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Registered number: 00769845













Ramside Estates Limited

Annual report

30 November 2024




 
Ramside Estates Limited
 
 
Company information


Directors
J R Adamson 
M E Adamson 
H Roseberry 




Registered number
00769845



Registered office
Ramside Hall Hotel
Carrville

Durham

DH1 1TD




Independent auditor
UNW LLP
Chartered Accountants

Citygate

St James' Boulevard

Newcastle upon Tyne

NE1 4JE





 
Ramside Estates Limited
 

Contents



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Directors' responsibilities statement
 
 
5
Independent auditor's report to the members of Ramside Estates Limited
 
 
6 - 9
Statement of comprehensive income
 
 
10
Balance sheet
 
 
11
Statement of changes in equity
 
 
12
Notes to the financial statements
 
 
13 - 28


 
Ramside Estates Limited
 
 
Strategic report
Year ended 30 November 2024

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

Principal activities

The principal activity of the company during the year was the management of hotel operations.

Business review
 
The company delivered a healthy financial performance during the year, with revenues rising to £37 million, representing a £1.5 million increase on the previous year. This growth was primarily driven by improvements in room rates and food & beverage income.
Continued investment across the estate has remained a core focus, ensuring the business meets evolving customer needs and maintains competitiveness within the hospitality sector.
In June 2024, the company commenced a significant capital development project at Ramside Golf Club. This new Golf Entertainment Centre represents a strategic diversification of the company’s leisure offering and will include:

A 40-bay, two-floor Top Tracer driving range
• A six-lane indoor bowling alley
• A sports bar equipped with interactive games, including darts, shuffleboards, pool tables, and multiple    large screens for live sports
• A new Golf Academy with short game practice areas, a coaching centre, a new retail outlet, and a     dedicated golf function space

This development, with a projected cost exceeding £6 million, is scheduled for completion by September 2025.
Simultaneously, the company is undertaking a £1 million upgrade of the Cathedral golf course, aimed at enhancing its standard and long-term appeal. This work will complete by mid-August 2025, with full reopening expected in June 2026 following course establishment.
 
Principal risks and uncertainties
 
The company operates in a dynamic environment and is subject to several financial and strategic risks. Key uncertainties include:

• Macroeconomic pressures: Inflationary pressures and their knock-on effects on consumer confidence and  operational costs remain a concern, in line with broader UK business challenges.
• Local market competition: The growth in hotel room supply within the region poses a competitive threat.    The company actively monitors this and responds with continuous service and product improvements,    supported by regular capital expenditure and refurbishment.
• Cost inflation: The increase in the National Minimum Wage and supplier pricing pressures have materially   impacted operational costs.
To manage these risks, the company maintains robust financial oversight, including regular cash flow forecasting and a prudent borrowing structure with a mix of fixed and floating rate arrangements.
 
1

 
Ramside Estates Limited
 

Strategic report (continued)
Year ended 30 November 2024

Key performance indicators
 
Revenue: £37 million (increase of £1.5 million on the prior year)
• Profit Before Tax: £3.1 million (increase of £0.9 million)
• Cash at Bank: Over £15 million
• Capital Expenditure: £3.7m in year, with a total of £7m expected for current developments on completion.
The increase in profit was partly driven by the reversal of prior-year bad debt provisions that did not materialise.
While wage inflation impacted profits by approximately £1 million, proactive management reviews of cost and revenue areas enabled the company to maintain overall profit margins.
To support the golf development, a new £2 million loan facility was secured during the year.
The current strong cash position reflects both careful cash management and earmarking of funds for strategic capital developments, including the proposed major expansion of Hardwick Hall Hotel.

Future developments

The directors remain confident in the business’ long-term prospects. The completion of the Golf Entertainment Centre and Cathedral course upgrades will enhance the company's leisure offering, supporting customer acquisition and retention.
In addition, plans are progressing for further strategic investment at Hardwick Hall Hotel, which is expected to form a major part of the company’s next phase of expansion.

