| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 November 2024 |
| for |
| Ramsay Timber Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| 4 Greenfield Road |
| Holmfirth |
| West Yorkshire |
| HD9 2JT |
| Ramsay Timber Limited (Registered number: 01691258) |
| Income Statement |
| for the Year Ended 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,379,922 | 1,695,403 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| 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 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Ramsay Timber Limited (Registered number: 01691258) |
| Balance Sheet |
| 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| 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 |
| Interest paid | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Hire purchase capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 10,700 | - |
| Amount withdrawn by directors | (1,048,366 | ) | (1,274,613 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 45,670 | 28,205 |
| Finance income | (12,891 | ) | (12 | ) |
| 1,770,118 | 2,072,003 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Long leasehold | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| Other pension costs |
| 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 |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 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 |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Interest on overdue taxation |
| Hire purchase |
| 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 |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| 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 |
| 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 |
| Additions |
| Disposals |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 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 |
| Additions |
| Transfer to ownership | - | (50,000 | ) | (50,000 | ) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Transfer to ownership | - | (50,000 | ) | (50,000 | ) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 10. | STOCKS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Stocks |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 350,668 | 209,014 |
| Other creditors |
| Directors' current accounts | 10,632 | 148,298 |
| Accrued expenses |
| 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) |
| 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 |
| Between one and five years |
| Non-cancellable | operating leases |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 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 |
| Provided during year |
| Balance at 30 November 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.11.24 | 30.11.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 November 2024 |
| 19. | CAPITAL COMMITMENTS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| 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. |