REGISTERED NUMBER: 04586797 (England and Wales) |
Peter Ramsey & Sons Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
REGISTERED NUMBER: 04586797 (England and Wales) |
Peter Ramsey & Sons Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Contents of the Consolidated Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
Peter Ramsey & Sons Limited |
Company Information |
for the year ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor and Chartered Accountants |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Group Strategic Report |
for the year ended 30 September 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The principal activity of the parent company during the year was that of rental property company, trading from its registered office, Unit 6 Whitehead Business Park, Bradford, West Yorkshire, BD4 8BH. |
The principal activity of the trading subsidiary company during the year was that of timber merchants and processors, trading from its registered office, Unit 6 Whitehead Business Park, Bradford, West Yorkshire, BD4 8BH. |
The directors aim to present a balanced and comprehensive view of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced. |
Rental income remained consistent with prior year, for the parent entity. |
For the subsidiary, the current trading year saw sales fall by 17%, this is due to a combination of subdued demand, as the cost-of-living crisis hit the disposable income of households, and our reducing prices as raw material prices fell. |
We also had a large customer who went into liquidation/administration during the second half of the year and this too had an impact on our sales. |
Gross margin reduced to 20.4%, reflecting the fall in sales and the increases to our overheads. We will continue to strive to improve this figure through internal productivity improvements and our commitment to invest in new capital equipment. |
Consumer confidence continues to be subdued and we have set a conservative budget for the financial year 2024/25. This has meant we have tightened the budgets for all departments and continue the internal drive for improved efficiencies. |
Continued overcapacity in the furnishing industry and reduced demand has seen companies chasing volumes at much reduced prices. We have already seen 2 large and long-established business going into administration (fortunately, we didn't have any exposure to these customers) |
We are being cautious and are using our Credit Insurance to trade within the limits we are allocated. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Group Strategic Report |
for the year ended 30 September 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Although the sawmills have been faced with falling global demand, we did not see raw material prices fall as we would have expected. |
Sawmills are facing similar overhead challenges as ourselves and are still having to pay very high log prices. Many mills struggled to make any money during the period and we are now seeing rising prices as the sawn log costs increase. |
This is unprecedented, as you would expect prices to fall as demand reduces. It seems now that the forest owners are not prepared to cut down their forests unless they get these higher levels. After all it is an appreciating asset - as the tress continue to grow and become more valuable - so they don't need to sell their logs if they don't get the price they want. |
Timber prices for 2024/25 are continuing on an upward trend and due to the overhead increases in NI contributions / Rates / Electricity and inflation linked pay rises, means we will have to increase prices. |
We are seeing now (2025) large Pulp/Paper and timber groups cutting back production and mothballing mills in an effort to balance their books. The impact of this is that the overcapacity in the market will be removed and prices will continue to rise. |
Our margin is such that we will have to increase prices in line with our raw material cost. What impact this will have on sales remains to be seen. |
The market we believe will remain subdued and are not anticipating to see an upturn until 2026. |
Lead-times on new machinery continue to long. This makes investment decisions difficult in the current economic climate. Along with this the prices for replacement/ new equipment have risen dramatically , making it more difficult to justify a return on investment. |
Further increases to the minimum wage creates challenges, as the gap between fully trained operatives and new starters reduces. This will remain an issue in the future. |
Financial risk |
The business is comfortable that it is generating sufficient margin/cash-flow to cover all eventualities.The company has very limited exposure to financial risks that include the effect of changes in credit, liquidity and interest rate risk. |
Credit risk |