Directors' statement of compliance with duty to promote the success of the company
 
The directors have a duty to promote the success of the company for the benefit of all key stakeholders.  
Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business reflects positively on the already high regard in which we are held.  
The company is aware of its responsibility to the local community and the environment, raising funds for local charities is something we have a strong history with. Elsewhere the company is looking for ways of reducing energy consumption/environmental impact through the investment in new, more efficient technology.
The ultimate aim is to increase the value of the business through building lasting relationships with our partners and creating opportunities for employees to achieve their potential.


This report was approved by the board on 27 August 2025 and signed on its behalf by:






J R Adamson
Director

2

 
Ramside Estates Limited
 

 
Directors' report
Year ended 30 November 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Results and dividends

The profit for the year, after taxation, amounted to £2,048,727 (2023: £1,513,223).

The directors do not recommend a final dividend in respect of the year. 

Directors

The directors who served during the year and up to the date of approving the financial statements were:

J R Adamson 
M E Adamson 
H Roseberry 

Engagement with employees

The company is committed to the development of employee consultation and thereby to the greater involvement of employees in its operations. Consultation is achieved through informal briefing sessions and discussions with groups of employees. 

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled person should, as far as possible, be identical to that of a person who is fortunate enough not to suffer from a disability. 

Greenhouse gas emissions and energy consumption

The company's greenhouse gas emissions and energy consumption for the year ended 30th November 2024 are summarised below. 

The annual emissions in tonnes of carbon dioxide equivalent from purchased electricity by the company for its own use is 2,801teCO2e (2023: 2,449teCO2e). 

The energy consumed from activities involving the combustion of gas or the consumption of fuel and electricity purchased by the company for its own use in mWh is 15,261 mWh (2023: 13,614 mWh). 
Reporting methodology
The above energy consumption of our core business operations has been calculated in accordance with the international GHG Reporting Protocol guidance. 

Matters covered in the Strategic report

Future developments, which would otherwise be disclosed in the directors' report, are instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006. 

3

 
Ramside Estates Limited
 

 
Directors' report (continued)
Year ended 30 November 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office. 

This report was approved by the board on 27 August 2025 and signed on its behalf by:
 





J R Adamson
Director

4

 
Ramside Estates Limited
 
 
Directors' responsibilities statement
Year ended 30 November 2024

The directors are responsible for preparing the strategic report, the directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

5

 
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Independent auditor's report to the members of Ramside Estates Limited

Opinion


We have audited the financial statements of Ramside Estates Limited ('the company') for the year ended 30 November 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 'Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


6

 
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Independent auditor's report to the members of Ramside Estates Limited (continued)

Other information


The other information comprises the information included in the annual report other than the financial statements and  our auditor's report thereon.  The directors are responsible for the other information contained within the annual report.  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. 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 course of 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.


Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


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 directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement set out on page 5, 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 is 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.


7

 
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Independent auditor's report to the members of Ramside Estates Limited (continued)

Auditor's 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 an auditor's report 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. 
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 auditor's report.


Extent to which the audit was considered capable of detecting irregularities, including fraud
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
We obtain and update our understanding of the company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the company is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. 
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pension legislation and UK tax legislation. In addition, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We also evaluated managements’ 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 inappropriate journal entries to manipulate financial results, management bias in accounting estimates, as well as improper revenue recognition which includes fraudulent posting of journal entries to revenue. 
 
8

 
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Independent auditor's report to the members of Ramside Estates Limited (continued)

Audit procedures performed by the engagement team included:
• Inquiry of management and those charged with governance regarding actual and potential litigation or    claims, any potential non-compliance with laws and regulations, as well as whether they have knowledge
          of any actual, suspected or alleged fraud;
•  Reviewing the financial statement disclosures and testing to supporting documentation to assess     compliance with applicable laws and regulations;
•  Identifying journal entries based on risk criteria and testing the identified entries to supporting     documentation, in particular journal entries with unusual account combinations; and
•  Challenging assumptions and judgments made by management in their significant accounting estimates    and evaluating whether there was any evidence of bias by the directors that represented a risk of material 
 misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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 2006Our 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 an auditor's report 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.






