REGISTERED NUMBER: SC298598 (Scotland)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

RAMSAY & JACKSON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

N Ramsay

W Ramsay

SECRETARY:

N Ramsay

REGISTERED OFFICE:

Knowehead Works

MAUCHLINE

Ayrshire

KA5 6EY

REGISTERED NUMBER:

SC298598 (Scotland)

AUDITORS:

Galbraith Pritchards

Chartered Accountants and Statutory Auditor

20 Barns Street

Ayr

Ayrshire

KA7 1XA

BANKERS:

Royal Bank of Scotland

96 John Finnie Street

Kilmarnock

KA1 1NY

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of the sale and maintenance of agricultural equipment.

The directors are satisfied with the financial performance for the year with profit before taxation amounting to £325,472.

Reserves of the company continue to increase with shareholders funds at 31st March 2025, amounting to £6,195,552 and cash reserves remain significant with these totalling £3,731,758.

The directors consider the results to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a competitive sector and as such margins can be put under pressure. The company has a significant presence in Ayrshire and is well placed to maintain its success.

The directors seek to control overhead costs in order to maintain the profitability of the company.

FUTURE DEVELOPMENTS

The directors will maintain the profitability, the market share and expand the markets of the company.

ON BEHALF OF THE BOARD:

N Ramsay - Secretary

26 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

An interim dividend of £0.2104 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 42,080 .

FUTURE DEVELOPMENTS

The company intends continuing to maintain its market share and expand its markets where possible.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

N Ramsay

W Ramsay

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N Ramsay - Secretary

26 November 2025

Opinion

We have audited the financial statements of Ramsay & Jackson Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to loss reserves, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alistair Campbell (Senior Statutory Auditor)

for and on behalf of Galbraith Pritchards

Chartered Accountants and Statutory Auditor

20 Barns Street

Ayr

Ayrshire

KA7 1XA

28 November 2025

TURNOVER

14,103,807

13,890,165

Cost of sales

12,159,752

11,840,088

GROSS PROFIT

1,944,055

2,050,077

Administrative expenses

1,743,566

1,505,148

OPERATING PROFIT

4

200,489

544,929

Interest receivable and similar income

124,983

112,022

PROFIT BEFORE TAXATION

325,472

656,951

Tax on profit

6

82,281

165,305

PROFIT FOR THE FINANCIAL YEAR

243,191

491,646

PROFIT FOR THE YEAR

243,191

491,646

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

243,191

491,646

FIXED ASSETS

Tangible assets

8

979,692

862,863

CURRENT ASSETS

Stocks

9

3,043,801

3,912,984

Debtors

10

1,305,250

1,235,577

Cash at bank and in hand

3,731,758

3,395,165

8,080,809

8,543,726

CREDITORS

Amounts falling due within one year

11

2,586,043

3,238,181

NET CURRENT ASSETS

5,494,766

5,305,545

TOTAL ASSETS LESS CURRENT LIABILITIES

6,474,458

6,168,408

CREDITORS

Amounts falling due after more than one year

12

(74,736

)

-

PROVISIONS FOR LIABILITIES

15

(204,170

)

(173,967

)

NET ASSETS

6,195,552

5,994,441

CAPITAL AND RESERVES

Called up share capital

16

400,000

400,000

Retained earnings

17

5,795,552

5,594,441

SHAREHOLDERS' FUNDS

6,195,552

5,994,441

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

N Ramsay - Director

W Ramsay - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

400,000

5,146,495

5,546,495

Changes in equity

Dividends

-

(43,700

)

(43,700

)

Total comprehensive income

-

491,646

491,646

Balance at 31 March 2024

400,000

5,594,441

5,994,441

Changes in equity

Dividends

-

(42,080

)

(42,080

)

Total comprehensive income

-

243,191

243,191

Balance at 31 March 2025

400,000

5,795,552

6,195,552

Cash flows from operating activities

Cash generated from operations

1

523,772

1,002,004

Tax paid

(139,909

)

(120,881

)