The company has a policy of insuring customer accounts. All our major customers are fully covered and we monitor and stick to the terms offered under our insurance cover, with supervision from directors. |
Liquidity risk |
This is managed by cashflow projections used to ensure that sufficient funds are available to meet amounts as and when due, to take advantage of any discounts available. |
The directors believe that the company has sufficient funds available to support its activities in the future. |
FUTURE DEVELOPMENTS |
As we have done over the years, investments in Capital Equipment will continue to be a critical part of the overall business plan. Most machines now are bespoke, given our need to manufacture unique products at low cost. |
During the period we invested further in machinery to improve efficiency and reduce labour. |
This included a high-speed insertion machine, developing our Electric activated Ottoman, a Sprung Edge sub assembled divan and the commencement of an investment into robotics. |
Investments for 2024/25 will include forklifts, second stage investment in a robot assembly machines, a sheet material cutting system and the eventual delivery (18 months after the order was placed) of a bespoke automatic insertion machine. |
Once the current robot installation is proven, investment into similar machines are earmarked in the budget. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Group Strategic Report |
for the year ended 30 September 2024 |
KEY FINANCIAL PERFORMANCE INDICATORS |
The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These being turnover, gross margin and shareholder funds.. |
- Turnover decreased 18.4% from £22,649,098 to £18,488,418 |
- Gross Profit Margin decreased from 27.9% to 24.1% |
- Shareholder funds increased 0.8% from £13,356,803 to £13,458,266 |
RESEARCH AND DEVELOPMENT |
Much of our time is spent trying to develop and expand our value-added product range. |
The development of an Electric Ottoman (including a design protected action), Sprung Edge Divan frame, (sub assembled) and a new range of headboards. |
After our first investment into robotics in 2025, our focus will be to design and develop further bespoke systems to improve the productivity in our value-added department. |
ON BEHALF OF THE BOARD: |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Report of the Directors |
for the year ended 30 September 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
Interim dividends per the respective classes of ordinary share capital of £1 each were paid as follows during the year: |
Peter Ramsey & Sons Limited: |
Paid 3rd January 2024 |
- A dividend of £0.19809 per share was paid on ordinary shares of £1 each class "E" |
- A dividend of £0.0846 per share was paid on ordinary shares of £1 each class "F" |
- A dividend of £0.12775 per share was paid on ordinary shares of £1 each class "I" |
Paid 8th April 2024 |
- A dividend of £0.43247 per share was paid on ordinary shares of £1 each class "A" |
- A dividend of £0.6108 per share was paid on ordinary shares of £1 each class "E" |
- A dividend of £0.0846 per share was paid on ordinary shares of £1 each class "F" |
- A dividend of £0.1533 per share was paid on ordinary shares of £1 each class "I" |
Paid 27th June 2024 |
- A dividend of £0.19809 per share was paid on ordinary shares of £1 each class "E" |
- A dividend of £0.0846 per share was paid on ordinary shares of £1 each class "F" |
- A dividend of £0.1533 per share was paid on ordinary shares of £1 each class "I" |
Paid 1st July 2024 |
- A dividend of £1.61912 per share was paid on ordinary shares of £1 each class "D" |
Paid 20th September 2024 |
- A dividend of £0.39246 per share was paid on ordinary shares of £1 each class "B" |
- A dividend of £0.1676 per share was paid on ordinary shares of £1 each class "C" |
- A dividend of £0.18156 per share was paid on ordinary shares of £1 each class "D" |
The total distribution of dividends for this company for the year ended 30th September 2024 was £1,142,070. |
Peter Ramsey & Sons (Denholme) Timber Limited: |
Paid 30th September 2024 |
- A dividend of £45,000 per share was paid on ordinary shares of £1 each class "B" |
The total Group distribution of dividends for the year ended 30th September 2024 was £1,187,070. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Report of the Directors |
for the year ended 30 September 2024 |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. |
Trade debtors are managed by strict and constantly monitored credit control under the direct supervision of the directors. |
Trade creditors liquidity risk is managed by cashflow projections used to ensure that sufficient funds are available to meet amounts as and when due, to take advantage of any discounts available. |
