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Registered number: 05263607 RAM (102) LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
RAM (102) LIMITED COMPANY INFORMATION
Directors | J H Clarke
| C G Clarke
| G J Thompson-Jones
Company secretary | D Cousins
Registered number | 05263607
Registered office | Unit 1
| Hooton Road
| Ellesmere Port
| CH66 7PA
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| 3 Royal Court
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
RAM (102) LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditors' report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11 - 12
Company balance sheet | 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16 - 17
Notes to the financial statements | 18 - 44
RAM (102) LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025.
Fair review of business
The statement of comprehensive income is set out on page 10 and shows turnover for the year of £19,135,580 (2024 - £21,774,546) and a loss for the year after tax of £697,893 (2024 - £873,908). The group continues to offer multiple options and products through our highly talented and dedicated teams who deliver exceptional service and solutions to our customers. Our entities based in the UK, France, Italy and the United States of America provide us with the platform to deliver across the globe with sales to over 60 countries across 6 continents in 2025. The group continues to invest in capital expenditure to build a first-class manufacturing facility and research and development activities to be able to offer new and innovative solutions to the customers and market. In the year research and development spend was £172,923 (2024 - £217,785). Gross margin has increased to 39.6% from 33.3% in 2024. The group buys and sells in multiple currencies. Administrative expenses include foreign exchange losses of £30,626 (2024 - £99,503).
Principal risks and uncertainties
The market for the manufacture and distribution of Clay Pigeon Traps and associated products on a worldwide basis is competitive. The company is a market leader and seeks to manage the risk of losing market share to key competitors by the provision of better quality products with a wider range and market leading price competitiveness. Sales to Europe are made in euros and to the USA in US dollars. The group also purchases products from around the globe in various currencies. The group is therefore exposed to movements in exchange rates. The directors monitor the net exposure and take steps on pricing and sourcing to reduce the impact of currency movements. The main financial risks arising from the group’s activities are credit risk and exchange rate risk. These are monitored by the board of directors and were not considered to be significant at the balance sheet date. The group’s policy in respect of credit risk, is to require appropriate credit checks on potential customers before sales are made.
Other risks
Volatility in raw material pricing and significant increases in labour costs coupled with a continued shortage of skills in the market. It is the opinion of the management and the Board that the company has a level of resilience which can weather a recession (as supported by the financial modelling of different future states). Page 1
RAM (102) LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Future developments
The business plans for the group is being executed according to the respective group growth strategies and opportunities for acquisition and strategic partnerships continue to be sought to complement organic growth.
Key performance indicators
The key performance indicators for the business which include EBITDA, order book, gross margin, cash generation and market mix analysis are all very positive for the year ahead. In 2025 the group has achieved an EBITDA profit of £1,020,547 (2024 - loss £742,323). There was an overall cash outflow during the year of £366,288 (2024 - £1,173,932). This report was approved by the board and signed on its behalf.
G J Thompson-Jones Director
Date: 7 July 2026
Page 2
RAM (102) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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 for the Group's financial statements 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.
Principal activity
The principal activity of the company and group continue to be a global provider for the manufacture of clay pigeon traps, targets, and associated products to global markets.
Results and dividends
The loss for the year, after taxation, amounted to £697,893 (2024 - loss £873,908). No ordinary dividends were paid in the year.
Directors
The directors who served during the year were:
J H Clarke
C G Clarke J L H Goodhart (resigned 6 November 2025)
G J Thompson-Jones
Page 3
RAM (102) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial instruments
Credit risk Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The group is mainly exposed to credit risk from credit sales. It is group policy to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. Each new customer is analysed individually for creditworthiness before the group's standard payment and delivery terms and conditions are offered. A monthly review of the trade receivables' ageing analysis is undertaken and customers' credit is reassessed periodically. Existing customers that become "high risk" as a result of the periodic reassessment are placed on a restricted customer list and future credit sales are made only with approval of the local management, otherwise payment in advance is required.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs of working capital, finance charges and principal repayments on its debt instruments and to invest cash assets safely and profitably. Management receives cash flow projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances.
Cash flow interest rate risk
The group is exposed to cash flow interest rate risk from borrowings at a variable rate. During the periods under review, the group's borrowings at variable rate were denominated in pounds sterling.
Foreign exchange risk
Foreign exchange risk arises when individual group entities enter into transactions denominated in a currency other than their functional currency. The group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency (primarily US Dollars or Pound Sterling) with the cash generated from their own operations in that currency. The group is predominantly exposed to currency risk on sales made in US dollars.
