ramsac Limited - Limited company accounts 25.1

REGISTERED NUMBER: 02698056 (England and Wales)

RAMSAC LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

S A Cooper

R P V May

D J May-Jones

P J Tooke

SECRETARY:

S A Cooper

REGISTERED OFFICE:

Compton House

The Guildway Campus

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

REGISTERED NUMBER:

02698056 (England and Wales)

AUDITORS:

Bessler Hendrie LLP

Chartered Accountants

Statutory Auditor

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

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

REVIEW OF BUSINESS

A Positive Year of Resilience and Growth

The 2024/25 financial year was a period of strategic and determined progress for ramsac. Despite a challenging economic climate in the first half of the year, we closed the financial year in a strong position, both financially and operationally, setting the stage for sustainable growth in the year to 30 April 2026.

Our commitment to delivering high-quality managed IT and cyber resilience services remained unwavering. Core contract revenue provided consistent income, and we saw an encouraging performance in product sales and project delivery, especially in the final quarter. This performance reflects the trust clients place in ramsac and the strength of our service-led approach.

Strengthening Through Change

Throughout the year, we took proactive steps to streamline operations, and improve efficiency. This included thoughtful team restructuring, investment in automation, development of enhanced products and services and a renewed focus on financial discipline. While these changes did not immediately translate into a turnaround in profitability, they laid essential groundwork for future improvement.

While we continue to operate in a cost-sensitive market, our ability to adapt quickly and manage risks effectively means we are entering the new financial year with a solid foundation, a clearer structure, and renewed momentum.

PRINCIPAL RISKS AND UNCERTAINTIES

Mitigating Risk and Maintaining Confidence

Economic pressures, rising costs, and cybersecurity threats remain active risks. However, our recurring income model, prudent cost control, and ongoing investment in our own cyber defences ensure we remain resilient. We continue to align with the ISO 27001 and Cyber Essentials Plus standards and maintain tight control over cash flow, credit exposure and client retention, all of which are reviewed regularly at board level.

KEY PERFORMANCE INDICATORS

2025

2024 (as

restated)

Total revenue

£11,961k

£11,163k

Gross profit

£4,190k

£3,835k

Gross profit margin

35%

34%

EBITDA

£25k

£253k

Net (loss)/profit

£(66k

)

£132k

Staff engagement: Tracked via Best Companies, Gallup Q12 and internal feedback

These results reflect the strength of our client relationships, the value of our recurring revenue model, and the resilience of our people.

FINANCIAL RESULTS

A summary of the year's trading results is given on page 9 of the financial statements.

FUTURE DEVELOPMENTS

Looking Ahead - Ambitious, Focused, and Optimistic

FY26 is set to build on the momentum of the past 18 months. Our strategy is focused on sustainable growth, innovation, and further strengthening our client partnerships. We launched our new vision at the start of FY26, which focuses on building the UK's 'Best in Class' MSP, which we will do through a focus on five key pillars:

-

Exceptional Customer Service & Client Retention

-

Building an even more effective Technology Stack

-

Remaining focused on our people & culture as being our number one priority

-

Building our models to ensure increased value and profitability

-

Achieving sustainable growth through the acquisition of new customers.

We are proud of the way ramsac has responded to the challenges of the past year, and we are excited about the opportunities ahead. The business is in a strong place to move forward, with confidence, clarity, and purpose.

Continued innovation and service delivery

While we do not currently engage in formal R&D under FRS 102, we have made important enhancements to client service delivery. This includes automating ticket routing, launching improved customer dashboards, and refining our internal reporting tools, all of which support our commitment to delivering a best-in-class client experience.

ON BEHALF OF THE BOARD:

R P V May - Director

12 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of IT management and cyber security services.