Hire purchase risk is also managed by cashflow projections to ensure sufficient funds are available to meet ongoing liabilities and commit to new agreements.. |
PURCHASE OF OWN SHARES |
The company affected a buy back of 16,297 of the Class "C" shares and 16,268 of the Class "D" shares by special resolution dated 8th April 2024. The consideration for Class "C" was £3.39878 and Class "D" shares was £3.39857 per share, the nominal value of these shares is £1. |
The subsequent Own Share Purchase Agreement was dated 8th April 2024. |
DISCLOSURE IN THE STRATEGIC REPORT |
The Business Review, Key Performance Indicators, Future Developments and Principal Risks and Uncertainties statements are disclosed with the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Report of the Directors |
for the year ended 30 September 2024 |
AUDITORS |
The auditors, Walkers Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Peter Ramsey & Sons Limited |
Opinion |
We have audited the financial statements of Peter Ramsey & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Peter Ramsey & Sons Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Peter Ramsey & Sons Limited |
Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. |
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: |
- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; |
- Inspecting correspondence, if any, with relevant licensing or regulatory authorities; |
- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006. |
In addition, we evaluated the directors' and management incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions. |
Our audit procedures in relation to fraud included but were not limited to: |
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
- Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
- Discussing amongst the engagement team the risks of fraud; and |
- Addressing the risks of fraud through management override of controls by performing journal entry testing. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Peter Ramsey & Sons Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor and Chartered Accountants |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Consolidated |
Income Statement |
for the year ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 3 | 18,488,418 | 22,649,098 |
Cost of sales | (14,037,774 | ) | (16,331,171 | ) |
GROSS PROFIT | 4,450,644 | 6,317,927 |
Distribution costs | (831,725 | ) | (924,431 | ) |
Administrative expenses | (2,004,346 | ) | (1,777,689 | ) |
1,614,573 | 3,615,807 |
Other operating income | 238,991 | 38,600 |
OPERATING PROFIT | 5 | 1,853,564 | 3,654,407 |
Interest receivable and similar income | 28,706 | 16,065 |
1,882,270 | 3,670,472 |
Interest payable and similar expenses | 6 | (6,698 | ) | (130,014 | ) |
PROFIT BEFORE TAXATION | 1,875,572 | 3,540,458 |
Tax on profit | 7 | (468,551 | ) | (767,043 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,399,210 | 2,751,176 |
Non-controlling interests | 7,811 | 22,239 |
1,407,021 | 2,773,415 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Consolidated |
Other Comprehensive Income |
for the year ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,407,021 | 2,773,415 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (110,677 | ) | (110,678 | ) |
Reduction in share capital | 32,565 | 32,565 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(78,112 |
) |
(78,113 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,328,909 |
2,695,302 |
Total comprehensive income attributable to: |
Owners of the parent | 1,321,099 | 2,673,064 |
Non-controlling interests | 7,810 | 22,238 |
1,328,909 | 2,695,302 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Consolidated Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 10,911,828 | 11,223,574 |
Investments | 12 | - | - |
10,911,828 | 11,223,574 |
CURRENT ASSETS |
Stocks | 13 | 1,643,921 | 1,673,438 |
Debtors | 14 | 2,599,113 | 2,755,134 |
Cash at bank | 700,729 | 1,245,756 |
4,943,763 | 5,674,328 |
CREDITORS |
Amounts falling due within one year | 15 | (1,746,982 | ) | (2,529,416 | ) |
NET CURRENT ASSETS | 3,196,781 | 3,144,912 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,108,609 |
14,368,486 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(92,722 |
) |
(430,106 |
) |
PROVISIONS FOR LIABILITIES | 20 | (451,874 | ) | (483,640 | ) |
NET ASSETS | 13,564,013 | 13,454,740 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 687,410 | 719,975 |
Capital redemption reserve | 22 | 237,504 | 204,939 |
Retained earnings | 22 | 12,533,352 | 12,431,889 |
SHAREHOLDERS' FUNDS | 13,458,266 | 13,356,803 |
NON-CONTROLLING INTERESTS | 23 | 105,747 | 97,937 |
TOTAL EQUITY | 13,564,013 | 13,454,740 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by: |
M J S Ramsey - Director |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Company Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,225,965 | 3,549,599 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Consolidated Statement of Changes in Equity |