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information. Page 4
RAM (102) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
G J Thompson-Jones Director
Date: 7 July 2026
Page 5
RAM (102) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAM (102) LIMITED
Opinion
We have audited the financial statements of RAM (102) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's loss 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 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
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. Page 6
RAM (102) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAM (102) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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
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. Page 7
RAM (102) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAM (102) LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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.
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 an Auditors' 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 Group financial statements. 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations and the UK General Data Protection Regulation (GDPR). We understood how the company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed internal records and correspondence and the results of our testing in other areas to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there may be susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. 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. 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 Auditors' report. Page 8
RAM (102) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAM (102) LIMITED (CONTINUED)
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 an Auditors' 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. Fran Johnson BSc BFP FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors 3 Royal Court Gadbrook Park Northwich Cheshire CW9 7UT 8 July 2026 Page 9
RAM (102) LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 19,135,580 | 21,774,546
Cost of sales |  | (11,555,947) | (14,526,194)
Gross profit |  | 7,579,633 | 7,248,352
Administrative expenses |  | (7,878,606) | (7,812,510)
Exceptional administrative expenses |  | - | (2,247)
Operating loss | 5 | (298,973) | (566,405)
Interest payable and similar expenses | 9 | (398,624) | (288,055)
Loss before taxation |  | (697,597) | (854,460)
Tax on loss | 10 | (296) | (19,448)
Loss for the financial year |  | (697,893) | (873,908)
Currency translation differences |  | (370,974) | (152,340)
Total comprehensive income for the year |  | (1,068,867) | (1,026,248)
The notes on pages 18 to 44 form part of these financial statements.
Page 10
RAM (102) LIMITED REGISTERED NUMBER: 05263607 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 185,553 |  | 185,593
Tangible assets | 13 |  | 1,980,866 |  | 2,773,734
|  |  | 2,166,419 |  | 2,959,327
Current assets |  |  |  |  |
Stocks | 15 | 3,712,619 |  | 3,561,530 |
Debtors: amounts falling due within one year | 16 | 3,082,848 |  | 2,888,284 |
Cash at bank and in hand | 17 | 529,203 |  | 6,618 |
|  | 7,324,670 |  | 6,456,432 |
Creditors: amounts falling due within one year | 18 | (5,741,682) |  | (4,911,401) |
Net current assets |  |  | 1,582,988 |  | 1,545,031
Total assets less current liabilities |  |  | 3,749,407 |  | 4,504,358
Creditors: amounts falling due after more than one year | 19 |  | (2,690,034) |  | (2,376,118)
Provisions for liabilities |  |  |  |  |
Other provisions | 23 | (35,717) |  | (35,717) |
|  |  | (35,717) |  | (35,717)
Net assets |  |  | 1,023,656 |  | 2,092,523
Page 11
RAM (102) LIMITED REGISTERED NUMBER: 05263607 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 10,000 |  | 10,000
Share premium account | 25 |  | 382,000 |  | 382,000
Foreign exchange reserve | 25 |  | (59,279) |  | 311,695
Profit and loss account | 25 |  | 690,935 |  | 1,388,828
|  |  | 1,023,656 |  | 2,092,523
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G J Thompson-Jones
Director
Date: 7 July 2026
The notes on pages 18 to 44 form part of these financial statements. Page 12
RAM (102) LIMITED REGISTERED NUMBER: 05263607 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 2,677,046 |  | 4,417,046
|  |  | 2,677,046 |  | 4,417,046
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 7,215 |  | 7,216 |
Cash at bank and in hand | 17 | - |  | 60 |
|  | 7,215 |  | 7,276 |
Creditors: amounts falling due within one year | 18 | (3,481,787) |  | (3,332,672) |
Net current liabilities |  |  | (3,474,572) |  | (3,325,396)
Total assets less current liabilities |  |  | (797,526) |  | 1,091,650
Creditors: amounts falling due after more than one year | 19 |  | (508,501) |  | (556,191)
Net (liabilities)/assets |  |  | (1,306,027) |  | 535,459
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 10,000 |  | 10,000
Share premium account | 25 |  | 382,000 |  | 382,000
Profit and loss account | 25 |  | (1,698,027) |  | 143,459
|  |  | (1,306,027) |  | 535,459
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G J Thompson-Jones
Director
Date: 7 July 2026
The notes on pages 18 to 44 form part of these financial statements. Page 13
RAM (102) LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2025 | 10,000 | 382,000 | 311,695 | 1,388,828 | 2,092,523
Loss for the year | - | - | - | (697,893) | (697,893)
Currency translation differences | - | - | (370,974) | - | (370,974)
Total comprehensive income for the year | - | - | (370,974) | (697,893) | (1,068,867)
At 31 December 2025 | 10,000 | 382,000 | (59,279) | 690,935 | 1,023,656
| The notes on pages 18 to 44 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 10,000 | 382,000 | 464,034 | 2,262,736 | 3,118,770
Loss for the year | - | - | - | (873,908) | (873,908)
Currency translation differences | - | - | (152,339) | - | (152,339)
Total comprehensive income for the year | - | - | (152,339) | (873,908) | (1,026,247)
At 31 December 2024 | 10,000 | 382,000 | 311,695 | 1,388,828 | 2,092,523
| The notes on pages 18 to 44 form part of these financial statements.
