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Registered number: 06311789
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Ramside Holdings Limited
Annual report
30 November 2024
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Company information
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Contents
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Directors' responsibilities statement
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Independent auditor's report to the members of Ramside Holdings Limited
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Consolidated profit and loss account
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Consolidated analysis of net debt
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Notes to the financial statements
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Group strategic report
Year ended 30 November 2024
The directors present their strategic report for the year ended 30 November 2024.
The principal activity of the group during the year was the management of hotel operations and public houses.
The group's annual accounts for the 2024 financial year, indicate a healthy financial performance with revenues increased on the previous year.
There has been a continued focus on investing across the estate, meeting customer needs and ensuring the business remains competitive in the market. Some major projects this year include:
• A 40-bay, two-floor Toptracer 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
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The group is exposed to a number of financial risks which result from its operating activities. There are several risks to implementing the group's strategy, many of these are in common with most UK businesses with regards inflation and their impact on the national and local economy.
The group monitors specific risks in relation to the growth of hotel rooms in the local area and ensures that strategies are developed to react. These include incorporating a program of constant improvement of our products and services to meet customer expectations and the group allocates significant spend each year on capital and refurbishment projects to mitigate these risks.
The directors and managers always seek to mitigate the effects of risk. A flexible approach to borrowing is maintained using fixed and floating rates of interest and regular cash flow forecasting.
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Group strategic report (continued)
Year ended 30 November 2024
Financial key performance indicators
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The group delivered a strong financial performance during the year, achieving total revenues of £41.7m, an increase of £1.7m compared with the previous year. Profit before tax reduced to £2.3m from £2.9m, primarily due to higher operating costs.
Key cost increases included:
• Wages and salaries, which rose by £1m, largely driven by the increase in the National Minimum Wage.
• Estate repairs, which increased by £0.2m as we continued to invest in maintaining and enhancing our properties.
Through proactive management of both costs and revenues, the group successfully preserved overall gross profit margins.
Despite these additional costs, the group continues to maintain a robust cash position, with balances exceeding £17m. This strong liquidity reflects disciplined cash management and the deliberate allocation of funds for future strategic capital projects, including the planned major expansion of Hardwick Hall Hotel.
The directors remain confident in the business’s long-term prospects. The completion of the Golf Entertainment Centre and Cathedral course upgrades will enhance the group'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 group's next phase of expansion.
Directors' statement of compliance with duty to promote the success of the group
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The directors have a duty to promote the success of the group 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 group 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 group 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:
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Directors' report
Year ended 30 November 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
The profit for the year, after taxation, amounted to £1,474,751 (2023: £1,996,936).
The directors do not recommend a final dividend in respect of the year.
The directors who served during the year and up to the date of approving the financial statements were:
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 group continues and the appropriate training is arranged. It is the policy of the group 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
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The group's greenhouse gas emissions and energy consumption for the year are summarised below.
The annual emissions in tonnes of carbon dioxide equivalent from purchased electricity for its own use is 2,886teCO2e (2023: 2,579teCO2e).
The energy consumed from activities involving the combustion of gas or the consumption of fuel and electricity purchased by the group for its use in mWh is 15,725 mWh (2023: 14,055 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 group strategic report
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Future developments, which would otherwise be disclosed in the directors' report, is instead disclosed in the
strategic report, as permitted by s414C(11) of the Companies Act 2006.
Disclosure of information to auditor
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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 and the group'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 and the group's auditor is aware of that information.
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Directors' report (continued)
Year ended 30 November 2024
Post balance sheet events
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There have been no significant events affecting the group or company since the year end.
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:
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Directors' responsibilities statement
Year ended 30 November 2024
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make 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 group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of Ramside Holdings Limited
We have audited the financial statements of Ramside Holdings Limited ('the parent company') and its subsidiaries ('the group') for the year ended 30 November 2024, which comprise the group profit and loss account, the group and company balance sheets, the group and company statement of changes in equity, the group statement of cash flows, the group analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the group's and of the parent company's affairs as at 30 November 2024 and of the group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 group 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
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Ramside Holdings Limited (continued)
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
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group 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
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In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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Independent auditor's report to the members of Ramside Holdings Limited (continued)
Responsibilities of directors
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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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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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 group, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group 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 group, 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 group 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.