for the year ended 30 September 2024 |
Called up | Capital |
share | Retained | redemption |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 October 2022 | 752,540 | 10,564,391 | 172,374 |
Changes in equity |
Reduction in share capital | (32,565 | ) | - | - |
Dividends | - | (773,000 | ) | - |
Total comprehensive income | - | 2,640,498 | 32,565 |
Balance at 30 September 2023 | 719,975 | 12,431,889 | 204,939 |
Changes in equity |
Issue of share capital | (32,565 | ) | - | - |
Dividends | - | (1,187,070 | ) | - |
Total comprehensive income | - | 1,288,533 | 32,565 |
Balance at 30 September 2024 | 687,410 | 12,533,352 | 237,504 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 October 2022 | 11,489,305 | 75,699 | 11,565,004 |
Changes in equity |
Reduction in share capital | (32,565 | ) | - | (32,565 | ) |
Dividends | (773,000 | ) | - | (773,000 | ) |
Total comprehensive income | 2,673,063 | 22,238 | 2,695,301 |
Balance at 30 September 2023 | 13,356,803 | 97,937 | 13,454,740 |
Changes in equity |
Issue of share capital | (32,565 | ) | - | (32,565 | ) |
Dividends | (1,187,070 | ) | - | (1,187,070 | ) |
Total comprehensive income | 1,321,098 | 7,810 | 1,328,908 |
Balance at 30 September 2024 | 13,458,266 | 105,747 | 13,564,013 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Company Statement of Changes in Equity |
for the year ended 30 September 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Reduction in share capital | (32,565 | ) | - | - | (32,565 | ) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Consolidated Cash Flow Statement |
for the year ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,127,971 | 4,993,481 |
Interest paid | (6,698 | ) | (129,995 | ) |
Interest element of hire purchase or finance lease rental payments paid |
- |
(19 |
) |
Tax paid | (705,003 | ) | (1,123,094 | ) |
Net cash from operating activities | 1,416,270 | 3,740,373 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (357,814 | ) | (679,583 | ) |
Sale of tangible fixed assets | - | 29,333 |
Interest received | 28,706 | 16,065 |
Net cash from investing activities | (329,108 | ) | (634,185 | ) |
Cash flows from financing activities |
Loan repayments in year | (334,441 | ) | (3,968,666 | ) |
Share buyback | (110,678 | ) | (110,678 | ) |
Grants received | - | 11,000 |
Equity dividends paid | (1,187,070 | ) | (773,000 | ) |
Net cash from financing activities | (1,632,189 | ) | (4,841,344 | ) |
Decrease in cash and cash equivalents | (545,027 | ) | (1,735,156 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,245,756 |
2,980,912 |
Cash and cash equivalents at end of year | 2 | 700,729 | 1,245,756 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.24 | 30.9.23 |
£ | £ |
Profit before taxation | 1,875,572 | 3,540,458 |
Depreciation charges | 669,559 | 708,451 |
Loss on disposal of fixed assets | - | 9,702 |
Government grants | (14,203 | ) | (27,389 | ) |
Finance costs | 6,698 | 130,014 |
Finance income | (28,706 | ) | (16,065 | ) |
2,508,920 | 4,345,171 |
Decrease in stocks | 29,517 | 461,719 |
Decrease in trade and other debtors | 156,021 | 409,885 |
Decrease in trade and other creditors | (566,487 | ) | (223,294 | ) |
Cash generated from operations | 2,127,971 | 4,993,481 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 700,729 | 1,245,756 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,245,756 | 2,980,912 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,245,756 | (545,027 | ) | 700,729 |
1,245,756 | (545,027 | ) | 700,729 |
Debt |
Debts falling due within 1 year | (9,402 | ) | 9,402 | - |
Debts falling due after 1 year | (325,039 | ) | 325,039 | - |
(334,441 | ) | 334,441 | - |
Total | 911,315 | (210,586 | ) | 700,729 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Peter Ramsey & Sons Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which Control was obtained. They are deconsolidated from the date control ceases. |
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 October 2014. |
Significant judgements and estimates |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the applications of policies and the reported amounts of assets and liabilities, income and expenses. |
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
- Estimation Uncertainty |
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. |
- Useful lives of depreciable assets |
Management reviews its estimates of the useful lives of depreciable assets at each reporting date, based on the expected utility of assets. Uncertainties in these estimates relate to mechanical and technological obsolescence that may change the utility of certain plant and equipment. |
- Manufacturing and work in progress overhead provision |