Page 14
RAM (102) LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 10,000 | 382,000 | 143,459 | 535,459
Loss for the year | - | - | (1,841,486) | (1,841,486)
Total comprehensive income for the year | - | - | (1,841,486) | (1,841,486)
At 31 December 2025 | 10,000 | 382,000 | (1,698,027) | (1,306,027)
| The notes on pages 18 to 44 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 10,000 | 382,000 | 188,940 | 580,940
Loss for the year | - | - | (45,481) | (45,481)
Total comprehensive income for the year | - | - | (45,481) | (45,481)
At 31 December 2024 | 10,000 | 382,000 | 143,459 | 535,459
| The notes on pages 18 to 44 form part of these financial statements.
Page 15
RAM (102) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (697,893) | (873,908)
Adjustments for: |  |
Amortisation of intangible assets | 15,191 | 170,532
Depreciation of tangible assets | 597,542 | 657,774
Loss on disposal of tangible assets | 689,835 | (47,843)
Interest paid | 461,552 | 288,055
Taxation charge | 296 | 19,448
(Increase)/decrease in stocks | (151,089) | 328,062
(Increase) in debtors | (274,542) | (29,448)
Increase/(decrease) in creditors | 1,225,491 | (1,365,357)
Corporation tax received | 12,990 | 219,028
Effect of foreign exchange rates | (335,962) | (476,273)
Net cash generated from operating activities | 1,543,411 | (1,109,930)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (2,649) | -
Purchase of tangible fixed assets | (1,045,200) | (695,155)
Sale of tangible fixed assets | 503,280 | 266,484
Net cash from investing activities | (544,569) | (428,671)
Page 16
RAM (102) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (2,503,815) | (1,193,621)
Proceeds from borrowings | 1,904,845 | 1,215,560
Repayment of/new finance leases | (304,608) | 277,014
Interest paid | (461,552) | (288,053)
Net cash used in financing activities | (1,365,130) | 10,900
Net (decrease) in cash and cash equivalents | (366,288) | (1,527,701)
Cash and cash equivalents at beginning of year | (23,586) | 1,504,115
Cash and cash equivalents at the end of year | (389,874) | (23,586)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 529,203 | 6,618
Bank overdrafts | (919,077) | (30,204)
| (389,874) | (23,586)
The notes on pages 18 to 44 form part of these financial statements.
Page 17
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
RAM (102) Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the strategic report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: • Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures; • Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; • Section 33 ‘Related Party Disclosures’: Compensation for key management personnel. The following principal accounting policies have been applied: Page 18
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.2 | Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.4 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 19
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure. Page 20
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence. Page 21
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Brand | - |  | Straight line over 6 years
|  |  |  | Intellectual property rights | - |  | Straight line over 5 years
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 20% | per annum on cost
|  |  |  | Long-term leasehold property | - | 20% | straight line
|  |  |  | Short-term leasehold property | - | 10% | per annum on cost, or over the lease term if shorter
|  |  |  | Plant and machinery | - | 15% | - 25% per annum on cost
|  |  |  | Motor vehicles | - | 25% | per annum on cost
|  |  |  | Fixtures and fittings | - | 20% | per annum on cost
|  |  |  | Other fixed assets | - | 20% | per annum on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 22
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
| 2.13 | Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Page 23
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 24
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Basic financial liabilities 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 25
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
| 2.18 | Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
| 2.19 | Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Page 26
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Leases Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. The total of tangible fixed assets held under hire purchase agreements is disclosed in note 14 and the value of hire purchase liabilities is disclosed in note 22 to these financial statements. Impairment Determine whether there are indicators of impairment of the group's tangible and intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. There are no impairments against tangible and intangible fixed assets at the current or comparative balance sheet date. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Intangible fixed assets Intangible assets are amortised over their useful lives taking into account residual values, where appropriate. The expected useful life of the intellectual property rights are reviewed annually taking into account their contribution to the order book and the revenue and profits which the intellectual property rights are providing to the company. The net book value of intangible fixed assets is disclosed in note 14 to these financial statements. Tangible fixed assets Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The expected useful life of the assets are reviewed annually taking into account their contribution to the order book and the revenue and profits which the assets are providing to the company. The net book value of tangible fixed assets is disclosed in note 14 to these financial statements. Page 27
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Judgments in applying accounting policies (continued) Stocks Where appropriate, slow moving stocks are written down to their net realisable value. The assessment of net realisable value takes account of factors such as the availability of outlet channels and the value realised, historically, for similar products at that stage of their life cycle. At the balance sheet date an impairment against stocks of £441,275 (2024 - £314,423) is recognised. Debtors In assessing the provision for doubtful debts, factors taken into account include debtors' age profile, their historical payment performance and available credit data. The value of doubtful debt provisions in these financial statements is £50,187 (2024 - £166,701).