DIVIDENDS

The directors do not recommend the payment of a dividend for the year under review and the loss for the period has been transferred to reserves.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

S A Cooper

R P V May

D J May-Jones

P J Tooke

GOING CONCERN

The directors have assessed the company’s forecasts and available resources for a period of at least 12 months from the date of approval. Based on this review, they conclude that the going concern basis of preparation is appropriate. No material uncertainties have been identified that may cast significant doubt on the company’s ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-size Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the report of the directors' have been omitted as they are included in the Strategic Report on pages 2 to 4. These matters relate to likely future developments.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make 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, Bessler Hendrie LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:

R P V May - Director

12 November 2025

Opinion

We have audited the financial statements of ramsac Limited (the 'company') for the year ended 30 April 2025 which comprise the Statement of 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 April 2025 and of its 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 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.

Other matters

The financial statements for the year ended 30 April 2024 have not been audited and the comparative figures have been restated. Accordingly, we do not express an opinion on the comparative figures presented for that period.

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:

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, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our approach was as follows:

-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates and determined that the significant frameworks, which are directly relevant to specific assertions in the financial statements, are those that relate to the reporting framework (FRS 102 including the Companies Act 2006) and the relevant tax regulations in the UK. This included discussions amongst the members of the audit team and tax specialists.

-

We understood how the company is complying with those frameworks through enquiry with management.

-

We assessed the risks related to the control environment and in particular those related to management override of controls given the size of the business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

-

Inquire of management regarding their knowledge and actions relating to any non-compliance with laws and regulations that could affect the financial statements.

-

Reviewing the financial statement disclosures and testing supporting documentation.

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

-

Reading minutes of meetings of management.

-

Obtaining and reading correspondence from legal and regulatory bodies including HMRC.

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal adjustments, accounting estimates and judgements made.

-

Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Matthew Oliver (Senior Statutory Auditor)

for and on behalf of Bessler Hendrie LLP

Chartered Accountants

Statutory Auditor

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

12 November 2025

TURNOVER

5

11,961,097

11,163,258

Cost of sales

(7,770,606

)

(7,328,109

)

GROSS PROFIT

4,190,491

3,835,149

Administrative expenses

(4,275,896

)

(3,705,804

)

(85,405

)

129,345

Interest receivable and similar income

8

22,666

4,996

(62,739

)

134,341

Interest payable and similar expenses

9

(3,125

)

(2,500

)

(LOSS)/PROFIT BEFORE TAXATION

10

(65,864

)

131,841

Tax on (loss)/profit

12

(15,770

)

(38,181

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(81,634

)

93,660

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE

YEAR

(81,634

)

Prior year adjustment

14

(167,175

)

TOTAL COMPREHENSIVE INCOME SINCE LAST

ANNUAL REPORT

(73,515

)

FIXED ASSETS

Intangible assets

15

-

Tangible assets

16

516,097

583,128

516,097

583,128

CURRENT ASSETS

Stocks

17

-

3,799

Debtors

18

917,724

923,491

Cash at bank

1,194,367

1,102,213

2,112,091

2,029,503

CREDITORS

Amounts falling due within one year

19

(1,655,903

)

(1,601,473

)

NET CURRENT ASSETS

456,188

428,030

TOTAL ASSETS LESS CURRENT LIABILITIES

972,285

1,011,158

CREDITORS

Amounts falling due after more than one year

20

(123,858

)

(155,008

)

PROVISIONS FOR LIABILITIES

22

(75,625

)

(62,500

)

NET ASSETS

772,802

793,650

CAPITAL AND RESERVES

Called up share capital

23

100

Share-based payment reserve

24

60,786

-

Retained earnings

24

711,916

793,550

SHAREHOLDERS' FUNDS

772,802

793,650

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2025 and were signed on its behalf by:

R P V May - Director

S A Cooper - Director

Called up

Share-based

share

Retained

payment

Total

capital

earnings

reserve

equity

£

Balance at 1 May 2023

100

907,065

-

907,165

Prior year adjustment

-

(167,175

)

-

(167,175

)

As restated

100

739,890

-

739,990

Changes in equity

Profit for the year

-

184,676

-

184,676

Total comprehensive income

-

184,676

-

184,676

Dividends

-

(40,000

)

-

(40,000

)

