REGISTERED NUMBER: 01691258 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

Ramsay Timber Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mrs K Ramsay

Mr J R Ramsay

Mrs N K Lindley

REGISTERED OFFICE:

Skull House Lane

Appley Bridge

Wigan

Lancashire

WN6 9DR

REGISTERED NUMBER:

01691258 (England and Wales)

AUDITORS:

Langricks (Holmfirth) Limited, Statutory Auditor

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

The company's principal business activity continued to be timber importers and specialist wood machinists for the industry.

The financial results for the year are set out on page 9. During the year the business has experienced an increase in gross margin and profit, bringing the margin back in line with FY23 resulting in a large increase in profit as a result of the increase in Revenue detailed below.

The shareholders' funds of the company are £7.3m which is an increase of £0.6m.

Revenue of £18.9m is a £3.1m increase on the prior year and gross profit of £5.0m an increase of £1.1m on the results for the previous year.

The directors are satisfied with the performance of the company, and the company will continue to invest in plant and machinery to further increase production capacity and efficiency, and solar energy to further reduce costs and benefit the environment.

KEY PERFORMANCE INDICATORS

KPIs are used to help the directors monitor the performance of the business. These include:

2025

2024

2023

£m

£m

£m

Revenue

18.9

15.8

15.8

Gross profit margin

26.15%

25.0%

26.1%

PBT

1.7

1.3

1.7

The directors consider the above to be appropriate to the size of the Company and supplement the KPIs with additional information as required.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors' continually assess the risks and uncertainties to the business. The following risks may have an impact upon its future performance:

UK ECONOMY

The company's turnover wholly relates to the UK. As such any downturn in the economy could impact upon the financial performance of the company. The company has invested extensively in its site which has increased efficiencies. The directors' are confident that the company is in a strong position to respond to any changes within the UK economy.

FINANCIAL RISK

The company continues to monitor its credit risk by carrying out credit checks and carefully monitoring credit levels. Debts are carefully managed and collected on a timely basis. The company reduces its risk of bad debts using credit insurance.

FUTURE DEVELOPMENTS

The recent investment in new machinery and buildings have placed the company in an excellent position to continue growing. The company has increased racking levels enabling it to stock a greater volume of product.

FINANCIAL INSTRUMENTS

The company has normal levels of exposure to credit, price, interest rate, exchange rates, liquidity and cash flow risks arising from its normal trading.

ON BEHALF OF THE BOARD:

Mrs N K Lindley - Director

2 July 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 were £900,000.

DIRECTORS

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

Mrs K Ramsay

Mr J R Ramsay

Mrs N K Lindley

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations or expenditure made during the year.

DISCLOSURE IN THE STRATEGIC REPORT

The company has in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 set out in the company's strategic report the information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would prior to the introduction of these regulations be included in the directors report under the headings for business review and financial risk management objectives and policies.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Langricks (Holmfirth) Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs N K Lindley - Director

2 July 2026

Opinion

We have audited the financial statements of Ramsay Timber Limited (the 'company') for the year ended 30 November 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 30 November 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 four, 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:

The risk of detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or override of internal controls.

Our procedures included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

Christopher Langrick (Senior Statutory Auditor)

for and on behalf of Langricks (Holmfirth) Limited, Statutory Auditor

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

2 July 2026

TURNOVER

18,944,857

15,840,119

Cost of sales

(13,989,952

)

(11,885,808

)

GROSS PROFIT

4,954,905

3,954,311

Distribution costs

(63,354

)

(40,396

)

Administrative expenses

(3,187,256

)

(2,546,884

)

OPERATING PROFIT

4

1,704,295

1,367,031

Interest receivable and similar income

18,435

12,891

1,722,730

1,379,922

Interest payable and similar expenses

5

(62,312

)

(45,670

)

PROFIT BEFORE TAXATION

1,660,418

1,334,252

Tax on profit

6

(412,407

)

(330,864

)

PROFIT FOR THE FINANCIAL YEAR

1,248,011

1,003,388

PROFIT FOR THE YEAR

1,248,011

1,003,388

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,248,011

1,003,388

FIXED ASSETS

Tangible assets

9

3,815,370

3,701,923

CURRENT ASSETS

Stocks

10

2,187,405

2,278,870

Debtors

11

3,302,205

2,826,117

Cash at bank and in hand

2,817,086

1,641,763

8,306,696

6,746,750

CREDITORS

Amounts falling due within one year

12

(3,933,932

)

(2,296,253

)

NET CURRENT ASSETS

4,372,764

4,450,497

TOTAL ASSETS LESS CURRENT LIABILITIES

8,188,134

8,152,420

CREDITORS

Amounts falling due after more than one year

13

(643,547

)

(936,121

)

PROVISIONS FOR LIABILITIES

16

(459,165

)

(478,888

)

NET ASSETS

7,085,422

6,737,411

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

7,085,322

6,737,311

SHAREHOLDERS' FUNDS

7,085,422

6,737,411

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2026 and were signed on its behalf by:

Mr J R Ramsay - Director

Mrs N K Lindley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

100

6,633,923

6,634,023

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

1,003,388

1,003,388

Balance at 30 November 2024

100

6,737,311

6,737,411

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

1,248,011

1,248,011

Balance at 30 November 2025

100

7,085,322

7,085,422

Cash flows from operating activities

Cash generated from operations

1

2,754,693

1,851,632

Interest paid

-

(350

)

Interest element of hire purchase payments paid

(62,312

)

(45,320

)

