Company No:
Contents
| Note | 30.11.2024 | 31.08.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 4,328 | 7,286 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand | 5 |
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| 507,922 | 193,004 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 67,446 | 85,762 | ||
| Total assets less current liabilities | 71,774 | 93,048 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8, 9 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of RAM Engineering And Tooling Ltd. (registered number:
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Ross Alexander Milne
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
RAM Engineering And Tooling Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Lsr Engineering, Orchardbank Industrial Estate, Forfar, DD8 1TD, United Kingdom.
The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statements cover the 15 months from 01 September 2023 to 30 November 2024. The comparative financial statements cover a 12 month period to 31 August 2023 and as such, the comparatives are not directly comparable.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue is recognised on an accruals basis.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
| Vehicles |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
| Period from 01.09.2023 to 30.11.2024 |
Year ended 31.08.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including the director |
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| Vehicles | Office equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 September 2023 |
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| Additions |
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| At 30 November 2024 |
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| Accumulated depreciation | |||||
| At 01 September 2023 |
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| Charge for the financial period |
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| At 30 November 2024 |
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| Net book value | |||||
| At 30 November 2024 | 3,191 | 1,137 | 4,328 | ||
| At 31 August 2023 | 4,641 | 2,645 | 7,286 |
| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other debtors |
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| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Included in other creditors is an unsecured loan of £100,000.
| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Other creditors |
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| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Deferred tax |
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| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| At the beginning of financial period/year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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| At the end of financial period/year | (
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| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
| 30.11.2024 | 31.08.2023 | ||
| £ | £ | ||
| Amounts due from key management personnel at the reporting end date | 86,145 | 113,576 |
During the year advances of £25,716 were made to the director with repayments received of £53,458. Interest was charged at 2.25%. There are no fixed repayment dates.