4. | Turnover
The whole of the turnover is attributable to the principal activity. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,443,772 | 6,808,659
| Rest of Europe | 3,328,641 | 4,228,856
| Rest of the world | 10,363,167 | 10,737,031
|  | 19,135,580 | 21,774,546
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 172,923 | 217,785
| Exchange differences | 30,626 | 99,503
| Other operating lease rentals | 160,267 | 231,470
| Amortisation of intangible fixed assets | 15,191 | 151,462
| Depreciation of owned tangible fixed assets | 597,542 | 657,774
| (Profit)/loss on disposal of of owned tangible fixed assets | 690,908 | (47,843)
Page 28
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit of the financial statements of the group and company | 3,200 | 4,000
| Audit of the financial statements of the company's subsidiaries | 43,450 | 40,900
| Auditor remuneration for non-audit services to the group and company for the year were £25,025 (2024 - £23,790).
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 4,402,322 | 5,056,137
| Social security costs | 475,881 | 505,070
| Cost of defined contribution scheme | 151,189 | 143,423
|  | 5,029,392 | 5,704,630
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 58 | 76
|  | Sales | 9 | 6
|  | Management and administration | 23 | 31
|  |  | 90 | 113
Page 29
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 270,569 | 321,565
| Group contributions to defined contribution pension schemes | 7,150 | 9,068
|  | 277,719 | 330,633
| During the year retirement benefits were accruing to 1 director (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £228,735 (2024 - £162,766).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,150 (2024 - £6,539).
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 70,666 | 27,907
| Other loan interest payable | 324,760 | 255,999
| Finance leases and hire purchase contracts | 3,198 | 4,149
|  | 398,624 | 288,055
Page 30
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | 296 | 8,792
|  | 296 | 8,792
| Foreign tax |  |
| Foreign tax on income for the year | - | 89,262
|  | - | 89,262
| Total current tax | 296 | 98,054
| Deferred tax |  |
| Origination and reversal of timing differences | - | (78,606)
| Total deferred tax | - | (78,606)
| Tax on loss | 296 | 19,448
Page 31
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (697,597) | (854,460)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (174,399) | (213,615)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25,900 | 135,972
| Capital allowances for year in excess of depreciation | 18,366 | 81,244
| Adjustments to tax charge in respect of prior periods | 296 | -
| Book profit on chargeable assets | (2,856) | -
| Double taxation relief | (15,498) | (113,189)
| Foreign tax adjustment | - | 15,629
| Adjustment for unpaid interest | - | 589
| Unrelieved tax losses carried forward | 148,487 | 260,134
| Utilisation of tax losses | - | (147,316)
| Total tax charge for the year | 296 | 19,448
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Exceptional costs
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group restructure | - | 2,247
| Exceptional administrative expenses of £2,247 in the prior year relate to a group restructure in order to close down dormant group companies and simplify the reporting obligations of the RAM (102) Limited group.
