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Registration number: 01590386

Ready Case Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Ready Case Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

Ready Case Limited

Company Information

Directors

Mr C W Kelso

Mrs T J Kelso

Mr D C Kelso

Mr I Godwin

Mr E A Kelso

Company secretary

Mr C W Kelso

Registered office

Birch Grove
Chapel Lane
Pirbright
Woking
Surrey
GU24 0JY

Auditors

Just Audit & Assurance Ltd
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

 

Ready Case Limited

Strategic Report for the Year Ended 31 October 2023

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

Principal activity

The principal activity of the company is that of the manufacture of other paper and paperboard containers.

Fair review of the business

Ready Case has been going through an extended period of expansion both in its production facilities and within it’s business operation practices. This is to ensure that it is better able to meet customer expectations and operate more efficiently in these very competitive times.

Principal risks and uncertainties

This has been an expensive undertaking but will leave us much better equipped to run as a high quality and efficient company with robust systems in place. We are nearing the end of this transition which is excellent timing to take advantage of the improving economy.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

Ready Case Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr C W Kelso - Company secretary and director

Mrs T J Kelso

Mr D C Kelso

Mr I Godwin

Mr E A Kelso

Financial instruments

Objectives and policies

This has been an expensive undertaking but will leave us much better equipped to run as a high quality and efficient company with robust systems in place. We are nearing the end of this transition which is excellent timing to take advantage of the improving economy.

Price risk, credit risk, liquidity risk and cash flow risk

We have a significant quantity of new business either just going into production or within a short term pipeline, this combined with existing customers & the significant investments throughout the business should see a substantial improvement in profitability in the coming months and years.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

Ready Case Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

 

Ready Case Limited

Independent Auditor's Report to the Members of Ready Case Limited

Opinion

We have audited the financial statements of Ready Case Limited (the 'company') for the year ended 31 October 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 October 2023 and of its loss 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Ready Case Limited

Independent Auditor's Report to the Members of Ready Case Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 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, 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 page 4], 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 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 Responsibilities for the audit of the financial statements

 

Ready Case Limited

Independent Auditor's Report to the Members of Ready Case Limited

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.

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

Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:

• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

 

Ready Case Limited

Independent Auditor's Report to the Members of Ready Case Limited

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.

......................................
Jonathan Michael Russell (Senior Statutory Auditor)
For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor

4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

31 July 2024

 

Ready Case Limited

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

8,461,267

9,224,771

Cost of sales

 

(5,999,763)

(7,052,984)

Gross profit

 

2,461,504

2,171,787

Administrative expenses

 

(2,906,768)

(2,704,267)

Other operating income

4

49,193

9,754

Operating loss

6

(396,071)

(522,726)

Other interest receivable and similar income

7

-

704

Interest payable and similar expenses

8

(61,758)

(68,455)

   

(61,758)

(67,751)

Loss before tax

 

(457,829)

(590,477)

Tax on loss

12

-

294,641

Loss for the financial year

 

(457,829)

(295,836)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ready Case Limited

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Loss for the year

(457,829)

(295,836)

Total comprehensive income for the year

(457,829)

(295,836)

 

Ready Case Limited

(Registration number: 01590386)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

14

2,446,473

2,622,198

Current assets

 

Stocks

15

535,289

405,717

Debtors

16

2,145,966

2,143,601

Cash at bank and in hand

 

1,189

16

 

2,682,444

2,549,334

Creditors: Amounts falling due within one year

18

(2,806,339)

(3,164,377)

Net current liabilities

 

(123,895)

(615,043)

Total assets less current liabilities

 

2,322,578

2,007,155

Creditors: Amounts falling due after more than one year

18

(1,717,678)

(834,426)

Provisions for liabilities

19

(286,072)

(286,072)

Net assets

 

318,828

886,657

Capital and reserves

 

Called up share capital

100

100

Retained earnings

318,728

886,557

Shareholders' funds

 

318,828

886,657

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

Ready Case Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

886,557

886,657

Loss for the year

-

(457,829)

(457,829)

Dividends

-

(110,000)

(110,000)

At 31 October 2023

100

318,728

318,828



 

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

100

1,302,393

1,302,493

Loss for the year

-

(295,836)

(295,836)

Dividends

-

(120,000)

(120,000)

At 31 October 2022

100

886,557

886,657

 

Ready Case Limited

Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Loss for the year

 

(457,829)

(295,836)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

433,577

418,585

Loss on disposal of tangible assets

5

-

14,000

Finance income

7

-

(704)

Finance costs

8

60,771

66,114

Income tax expense

12

-

(294,641)

 

36,519

(92,482)

Working capital adjustments

 

(Increase)/decrease in stocks

15

(129,572)

501,997

(Increase)/decrease in trade debtors

16

(2,365)

377,983

(Decrease)/increase in trade creditors

18

(860,708)

165,793

Cash generated from operations

 

(956,126)

953,291

Income taxes (paid)/received

12

(190,619)

87,099

Net cash flow from operating activities

 

(1,146,745)

1,040,390

Cash flows from investing activities

 

Interest received

7

-

704

Acquisitions of tangible assets

(257,852)

(346,701)

Repayment of loans

 

-

2,255

Net cash flows from investing activities

 

(257,852)

(343,742)