Net cash from operating activities

383,863

881,123

Cash flows from investing activities

Purchase of tangible fixed assets

(302,712

)

(375,367

)

Sale of tangible fixed assets

-

236,101

Interest received

124,983

112,022

Net cash from investing activities

(177,729

)

(27,244

)

Cash flows from financing activities

Capital repayments in year

170,928

(26,172

)

Amount introduced by directors

3,482

-

Amount withdrawn by directors

(1,871

)

(3,611

)

Equity dividends paid

(42,080

)

(43,700

)

Net cash from financing activities

130,459

(73,483

)

Increase in cash and cash equivalents

336,593

780,396

Cash and cash equivalents at beginning of year

2

3,395,165

2,614,769

Cash and cash equivalents at end of year

2

3,731,758

3,395,165

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/3/25

31/3/24

£

£

Profit before taxation

325,472

656,951

Depreciation charges

185,882

137,235

Profit on disposal of fixed assets

-

(103,315

)

Finance income

(124,983

)

(112,022

)

386,371

578,849

Decrease/(increase) in stocks

869,183

(905,270

)

Increase in trade and other debtors

(69,672

)

(38,839

)

(Decrease)/increase in trade and other creditors

(662,110

)

1,367,264

Cash generated from operations

523,772

1,002,004

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

3,731,758

3,395,165

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

3,395,165

2,614,769

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

3,395,165

336,593

3,731,758

3,395,165

336,593

3,731,758

Debt

Finance leases

-

(170,928

)

(170,928

)

-

(170,928

)

(170,928

)

Total

3,395,165

165,665

3,560,830

1.	STATUTORY INFORMATION

Ramsay & Jackson Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

TURNOVER

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales taxes and net of VAT.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

893,286

873,927

Social security costs

89,505

85,252

Other pension costs

198,385

109,200

1,181,176

1,068,379

The average number of employees during the year was as follows:

31/3/25

31/3/24

Management

2

2

Administration

3

3

Workshop

18

18

23

23

31/3/25

31/3/24

£

£

Directors' remuneration

111,734

113,985

Directors' pension contributions to money purchase schemes

165,200

85,200

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/25

31/3/24

£

£

Depreciation - owned assets

185,255

98,812

Depreciation - assets on hire purchase contracts

628

38,423

Profit on disposal of fixed assets

-

(103,315

)

5.	AUDITORS' REMUNERATION

31/3/25

31/3/24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,000

5,900

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/3/25

31/3/24

£

£

Current tax:

UK corporation tax

52,078

139,940

Deferred tax

30,203

25,365

Tax on profit

82,281

165,305

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/25

31/3/24

£

£

Profit before tax

325,472

656,951

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

81,368

164,238

Effects of:

Expenses not deductible for tax purposes

562

478

Capital allowances in excess of depreciation

(29,214

)

(24,695

)

Over provision

(51

)

(81

)

Deferred tax

30,203

25,365

Marginal relief

(587

)

-

Total tax charge

82,281

165,305

7.

DIVIDENDS

31/3/25

31/3/24

£

£

Ordinary shares of £1 each

Interim

42,080

43,700

8.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Motor

improvements

machinery

vehicles

Equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

209,727

876,435

580,484

21,360

1,688,006

Additions

-

271,811

28,500

2,401

302,712

At 31 March 2025

209,727

1,148,246

608,984

23,761

1,990,718

DEPRECIATION

At 1 April 2024

43,155

423,672

352,965

5,351

825,143

Charge for year

4,044

113,820

63,531

4,488

185,883

At 31 March 2025

47,199

537,492

416,496

9,839

1,011,026

NET BOOK VALUE

At 31 March 2025

162,528

610,754

192,488

13,922

979,692

At 31 March 2024

166,572

452,763

227,519

16,009

862,863

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

142,440

At 31 March 2025

142,440

DEPRECIATION

Charge for year

628

At 31 March 2025

628

NET BOOK VALUE

At 31 March 2025

141,812

9.

STOCKS

31/3/25

31/3/24

£

£

Stocks

3,043,801

3,912,984