Page 32
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Intangible assets
| Group and Company
|  | Patents | Trademarks | Goodwill | Negative goodwill | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 103,657 | 3,009,663 | 1,991,806 | (174,066) | 4,931,060
| Additions | 2,649 | - | - | - | 2,649
| Foreign exchange movement | - | - | 16,667 | - | 16,667
| At 31 December 2025 | 106,306 | 3,009,663 | 2,008,473 | (174,066) | 4,950,376
| Amortisation |  |  |  |  |
| At 1 January 2025 | 103,656 | 3,009,663 | 1,719,179 | (87,031) | 4,745,467
| Charge for the year on owned assets | 80 | - | 32,217 | (17,106) | 15,191
| Foreign exchange movement | (3) | - | 4,168 | - | 4,165
| At 31 December 2025 | 103,733 | 3,009,663 | 1,755,564 | (104,137) | 4,764,823
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,573 | - | 252,909 | (69,929) | 185,553
| At 31 December 2024 | 1 | - | 272,627 | (87,035) | 185,593
Page 33

|  | RAM (102) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 13. | Tangible fixed assets
|  | Group
|  | Freehold property | Long-term leasehold property | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Other fixed assets | Total
|  | £ | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |  |
| At 1 January 2025 | 218,315 | 384,983 | 761,050 | 3,690,680 | 1,335,858 | 722,307 | 1,174,341 | 8,287,534
| Additions | 67,301 | 617,146 | - | 1,749 | 98,153 | 62,990 | 197,861 | 1,045,200
| Disposals | - | (132,135) | - | (2,603,219) | (644,240) | (467) | (329,008) | (3,709,069)
| Exchange adjustments | 11,644 | (15,775) | - | 4,628 | (35,095) | (6,486) | (84,000) | (125,084)
| At 31 December 2025 | 297,260 | 854,219 | 761,050 | 1,093,838 | 754,676 | 778,344 | 959,194 | 5,498,581
| Depreciation |  |  |  |  |  |  |  |
| At 1 January 2025 | 96,655 | 89,874 | 581,216 | 2,603,169 | 1,124,145 | 631,425 | 387,316 | 5,513,800
| Charge for the year on owned assets | 45,019 | 21,175 | 62,914 | 95,795 | 86,695 | 30,821 | 255,123 | 597,542
| Disposals | - | (38,064) | - | (1,664,327) | (611,556) | (272) | (201,735) | (2,515,954)
| Exchange adjustments | 5,685 | (11,786) | - | 2,181 | (29,769) | (8,783) | (35,201) | (77,673)
| At 31 December 2025 | 147,359 | 61,199 | 644,130 | 1,036,818 | 569,515 | 653,191 | 405,503 | 3,517,715
Page 34

|  | RAM (102) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tangible fixed assets (continued)
| Net book value |  |  |  |  |  |  |  |
| At 31 December 2025 | 149,901 | 793,020 | 116,920 | 57,020 | 185,161 | 125,153 | 553,691 | 1,980,866
| At 31 December 2024 | 121,660 | 295,109 | 179,834 | 1,087,511 | 211,713 | 90,882 | 787,025 | 2,773,734
Page 35

RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 17,535 | 67,571
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 4,417,046
| At 31 December 2025 | 4,417,046
| Impairment |
| Charge for the period | 1,740,000
| At 31 December 2025 | 1,740,000
| Net book value |
| At 31 December 2025 | 2,677,046
| At 31 December 2024 | 4,417,046
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RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Promatic Holdings Limited | Unit 1 Hooton Road, Hooton, Ellesmere Port CH66 7PA | Ordinary | 100%
| Clark Clay Industries Limited | Unit 1 Hooton Road, Hooton, Ellesmere Port CH66 7PA | Ordinary | 100%
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Promatic International Limited | Unit 1 Hooton Road, Hooton, Ellesmere Port CH66 7PA | Ordinary | 100%
| Promatic Inc | 801 Mid America Drive, Plattsburg, MO 64477, USA | Ordinary | 100%
| Promatic France SAS | La Croix De Glatigny, Zone Artisanale, 61250, Lonrai, France | Ordinary | 100%
| Elettronica Progetti s.r.l. | Via Oros SNC, 00071 Pomezia (RM) Italy | Ordinary | 100%
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 1,554,134 | 438,175
| Finished goods and goods for resale | 2,158,485 | 3,123,355
|  | 3,712,619 | 3,561,530
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
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RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,161,969 | 2,052,543 | - | -
| Other debtors | 156,762 | 167,879 | - | 1
| Prepayments and accrued income | 242,432 | 222,557 | - | -
| Tax recoverable | 76,380 | - | - | -
| Deferred taxation | 445,305 | 445,305 | 7,215 | 7,215
|  | 3,082,848 | 2,888,284 | 7,215 | 7,216
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 529,203 | 6,618 | - | 60
| Less: bank overdrafts | (919,077) | (30,204) | - | -
|  | (389,874) | (23,586) | - | 60
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 919,077 | 30,204 | - | -
