The directors present the strategic report for the year ended 28 February 2025.

The financial results are set out in the group statement of comprehensive income. The revenue is analysed by activity in note 4 to the financial statements.

Group operating revenue has increased to £19.5m (2024 - £16.1m). There is a profit for the year of £5.4m (2024 - £4.2m).

The net surplus from defined benefit pension schemes is £4.8m (2024 - £3.8m).

The group remains financially strong with shareholders’ funds amounting to £95.4m (2024 - £89.7m). The board are satisfied with the financial position of the group at the year end.

The group uses various financial instruments which include cash, trade receivables, and trade payables that arise directly from its operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

Credit risk
The main risk arising from the group's financial instruments is credit risk. The directors review and agree policies for managing this risk and they are summarised below. These policies have remained unchanged from previous years.

The principal credit risk arises from the group's trade debtors. To manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the finance function on a regular basis in conjunction with debt ageing and collection history. No credit is routinely offered to individuals in the hire or leisure business offering.

Market risk
The directors consider that a fall in the housing market, a slowdown in demand from the property rental sector, a slowdown in economic growth or performance in the construction industry to be areas of risk to the group’s activities.

To mitigate market risk, the directors pursue a strategy so that building activity is matched to market conditions and construction activities are differentiated in service type and quality.

The overall performance of the economy affects standards of living and any fall is likely to also impact the group's leisure activities. This is mitigated by offering unique and innovative services.

Reputational risk
A proportion of the group's activities are in the leisure industry. The directors consider that this risk could affect the company's relationship with its customers.

Management believe that the business reputation is key to future success, along with the ability to provide services which are valued by the customers. As a result, the directors are continually exploring ways to improve the experience and services on offer so that customers receive the high level of service they expect.

This report was approved by the board and signed on its behalf.

The directors present their annual report and financial statements for the year ended 28 February 2025.

The group's principal activities comprised: building and construction, property management services and provision of recreational facilities.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The results for the year are set out on page 8.

Preferred dividends were paid amounting to £135,000. The directors do not recommend payment of a final dividend.

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

The directors believe that there are no future developments that require disclosure.

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the Annual Report 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 group and company, 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 and then apply them consistently;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Ramac Holdings (Trading) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 28 February 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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 and 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 financial statements.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

• Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud

• Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the group and company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, the valuation on investment properties and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

• Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to retirement benefit scheme obligation, deferred taxation, deferred income, depreciation, valuation of investment property and valuation of work in progress; and

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £5,028,922 (2024 - £4,904,654).

Ramac Holdings (Trading) Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Hardy's Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

The group consists of Ramac Holdings (Trading) Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 28 February 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries are accounted for using the purchase method of accounting with the exception of Quayside Homes Holdings Limited and it's subsidiary which were accounted for using the merger method of accounting.

An associate is an entity, being neither a subsidiary or a joint venture, in which the the group has a participating interest and over whose operating and financial policies the group exercises a significant influence. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold during the year are included in the consolidated income statements up to the date of the change of control or changes of significant influences.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity.

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. The directors have considered relevant information, including the group’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and other discounts.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services and long term contracts

Revenue from the rendering of services and construction contracts is recognised when the outcome of a service or contract can be measured reliably. Revenue is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenue from derived variations on contracts are recognised when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Rental income

Revenue from rental income is recognised on a time apportioned basis, from investment properties held by the group.

Negative goodwill arises where the cost of acquisition of a business is less than the fair value of the net assets acquired. It is initially recognised on the statement of financial position and is subsequently credited to the income statement in the period in which the acquired investment properties decline in value or are sold, or when the acquired property, plant and equipment are depreciated or impaired.

Property plant and equipment are stated at cost less depreciation.

Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land and assets in the course of construction are not depreciated.

The carrying values of property, plant & equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

Certain investment properties are utilised by subsidiary entities for the purpose of group activities. These properties are not investment properties for the purposes of the consolidated financial statements. As such they are recognised in the group statement of financial position as property, plant and equipment.

In the parent company financial statements, investments in subsidiaries and associates are initially measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Work in progress represents all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.

Properties for resale are valued at the lower of cost and sale price, less costs to complete and sell.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving inventories. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised as a loss in the Income Statement.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Instruments showing both debt and equity characteristics are compound financial instruments. The debt element is calculated using a discounted cash flow of future obligations, with the residue being allocated as equity.

Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Any deferred tax balance is not discounted.

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement 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.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The two defined benefit pension schemes operated by the group, Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme have been aggregated in the group statement of financial position to give a net surplus of £4,759,000 (2024 - £3,771,000) as detailed in note 25.

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.

Investment property valuations are reviewed annually using the fair value method. Alternative valuations are considered where applicable and results are compared to actual market rates for similar properties. Property yields are benchmarked against market rates and adjusted for tenant quality and covenant. Forecasted rental receipts are based upon lease terms and local demand.

Management undertake regular progress reviews. Profits (or losses) are recognised within the Group Income Statement as part of a contract's revenue and costs where management consider that the outcome of a construction contract can be estimated reliably.

The value of work in progress is assessed by the directors at the year end by reference to all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.

