Company registration number 11679676 (England and Wales)
RAMSAY FAIRS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RAMSAY FAIRS GROUP LIMITED
COMPANY INFORMATION
Directors
William Ramsay
Natasha Ramsay
Tatiana Ramsay
William R Hodgins
Company number
11679676
Registered office
Unit 2.14, Chester House
Kennington Park
1-3 Brixton Road
London
United Kingdom
SW9 6DE
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
RAMSAY FAIRS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
RAMSAY FAIRS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The results for the Group show a pre-tax profit of £913,463 (2022 - £436,049) for the year with turnover of £15.2m(2022 - £13.5m). At the year end, the total Group had net liabilities amounting to £232,659 (2022 - £1,120,561).

 

2023 saw the group increase both turnover and profitability as we held seventeen art fairs across eleven countries. We welcomed 240,000 visitors, and our galleries sold more than £40 million in art sales. We continue to invest in all our fairs to further improve the visitor and gallery experience and to retain the uniqueness of our events.

 

Looking ahead to 2024 we have already held three new fairs in Berlin, Brisbane and Austin, Texas which were all a great success, and we have also launched Vienna which will take place for the first time in 2025.

 

2024 is a very special year for the business as we celebrate the 25th anniversary of Affordable Art Fair. Since 1999 over 3.3 million people have visited our events and we are extremely grateful to all our loyal visitors, galleries, and team for supporting the company in reaching this milestone.

Principal risks and uncertainties

As an art promotion and management group operating across the globe, the key business risks affecting the group are as follows:

 

- Market health and stability

- Current economic conditions & inflationary pressures

 

The directors have in place a risk management system which aims to manage and reduce the above risks to which the group is exposed.

Financial instruments

Our financial risk management objectives are to ensure sufficient working capital and cash flow for the Group and to ensure there is sufficient support for its growth strategy. This is achieved through careful management of our cash resources and by obtaining related party funding where necessary.

 

No treasury transactions or derivatives are entered into.

On behalf of the board

William Ramsay
Director
6 September 2024
RAMSAY FAIRS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company and group is that of art fairs and promotion.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

William Ramsay
Natasha Ramsay
Tatiana Ramsay
William R Hodgins
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup 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 and associated risks.

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
William Ramsay
Director
6 September 2024
RAMSAY FAIRS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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:

 

 

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.

RAMSAY FAIRS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAMSAY FAIRS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Ramsay Fairs Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Other information

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:

RAMSAY FAIRS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAMSAY FAIRS GROUP LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 parent 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.

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.