Nicola Coleman BSc(Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne

27 August 2025
9

 
Ramside Estates Limited
 
 
Statement of comprehensive income
Year ended 30 November 2024

2024
2023
Note
£
£

  

Profit and loss account
  

Turnover
 5 
37,159,024
35,634,220

Cost of sales
  
(6,891,945)
(6,713,397)

Gross profit
  
30,267,079
28,920,823

Administrative expenses
  
(29,272,332)
(27,168,737)

Exceptional administrative income
 14 
1,026,606
-

Other operating income
 6 
421,000
212,105

Operating profit
 7 
2,442,353
1,964,191

Interest receivable and similar income
 11 
602,325
479,245

Interest payable and similar charges
 12 
(415,304)
(205,081)

Profit before tax
  
2,629,374
2,238,355

Tax on profit
 13 
(580,647)
(725,132)

Profit for the financial year
  
2,048,727
1,513,223

There was no other comprehensive income for 2024 (2023£nil). 

The notes on pages 13 to 28 form part of these financial statements.

10

 
Ramside Estates Limited


Balance sheet
At 30 November 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
31,009,793
29,030,200

Investments
 16 
17,997
17,997

  
31,027,790
29,048,197

Current assets
  

Stocks
 17 
338,828
274,011

Debtors
 18 
6,623,845
6,167,503

Cash at bank and in hand
  
15,644,878
13,293,455

  
22,607,551
19,734,969

Creditors: amounts falling due within one year
 19 
(12,382,593)
(10,857,289)

Net current assets
  
 
 
10,224,958
 
 
8,877,680

Total assets less current liabilities
  
41,252,748
37,925,877

Creditors: amounts falling due after more than one year
 20 
(4,117,904)
(2,959,370)

Provisions for liabilities
  

Deferred tax
 24 
(2,372,023)
(2,252,413)

Net assets
  
34,762,821
32,714,094


Capital and reserves
  

Called up share capital 
 25 
10,000
10,000

Share premium account
 26 
3,960
3,960

Profit and loss account
 26 
34,748,861
32,700,134

Total equity
  
34,762,821
32,714,094


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.




J R Adamson
Director

Company registered number: 00769845
The notes on pages 13 to 28 form part of these financial statements. 

11

 
Ramside Estates Limited
 

Statement of changes in equity
Year ended 30 November 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
10,000
3,960
31,186,911
31,200,871



Profit and total comprehensive income for the year
-
-
1,513,223
1,513,223



At 1 December 2023
10,000
3,960
32,700,134
32,714,094



Profit and total comprehensive income for the year
-
-
2,048,727
2,048,727


At 30 November 2024
10,000
3,960
34,748,861
34,762,821


The notes on pages 13 to 28 form part of these financial statements.

12

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

1.


General information

Ramside Estates Limited ('the company') is engaged in the management of hotel operations. 
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England. The address of the registered office is Ramside Hall Hotel, Carrville, Durham, DH1 1TD.

2.


Statement of compliance

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.  

3.Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

 
3.1

Basis of preparation

These financial statements are the company's separate financial statements. The company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the basis that it is itself a subsidiary undertaking and is included in the consolidated financial statements of its parent undertaking, Ramside Holdings Limited, whose registered office is the same as this company, given in the company information page of these financial statements.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest £.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.

  
3.2

Reduced disclosures

FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity and has taken advantage of the exemptions relating to disclosure of key management personnel compensation and the preparation of a cash flow statement and related notes.  The consolidated financial statements of Ramside Holdings Limited include the equivalent disclosures and a consolidated cash flow statement and related notes.

13

 
Ramside Estates Limited
 

 
Notes to the financial statements
Year ended 30 November 2024

3.Accounting policies (continued)

  
3.3

Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the company can continue in operational existence for the foreseeable future. The company meets its working capital requirements through its cash resources and operating cashflows supported by funding facilities and shareholder financial support. The directors have considered the position of the company at the year end, its recent trading performance and forecasts over a period of at least 12 months from the date of the signing these financial statements which show the company has sufficient assets to enable it to meet its liabilities as they fall due. 
As a result of this process, at the time of approving the financial statements, the directors are of the opinion that it is appropriate to adopt the going concern basis of preparation of the financial statements.

