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Company No: 05238531 (England and Wales)

RAM GASKET SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

RAM GASKET SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

RAM GASKET SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
RAM GASKET SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS J A Hicks
J N Hicks
SECRETARY J A Hicks
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 05238531 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
RAM GASKET SOLUTIONS LIMITED

BALANCE SHEET

As at 31 October 2023
RAM GASKET SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 92,922 128,121
Investments 4 20,000 20,000
112,922 148,121
Current assets
Stocks 207,135 182,446
Debtors 5 340,134 342,388
Cash at bank and in hand 318,205 298,960
865,474 823,794
Creditors: amounts falling due within one year 6 ( 337,586) ( 248,566)
Net current assets 527,888 575,228
Total assets less current liabilities 640,810 723,349
Creditors: amounts falling due after more than one year 7 ( 42,906) ( 61,930)
Provision for liabilities 8 ( 14,424) ( 15,532)
Net assets 583,480 645,887
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 583,380 645,787
Total shareholders' funds 583,480 645,887

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RAM Gasket Solutions Limited (registered number: 05238531) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

J A Hicks
Director
RAM GASKET SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
RAM GASKET SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RAM Gasket Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 19

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 November 2022 479,321 10,000 182,992 672,313
At 31 October 2023 479,321 10,000 182,992 672,313
Accumulated depreciation
At 01 November 2022 372,833 9,437 161,922 544,192
Charge for the financial year 28,787 563 5,849 35,199
At 31 October 2023 401,619 10,000 167,772 579,391
Net book value
At 31 October 2023 77,702 0 15,220 92,922
At 31 October 2022 106,488 563 21,070 128,121

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 November 2022 20,000
At 31 October 2023 20,000
Carrying value at 31 October 2023 20,000
Carrying value at 31 October 2022 20,000

5. Debtors

2023 2022
£ £
Trade debtors 324,350 329,118
Prepayments 14,853 11,353
VAT recoverable 931 1,917
340,134 342,388

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 197,322 147,972
Amounts owed to directors 55,878 0
Accruals 7,499 7,199
Corporation tax 38,217 57,909
Other taxation and social security 28,670 25,486
337,586 248,566

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,833 25,833
Other creditors 27,073 36,097
42,906 61,930

8. Provision for liabilities

2023 2022
£ £
Deferred tax 14,424 15,532

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Other financial commitments

2023 2022
£ £
As at 31 October 2023 the company had total commitments under operating leases expiring after 7 years of 272,851 310,747

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
At 31 October 2023 a director was owed 55,878 0