IRIS Accounts Production v25.1.3.33 01691258 Board of Directors Board of Directors 1.12.23 30.11.24 30.11.24 Medium entities Timber importers and specialist wood machinists true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01691258 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2024

for

Ramsay Timber Limited

Ramsay Timber Limited (Registered number: 01691258)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Ramsay Timber Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mrs K Ramsay
Mr J R Ramsay
Mrs N K Lindley





REGISTERED OFFICE: Skull House Lane
Appley Bridge
Wigan
Lancashire
WN6 9DR





REGISTERED NUMBER: 01691258 (England and Wales)





AUDITORS: Langricks (Holmfirth) Limited, Statutory Auditor
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

Ramsay Timber Limited (Registered number: 01691258)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
The company's principal business activity continued to be timber importers and specialist wood machinists for the industry.
The financial results for the year are set out on page 9. During the year the business has suffered a reduction in gross margin and profit, this results from falling timber prices and the current economic climate.
The shareholders' funds of the company are £6.7m which is an increase of £0.1m.
Revenue of £15.8m is consistent with the prior year and gross profit of £3.9m a decrease of £0.2m on the results for the previous year.
The directors are satisfied with the performance of the company, and the company will continue to invest in plant and machinery to further increase production capacity and efficiency, and solar energy to further reduce costs and benefit the environment.

KEY PERFORMANCE INDICATORS
KPIs are used to help the directors monitor the performance of the business. These include:


2024 2023 2022
£m £m £m
Revenue 15.8 15.8 17.9
Gross profit margin 25.0% 26.1% 28.4%
PBT 1.3 1.7 2.4




The directors consider the above to be appropriate to the size of the Company and supplement the KPIs with additional information as required.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors' continually assess the risks and uncertainties to the business. The following risks may have an impact upon its future performance:

UK ECONOMY
The company's turnover wholly relates to the UK. As such any downturn in the economy could impact upon the financial performance of the company. The company has invested extensively in its site which has increased efficiencies. The directors' are confident that the company is in a strong position to respond to any changes within the UK economy.

FINANCIAL RISK
The company continues to monitor its credit risk by carrying out credit checks and carefully monitoring credit levels. Debts are carefully managed and collected on a timely basis. The company reduces its risk of bad debts using credit insurance.

FUTURE DEVELOPMENTS
The recent investment in new machinery and buildings have placed the company in an excellent position to continue growing. The company has increased racking levels enabling it to stock a greater volume of product.


Ramsay Timber Limited (Registered number: 01691258)

Strategic Report
for the Year Ended 30 November 2024

FINANCIAL INSTRUMENTS
The company has normal levels of exposure to credit, price, interest rate, exchange rates, liquidity and cash flow risks arising from its normal trading.

ON BEHALF OF THE BOARD:





Mrs N K Lindley - Director


25 June 2025

Ramsay Timber Limited (Registered number: 01691258)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 were £900,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mrs K Ramsay
Mr J R Ramsay
Mrs N K Lindley

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations or expenditure made during the year.

DISCLOSURE IN THE STRATEGIC REPORT
The company has in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 set out in the company's strategic report the information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would prior to the introduction of these regulations be included in the directors report under the headings for business review and financial risk management objectives and policies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 company'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 company's auditors are aware of that information.

Ramsay Timber Limited (Registered number: 01691258)

Report of the Directors
for the Year Ended 30 November 2024


AUDITORS
The auditors, Langricks (Holmfirth) Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs N K Lindley - Director


25 June 2025

Report of the Independent Auditors to the Members of
Ramsay Timber Limited

Opinion
We have audited the financial statements of Ramsay Timber Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 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 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
Ramsay Timber Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

The risk of detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or override of internal controls.
Our procedures included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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
Ramsay Timber 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.




Christopher Langrick (Senior Statutory Auditor)
for and on behalf of Langricks (Holmfirth) Limited, Statutory Auditor
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

25 June 2025

Ramsay Timber Limited (Registered number: 01691258)

Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 15,840,119 15,842,790

Cost of sales (11,885,808 ) (11,701,741 )
GROSS PROFIT 3,954,311 4,141,049

Distribution costs (40,396 ) (34,656 )
Administrative expenses (2,546,884 ) (2,411,002 )
OPERATING PROFIT 4 1,367,031 1,695,391

Interest receivable and similar income 12,891 12
1,379,922 1,695,403

Interest payable and similar expenses 5 (45,670 ) (28,205 )
PROFIT BEFORE TAXATION 1,334,252 1,667,198

Tax on profit 6 (330,864 ) (452,545 )
PROFIT FOR THE FINANCIAL YEAR 1,003,388 1,214,653