RAMSAY FAIRS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAMSAY FAIRS GROUP LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Michael Walker (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
12 September 2024
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
RAMSAY FAIRS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
15,156,775
-
15,156,775
13,631,452
(135,492)
13,495,960
Cost of sales
(8,665,422)
-
(8,665,422)
(8,269,991)
366,907
(7,903,084)
Gross profit
6,491,353
-
6,491,353
5,361,461
231,415
5,592,876
Administrative expenses
(6,253,848)
-
(6,253,848)
(6,467,316)
918,572
(5,548,744)
Other operating income
785,859
-
785,859
523,023
-
523,023
Operating profit
6
1,023,364
-
1,023,364
(582,832)
1,149,987
567,155
Interest receivable and similar income
7
94,693
-
94,693
26,921
-
26,921
Interest payable and similar expenses
8
(204,594)
-
(204,594)
(158,027)
-
(158,027)
Profit before taxation
913,463
-
913,463
(713,938)
1,149,987
436,049
Tax on profit
10
(26,577)
-
(26,577)
(4,682)
-
(4,682)
Profit for the financial year
23
886,886
-
886,886
(718,620)
1,149,987
431,367
Profit for the financial year is all attributable to the owners of the parent company.
RAMSAY FAIRS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
886,886
431,367
Other comprehensive income
Currency translation gain taken to retained earnings
1,016
27,517
Total comprehensive income for the year
887,902
458,884
Total comprehensive income for the year is all attributable to the owners of the parent company.
RAMSAY FAIRS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
195,438
225,998
Other intangible assets
11
277,959
332,894
Total intangible assets
473,397
558,892
Tangible assets
12
58,400
63,750
531,797
622,642
Current assets
Debtors
15
3,140,681
2,116,861
Cash at bank and in hand
1,473,126
959,668
4,613,807
3,076,529
Creditors: amounts falling due within one year
16
(4,761,799)
(3,440,262)
Net current liabilities
(147,992)
(363,733)
Total assets less current liabilities
383,805
258,909
Creditors: amounts falling due after more than one year
17
(616,464)
(1,379,470)
Net liabilities
(232,659)
(1,120,561)
Capital and reserves
Called up share capital
21
196,050
196,050
Other reserves
22
(324,845)
(324,845)
Profit and loss reserves
23
(103,864)
(991,766)
Total equity
(232,659)
(1,120,561)
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
William Ramsay
Director
Company registration number 11679676 (England and Wales)
RAMSAY FAIRS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
411,277
326,161
Current assets
Debtors
15
375,000
214,110
Cash at bank and in hand
912
-
0
375,912
214,110
Creditors: amounts falling due within one year
16
(5,861,823)
(3,118,349)
Net current liabilities
(5,485,911)
(2,904,239)
Total assets less current liabilities
(5,074,634)
(2,578,078)
Creditors: amounts falling due after more than one year
17
(221,460)
(764,466)
Net liabilities
(5,296,094)
(3,342,544)
Capital and reserves
Called up share capital
21
196,050
196,050
Profit and loss reserves
23
(5,492,144)
(3,538,594)
Total equity
(5,296,094)
(3,342,544)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the period was £1,953,550.

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
William Ramsay
Director
Company registration number 11679676 (England and Wales)
RAMSAY FAIRS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
196,050
(324,845)
(1,450,650)
(1,579,445)
Year ended 31 December 2022:
Profit for the year
-
-
431,367
431,367
Other comprehensive income:
Currency translation differences
-
-
27,517
27,517
Total comprehensive income
-
-
458,884
458,884
Balance at 31 December 2022
196,050
(324,845)
(991,766)
(1,120,561)
Year ended 31 December 2023:
Profit for the year
-
-
886,886
886,886
Other comprehensive income:
Currency translation differences
-
-
1,016
1,016
Total comprehensive income
-
-
887,902
887,902
Balance at 31 December 2023
196,050
(324,845)
(103,864)
(232,659)
RAMSAY FAIRS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
196,050
(2,164,103)
(1,968,053)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(1,374,491)
(1,374,491)
Balance at 31 December 2022
196,050
(3,538,594)
(3,342,544)
Year ended 31 December 2023:
Profit and total comprehensive income
-
(1,953,550)
(1,953,550)
Balance at 31 December 2023
196,050
(5,492,144)
(5,296,094)
RAMSAY FAIRS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,558,319
1,335,257
Interest paid
(172,579)
(72,404)
Income taxes paid
(129,124)
(29,587)
Net cash inflow from operating activities
1,256,616
1,233,266
Investing activities
Purchase of intangible assets
-
(832,283)
Proceeds from disposal of intangibles
-
252,687
Purchase of tangible fixed assets
(38,940)
(43,620)
Proceeds from disposal of tangible fixed assets
12,073
14,076
Interest received
94,693
26,921
Net cash generated from/(used in) investing activities
67,826
(582,219)
Financing activities
Repayment of borrowings
(592,000)
(240,000)
Repayment of bank loans
(220,000)
(195,000)
Net cash used in financing activities
(812,000)
(435,000)
Net increase in cash and cash equivalents
512,442
216,047
Cash and cash equivalents at beginning of year
959,668
716,104
Effect of foreign exchange rates
1,016
27,517
Cash and cash equivalents at end of year
1,473,126
959,668
RAMSAY FAIRS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
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.