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Independent auditor's report to the members of Ramside Holdings Limited (continued)
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.
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.
This report is made solely to the company's members 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 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 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
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Consolidated profit and loss account
Year ended 30 November 2024
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Interest receivable and similar income
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Interest payable and similar charges
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated profit and loss account.
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The notes on pages 18 to 33 form part of these financial statements.
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Consolidated balance sheet
At 30 November 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.
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Company balance sheet
At 30 November 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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The company made a profit of £nil (2023: £nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.
Company registered number: 06311789
The notes on pages 18 to 33 form part of these financial statements.
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Consolidated statement of changes in equity
Year ended 30 November 2024
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Capital redemption reserve
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Profit and total comprehensive income for the year
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Profit and total comprehensive income for the year
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Shares cancelled during the year
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The notes on pages 18 to 33 form part of these financial statements.
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Company statement of changes in equity
Year ended 30 November 2024
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Capital redemption reserve
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Profit and total comprehensive income for the year
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Profit and total comprehensive income for the year
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Shares cancelled during the year
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The notes on pages 18 to 33 form part of these financial statements.
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Consolidated statement of cash flows
Year ended 30 November 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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(Increase)/decrease in stocks
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Decrease/(increase) in debtors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Proceeds from disposal of tangible fixed assets
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Net cash from investing activities
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Consolidated statement of cash flows (continued)
Year ended 30 November 2024
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Cash flows from financing activities
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Repayment of finance leases
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Consolidated analysis of net debt
Year ended 30 November 2024
The notes on pages 18 to 33 form part of these financial statements.
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Notes to the financial statements
Year ended 30 November 2024
Ramside Holdings Limited ('the company') and its subsidiaries (together 'the group') are engaged in the management of hotel operations and public houses.
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is Ramside Hall Hotel, Carrville, County Durham, DH1 1TD.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard application 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.
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Basis of preparation of financial statements
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These financial statements comprise the consolidated (group) financial statements and the company's separate financial statements. However, as permitted by section 408 of the Companies Act 2006, the separate profit and loss account of the company is not presented.
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 pound.
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.
FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity in respect of its separate (non-group) financial statements and has taken advantage of the exemptions relating to disclosure of key management personnel compensation and the preparation of a cash flow statement and associated notes. A consolidated cash flow statement, associated notes and consolidated disclosures are included in these financial statements.
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Notes to the financial statements
Year ended 30 November 2024
3.Accounting policies (continued)
The group meets its working capital requirements through its operating cash flows, supported by bank loans. Further details of which are provided in the notes to these financial statements.
The directors have prepared financial forecasts which indicate that the group will maintain sufficient financial headroom and cash reserves to enable it to continue meeting its liabilities as they fall due in the normal course of business, for at least the next twelve months following approval of these financial statements.
After making enquiries, the directors have a reasonable expectation that the group has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings as if they formed a single entity. Intercompany transactions and balances are therefore eliminated in full.
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. Revenue 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.
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 group 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 group in independently administered funds.
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Notes to the financial statements
Year ended 30 November 2024
3.Accounting policies (continued)
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. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax.
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 timing differences.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities acquired. It is amortised to the profit and loss account over its estimated economic life of ten years.
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Tangible fixed assets and depreciation
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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
Short term 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.
20
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Notes to the financial statements
Year ended 30 November 2024
3.Accounting policies (continued)
Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the group 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.
In the company balance sheet, investments in subsidiary undertakings are measured at cost less accumulated impairment losses.
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.
The group and company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities such as trade and other debtors and creditors, cash and bank balances and loans to or from related parties.
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.
21
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Notes to the financial statements
Year ended 30 November 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 reasonable 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 other significant areas of judgment that were required in applying the group'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.