Ramsay Timber Limited (Registered number: 01691258)

Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

PROFIT FOR THE YEAR 1,003,388 1,214,653


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,003,388

1,214,653

Ramsay Timber Limited (Registered number: 01691258)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 3,701,923 3,064,785

CURRENT ASSETS
Stocks 10 2,278,870 2,250,183
Debtors 11 2,826,117 2,630,451
Cash at bank and in hand 1,641,763 1,632,084
6,746,750 6,512,718
CREDITORS
Amounts falling due within one year 12 (2,296,253 ) (2,097,792 )
NET CURRENT ASSETS 4,450,497 4,414,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,152,420

7,479,711

CREDITORS
Amounts falling due after more than one
year

13

(936,121

)

(528,668

)

PROVISIONS FOR LIABILITIES 16 (478,888 ) (317,020 )
NET ASSETS 6,737,411 6,634,023

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 6,737,311 6,633,923
SHAREHOLDERS' FUNDS 6,737,411 6,634,023

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




Mr J R Ramsay - Director



Mrs N K Lindley - Director


Ramsay Timber Limited (Registered number: 01691258)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 6,069,270 6,069,370

Changes in equity
Dividends - (650,000 ) (650,000 )
Total comprehensive income - 1,214,653 1,214,653
Balance at 30 November 2023 100 6,633,923 6,634,023

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 1,003,388 1,003,388
Balance at 30 November 2024 100 6,737,311 6,737,411

Ramsay Timber Limited (Registered number: 01691258)

Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,851,632 1,824,973
Interest paid (350 ) -
Interest element of hire purchase
payments paid

(45,320

)

(28,205

)
Tax paid (340,382 ) (150,065 )
Net cash from operating activities 1,465,580 1,646,703

Cash flows from investing activities
Purchase of tangible fixed assets (43,010 ) (40,231 )
Sale of tangible fixed assets 6,000 26,950
Interest received 12,891 12
Net cash from investing activities (24,119 ) (13,269 )

Cash flows from financing activities
Hire purchase capital repayments in year (394,116 ) (277,893 )
Amount introduced by directors 10,700 -
Amount withdrawn by directors (1,048,366 ) (1,274,613 )
Net cash from financing activities (1,431,782 ) (1,552,506 )

Increase in cash and cash equivalents 9,679 80,928
Cash and cash equivalents at
beginning of year

2

1,632,084

1,551,156

Cash and cash equivalents at end of
year

2

1,641,763

1,632,084

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.24 30.11.23
£    £   
Profit before taxation 1,334,252 1,667,198
Depreciation charges 409,087 420,902
Profit on disposal of fixed assets (6,000 ) (44,290 )
Finance costs 45,670 28,205
Finance income (12,891 ) (12 )
1,770,118 2,072,003
(Increase)/decrease in stocks (28,687 ) 15,127
(Increase)/decrease in trade and other debtors (195,666 ) 103,132
Increase/(decrease) in trade and other creditors 305,867 (365,289 )
Cash generated from operations 1,851,632 1,824,973

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 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 1,641,763 1,632,084
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,632,084 1,551,156


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 1,632,084 9,679 1,641,763
1,632,084 9,679 1,641,763
Debt
Finance leases (796,320 ) (609,100 ) (1,405,420 )
(796,320 ) (609,100 ) (1,405,420 )
Total 835,764 (599,421 ) 236,343

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

4. MAJOR NON-CASH TRANSACTIONS

Dividends amounting to £900,000 were credited to the directors loan account.

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Ramsay Timber Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of the revenue can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% - 10% on cost
Plant and machinery - 12.5% - 20 % on cost
Motor vehicles - 12.5% - 20 % on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 2,510,651 2,213,496
Other pension costs 67,022 63,403
2,577,673 2,276,899

The average number of employees during the year was as follows:
30.11.24 30.11.23

Sales 9 10
Administration 11 8
Direct 41 43
61 61

30.11.24 30.11.23
£    £   
Directors' remuneration 259,334 208,116
Directors' pension contributions to money purchase schemes 20,178 22,290

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
30.11.24 30.11.23
£    £   
Emoluments etc 126,312 82,376
Pension contributions to money purchase schemes 10,084 10,000

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
£    £   
Hire of plant and machinery 51,091 36,814
Other operating leases 117,000 134,667
Depreciation - owned assets 188,077 175,142
Depreciation - assets on hire purchase contracts 221,011 245,760
Profit on disposal of fixed assets (6,000 ) (44,290 )
Auditors' remuneration 13,230 12,600
Foreign exchange differences 24 (401 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Interest on overdue taxation 350 -
Hire purchase 45,320 28,205
45,670 28,205

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 168,995 375,533

Deferred tax 161,869 77,012
Tax on profit 330,864 452,545

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION - continued

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:

30.11.24 30.11.23
£    £   
Profit before tax 1,334,252 1,667,198
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

333,563

416,800

Effects of:
Expenses not deductible for tax purposes 6,762 -
Capital allowances in excess of depreciation (171,330 ) (6,207 )
Effect of changes in the rate of taxation - (35,061 )
Deferred tax charge for the year 161,869 77,013
Total tax charge 330,864 452,545

7. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary shares of £1 each
Interim 900,000 650,000

8. FINANCIAL INSTRUMENTS

The company has chosen to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS I02 in respect of all of its financial instruments.