Balance at 30 April 2024

100

884,566

-

884,666

Prior year adjustment

-

(91,016

)

-

(91,016

)

As restated

100

793,550

-

793,650

Changes in equity

Deficit for the year

-

(81,634

)

-

(81,634

)

Issue of share options

-

60,786

Total comprehensive income

-

(81,634

)

60,786

(20,848

)

Balance at 30 April 2025

100

711,916

60,786

772,802

Cash flows from operating activities

Cash generated from operations

1

153,581

509,292

Net cash from operating activities

153,581

509,292

Cash flows from investing activities

Purchase of tangible fixed assets

(42,917

)

(38,439

)

Interest received

21,490

4,996

Net cash from investing activities

(21,427

)

(33,443

)

Cash flows from financing activities

Equity dividends paid

(40,000

)

-

Net cash from financing activities

(40,000

)

-

Increase in cash and cash equivalents

92,154

475,849

Cash and cash equivalents at beginning of

year

2

1,102,213

626,364

Cash and cash equivalents at end of year

2

1,194,367

1,102,213

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

(Loss)/profit before taxation

(65,864

)

131,841

Depreciation charges

109,948

123,756

Loss on disposal of fixed assets

-

539

Dilapidation provision

10,000

Share-based payments

60,786

-

Finance costs

3,125

2,500

Finance income

(22,666

)

(4,996

)

95,329

263,640

Decrease/(increase) in stocks

3,799

(3,799

)

Increase in trade and other debtors

(8,827

)

(75,182

)

Increase in trade and other creditors

63,280

324,633

Cash generated from operations

153,581

509,292

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 April 2025

30.4.25

1.5.24

£

Cash and cash equivalents

1,194,367

1,102,213

Year ended 30 April 2024

30.4.24

1.5.23

as restated

£

Cash and cash equivalents

1,102,213

626,364

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24

Cash flow

At 30.4.25

£

Net cash

Cash at bank

1,102,213

92,154

1,194,367

1,102,213

92,154

1,194,367

Total

1,102,213

92,154

1,194,367

1.	STATUTORY INFORMATION

ramsac 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Accounting convention

A summary of the significant accounting policies adopted by the company is given in the following paragraphs. The policies have been consistently applied to all years present, unless stated otherwise.

Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

The directors have assessed the company’s forecasts and available resources for a period of at least 12 months from the date of approval. Based on this review, they conclude that the going concern basis of preparation is appropriate. No material uncertainties have been identified that may cast significant doubt on the company’s ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of IT equipment is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the Company 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.

Rendering of services

Turnover from IT consultancy and project-based services is recognised in line with stage of completion at the reporting date, provided that:

-

the amount of turnover can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Turnover from managed IT services and support contracts is recognised over time as services are delivered. Where services are provided under a fixed monthly fee, revenue is recognised on a straight-line basis over the contract term, reflecting the continuous transfer of benefit to the customer.

Software licencing

The company recognises turnover from the sale of software licences in accordance with FRS 102 Section 23. Where a software licence is sold under a non-cancellable contract with no further performance obligations by the supplier, turnover is recognised at the point in time when the customer obtains control of the licence. The company assesses whether it acts as principal or agent. Where the company controls the licence before transfer and is exposed to pricing and credit risk, revenue is recognised on a gross basis (excluding VAT). Where the company does not control the licence prior to transfer and acts as an agent, only the commission is recognised as revenue.

Determining whether the company controls the licence prior to transfer requires judgement, including consideration of: (i) primary responsibility for fulfilment, (ii) inventory/credit/pricing risk, and (iii) discretion in establishing pricing. For certain third-party licences, the company concluded it acts as agent and recognises only the net commission.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold improvements

- 10% on cost

Fixtures and fittings

- 20% on cost

Computer equipment

- 33.33% on cost

On disposal the difference between net proceeds and the carrying amount of the item sold is recognised in the statement of comprehensive income and is included in administrative expenses.

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.

Stocks

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. The company has no financial assets nor liabilities which are measured at fair value through profit or loss.

