 158,847
NET BOOK VALUE
At 31st March 2023 29,212 64,956 94,168
At 31st March 2022 38,950 77,947 116,897

10. STOCKS
2023 2022
£    £   
Stock 3,673,811 2,490,925

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,478,310 2,931,096
Other debtors - 9,194
Amounts owed by associates 227,136 186,662
Insurance monies receivable 4,297,648 4,297,648
Value added taxation - 171,101
Prepayments 82,774 68,759
7,085,868 7,664,460



RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 13) 90,162 397,983
Trade creditors 3,054,650 3,798,890
Commercial card 1,826 2,634
Invoice financing 367,215 441,083
Corporation taxation 704,552 314,080
PAYE and national insurance 6,311 6,967
Pensions 1,358 1,423
Value added taxation 32,333 -
Wages 250 49
Directors' current accounts 52,700 114,937
Accrued expenses 10,188 19,269
4,321,545 5,097,315

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 90,162 397,983

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 90,162 397,983

The following securities are held by the bank:-

Guarantee limited to £2,829,000.

Debenture including fixed charge over all present assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax (accelerated
capital allowances) 13,011 18,935
13,011 18,935

RAM ENTERPRISE (WHOLESALE) LIMITED (REGISTERED NUMBER: 05713630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st April 2022 18,935
Accelerated allowances (5,924 )
Balance at 31st March 2023 13,011

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary 'A' £1 10,000 10,000
100 Ordinary 'B' £1 100 100
1 Ordinary C £1 1 1
10,101 10,101

17. RELATED PARTY DISCLOSURES

During the year, total dividends of £36,000 (2022 - £38,000) were paid to the directors .

The company is jointly owned by Mr D Ghedia, Mrs M Ghedia, Mr M Ghedia and Mrs V Ghedia.

The company owed the Ghedia family £54,700 (2022: £111,937) at the end of the year. This loan was unsecured, interest free and repayable on demand.

During the year the company received interest free loans from companies in which the directors had controlling interests. As at 31st March 2023, £227,136 was owed from these companies (2022: £186,662).

During the year the company paid the associated company rent of £200,487 (2022: £175,046).

During the year the company traded with another company in which a director had a controlling interest. Sales to that company were £58,015 (2022: £725) and there was a balance at the year end of £232,622 (2022: £213,004) which is included in trade debtors.

18. INSURANCE MONIES RECEIVABLE

Destruction by fire of operating premises at Ram House, Prologis Park, Central Boulevard, Coventry, CV6 4QJ.
The company operated out of the above premises. All stock and the business fixtures and fittings were held at that address. The property was completely destroyed by fire on 19.08.2021. It has been established that the assets of the company held at that premises were fully insured, although this is disputed by insurers. The Directors have resolved that the company will continue to trade and the financial statements are prepared on a going concern basis.