Use of merger accounting

On 28 February 2019, Ramsay Fairs Group Limited acquired 100% of the share capital of the subsidiaries listed at note 13 in share for share exchanges. The directors consider that the substance of these transactions is one group reorganisation which meets the requirements of FRS 102 in order for it to be accounted for using the merger method.

2
Accounting policies
Company information

Ramsay Fairs Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2.14, Chester House, Kennington Park, 1-3 Brixton Road, London, United Kingdom, SW9 6DE.

 

The group consists of Ramsay Fairs Group Limited and all of its subsidiaries.

2.1
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Subsidiaries exempt from audit

The following subsidiaries are exempt from the requirements of the UK Companies Act 2006 relating to the audit of individual accounts by virtue of s479A of the Act;

 

Affordable Art Fair Limited (Company number - 03688732)

Affordable Art Limited (Company number - 10081430)

Ramsay Fairs Limited (Company number - 06129998)

Will's Art Warehouse Limited (Company number - 12932074)

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 15 -
2.2
Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiaries at 31 December 2023.

 

During 2019 the parent company acquired the share capital of each of the subsidiary companies by way of a share for share exchange with the shareholder of those companies. The ultimate shareholders remained unchanged and these transactions represented a group reorganisation. This was accounted for using the merger accounting principles set out in Section 19 of FRS 102.

 

The investment was accounted for at the nominal value of the shares issued and any excess in value of share capital acquired has been included in a merger reserve.

 

Following this group reorganistion, the cost of any further business combinations is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Ramsay Fairs Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

2.3
Going concern

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

 

In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due. This assessment considers the company's principal risks, and is dependant on a number of factors including financial performance and access to funding facilities.

 

Following this review, the directors are confident that the existing funding facilities and support will provide sufficient headroom to meet the forecast cash requirements having considered any additional requirements from a downturn in activity. As such, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 16 -
2.4
Turnover

Turnover 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 discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of art 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.

Revenue derived from the rental of stands and ticket sales is recognised on completion of the art fair.

2.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33% straight line
Trademark and intellectual property
10% straight line
Brand
25% straight line
2.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 17 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line

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 profit and loss account.

2.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.10
Impairment of fixed 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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.

2.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 18 -
2.12
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 balance sheet 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 debtors 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.

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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

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.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

2.14
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 profit and loss account 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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 20 -
2.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

2.16
Retirement benefits

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

2.17
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability using the Block-Scholes model. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

2.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.

2.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
4,335,424
4,146,958
United States
2,911,196
2,733,422
Europe
4,171,937
4,062,091
Asia
2,697,042
1,801,559
Australia
1,041,176
751,930
15,156,775
13,495,960
2023
2022
£
£
Other revenue
Interest income
94,693
26,921
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
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
49,500
43,000
For other services
Taxation compliance services
8,800
8,000
All other non-audit services
-
3,750
8,800
11,750
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
63
59
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,614,505
2,854,456
-
0
-
0
Social security costs
430,307
381,993
-
-
Pension costs
107,978
25,394
-
0
-
0
4,152,789
3,261,843
-
0
-
0
6
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
45,021
49,606
Depreciation of owned tangible fixed assets
45,786
27,889
Profit on disposal of tangible fixed assets
(12,073)
(276)
Amortisation of intangible assets
85,495
614,905
Share-based payments
178,390
-
Operating lease charges
134,151
124,662

During the year, the group incurred Global Overheads of £1,598,446 (2022 - £1,517,458).

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
43,394
13,160
Other interest income
51,299
13,761
Total income
94,693
26,921
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
204,594
158,027
9
Discontinued operations

On 31st December 2022 management made the decision to close the online marketplace. The decision to close the online marketplace was made as a result of sustained losses and also it was deemed no longer necessary given the strength of art sales from the in-person events. These losses have been included within discontinued operations in the prior year comparatives.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
195,465
134,121
Deferred tax
Origination and reversal of timing differences
(168,888)
(129,439)
Total tax charge
26,577
4,682