Tax paid

(420,000

)

(340,382

)

Net cash from operating activities

2,272,381

1,465,580

Cash flows from investing activities

Purchase of tangible fixed assets

(315,605

)

(43,010

)

Sale of tangible fixed assets

52,701

6,000

Interest received

18,435

12,891

Net cash from investing activities

(244,469

)

(24,119

)

Cash flows from financing activities

Hire purchase capital repayments in year

(641,142

)

(394,116

)

Amount introduced by directors

-

10,700

Amount withdrawn by directors

(211,447

)

(1,048,366

)

Net cash from financing activities

(852,589

)

(1,431,782

)

Increase in cash and cash equivalents

1,175,323

9,679

Cash and cash equivalents at beginning of year

2

1,641,763

1,632,084

Cash and cash equivalents at end of year

2

2,817,086

1,641,763

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

30.11.25

30.11.24

£

£

Profit before taxation

1,660,418

1,334,252

Depreciation charges

460,745

409,087

Profit on disposal of fixed assets

(6,153

)

(6,000

)

Finance costs

62,312

45,670

Finance income

(18,435

)

(12,891

)

2,158,887

1,770,118

Decrease/(increase) in stocks

91,465

(28,687

)

Increase in trade and other debtors

(476,088

)

(195,666

)

Increase in trade and other creditors

980,429

305,867

Cash generated from operations

2,754,693

1,851,632

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 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

2,817,086

1,641,763

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

1,641,763

1,632,084

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.12.24

Cash flow

changes

At 30.11.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,641,763

1,175,323

2,817,086

1,641,763

1,175,323

2,817,086

Debt

Finance leases

(1,405,420

)

641,142

-

(1,069,412

)

(1,405,420

)

641,142

-

(1,069,412

)

Total

236,343

1,816,465

-

1,747,674

4.	MAJOR NON-CASH TRANSACTIONS

Dividends amounting to £900,000 were credited to loan accounts within the company.

1.	STATUTORY INFORMATION

Ramsay Timber Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of the revenue can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity.

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.

Freehold property

-

2% on cost

Plant and machinery

-

12.5% - 20 % on cost

Motor vehicles

-

12.5% - 20 % on cost

Computer equipment

-

33% on cost

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

2,587,734

2,281,819

Social security costs

301,646

228,832

Other pension costs

111,188

67,022

3,000,568

2,577,673

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

30.11.25

30.11.24

Sales

14

9

Administration

13

11

Direct

37

41

64

61

30.11.25

30.11.24

£

£

Directors' remuneration

260,146

231,223

Directors' pension contributions to money purchase schemes

60,000

20,178

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

30.11.25

30.11.24

£

£

Emoluments etc

114,595

112,111

Pension contributions to money purchase schemes

30,000

10,084

4.	OPERATING PROFIT

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

30.11.25

30.11.24

£

£

Hire of plant and machinery

59,273

51,091

Other operating leases

117,000

117,000

Depreciation - owned assets

124,547

188,077

Depreciation - assets on hire purchase contracts

336,197

221,011

Profit on disposal of fixed assets

(6,153

)

(6,000

)

Auditors' remuneration

14,554

13,230

Foreign exchange differences

(10,150

)

24

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Interest on overdue taxation

-

350

Hire purchase

62,312

45,320

62,312

45,670

6.

TAXATION

Analysis of the tax charge

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

30.11.25

30.11.24

£

£

Current tax:

UK corporation tax

432,130

168,995

Deferred tax

(19,723

)

161,869

Tax on profit

412,407

330,864

Reconciliation of total tax charge included in profit and loss

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

30.11.25

30.11.24

£

£

Profit before tax

1,660,418

1,334,252

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

415,105

333,563

Effects of:

Expenses not deductible for tax purposes

3,670

6,762

Income not taxable for tax purposes

(1,538

)

-

Capital allowances in excess of depreciation

-

(171,330

)

Depreciation in excess of capital allowances

14,893

-

of taxation

Deferred tax charge for the year

(19,723

)

161,869

Total tax charge

412,407

330,864

7.

DIVIDENDS

30.11.25

30.11.24

£

£

Ordinary shares of £1 each

Interim

900,000

900,000

8.	FINANCIAL INSTRUMENTS

The company has chosen to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS I02 in respect of all of its financial instruments.

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2024

2,407,573

3,057,977

540,245

110,788

6,116,583

Additions

260,800

105,660

254,279

-

620,739

Disposals

-

-

(188,495

)

-

(188,495

)

At 30 November 2025

2,668,373

3,163,637

606,029

110,788

6,548,827

DEPRECIATION

At 1 December 2024

511,259

1,516,882

294,502

92,017

2,414,660

Charge for year

36,850

353,351

60,862

9,681

460,744

Eliminated on disposal

-

-

(141,947

)

-

(141,947

)

At 30 November 2025

548,109

1,870,233

213,417

101,698

2,733,457

NET BOOK VALUE

At 30 November 2025

2,120,264

1,293,404

392,612

9,090

3,815,370

At 30 November 2024

1,896,314

1,541,095

245,743

18,771

3,701,923

Included in cost of land and buildings is freehold land of £ 421,664 (2024 - £ 421,664 ) which is not depreciated.

During the year, management identified that the long leasehold properties were, in substance and legal form, freehold land and buildings. Accordingly, these assets have been reclassified from long leasehold properties to freehold land and buildings to reflect their correct classification. This reclassification has no impact on the total net book value of property, plant and equipment or on the Company's profit for the year.