Trade and other debtors are recognised and carried forward at invoiced amounts less provision for any doubtful debts. Bad debts are written off when identified.

Cash and cash equivalents comprise of cash at bank and in hand, and are included in the balance sheet at cost.

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The company has no non-basic financial instruments.

Holiday pay

The company recognises an accrual for holiday entitlement earned by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the subsequent financial year.

The provision is measured at the salary cost payable for the period of absence including employers national insurance costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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 the statement of comprehensive income in the period to which they relate.

Provisions for liabilities

Provisions are recognised in the financial statements for all expected future cash outflows arising in respect of lease dilapidations. A provision is recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and the amount can be reliably estimated.

The provision for the lease dilapidations are provided for when the company has a contractual obligation under the agreed lease term to return the premises to its original order. The provision is based on previous experience and is apportioned on the square footage of the premises and the current state of repair and are discounted to present value where the effect is material. The expected costs are charged to the statement of comprehensive income as the directors' expect the costs to arise.

Operating lease commitments

Rentals payable under operating leases, where substantially all of the risks and rewards of ownership remain with the lessor, are charged to the statement of comprehensive income on a straight-line basis over the lease term. Any benefits received or receivable as an incentive to enter into an operating lease are recognised on the same basis over the lease term.

Salary sacrifice arrangements do not affect the recognition or measurement of lease expenses under FRS 102 and are treated as a reduction in gross pay.

Equity-settled share-based payments

The company operates an equity-settled share-based compensation plan for certain directors and employees, whereby employees render services for equity instruments (equity settled transactions).

The cost of equity settled transactions is recognised as an expense in the statement of comprehensive income, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which relevant employees become fully entitled to the award (the vesting date).

Where the company has a constructive obligation to settle the employer national insurance contributions on share-based payments, the associated liability is recognised over the same period, with a charge to the statement of comprehensive income.

These options are measured at fair value at the grant date by using the Black-Scholes model in line with FRS 102 26.11. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, ending on the vesting date, and adjusted for the estimated probability of employee retention.

4.	SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities and profit and loss. In preparing these financial statements, management have made the following key judgements and estimates which are significant to the financial statements:

Impairment of fixed assets

Management assess the impairment of non-current assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Dilapidations provision

Key estimates have been made regarding the anticipated cash outflows in respect of lease dilapidations arising due to the contractual obligation under the agreed lease term to return the premises to its original order. The provision is based on previous experience and is apportioned on the square footage of the premises and the current state of repair.

Judgement has been applied in selecting an appropriate discount rate to determine the present value of the expected future outflows. This involves assessing the company’s incremental borrowing rate and the time value of money.

Equity-settled share-based payments

The fair values used in calculating the amounts expensed as an equity-settled share-based payment are subject to management’s judgement. The company uses the Black-Scholes model to calculate the fair value of the options granted to employees. This option pricing model incorporates assumptions regarding the expected volatility of the company's share price, the risk-free interest rate, the expected option life and the dividend yield. These variables are based on historical data and management's best estimates at the grant date.

Once the fair value of the granted options is determined, the cost is spread over the expected vesting period and adjusted to reflect the probability of staff retention. At each year-end, the estimate is revised to account for the number of options forfeited during the year, any changes in the probability of staff retention, and any updates to the expected vesting date.

5.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

Computer Equipment

1,960,324

2,081,911

Other IT Services

10,000,773

9,081,347

11,961,097

11,163,258

The total turnover for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

6.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

Wages and salaries

4,844,650

4,446,684

Social security costs

496,143

456,159

Other pension costs

135,321

120,328

5,476,114

5,023,171

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

2025

2024

as restated

Management and administrative staff

52

47

Cost of sales

64

61

116

108

Included within wages and salaries is a charge of £60,786 (2024: £Nil) relating to equity-settled share-based payment arrangements, together with £5,271 of employer’s National Insurance contributions associated with these awards.