| Bank loans < 1 yr | 1,253,976 | 1,501,899 | 44,890 | 41,250
| Deferred consideration | 87,154 | 82,740 | - | -
| Trade creditors | 1,269,356 | 1,864,870 | - | -
| Amounts owed to group undertakings | - | - | 3,240,697 | 3,162,422
| Corporation tax | - | 35,109 | - | -
| Other taxation and social security | 170,783 | 144,623 | - | -
| Obligations under finance lease and hire purchase contracts | 58,225 | 78,384 | - | -
| Other creditors | 1,153,764 | 512,932 | 196,200 | 109,000
| Accruals and deferred income | 829,347 | 660,640 | - | 20,000
|  | 5,741,682 | 4,911,401 | 3,481,787 | 3,332,672
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RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 2,479,004 | 1,582,924 | 508,501 | 556,191
| Other loans | - | 110,979 | - | -
| Payments received on account | - | 82,740 | - | -
| Net obligations under finance leases and hire purchase contracts | 26,378 | 310,377 | - | -
| Other creditors | 184,652 | 289,098 | - | -
|  | 2,690,034 | 2,376,118 | 508,501 | 556,191
Borrowings are subject to the following securities in place: Debenture comprising fixed and floating charges over all the assets and the undertakings of Clark Clay Industries Limited and RAM (102) Limited included all present and future leasehold property, book and other debts, chattels and goodwill and uncalled capital, both present and future. The first legal mortgage is included above the Clark Clay Industries Limited leasehold portfolio. Unlimited Composite Company Guarantee have been given by Clark Clay Industries Limited and RAM (102) Limited to secure all liabilities of each other. Page 39
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 1,253,976 | 1,501,899 | 44,890 | 41,250
|  | 1,253,976 | 1,501,899 | 44,890 | 41,250
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 2,479,004 | 1,582,924 | 508,501 | 556,191
|  | 2,479,004 | 1,582,924 | 508,501 | 556,191
| Amounts falling due after more than 5 years |  |  |  |
| Other loans | - | 110,979 | - | -
|  | - | 110,979 | - | -
|  | 3,732,980 | 3,195,802 | 553,391 | 597,441
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 58,225 | 78,384
| Between 1-5 years | 26,378 | 310,377
|  | 84,603 | 388,761
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RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 445,305
| At end of year | 445,305
| Company
|  | 2025
|  | £
| At beginning of year | 7,215
| At end of year | 7,215
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 70,290 | 70,290 | - | -
| Tax losses carried forward | 375,015 | 375,015 | 7,215 | 7,215
|  | 445,305 | 445,305 | 7,215 | 7,215
23. | Provisions
| Group
|  | Deferred tax provision
|  | £
| At 1 January 2025 | 35,717
| At 31 December 2025 | 35,717
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RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary Shares of £0.10 each shares of £0.10 each | 10,000 | 10,000
25. | Reserves
Share premium account The share premium reserve includes the premium on issue of equity shares, net of any issue costs. Profit and loss account The profit and loss reserve represents cumulative profits and losses, net of any dividends paid and other adjustments. Page 42
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Analysis of net debt
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 6,618 | 522,585 | 529,203
| Bank overdrafts | (30,204) | (888,873) | (919,077)
| Debt due after 1 year | (1,693,903) | (785,101) | (2,479,004)
| Debt due within 1 year | (1,950,290) | 500,112 | (1,450,178)
| Finance leases | (388,761) | 304,158 | (84,603)
|  | (4,056,540) | (347,119) | (4,403,659)
27. | Pension commitments
The Group operates a defined contributions 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 £151,189 (2024 - £143,423). Contributions totalling £19,362 (2024 - £19,100) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 157,552 | 239,783
| Later than 1 year and not later than 5 years | 199,786 | 349,149
| Later than 5 years | - | 14,400
|  | 357,338 | 603,332
29.Other financial commitments The Group is party to cross guarantees in relation to various loan notes and bank facilities made available to other companies in the Group. The amounts outstanding in respect to guarantees as at 31 December 2025 are £1,973,718 (2024 - £1,726,189). Page 43
RAM (102) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
30. | Related party transactions
| The remuneration of key management personnel is as follows:
|  | 2025 | 2024
|  | £ | £
| Aggregate compensation | 489,434 | 645,959
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