Silverfin false false 31/10/2024 01/11/2023 31/10/2024 J Hicks 01/09/2008 J N Hicks 22/09/2004 17 February 2025 The principal activity of the company is the manufacture and sale of jointings and gaskets. 05238531 2024-10-31 05238531 bus:Director1 2024-10-31 05238531 bus:Director2 2024-10-31 05238531 2023-10-31 05238531 core:CurrentFinancialInstruments 2024-10-31 05238531 core:CurrentFinancialInstruments 2023-10-31 05238531 core:Non-currentFinancialInstruments 2024-10-31 05238531 core:Non-currentFinancialInstruments 2023-10-31 05238531 core:ShareCapital 2024-10-31 05238531 core:ShareCapital 2023-10-31 05238531 core:RetainedEarningsAccumulatedLosses 2024-10-31 05238531 core:RetainedEarningsAccumulatedLosses 2023-10-31 05238531 core:PlantMachinery 2023-10-31 05238531 core:Vehicles 2023-10-31 05238531 core:FurnitureFittings 2023-10-31 05238531 core:PlantMachinery 2024-10-31 05238531 core:Vehicles 2024-10-31 05238531 core:FurnitureFittings 2024-10-31 05238531 core:CostValuation 2023-10-31 05238531 core:CostValuation 2024-10-31 05238531 bus:OrdinaryShareClass1 2024-10-31 05238531 2023-11-01 2024-10-31 05238531 bus:FilletedAccounts 2023-11-01 2024-10-31 05238531 bus:SmallEntities 2023-11-01 2024-10-31 05238531 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 05238531 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05238531 bus:Director1 2023-11-01 2024-10-31 05238531 bus:Director2 2023-11-01 2024-10-31 05238531 core:PlantMachinery 2023-11-01 2024-10-31 05238531 core:Vehicles 2023-11-01 2024-10-31 05238531 core:FurnitureFittings 2023-11-01 2024-10-31 05238531 2022-11-01 2023-10-31 05238531 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 05238531 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 05238531 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05238531 (England and Wales)

RAM GASKET SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

RAM GASKET SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

RAM GASKET SOLUTIONS LIMITED

BALANCE SHEET

As at 31 October 2024
RAM GASKET SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 69,177 92,922
Investments 4 20,000 20,000
89,177 112,922
Current assets
Stocks 197,789 207,135
Debtors 5 359,202 340,134
Cash at bank and in hand 366,426 318,205
923,417 865,474
Creditors: amounts falling due within one year 6 ( 332,034) ( 337,586)
Net current assets 591,383 527,888
Total assets less current liabilities 680,560 640,810
Creditors: amounts falling due after more than one year 7 ( 26,167) ( 42,906)
Provision for liabilities 8 ( 10,597) ( 14,424)
Net assets 643,796 583,480
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 643,696 583,380
Total shareholders' funds 643,796 583,480

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of RAM Gasket Solutions Limited (registered number: 05238531) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

J Hicks
Director
RAM GASKET SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
RAM GASKET SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

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

General information and basis of accounting

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

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

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

Turnover

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

Taxation

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

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

Tangible fixed assets

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

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

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

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

Financial instruments

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

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

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

Government grants
Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 22

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 November 2023 479,321 10,000 182,992 672,313
At 31 October 2024 479,321 10,000 182,992 672,313
Accumulated depreciation
At 01 November 2023 401,619 10,000 167,772 579,391
Charge for the financial year 19,579 0 4,166 23,745
At 31 October 2024 421,198 10,000 171,938 603,136
Net book value
At 31 October 2024 58,123 0 11,054 69,177
At 31 October 2023 77,702 0 15,220 92,922

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 November 2023 20,000
0
At 31 October 2024 20,000
Carrying value at 31 October 2024 20,000
Carrying value at 31 October 2023 20,000

5. Debtors

2024 2023
£ £
Trade debtors 337,641 324,350
Other debtors 21,561 15,784
359,202 340,134

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 167,407 197,322
Taxation and social security 117,238 66,887
Other creditors 37,389 63,377
332,034 337,586

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

2024 2023
£ £
Bank loans 5,833 15,833
Other creditors 20,334 27,073
26,167 42,906

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 10,597 14,424

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Other financial commitments

2024 2023
£ £
As at 31 October the company had total commitments under operating leases expiring after 6 years of 234,955 272,851

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At 31 October 2024 a director was owed 32,889 55,878