Management reviews its estimate on an annual basis, based on overhead costs each year. Uncertainties in these estimates relate to the number of processes each stock product has gone through. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the invoiced value of goods supplied during the year excluding value added tax and is net of sales returns, trade discount and rebates. |
Revenue from the sale of goods is recognised when all the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can easily be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Assets held under finance lease are depreciated in the same manner as owned assets. |
Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range and depreciation bases are detailed above. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement. |
Impairment of fixed assets |
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately. |
Government grants |
Government grants are accounted for under the accrual model. |
Grants received relating to revenue are recognised as income on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate. |
Grants received to give immediate financial support are recognised as income in the period in which they become receivable. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the group will continue in operation for at least 12 months from the date of approval of these financial statements. |
In reaching their conclusion, the directors have considered their current trading information and their cashflows that cover a period of no less than 12 months from the date of approval. The company has maintained significant liquid balances as demonstrated by the balance sheet position at the year end with with to continual operationally for a period of no less than 12 months from the date of approval of the financial statements. |
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Trade and other debtors are recognised at the transaction price and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and for an integral part of the Company's cash management. |
Creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of the discounting would be immaterial, in which care they were stated at cost. |
Finance costs |
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loan from bank and investments in non puttable ordinary shares. |
Debt instruments (other than those repayable or receivable within one year), including loan and other amounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised rate using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangement of a short term instrument constitute a financing transaction, like the payment of a trade debts deferred beyond normal business terms or financial at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate of interest, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at the amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at each of the reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
30.9.24 | 30.9.23 |
£ | £ |
United Kingdom | 18,060,264 | 22,263,027 |
Europe | 428,154 | 386,071 |
18,488,418 | 22,649,098 |
4. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries | 4,165,431 | 3,838,699 |
Social security costs | 337,641 | 301,533 |
Other pension costs | 163,921 | 190,014 |
4,666,993 | 4,330,246 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Office & management | 20 | 22 |
Distribution | 13 | 11 |
Production | 108 | 103 |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration | 30,200 | 21,360 |
Directors' pension contributions to money purchase schemes | 60,000 | 60,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets | 669,560 | 708,451 |
Loss on disposal of fixed assets | - | 12,239 |
Audit fees | 21,000 | 20,000 |
Grant income recognised | (14,203 | ) | (27,389 | ) |
R&D expenditure | 74,499 | 104,167 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Bank loan interest | - | 130 |
Mortgage | 6,698 | 120,609 |
Other interest | - | 9,256 |
Hire purchase | - | 19 |
6,698 | 130,014 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax | 540,999 | 795,621 |
Over provision prior years | (40,682 | ) | (40,590 | ) |
Total current tax | 500,317 | 755,031 |
Deferred tax: |
Accelerated capital allowances | (7,445 | ) | 12,012 |
Other timing difference | 3,326 | - |
Over provision prior years | (27,647 | ) | - |
Total deferred tax | (31,766 | ) | 12,012 |
Tax on profit | 468,551 | 767,043 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax | 1,875,572 | 3,540,458 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
468,893 |
885,115 |
Effects of: |
Expenses not deductible for tax purposes | 8,952 | 761 |
Adjustments to tax charge in respect of previous periods | (40,682 | ) | (40,590 | ) |
Capital items expensed | - | 29,307 |
Depreciation on ineligibles | 59,035 | 59,037 |
deferred tax |
ineligibles |