7.	DIRECTORS' EMOLUMENTS

2025

2024

as restated

£

Directors' remuneration

492,002

542,814

Directors' pension contributions to money purchase schemes

18,121

17,150

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

Money purchase schemes

4

5

Information regarding the highest paid director is as follows:

2025

2024

as restated

£

Emoluments etc

153,077

155,008

Pension contributions to money purchase schemes

6,363

6,109

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

as restated

£

Other interest receivable

1,177

-

Bank interest receivable

21,489

4,996

22,666

4,996

All interest receivable relates to financial assets measured at amortised cost.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

Finance costs

3,125

2,500

Finance costs relate to the unwinding of discount on provisions.

10.	(LOSS)/PROFIT BEFORE TAXATION

The loss (2024 - profit) is stated after charging/(crediting):

2025

2024

as restated

£

Depreciation - owned assets

109,948

116,910

Loss on disposal of fixed assets

-

539

Computer software amortisation

-

6,846

Foreign exchange differences

(418

)

306

Auditors remuneration (note 11)

40,325

18,010

Operating lease rentals - land & buildings

157,235

128,512

Operating lease rentals - motor vehicles

112,128

41,639

11.	AUDITORS' REMUNERATION

2025

2024

£

Fees payable to the company's auditor for the audit of the

company's annual accounts

25,100

-

Tax advisory services

1,650

4,625

Other services

13,575

13,385

40,325

18,010

12.

TAXATION

Analysis of the tax charge

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

2025

2024

as restated

£

Deferred tax:

Origination and reversal of

timing differences

8,313

65,768

Prior period adjustments

7,457

2,751

Corrections of misstatements

-

(30,338

)

Total deferred tax

15,770

38,181

Tax on (loss)/profit

15,770

38,181

Reconciliation of total tax charge included in profit and loss

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

2025

2024

as restated

£

(Loss)/profit before tax

(65,864

)

131,841

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of

25% (2024 - 25%)

(16,466

)

32,960

Effects of:

Expenses not deductible for tax purposes

24,779

9,927

Adjustments to tax charge in respect of previous periods

-

2,751

Deferred tax not previously recognised

7,457

-

Deferred tax not recognised

-

(7,457

)

Total tax charge

15,770

38,181

There is no corporation tax charge for the current or previous year, as taxable profits were offset against brought forward trading losses. The deferred tax charge reflects the utilisation of the deferred tax asset which arose from historical trading losses less movements in short term timing differences and depreciation in excess of capital allowances.

The company has estimated trading losses of £622,369 (2024 as restated: £702,780) available to carry forward against future trading profits. The directors have estimated that part of the losses will be utilised in the near future, therefore a deferred tax asset of £154,871 (2024 as restated: £175,402) has been recognised.

The net deferred tax liability is expected to increase next year by circa £69,600. This is due to the tax losses expecting to be utilised in full and no longer offsetting the deferred tax liability in respect of capital allowances in excess of depreciation.

13.

DIVIDENDS

2025

2024

as restated

£

Ordinary shares of 0.0001 each

Interim

-

40,000

The dividends were recognised as a liability in the prior year accounts and paid during the year. These have therefore been shown as a cash outflow on the cash flow statement this year.

14.	PRIOR YEAR ADJUSTMENT

During the preparation of the financial statements for the year ended 30 April 2025, it was identified that certain liabilities and accruals relating to prior years had not been recognised. A prior year adjustment has been made to appropriately reflect these items in the financial statements. The adjustments include:

-

Liabilities relating to employee-related costs.

-

Accruals for operating expenditure.

-

Recognition of the associated deferred tax asset.

As a result, comparative figures have been restated throughout these financial statements.

Impact on the Statement of Comprehensive Income - Year ended 30 April 2024

2024 original

2024 as
restated

£

Cost of sales

7,129,728

7,328,109

Administrative expenses

3,785,331

3,705,804

Tax on profit/(loss)

(68,519

)

(38,181

)

Profit/(loss) for the financial year

184,676

93,660

Impact on the Balance Sheet - 30 April 2024

2024 original

2024 as
restated

£

Accruals and deferred income due within one year

91,768

436,022

Deferred tax asset

-

85,469

Deferred tax liability

594

-

Retained earnings

1,051,741

793,550

Net assets

1,051,841

793,650

Effect on equity

-

Opening retained earnings at 1 May 2023 decreased by £167,175.