Cash flows from financing activities

 

Interest paid

8

(60,771)

(66,114)

Proceeds from bank borrowing draw downs

 

141,748

-

Repayment of other borrowing

 

1,737,320

-

Payments to finance lease creditors

 

(1,262,462)

(532,533)

Dividends paid

24

(110,000)

(120,000)

Net cash flows from financing activities

 

445,835

(718,647)

Net decrease in cash and cash equivalents

 

(958,762)

(21,999)

Cash and cash equivalents at 1 November

 

(123,096)

(101,097)

Cash and cash equivalents at 31 October

 

(1,081,858)

(123,096)

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Birch Grove
Chapel Lane
Pirbright
Woking
Surrey
GU24 0JY

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

8,461,267

9,224,771

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Miscellaneous other operating income

49,193

9,754

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

-

(14,000)

6

Operating loss

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

433,577

416,521

Amortisation expense

-

2,064

Operating lease expense - plant and machinery

42,685

-

Loss on disposal of property, plant and equipment

-

14,000

7

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

-

629

Other finance income

-

75

-

704

8

Interest payable and similar expenses

2023
 £

2022
 £

Interest on obligations under finance leases and hire purchase contracts

60,771

66,114

Foreign exchange gains/losses

987

2,341

61,758

68,455

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

2,264,392

2,189,319

Social security costs

218,158

221,802

Other short-term employee benefits

31,671

-

Pension costs, defined contribution scheme

78,438

84,361

Other employee expense

-

50,222

2,592,659

2,545,704

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

48

51

Administration and support

26

26

74

77

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

113,634

101,984

Contributions paid to money purchase schemes

24,504

-

138,138

101,984

11

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

12,000

16,500

Other fees to auditors

All other non-audit services

-

1,500


 

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

12

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

-

(294,641)

Deferred tax

13

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

12,427

12,427

At 31 October 2023

12,427

12,427

Amortisation

At 1 November 2022

12,427

12,427

At 31 October 2023

12,427

12,427

Carrying amount

At 31 October 2023

-

-

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

14

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

451,512

61,819

57,922

4,116,967

4,688,220

Additions

40,409

4,707

-

212,736

257,852

At 31 October 2023

491,921

66,526

57,922

4,329,703

4,946,072

Depreciation

At 1 November 2022

22,299

32,473

57,922

1,953,328

2,066,022

Charge for the year

46,572

13,618

-

373,387

433,577

At 31 October 2023

68,871

46,091

57,922

2,326,715

2,499,599

Carrying amount

At 31 October 2023

423,050

20,435

-

2,002,988

2,446,473

At 31 October 2022

429,213

29,346

-

2,163,639

2,622,198

Included within the net book value of land and buildings above is £423,050 (2022 - £429,213) in respect of short leasehold land and buildings.
 

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

15

Stocks

2023
 £

2022
 £

Raw materials and consumables

231,874

244,512

Work in progress

86,619

18,323

Finished goods and goods for resale

216,796

142,882

535,289

405,717

16

Debtors

Current

2023
£

2022
£

Trade debtors

2,060,549

2,065,620

Other debtors

7,535

10,885

Prepayments

74,319

67,096

Accrued income

3,563

-

 

2,145,966

2,143,601

17

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

1,173

16

Short-term deposits

16

-

1,189

16

Bank overdrafts

(1,083,047)

(123,112)

Cash and cash equivalents in statement of cash flows

(1,081,858)

(123,096)

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

18

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

22

1,244,437

551,148

Trade creditors

 

1,045,564

1,151,172

Amounts due to related parties

-

204,449

Social security and other taxes

 

199,199

-

Outstanding defined contribution pension costs

 

12,946

-

Other payables

 

20,162

801,756

Accrued expenses

 

245,115

226,317

Income tax liability

12

38,916

229,535

 

2,806,339

3,164,377

Due after one year

 

Loans and borrowings

22

1,717,678

834,426

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 November 2022

286,072

286,072

At 31 October 2023

286,072

286,072

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £78,438 (2022 - £84,361).

Contributions totalling £12,946 (2022 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

76

76

74

74

Ordinary B shares of £1 each

24

24

26

26

 

100

100

100

100

22

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

HP and finance lease liabilities

-

834,426

Other borrowings

1,717,678

-

1,717,678

834,426

 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

141,748

-

Bank overdrafts

1,083,047

123,112

HP and finance lease liabilities

-

428,036

Other borrowings

19,642

-

1,244,437

551,148

23

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

65,604

Later than one year and not later than five years

-

38,516

-

104,120

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £Nil).

24

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,100.00 (2022 - £1,200.00) per ordinary share

 

110,000

 

120,000

         
 

Ready Case Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

25

Parent and ultimate parent undertaking

The company's immediate parent is May K Limited, incorporated in England & Wales.

 The company is a 76% owned subsidiary of May K Limited a company limited by shares and registered in England and Wales. The ultimate controlling party through virtue of a 50.1% ownership of the parent company is Clifford Kelso. The registered address of the ulitmate parent undertaking is Birch Grove, Chapel Lane, Pirbright, Surrey, GU24 0JY.

The financial statements of the company are included within the consolidated financial statements of May K Limited, which is the largest and smallest group of undertakings for which consolidated financial statements are drawn up.