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 December 2023 421,664 1,985,909 2,261,471
Additions - - 796,506
Disposals - - -
At 30 November 2024 421,664 1,985,909 3,057,977
DEPRECIATION
At 1 December 2023 - 476,063 1,217,929
Charge for year - 35,196 298,953
Eliminated on disposal - - -
At 30 November 2024 - 511,259 1,516,882
NET BOOK VALUE
At 30 November 2024 421,664 1,474,650 1,541,095
At 30 November 2023 421,664 1,509,846 1,043,542

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2023 387,030 87,318 5,143,392
Additions 226,250 23,470 1,046,226
Disposals (73,035 ) - (73,035 )
At 30 November 2024 540,245 110,788 6,116,583
DEPRECIATION
At 1 December 2023 321,746 62,869 2,078,607
Charge for year 45,791 29,148 409,088
Eliminated on disposal (73,035 ) - (73,035 )
At 30 November 2024 294,502 92,017 2,414,660
NET BOOK VALUE
At 30 November 2024 245,743 18,771 3,701,923
At 30 November 2023 65,284 24,449 3,064,785

Included in cost of land and buildings is freehold land of £ 421,664 (2023 - £ 421,664 ) which is not depreciated.

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 988,156 143,495 1,131,651
Additions 796,506 226,250 1,022,756
Transfer to ownership - (50,000 ) (50,000 )
At 30 November 2024 1,784,662 319,745 2,104,407
DEPRECIATION
At 1 December 2023 213,382 72,171 285,553
Charge for year 193,726 27,285 221,011
Transfer to ownership - (50,000 ) (50,000 )
At 30 November 2024 407,108 49,456 456,564
NET BOOK VALUE
At 30 November 2024 1,377,554 270,289 1,647,843
At 30 November 2023 774,774 71,324 846,098

10. STOCKS
30.11.24 30.11.23
£    £   
Stocks 2,278,870 2,250,183

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 2,764,198 2,520,358
Other debtors 26 64,500
Prepayments 61,893 45,593
2,826,117 2,630,451

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 14) 469,299 267,652
Trade creditors 1,219,353 1,058,123
Tax 51,455 222,842
Social security and other taxes 63,903 61,239
VAT 350,668 209,014
Other creditors 13,627 17,033
Directors' current accounts 10,632 148,298
Accrued expenses 117,316 113,591
2,296,253 2,097,792

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 14) 936,121 528,668

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 469,299 267,652
Between one and five years 936,121 528,668
1,405,420 796,320

Non-cancellable operating leases
30.11.24 30.11.23
£    £   
Within one year 37,815 12,771
Between one and five years 55,918 -
In more than five years 93,733 -
187,466 12,771

15. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Hire purchase contracts 1,405,420 796,320

The company's bankers National Westminster Bank Plc hold security over its loan and banking facilities in the form of a legal charge over land at Dawber Delph, off Skull House Lane and a debenture over all assets of the company.

Hire purchase agreements are secured on the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 478,888 317,020

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2023 317,020
Provided during year 161,868
Balance at 30 November 2024 478,888

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 December 2023 6,633,923
Profit for the year 1,003,388
Dividends (900,000 )
At 30 November 2024 6,737,311

19. CAPITAL COMMITMENTS
30.11.24 30.11.23
£    £   
Contracted but not provided for in the
financial statements - 226,000

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
Mr J R Ramsay
Balance outstanding at start of year - -
Amounts advanced - 750,377
Amounts repaid - (750,377 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Ramsay Timber Limited (Registered number: 01691258)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

21. RELATED PARTY DISCLOSURES

The company is related to the directors, and during the year the directors introduced £910,700 and withdrew £1,048,366. The company also paid dividends amounting to £459,000 to the directors during the year under review.
At 30 November 2024 £10,632 (2023: £148,298) was owed by the company to the directors, and is included within creditors.

22. POST BALANCE SHEET EVENTS

Following the end of the accounting period the directors have declared interim dividends amounting to £92,000.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs K Ramsay.