The whole of the turnover is attributable to the one principal activity of the group. All turnover arose within the United Kingdom.
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The operating profit is stated after charging:
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Amortisation of intangible assets (included within administrative expenses)
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Depreciation of tangible fixed assets
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Other operating lease rentals
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22
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Notes to the financial statements
Year ended 30 November 2024
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Fees payable to the group's auditor for the audit of the group's annual financial statements
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Fees payable to the group's auditor and its associates in respect of:
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Taxation compliance services
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution pension scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administrative
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The company has no employees other than the directors, who did not receive any remuneration (2023: £nil).
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23
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Notes to the financial statements
Year ended 30 November 2024
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £1,154,442 (2023: £187,710).
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The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023: £nil).
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Interest payable and similar charges
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Finance leases and hire purchase contracts
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24
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Notes to the financial statements
Year ended 30 November 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of previous periods
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Effect of changes in tax rates
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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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:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
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Expenses not deductible for tax purposes
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Deferred tax not recognised
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Effects of changes in tax rate
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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25
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Notes to the financial statements
Year ended 30 November 2024
13.Taxation (continued)
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Factors that may affect future tax charges
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There are no factors which are expected to significantly affect future tax charges.
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At 1 December 2023 and 30 November 2024
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The company has no intangible fixed assets (2023: £nil).
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26
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Notes to the financial statements
Year ended 30 November 2024
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Assets under constru-ction
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Transfers between classes
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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).
The company has no tangible fixed assets (2023: £nil).
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27
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Notes to the financial statements
Year ended 30 November 2024
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Investments in subsidiary companies
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At 1 December 2023 and 30 November 2024
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The company owns 100% of the ordinary share capital in the following companies:
Name Business Country of incorporation
Ramside Estates Limited Leisure industry England and Wales
Beyond Leisure Limited* Leisure industry England and Wales
Colonel Porters Emporium Limited* Leisure industry England and Wales
R.C.S. (1996) Limited* Dormant company England and Wales
* Indirect holding via Ramside Estates Limited
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.
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Finished goods and goods for resale
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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).
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28
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Notes to the financial statements
Year ended 30 November 2024
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Prepayments and accrued income
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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).
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Net obligations under finance lease and hire purchase contracts (note 22)
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts (note 22)
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Accruals and deferred income
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29
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Notes to the financial statements
Year ended 30 November 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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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 a rolling credit facility.
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.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Less: future interest charges
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Carrying amount of liability
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Obligations under finance lease and hire purchase contracts are secured over the assets to which the relate.
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30
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Notes to the financial statements
Year ended 30 November 2024
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Charged to the profit and loss account
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Shares classified as equity
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5,187 (2023: 5,500) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restrictions on the distribution of dividends or the repayment of capital.
During the year, the Company purchased 313 ordinary shares of £1 each for a total consideration of £500,000. These shares were subsequently cancelled and upon cancellation, the nominal value of the shares (£313) was transferred from distributable reserves to the capital redemption reserve in accordance with section 733 of the Companies Act 2006. The excess of the consideration over the nominal value (£499,687) was charged to the profit and loss account reserve.
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31
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Notes to the financial statements
Year ended 30 November 2024
Capital redemption reserve
The capital redemption reserve represents amounts transferred from distributable reserves following the purchase of the Company’s own shares. The reserve is not distributable.
Merger Reserve
The merger reserve represents the difference between the nominal value of shares issued by the company to acquire its subsidiary undertakings and the aggregate of the share capital and reserves or those subsidiaries.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
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).
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £314,392 (2023: £292,010). Contributions totalling £54,817 (2023: £35,443) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 30 November 2024 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company had no commitments under non-cancellable operating leases as at the balance sheet date.
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32
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Notes to the financial statements
Year ended 30 November 2024
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Related party transactions
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The group 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.
Key management remuneration in the year was a total of £1,292,177 (2023: £483,974).
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. The 2023 debtor was fully repaid in the year.
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The ultimate controlling party is the Adamson family, by virtue of its majority shareholding in the company.
33
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