 
3.4

Revenue recognition

Turnover
Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax.
Turnover is recognised as goods and services are provided. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Interest income 
Interest income is recognised on an accruals basis.
Grant income
Government grants are recognised on the accruals basis. Grants relating to assets are recognised in the profit and loss account over the expected life of the asset. Other grants are recognised in the profit and loss account over the same periods in which the related costs are recognised. Grant monies received but deferred to future periods are included on the balance sheet as deferred income.

  
3.5

Employee benefits

Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee’s entitlement to the benefit accrues.  
Defined contribution pension plan
The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

14

 
Ramside Estates Limited
 

 
Notes to the financial statements
Year ended 30 November 2024

3.Accounting policies (continued)

  
3.6

Taxation

The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account.
Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods, and arises from ‘timing differences’ (where transactions or events are included in the financial statements in periods different from those in which they are assessed for tax).  Deferred tax is recognised in respect of all timing differences, except that 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing differences.

  
3.7

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price plus any further costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows:
  Freehold property   - 2% straight line
  Leasehold property   - shorter of 2% straight line or lease term
  Motor vehicles   - 25% straight line
  Fixtures and fittings  - 15% to 33% straight line
  Assets under construction  - not depreciated until brought into operational use
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.

  
3.8

Leases

Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the company similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future lease obligations are recorded as liabilities, and the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of charge on the remaining balance of the liability.
Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis.

15

 
Ramside Estates Limited
 

 
Notes to the financial statements
Year ended 30 November 2024

3.Accounting policies (continued)

 
3.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
3.10

Fixed asset investments

Investments in subsidiary undertakings are measured at cost less accumulated impairment losses. 

 
3.11

Stocks

Stocks are stated at the lower of cost or estimated selling price less costs to complete and sell. Cost is determined using the first-in first-out (FIFO) method and includes the purchase price (including taxes and duties) and transport and handling costs directly attributable to bringing the stock to its present location. Provision is made as necessary for damaged, obsolete or slow-moving items.

 
3.12

Financial instruments

The company only enters into financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.  
Debt instruments are measured initially at the transaction price and subsequently at amortised cost using the effective interest method.
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.


4.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonably under the circumstances.
Significant judgments in applying the entity's accounting policies
In preparing these financial statements the directors do not consider there were any significant areas of judgment that were required in applying the company's accounting policies as set out above.
Key sources of estimation and uncertainty
Estimates included within these financial statements include depreciation, and asset impairments (for example provisions against stock and debtors). None of the estimates made in the  preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


5.


Turnover

The whole of the turnover is attributable to the one principal activity of the company. All turnover arose within the United Kingdom. 

16

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

6.


Other operating income

2024
2023
£
£

Other operating income
421,000
212,105



7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,725,413
2,251,745

Operating lease rentals
404,255
467,500

(1,321,158)
(1,784,245)


8.


Auditor's remuneration

2024
2023
£
£


Fees payable to the company's auditor for the audit of the company's annual financial statements
27,500
26,000


The company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.

17

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
13,532,097
11,736,815

Social security costs
1,125,654
830,989

Cost of defined contribution pension scheme
299,236
281,486

14,956,987
12,849,290


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management and administrative
69
70



Hotel and bar
575
606

644
676


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,358,404
394,493

Company contributions to defined contribution pension schemes
82,560
80,000

1,440,964
474,493


During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,154,442 (2023: £187,710).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023: £nil).


11.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
602,325
479,245

18

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

12.