Profits taxed at lower rate | - | (108,156 | ) |
Enhanced capital allowances | - | (2,555 | ) |
Capital allowances | - | 635 |
property |
Prior year overprovision of deferred tax | (27,647 | ) | (56,511 | ) |
Total tax charge | 468,551 | 767,043 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
30.9.24 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (110,677 | ) | - | (110,677 | ) |
Reduction in share capital | 32,565 | - | 32,565 |
(78,112 | ) | - | (78,112 | ) |
30.9.23 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (110,678 | ) | - | (110,678 | ) |
Reduction in share capital | 32,565 | - | 32,565 |
(78,113 | ) | - | (78,113 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
Interim dividends of £1,142,070 (2023: £708,000) were paid on Ordinary shares of £1 each in Peter Ramsey & Sons Limited. |
Interim dividends of £45,000 (2023: £65,000) were paid on Ordinary B shares of £1 each in Peter Ramsey & Sons (Denholme) Limited. |
Following the year end the Directors proposed dividends of £110,000 to be paid on 1 November 2024, £268,500 to be paid on 2 January 2025 and £294,500 to be paid on 7 April 2025 from Peter Ramsey & Sons Limited. |
10. | GOVERNMENT GRANTS RECEIVED |
During the year, the company declared |
the following grant income |
30.09.24 | 30.09.23 |
£ | £ |
Amortisation of capital grants | 14,203 | 16,389 |
Computer and telephone grant | 11,000 |
14,203 | 27,389 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Leasehold |
Freehold | property | Plant and |
property | improvement | machinery |
£ | £ | £ |
COST |
At 1 October 2023 | 9,513,286 | 344,085 | 4,382,632 |
Additions | - | - | 357,814 |
At 30 September 2024 | 9,513,286 | 344,085 | 4,740,446 |
DEPRECIATION |
At 1 October 2023 | 875,589 | 91,756 | 2,433,707 |
Charge for year | 190,266 | 45,878 | 338,406 |
At 30 September 2024 | 1,065,855 | 137,634 | 2,772,113 |
NET BOOK VALUE |
At 30 September 2024 | 8,447,431 | 206,451 | 1,968,333 |
At 30 September 2023 | 8,637,697 | 252,329 | 1,948,925 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 841,720 | 70,067 | 15,151,790 |
Additions | - | - | 357,814 |
At 30 September 2024 | 841,720 | 70,067 | 15,509,604 |
DEPRECIATION |
At 1 October 2023 | 480,071 | 47,093 | 3,928,216 |
Charge for year | 90,413 | 4,597 | 669,560 |
At 30 September 2024 | 570,484 | 51,690 | 4,597,776 |
NET BOOK VALUE |
At 30 September 2024 | 271,236 | 18,377 | 10,911,828 |
At 30 September 2023 | 361,649 | 22,974 | 11,223,574 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Motor | Computer |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
PROVISIONS |
At 1 October 2023 |
and 30 September 2024 | 141,096 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.9.24 | 30.9.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.9.24 | 30.9.23 |
£ | £ |
Aggregate capital and reserves |
13. | STOCKS |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Stocks | 820,809 | 942,476 |
Work-in-progress | 71,308 | 70,780 |
Finished goods | 751,804 | 660,182 |
1,643,921 | 1,673,438 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Trade debtors | 2,437,194 | 2,571,786 |
Amounts owed by group undertakings | - | - |
Other debtors | 504 | 504 |
Prepayments | 161,415 | 182,844 |
2,599,113 | 2,755,134 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 9,402 |
Trade creditors | 846,176 | 1,176,045 |
Amounts owed to group undertakings | - | - |
Tax | 78,472 | 283,158 |
Social security and other taxes | 69,586 | 155,420 |
VAT | 341,931 | 440,665 | 64,738 | - |
Other creditors | 24,103 | 23,007 |
Accrued expenses | 386,714 | 441,719 |
1,746,982 | 2,529,416 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans (see note 17) | - | 325,039 |
Deferred government grant | 92,722 | 105,067 | - | - |
92,722 | 430,106 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 9,402 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 10,104 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 35,070 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 279,865 | - | 279,865 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans | - | 334,441 |
The bank has a debenture dated the 22nd May 2003 on all assets of the company together with a legal charge on the freehold properties at Whitehead Business Park, Wellington Street and Mount Street. |
Peter Ramsey & Sons (Denhlome) Limited has provided a guarantee of £7,000,000 on behalf of Peter Ramsey & Sons Limited. |
The bank loan is repayable by 30th September 2041, the loan bears interest at 2.05% above the Base Rate. |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
19. | FINANCIAL INSTRUMENTS |
30.9.24 | 30.09.23 |
£ | £ |
Carrying amount of financial assets |
Debt instruments measured at amortised cost | 2,598,609 | 2,754,630 |
Carrying amount of financial liabilities |
Measured at amortised cost | 1,349,714 | 1,745,837 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 453,976 | 484,691 |