-

Profit after tax for the year ended 30 April 2024 decreased by £91,016.

15.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 May 2024

and 30 April 2025

216,606

AMORTISATION

At 1 May 2024

and 30 April 2025

216,606

NET BOOK VALUE

At 30 April 2025

-

At 30 April 2024

-

16.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Computer

improvements

fittings

equipment

Totals

£

COST

At 1 May 2024

495,860

127,334

157,914

781,108

Additions

-

42,917

Disposals

-

(24,461

)

(24,461

)

At 30 April 2025

495,860

127,334

176,370

799,564

DEPRECIATION

At 1 May 2024

53,876

37,046

107,058

197,980

Charge for year

49,586

23,678

36,684

109,948

Eliminated on disposal

-

(24,461

)

(24,461

)

At 30 April 2025

103,462

60,724

119,281

283,467

NET BOOK VALUE

At 30 April 2025

392,398

66,610

57,089

516,097

At 30 April 2024

441,984

90,288

50,856

583,128

17.

STOCKS

2025

2024

as restated

£

Stocks

-

3,799

18.

DEBTORS

2025

2024

as restated

£

Amounts falling due within one year:

Trade debtors

349,269

380,535

Other debtors

1,177

1,020

Deferred tax asset

69,699

85,469

Prepayments and accrued income

390,779

349,667

810,924

816,691

Amounts falling due after more than one year:

Other debtors

106,800

Aggregate amounts

917,724

923,491

19.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

Trade creditors

695,327

619,924

Social security and other taxes

129,656

119,776

VAT

330,544

331,439

Other creditors

54,504

54,312

Directors' current accounts

-

40,000

Accruals and deferred income

445,872

436,022

1,655,903

1,601,473

20.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

Accruals and deferred income

123,858

155,008

21.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

Within one year

297,440

247,417

Between one and five years

803,384

756,795

In more than five years

519,167

697,167

1,619,991

1,701,379

Lease payments of £271,325 (2024: £172,113) have been recognised as an expense during the year.

The company operates a salary sacrifice car scheme under which certain employees receive use of company-leased vehicles in exchange for a contractual reduction in gross salary. These arrangements do not affect the recognition or measurement of lease expenses under FRS 102. The amounts disclosed above include payments for property, motor vehicles (including those provided under the salary sacrifice scheme), and other leased assets.

During the preparation of the financial statements for the year ended 30 April 2025, it was identified that certain disclosures relating to lease arrangements in the prior year were incomplete or incorrect. A restatement has been made to ensure the leasing agreements note accurately reflect the company’s obligations and rights under existing agreements.

The adjustments relate to:

-

Previously omitted commitments arising from contractual terms that were not fully considered in the prior year disclosure.

-

Corrections to amounts previously presented as lease receivables, following a review of the nature of salary sacrifice arrangements.

22.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

Other provisions

75,625

62,500

Lease

Deferred

dilapidati

tax

ons

£

Balance at 1 May 2024

As previously reported

594

62,500

Prior year adjustment

(86,063

)

-

As restated

(85,469

)

62,500

Provided during year

-

10,000

Unwinding of discounted amount

-

3,125

Excess of depreciation over

capital allowances

(4,210

)

-

Other short term timing

differences

(551

)

-

Tax losses carried forward

20,531

-

Balance at 30 April 2025

(69,699

)

75,625

The deferred tax asset at the year end consists of tax losses carried forwards of £154,871 (2024 as restated: £175,402) and other short term timing differences of £7,338 (2024: £6,787), which are offset by the excess of capital allowances over depreciation of £92,510 (2024: £96,720).

The deferred tax liability has been recognised at the main Corporation tax rate of 25%.