Interest payable and similar charges

2024
2023
£
£


Bank interest payable
393,814
175,083

Finance leases and hire purchase contracts
21,490
8,585

Other interest payable
-
21,413

415,304
205,081


13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
402,354
647,502

Adjustments in respect of previous periods
58,683
68,808


Total current tax
461,037
716,310

Deferred tax


Origination and reversal of timing differences
199,271
42,802

Changes to tax rates
-
3,700

Adjustment in respect of previous periods
(79,661)
(37,680)

Total deferred tax
119,610
8,822


Taxation on profit on ordinary activities
580,647
725,132
19

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,629,374
2,238,355


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
657,344
515,066

Effects of:


Expenses not deductible for tax purposes
180,154
144,638

Income not taxable
(256,652)
-

Adjustments to tax charge in respect of prior periods
(20,978)
31,128

Tax rate changes
-
3,700

Effects of group relief
(64,229)
-

Transfer pricing adjustments
85,008
30,600

Total tax charge for the year
580,647
725,132


Factors that may affect future tax charges

There are no factors which are expected to significantly affect future tax charges.


14.


Exceptional items

2024
2023
£
£


Reversal of bad debt provision
(1,026,606)
-

20

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

15.


Tangible fixed assets





Freehold property
Leasehold property
Motor vehicles
Fixtures and fittings
Assets under construction

£
£
£
£
£



Cost


At 1 December 2023
30,195,557
2,310,444
1,544,907
12,143,867
1,350,556


Additions
49,075
-
135,098
648,221
2,881,495


Disposals
-
(8,883)
-
-
-


Transfers between classes
-
332,706
-
171,395
(504,101)



At 30 November 2024

30,244,632
2,634,267
1,680,005
12,963,483
3,727,950



Depreciation and impairment


At 1 December 2023
7,024,230
558,158
1,544,907
9,175,905
211,931


Charge for the year
560,634
241,428
11,802
911,549
-



At 30 November 2024

7,584,864
799,586
1,556,709
10,087,454
211,931



Net book value



At 30 November 2024
22,659,768
1,834,681
123,296
2,876,029
3,516,019



At 30 November 2023
23,171,327
1,752,286
-
2,967,962
1,138,625
21

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

           15.Tangible fixed assets (continued)


Total

£



Cost


At 1 December 2023
47,545,331


Additions
3,713,889


Disposals
(8,883)


Transfers between classes
-



At 30 November 2024

51,250,337



Depreciation and impairment


At 1 December 2023
18,515,131


Charge for the year
1,725,413



At 30 November 2024

20,240,544



Net book value



At 30 November 2024
31,009,793



At 30 November 2023
29,030,200

Fixtures and fittings and motor vehicles include assets held under finance leases or hire purchase contracts with a net book value of £317,297 (2023: £237,424).

22

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 December 2023 and 30 November 2024
17,997





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

Beyond Leisure Limited
Leisure industry
Ordinary
100%
Colonel Porters Emporium Limited
Leisure industry
Ordinary
100%
R.C.S. (1996) Limited
Dormant company
Ordinary
100%

All subsidiaries were incorporated in England and Wales. The address of the registered office of each subsidiary is the same as the company, given in the company information page of these financial statements.


17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
338,828
274,011


Stocks are stated after provisions for impairment of £nil (2023: £nil). The impairment charge recognised during the year in relation to stocks was £nil (2023: £nil).

23

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

18.


Debtors

2024
2023
£
£


Trade debtors
1,044,452
785,038

Amounts owed by group undertakings
5,063,889
4,481,699

Other debtors
137,628
248,459

Prepayments and accrued income
319,497
652,307

Corporation tax
58,379
-

6,623,845
6,167,503


Trade debtors are stated after provisions for impairment of £2,876 (2023: £2,876). The bad debt expense for the year was £nil (2023: £nil).
Amounts owed by group undertakings are interest-free and repayable on demand.


19.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans (note 21)
1,000,064
938,037

Trade creditors
2,640,260
1,979,489

Amounts owed to group undertakings
1,104
1,104

Corporation tax
-
571,298

Other taxation and social security
1,122,293
936,732

Net obligations under finance lease and hire purchase contracts (note 22)
69,555
73,403

Other creditors
1,367,882
948,403

Accruals and deferred income
6,181,435
5,408,823

12,382,593
10,857,289


Amounts owed to group undertakings are interest-free and payable on demand.