Other timing differences | (2,102 | ) | (1,051 | ) | - | - |
451,874 | 483,640 | 18,668 | 40,238 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 483,640 |
Provided during year | (7,445 | ) |
Pensions not paid | 3,326 |
Prior year over provision | (27,647 | ) |
Balance at 30 September 2024 | 451,874 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Credit to Income Statement during year | ( |
) |
Prior year over provision | (13,654 | ) |
Balance at 30 September 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | £1 | 687,410 | 719,975 |
(30.9.23 - 719,975 ) |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
21. | CALLED UP SHARE CAPITAL - continued |
A company buy-back of ordinary shares classes "C" and "D" took place on 8th April 2024 followed by a Group restructure on 28th June 2024 following which a new parent company, Ramsey Group Timber Holdings Limited, was formed and became the new ultimate parent of the Group. |
The changes in share capital, following the buy back of shares was as follows:- |
2024 | 2023 |
Ordinary shares of £1 each class A | 46,246 | 46,246 |
Ordinary shares of £1 each class C | 0 | 16,297 |
Ordinary shares of £1 each class D | 0 | 16,298 |
Ordinary shares of £1 each class E | 242,305 | 242,305 |
Ordinary shares of £1 each class F | 242,305 | 242,305 |
Ordinary shares of £1 each class I | 78,277 | 78,277 |
Ordinary shares of £1 each class J | 78,277 | 78,277 |
687,410 | 719,975 |
Following the restructure on 28th June 2024, and reclassification of some shares, the share capital looked as follows:- |
2024 |
Ordinary shares of £1 each class A | 46,246 |
Ordinary shares of £1 each class B | 122,305 |
Ordinary shares of £1each class C | 122,305 |
Ordinary shares of £1 each class D | 396,554 |
687,410 |
The Ordinary shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital. |
22. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2023 | 12,431,889 | 204,939 | 12,636,828 |
Profit for the year | 1,399,210 | 1,399,210 |
Dividends | (1,187,070 | ) | (1,187,070 | ) |
Purchase of own shares | (110,677 | ) | 32,565 | (78,112 | ) |
At 30 September 2024 | 12,533,352 | 237,504 | 12,770,856 |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
22. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2023 | 8,410,485 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (110,677 | ) | 32,565 | (78,112 | ) |
At 30 September 2024 | 8,416,268 |
As detailed in note 21, the company affected a buy back of all the Class "C" and "D" shares by special resolution dated 8th April 2024.. The subsequent Own Share Purchase Agreement was dated 8th April 2024. and the 32,565 combined shares were cancelled. |
23. | NON-CONTROLLING INTERESTS |
All amounts shown in the balance sheet are attributable to equity interests. |
24. | PENSION COMMITMENTS |
The trading subsidiary company, operates a defined contribution stakeholder pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £103,921 (2023: £90,014). |
Contributions totalling £22,090 (2023: £21,717) were payable to the fund at the year end. |
The company, operates a defined contribution stakeholder pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £60,000 (2023: £100,000). |
There were no contributions payable to the fund at the year end. |
25. | CAPITAL COMMITMENTS |
30.9.24 | 30.9.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | 273,000 | 220,000 |
26. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £394,000 (2023 - £495,500) were paid to the directors . |
Emoluments of directors and other members of key management amounted to £134,946 (2023: £106,650 ). |
Peter Ramsey & Sons Limited (Registered number: 04586797) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2024 |
26. | RELATED PARTY DISCLOSURES - continued |
Entities over which the entity has control, joint control or significant influence |
30.9.24 | 30.9.23 |
£ | £ |
Management charges incurred | 605,520 | 605,520 |
Rent charges | 709,621 | 707,258 |
Purchases from | 67,820 | 71,695 |
Dividends received | 600,000 | 3,000,000 |
Amount due from related party | - | 47,585 |
Amount due to related party | 358 | - |
Key management personnel of the entity or its parent (in the aggregate) |
30.9.24 | 30.9.23 |
£ | £ |
Amount due from related party | 5,068 | 5,068 |
Other related parties |
30.9.24 | 30.9.23 |
£ | £ |
Sales | - | 23,333 |
Amount due from related party | - | 28,000 |
27. | ULTIMATE CONTROLLING PARTY |
The company is under the ultimate control of the J W R Ramsey and J M S Ramsey via their ownership of Ramsey Timber Group Holdings Limited. |
28. | ULTIMATE PARENT COMPANY |
Ramsey Timber Group Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
Incorporated on the 10th June 2024 to affect the restructure. It will not form part of the consolidation for this accounting year. |