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Registered number: 00769845
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Ramside Estates 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 Estates Limited
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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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 company during the year was the management of hotel operations.
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
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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.
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Strategic report (continued)
Year ended 30 November 2024
Key performance indicators
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•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.
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
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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:
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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 £2,048,727 (2023: £1,513,223).
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:
Engagement with employees
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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.
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
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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
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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.
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Directors' report (continued)
Year ended 30 November 2024
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'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
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There have been no significant events affecting the 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 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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of Ramside Estates Limited
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' ("United Kingdom Generally Accepted Accounting Practice").
In our opinion the financial statements:
∙give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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
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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 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 Estates 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 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
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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
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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 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.
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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
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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 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.
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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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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
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Statement of comprehensive income
Year ended 30 November 2024
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Exceptional administrative income
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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 was no other comprehensive income for 2024 (2023: £nil).
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The notes on pages 13 to 28 form part of these financial statements.
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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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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: 00769845
The notes on pages 13 to 28 form part of these financial statements.
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Statement of changes in equity
Year ended 30 November 2024
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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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The notes on pages 13 to 28 form part of these financial statements.
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Notes to the financial statements
Year ended 30 November 2024
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.
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.
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.
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.
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Notes to the financial statements
Year ended 30 November 2024
3.Accounting policies (continued)
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.
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.
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.
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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, 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.
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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
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.
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.
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Notes to the financial statements
Year ended 30 November 2024
3.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
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 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.
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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 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.
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The whole of the turnover is attributable to the one principal activity of the company. All turnover arose within the United Kingdom.
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Notes to the financial statements
Year ended 30 November 2024
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Fees payable to the company's auditor for the audit of the company's annual financial statements
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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.
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Notes to the financial statements
Year ended 30 November 2024
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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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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 3 directors (2023: 3) 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 company'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 receivable and similar income
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18
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Notes to the financial statements
Year ended 30 November 2024
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Interest payable and similar charges
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Finance leases and hire purchase contracts
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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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Adjustment in respect of previous periods
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Taxation on profit on ordinary activities
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19
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Notes to the financial statements
Year ended 30 November 2024
13.Taxation (continued)
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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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Adjustments to tax charge in respect of prior periods
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Transfer pricing adjustments
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Total tax charge for the year
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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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Reversal of bad debt provision
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20
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Notes to the financial statements
Year ended 30 November 2024
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Assets under construction
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Transfers between classes
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Depreciation and impairment
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21
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Notes to the financial statements
Year ended 30 November 2024
15.Tangible fixed assets (continued)
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Transfers between classes
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Depreciation and impairment
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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).
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22
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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 following were subsidiary undertakings of the company:
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Colonel Porters Emporium Limited
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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.
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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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23
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Notes to the financial statements
Year ended 30 November 2024
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Amounts owed by group undertakings
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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).
Amounts owed by group undertakings are interest-free and repayable on demand.
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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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Amounts owed to group undertakings are interest-free and payable on demand.
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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 23)
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24
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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 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.
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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
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Notes to the financial statements
Year ended 30 November 2024
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Finance leases and hire purchase contracts
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Minimum lease payments under finance leases and hire purchase contracts 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 they relate.
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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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26
|
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Notes to the financial statements
Year ended 30 November 2024
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Shares classified as equity
Allotted, called up and fully paid
|
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10,000 (2023: 10,000) 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.
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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.
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.
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Commitments under operating leases
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At 30 November 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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After one year and before five years
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27
|
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Notes to the financial statements
Year ended 30 November 2024
|
|
Related party transactions
|
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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.
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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
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