Lease dilapidations relates to the provision for future costs expected to be incurred when the lease term comes to an end under the contractual obligation to return the premises to its original order. The provision is expected to be utilised by 2033 when the lease is due to terminate.

23.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

as restated

£

1,000,000

Ordinary

0.0001

100

The company has one class of ordinary shares which carry full voting rights together with rights to income and capital distributions.

24.

RESERVES

Share-based

Retained

payment

earnings

reserve

Totals

£

At 1 May 2024

884,566

-

884,566

Prior year adjustment

(91,016

)

(91,016

)

793,550

Deficit for the year

(81,634

)

(81,634

)

Share-based payment reserve

-

60,786

At 30 April 2025

711,916

60,786

772,702

Retained earnings includes all current period and prior period profits and losses which are distributable.

Share-based payment reserve includes the cumulative fair value of equity-settled and other share-based payment arrangements recognised as an expense in the statement of comprehensive income. This reserve is non-distributable.

25.	PENSION COMMITMENTS

The company makes payments into a pension fund on behalf of employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge of £135,321 (2024: £120,328) represents contributions payable by the company to the fund. There were outstanding contributions at the year end of £29,362 (2024: £29,140) included in the balance sheet.

26.	RELATED PARTY DISCLOSURES

Key management personnel include the Directors and senior management team. Total key management personnel compensation was £1,039,017 (2024: £979,340).

Churcher's College

R P V May, a shareholder and director of ramsac Limited is also a trustee of the charity and director of the company, Churcher's College.

Included within trade debtors is a balance of £16,835 (2024: £Nil) owed from Churcher's College. During the year, ramsac Limited made sales of £40,313 (2024: £9,368) to Churcher's College.

27.	POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has entered into new non-cancellable operating lease agreements for electric vehicles as part of a salary sacrifice scheme with employees. In addition, certain existing vehicle leases as part of the same scheme have been renewed. Lease commitments entered into since the balance sheet date fall due as follows:

Non-cancellable
operating leases

£

Within one year

12,358

Between one and five years

31,194

43,552

28.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R P V May.

29.	SHARE-BASED PAYMENT TRANSACTIONS

Equity-settled share-based payment

In August 2024, the company established a share option scheme and made a grant of options to all eligible directors of the company.

As at 30 April 2025, there are share options held by directors of the company under an Enterprise Management Incentive Scheme to acquire up to 155,378 ordinary shares.

The options lapse on the earlier of the event of a sale of the business and in certain other instances set out in the scheme rules. If the options remain unexercised 155,378 options will expire in August 2034. The options can only be exercised whilst the option holder remains a director or employee of the company.

A reconciliation of the Equity-settled share option movements over the year to 30 April 2025 is shown below:

2025

Number of
share options

Weighted
average
exercise price

£

Outstanding at 1 May 2024

-

Options granted in the year

155,378

1.60

Outstanding at 30 April 2025

155,378

1.60

The expense recognised for these share options in respect of employee services received in the year to 30 April 2025 is a charge of £25,646. This is deemed to be the fair value of the services received.

Equity-settled share-based payment

Also at the year end, there are share options held by a director of the company under an unapproved equity settled share option scheme to acquire 111,288 ordinary shares.

The options lapse on the earlier of the event of a sale of the business and in certain other instances set out in the scheme rules. If the options remain unexercised 111,288 options will expire in August 2034. The options can only be exercised whilst the option holder remains a director or employee of the company.

A reconciliation of the other Equity-settled share option movements over the year to 30 April 2025 is shown below:

2025

Number of
share options

Weighted
average
exercise price

£

Outstanding at 1 May 2024

-

Options granted in the year

111,288

0.0001

Outstanding at 30 April 2025

111,288

0.0001

The expense recognised for these share options in respect of employee services received in the year to 30 April 2025 is a charge of £35,140 with an additional £5,271 recognised for employer national insurance costs. This is deemed to be the fair value of the services received.

The Black-Scholes option pricing model was used to value both equity-settled share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of the options granted. See the judgements and estimates note for more information.