20.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans (note 21)
3,811,942
2,753,072

Net obligations under finance leases and hire purchase contracts (note 23)
305,962
206,298

4,117,904
2,959,370


24

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,000,064
938,037


Amounts falling due 2-5 years

Bank loans
3,811,942
2,753,072


4,812,006
3,691,109


Bank loan 1 totalling £1,882,912 (2023: £2,442,187). This bank loan accrues interest at 2.15% per annum over the Bank of England base rate and is repayable in monthly installments of £53,797 (2023: £53,797), exclusive of interest. 
Bank loan 2 totalling £429,032 (2023: £718,960). This loan accrues interest at 2.10% per annum over the Bank of England base rate and is repayable in monthly installments of £22,182.
Bank loan 3 totalling £500,062 (2023: £529,962). This loan accrues interest at 2.15% per annum above the Bank of England base rate and is repayable in monthly installments of £5,836. 
Bank loan 4 totalling £2,000,000 (2023: £nil). This loan accrues interest at 2.30% per annum above the Bank of England base rate and is repayable in monthly installments of £14,706.
The bank loans are secured first by a legal mortgage over the freehold property of Ramside Holdings Limited and Ramside Estates Limited, There is also a debenture comprising fixed and floating charges over all other current and future assets of Ramside Estates Limited, and an unlimited cross guarantee across Ramside Holdings Limited, Ramside Estates Limited, Colonel Porters Emporium Limited, and Beyond Leisure Limited.


22.


Contingent liabilities

The group companies comprising Ramside Holdings Limited, Ramside Estates Limited, Beyond Leisure Limited and Colonel Porters Emporium Limited are party to a cross-company guarantee to collectively guarantee payment of their indebtedness to the bank. At the balance sheet date, the contingent liability (bank debts of the group companies) was £4,812,006 (2023: £3,691,109).

25

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

23.


Finance leases and hire purchase contracts


Minimum lease payments under finance leases and hire purchase contracts fall due as follows:

2024
2023
£
£


Within one year
109,494
83,384

Between 1-5 years
324,289
229,731

Less: future interest charges
(58,267)
(33,318)

Carrying amount of liability
375,516
279,797

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.


24.


Deferred taxation




2024
2023


£

£






At beginning of year
2,252,413
2,243,590


Charged to the profit and loss account
119,610
8,823



At end of year
2,372,023
2,252,413

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
2,381,457
2,260,851

Short term timing differences
(9,434)
(8,438)

2,372,023
2,252,413

26

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

25.


Share capital

2024
2023
£
£
Shares classified as equity
 
Allotted, called up and fully paid



10,000 (2023: 10,000) Ordinary shares of £1.00 each
10,000
10,000


There is a single class of ordinary shares. There are no restrictions on the distribution of dividends or the repayment of capital.



26.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares, net of issue costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.


27.


Pension commitments

The company operates a defined contribution 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 £299,236 (2023: £201,486). Contributions totalling £37,736 (2023: £33,753) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 30 November 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
313,934
308,934

After one year and before five years
721,832
963,633

Later than 5 years
65,000
130,417

1,100,766
1,402,984

27

 
Ramside Estates Limited
 
 

Notes to the financial statements
Year ended 30 November 2024

29.


Related party transactions

The company has taken advantage of the exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned members of the group.
During the year, £325,000 (2023: £325,000) was payable to entities under common control consisting of rent costs. At 30 November 2024, £nil (2023: £24,600) is included within creditors.
Included within other debtors is a balance of £nil (2023: £50,000) owing by one of the directors. Interest is being charged at 2.25%. The 2023 debtor was fully repaid in the year. 


30.


Ultimate parent company and controlling party

The ultimate controlling party is the Adamson family, by virtue of its majority shareholding in the ultimate parent undertaking, Ramside Holdings Limited.
The ultimate parent undertaking and the only company to consolidate these financial statements is Ramside Holdings Limited. Copies of Ramside Holdings Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

28