Company registration number 07630754 (England and Wales)
RAM INNOVATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
RAM INNOVATIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RAM INNOVATIONS LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
172,691
204,831
Current assets
Stocks
17,430
12,371
Debtors
5
214,411
162,391
Cash at bank and in hand
152,349
123,742
384,190
298,504
Creditors: amounts falling due within one year
6
(78,672)
(102,346)
Net current assets
305,518
196,158
Total assets less current liabilities
478,209
400,989
Creditors: amounts falling due after more than one year
7
(9,866)
(20,114)
Provisions for liabilities
(32,811)
(26,640)
Net assets
435,532
354,235
Capital and reserves
Called up share capital
641,609
626,421
Share premium account
159,528
74,716
Revaluation reserve
8
105,158
140,211
Profit and loss reserves
(470,763)
(487,113)
Total equity
435,532
354,235
RAM INNOVATIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Mr N J Russel
Director
Company registration number 07630754 (England and Wales)
RAM INNOVATIONS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’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.

2
Accounting policies
Company information

RAM Innovations Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit F, Pentre Industrial Estate, Chester Road, Deeside, Flintshire, CH5 2DQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties, plant and machinery and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
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.

2.4
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.

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:

Plant and machinery
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
30% 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 credited or charged to profit or loss.

RAM INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 4 -
2.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.6
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.

2.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

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.

RAM INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 5 -
2.8
Equity instruments

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.9
Taxation

The tax expense represents the sum of the tax currently payable, deferred tax and research & development tax credits received.

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 company’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 when the company has 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.

2.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.11
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.

RAM INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
9
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 July 2023
380,762
Additions
28,244
Disposals
(5,000)
At 30 June 2024
404,006
Depreciation and impairment
At 1 July 2023
175,931
Depreciation charged in the year
55,634
Eliminated in respect of disposals
(250)
At 30 June 2024
231,315
Carrying amount
At 30 June 2024
172,691
At 30 June 2023
204,831

If revalued assets were stated on a historical cost basis rather than a fair value basis the total amounts included would have been as follows:

2024
2023
£
£
Cost
516,717
493,473
Accumulated depreciation
(447,595)
(428,853)
Carrying value
69,122
64,620
RAM INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,029
65,707
Corporation tax recoverable
52,435
-
0
Other debtors
158,947
96,684
214,411
162,391
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,003
9,759
Trade creditors
39,564
52,689
Taxation and social security
14,705
22,859
Other creditors
14,400
17,039
78,672
102,346
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,866
20,114
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
140,211
186,949
Transfer to retained earnings
(35,053)
(46,738)
At the end of the year
105,158
140,211
9
Related party transactions

Included within sales are transactions amounting to £NIL (2023: £493) from a company owned by a company controlled by N Russel, who was a director within the year.

2024-06-302023-07-01falsefalsefalse19 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr N J RusselMr P Green076307542023-07-012024-06-30076307542024-06-30076307542023-06-3007630754core:OtherPropertyPlantEquipment2024-06-3007630754core:OtherPropertyPlantEquipment2023-06-3007630754core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3007630754core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3007630754core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3007630754core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3007630754core:CurrentFinancialInstruments2024-06-3007630754core:CurrentFinancialInstruments2023-06-3007630754core:ShareCapital2024-06-3007630754core:ShareCapital2023-06-3007630754core:SharePremium2024-06-3007630754core:SharePremium2023-06-3007630754core:RevaluationReserve2024-06-3007630754core:RevaluationReserve2023-06-3007630754core:RetainedEarningsAccumulatedLosses2024-06-3007630754core:RetainedEarningsAccumulatedLosses2023-06-3007630754core:RevaluationReserve2023-06-3007630754core:RevaluationReserve2022-06-3007630754bus:Director12023-07-012024-06-3007630754core:PlantMachinery2023-07-012024-06-3007630754core:FurnitureFittings2023-07-012024-06-3007630754core:ComputerEquipment2023-07-012024-06-30076307542022-07-012023-06-3007630754core:OtherPropertyPlantEquipment2023-06-3007630754core:OtherPropertyPlantEquipment2023-07-012024-06-3007630754core:WithinOneYear2024-06-3007630754core:WithinOneYear2023-06-3007630754core:Non-currentFinancialInstruments2024-06-3007630754core:Non-currentFinancialInstruments2023-06-3007630754core:RevaluationReserve2023-07-012024-06-3007630754core:RevaluationReserve2022-07-012023-06-3007630754bus:PrivateLimitedCompanyLtd2023-07-012024-06-3007630754bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3007630754bus:FRS1022023-07-012024-06-3007630754bus:AuditExemptWithAccountantsReport2023-07-012024-06-3007630754bus:Director22023-07-012024-06-3007630754bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP