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Registration number: SC205607

Bruce Ramsay (Dundee) Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bruce Ramsay (Dundee) Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bruce Ramsay (Dundee) Ltd

(Registration number: SC205607)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,418

3,418

Other financial assets

6

731,769

686,156

 

734,187

689,574

Current assets

 

Stocks

7

84,210

81,638

Debtors

8

167,972

222,627

Cash at bank and in hand

 

607,530

667,148

 

859,712

971,413

Creditors: Amounts falling due within one year

9

(259,535)

(263,438)

Net current assets

 

600,177

707,975

Total assets less current liabilities

 

1,334,364

1,397,549

Provisions for liabilities

(459)

(649)

Net assets

 

1,333,905

1,396,900

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,333,805

1,396,800

Shareholders' funds

 

1,333,905

1,396,900

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

 

Bruce Ramsay (Dundee) Ltd

(Registration number: SC205607)
Statement of Financial Position as at 31 March 2024

.........................................
Alexander Bruce Ramsay
Director

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
87 Fintry Road
Dundee
DD4 9JB

These financial statements were authorised for issue by the Board on 29 November 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Tax

The tax expense for the period comprises deferred 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.

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Motor vehicles

30% reducing balance method

Plant & machinery

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 17 (2023 - 14).

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

300,000

300,000

At 31 March 2024

300,000

300,000

Amortisation

At 1 April 2023

300,000

300,000

At 31 March 2024

300,000

300,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

42,077

8,195

50,272

At 31 March 2024

42,077

8,195

50,272

Depreciation

At 1 April 2023

40,316

6,538

46,854

Charge for the year

503

497

1,000

At 31 March 2024

40,819

7,035

47,854

Carrying amount

At 31 March 2024

1,258

1,160

2,418

At 31 March 2023

1,761

1,657

3,418

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

686,156

686,156

Fair value adjustments

38,687

38,687

Additions

15,163

15,163

Disposals

(8,237)

(8,237)

At 31 March 2024

731,769

731,769

Carrying amount

At 31 March 2024

731,769

731,769

7

Stocks

2024
£

2023
£

Other inventories

84,210

81,638

8

Debtors

Current

2024
£

2023
£

Trade debtors

117,072

192,897

Prepayments

1,821

4,376

Other debtors

49,079

25,354

 

167,972

222,627

9

Creditors

Creditors: amounts falling due within one year

 

Bruce Ramsay (Dundee) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Due within one year

Trade creditors

242,772

216,407

Taxation and social security

6,120

12,283

Accruals and deferred income

9,092

3,239

Other creditors

1,551

31,509

259,535

263,438

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £280.00) per each Ordinary

-

28,000

Interim dividend of £960.00 (2023 - £400.00) per each A Ordinary

24,000

10,000

Interim dividend of £960.00 (2023 - £400.00) per each B Ordinary

24,000

10,000

Interim dividend of £30,000.00 per each E Ordinary

30,000

30,000

Interim dividend of £20,000.00 (2023 - £Nil) per each F Ordinary

20,000

-

98,000

78,000