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
913,463
436,049
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
214,846
82,849
Tax effect of expenses that are not deductible in determining taxable profit
69,379
(161)
Tax effect of income not taxable in determining taxable profit
(26,492)
-
0
Other permanent differences
12,691
10,453
Foreign taxes
(197,967)
(128,642)
Adjust deferred tax to average rate
(7,514)
(149,783)
Movement in deferred tax not recognised
(38,366)
189,966
Taxation charge
26,577
4,682
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Intangible fixed assets
Group
Goodwill
Website
Trademark and intellectual property
Brand
Total
£
£
£
£
£
Cost
At 1 January 2023
330,779
807,703
144,390
327,215
1,610,087
Disposals
-
0
(33,078)
-
0
(2,431)
(35,509)
At 31 December 2023
330,779
774,625
144,390
324,784
1,574,578
Amortisation and impairment
At 1 January 2023
104,781
791,753
92,813
61,848
1,051,195
Amortisation charged for the year
30,560
7,990
9,420
37,525
85,495
Disposals
-
0
(33,078)
-
0
(2,431)
(35,509)
At 31 December 2023
135,341
766,665
102,233
96,942
1,101,181
Carrying amount
At 31 December 2023
195,438
7,960
42,157
227,842
473,397
At 31 December 2022
225,998
15,950
51,577
265,367
558,892
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
549,455
Additions
38,940
Disposals
(27,123)
Exchange adjustments
1,496
At 31 December 2023
562,768
Depreciation and impairment
At 1 January 2023
485,705
Depreciation charged in the year
45,786
Eliminated in respect of disposals
(27,123)
At 31 December 2023
504,368
Carrying amount
At 31 December 2023
58,400
At 31 December 2022
63,750
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 25 -
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
411,277
326,161
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
326,161
Additions
85,116
At 31 December 2023
411,277
Carrying amount
At 31 December 2023
411,277
At 31 December 2022
326,161

The addition in the year represents Ramsay Fairs Group Limited's investment in 100% of the share capital of a company incorporated in Shanghai and the associated legal fees.

14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Affordable Art Limited
Unit 2, 14, Chester House, Kennington Park, 1-3 Brixton Road, London, SW9 6DE, United Kingdom
Ordinary
100.00
-
Affordable Art Fair Limited
Unit 2, 14, Chester House, Kennington Park, 1-3 Brixton Road, London, SW9 6DE, United Kingdom
Ordinary
100.00
-
Ramsay Fairs LLC
USA
Ordinary
100.00
-
Ramsay Fairs Limited
Unit 2, 14, Chester House, Kennington Park, 1-3 Brixton Road, London, SW9 6DE, United Kingdom
Ordinary
100.00
-
Ramsay Fairs BVBA
Belgium
Ordinary
-
100.00
Affordable Art Fairs Pte. Limited
Singapore
Ordinary
100.00
-
Affordable Art Fair (HK) Limited
Hong Kong
Ordinary
100.00
-
Affordable Art Fair Pty Limited
Australia
Ordinary
100.00
-
Will's Art Warehouse Limited
Unit 2, 14, Chester House, Kennington Park, 1-3 Brixton Road, London, SW9 6DE, United Kingdom
Ordinary
100.00
-
Affordable Art Fair Shanghai Co Ltd
China
Ordinary
100.00
-
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,756,477
775,435
-
0
-
0
Other debtors
119,040
167,478
-
0
1,610
Prepayments and accrued income
900,360
978,032
-
0
-
0
2,775,877
1,920,945
-
1,610
Deferred tax asset (note 19)
364,804
195,916
375,000
212,500
3,140,681
2,116,861
375,000
214,110
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
219,996
219,996
-
0
-
0
Trade creditors
819,617
998,061
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5,637,823
3,083,349
Corporation tax payable
207,974
141,633
-
0
-
0
Other taxation and social security
238,251
159,914
-
-
Liability for share based payments
178,390
-
178,390
-
Other creditors
116,988
74,926
-
0
-
0
Accruals and deferred income
2,980,583
1,845,732
45,610
35,000
4,761,799
3,440,262
5,861,823
3,118,349
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
395,004
615,004
-
0
-
0
Other borrowings
18
221,460
764,466
221,460
764,466
616,464
1,379,470
221,460
764,466
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
615,000
835,000
-
0
-
0
Other loans
221,460
764,466
221,460
764,466
836,460
1,599,466
221,460
764,466
Payable within one year
219,996
219,996
-
0
-
0
Payable after one year
616,464
1,379,470
221,460
764,466

The long-term bank loan is a lending facility obtained under the Coronavirus Business Interruption Loan Scheme (CBILS) during the year. The loan is subject to interest of 3.99% p.a. over base rate and a final repayment date 6 years after draw down. The loan is 100% guaranteed by the UK Government and the first twelve months of payments are covered by the UK Government, meaning that the company does not need to make any repayments for twelve months from draw down.

 

Other loans are long term borrowings from a director.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
(10,196)
(16,584)
Tax losses
375,000
212,500
364,804
195,916
Assets
Assets
2023
2022
Company
£
£
Tax losses
375,000
212,500
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(195,916)
(212,500)
Credit to profit or loss
(168,888)
(162,500)
Asset at 31 December 2023
(364,804)
(375,000)

At the Balance Sheet date, the Group has unrecognised tax losses of £1.3m (2022: £0.6m) creating an unrecognised deferred tax asset of £324k (2022: £158k). A deferred tax asset has not been booked due to uncertainty in the short term over when sufficient taxable profits will arise to offset these losses.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,561
25,394

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
62,150
62,150
62,150
62,150
Ordinary B shares of £1 each
65,824
65,824
65,824
65,824
Ordinary C shares of £1 each
68,076
68,076
68,076
68,076
196,050
196,050
196,050
196,050

All classes of share rank pari passu in all respects with each other. All classes of shares have full voting rights. There are no restrictions over the distribution of dividends in respect of capital.

RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Merger reserve
2023
2022
Group
£
£
At the beginning and end of the year
(324,845)
(324,845)
2023
2022
Company
£
£
At the beginning and end of the year
-
-
23
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
(991,766)
(1,450,650)
(3,538,594)
(2,164,103)
Profit/(loss) for the year
886,886
431,367
(1,953,550)
(1,374,491)
Currency translation differences
1,016
27,517
-
0
-
0
At the end of the year
(103,864)
(991,766)
(5,492,144)
(3,538,594)
24
Financial commitments, guarantees and contingent liabilities

As disclosed in note 2.1 of the financial statements, certain subsidiaries are exempt from the requirements of the UK Companies Act 2006 relating to the audit of individual accounts by virtue of s479A of the Act. The outstanding liabilities of these entities as at 31/12/2023 totals £3,925,830.

25
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
105,282
131,677
-
-
Between two and five years
16,844
47,175
-
-
122,126
178,852
-
-
RAMSAY FAIRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
26
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Directors loans
12.00
781,445
32,015
(592,000)
221,460
781,445
32,015
(592,000)
221,460
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
886,886
431,367
Adjustments for:
Taxation charged
26,577
4,682
Finance costs
204,594
158,027
Investment income
(94,693)
(26,921)
Gain on disposal of tangible fixed assets
(12,073)
-
Amortisation and impairment of intangible assets
85,495
614,905
Depreciation and impairment of tangible fixed assets
45,786
27,889
Movements in working capital:
Increase in debtors
(854,932)
(913,189)
Increase in creditors
1,270,679
1,047,278
Decrease in deferred income
-
(8,781)
Cash generated from operations
1,558,319
1,335,257
28
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
Other non-cash changes
Exchange rate movements
31 December 2023
£
£
£
£
£
Cash at bank and in hand
959,668
512,442
-
1,016
1,473,126
Borrowings excluding overdrafts
(1,599,466)
812,000
(48,994)
-
(836,460)
(639,798)
1,324,442
(48,994)
1,016
636,666
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100William RamsayNatasha RamsayTatiana RamsayWilliam R 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