The amounts in the financial statements for the year ended 28 February 2025, relating to pensions, are based on full actuarial valuations dated 28 February 2023 and 1 October 2021 (and updated as necessary for aspects such as member movements and changes in assumptions) for the Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme respectively.

Included within other operating income is an amount of £Nil (2024: £796,046) received from a tenant in relation to dilapidations and contamination costs.

An analysis of the group's revenue is as follows:

The total revenue of the group for the year and the comparative year have been derived from its principal activities wholly undertaken in the United Kingdom.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The charge for the year can be reconciled to the loss per the income statement as follows:

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

The dividend was paid on preferred ordinary B shares.

Group and Company

Investment property comprises of commercial and residential property. The fair value of the investment properties have been arrived at on the basis of a valuation carried out at the year end date by the directors. The valuations for commercial properties are made using the discounted cash flow method with reference to expected rental yields of the properties. The valuation of residential property was made on a fair value basis by reference to similar properties for sale on property websites.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Details of the company's subsidiaries at 28 February 2025 are as follows:

Note 1) Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN

Included in inventories is a lease over land whereby the lease is subject to meeting target dates, if development of the land is not undertaken by the company the lease would transfer to a third party at cost plus value of works undertaken to date. The directors expect the development requisites to be met.

The overdraft facility included within bank loans and overdrafts has been provided under a composite accounting agreement with Barclays Bank plc. See note 30 for further details.

Net obligations under finance leases are secured against the assets to which they relate.

Included within other payables is £281,403 (2024 - £270,580) relating to a loan, which is secured over the property owned by the company.

Net obligations under finance leases are secured against the assets to which they relate.

Included within other borrowings is £545,465 (2024 - £826,868) relating to a loan, which is secured over the property owned by the company.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The directors have considered the deferred tax assets and liabilities notes above and concluded that it is not possible to state the estimated assets and liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

Group

The group operates two defined benefit pension schemes, Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme. The Ramac Holdings (Trading) Limited Pension Scheme had a surplus of £1,611,000 (2024 - £995,000) as at the reporting date and the Port Richborough Developments Limited Retirement Benefits Scheme had a surplus of £3,148,000 (2024 - £2,776,000) as at year end. The group figures and disclosures have been aggregated to show a net pension scheme surplus of £4,759,000 (2024 - £3,771,000) on the group statement of financial position.

The amounts in the financial statements for the year ended 28 February 2025, relating to pensions, are based on full actuarial valuations dated 28 February 2023 and 1 October 2021 (and updated as necessary for aspects such as member movements and changes in assumptions) for the Ramac Holdings (Trading) Limited Pension Scheme and Port Richborough Developments Limited Retirement Benefits Scheme respectively.

The employer contributions are borne by the parent company, Ramac Holdings (Trading) Limited. The agreed contribution for future years is between 0% and 49.2%.

Assumed life expectations on retirement at age 65:

The change in economic conditions since the year end and the related change in assumptions is likely to have a material impact on the actuarial liabilities and therefore the overall pension scheme deficit.

Amounts recognised in the income statement

Amounts taken to other comprehensive income

The amounts included in the statement of financial position arising from the group and company's obligations in respect of defined benefit plans are as follows:

Movements in the present value of defined benefit obligations

The defined benefit obligations arise from plans which are wholly funded.

Movements in the fair value of plan assets

Fair value of plan assets at the reporting period end

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

Preferred ordinary shares are non-voting shares and carry the right to receive (whether by means of dividend, other return of capital or on windings up) a maximum of £1 per share. The shares have no redemption date and the holder has no right to demand repayment. There is no right to demand a dividend.

Group

The other reserves includes amounts totalling £1,036,779 (2024 - £1,036,779) which relate to a merger reserve recognised when Quayside Homes Holdings Limited and it's subsidiary were acquired using the merger accounting method. This reserve reflects other reserves included on the Statement of Financial Position of Quayside Homes Limited at the point of acquisition.

Company

There are no other reserves in the company at 28 February 2025 or 29 February 2024.

Group

The non-distributable retained earnings represents fair value gains on the investment property, net of deferred tax of £14,147,881 (2024 - £12,957,881).

Company

The non-distributable retained earnings represents fair value gains on the investment property, net of deferred tax of £14,844,344 (2024 - £13,654,344).

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

The overdraft facility has been provided under a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of a cross guarantee with the company and its subsidiary undertakings.

The total exposure under this agreement at the year end was £Nil (2024 - £351,611).

Ramac Holding (Trading) Limited has an agreement in place with a third party whereby they are contractually obliged to obtain planning permission and redevelop land for residential purposes.

There is a bond in existence held by Barclays amounting to £695,595 in relation to the adoption of the roads within a development site in Dover for which Ramac Holding (Trading) Limited is responsible. The bond is held by a related party and only becomes payable in the event that the work ceases on this site. Currently there is no intention to do so and therefore no liability exists at this stage.

Subsequent to the year end, dividends totalling £135,000 were declared and paid to Preferred B Ordinary shareholders.

During the year the group entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Included within amounts owed to other related parties is a balance of £24,925,531 (2024: £23,660,852) on which interest accrues at 2.25%.

The following amounts were outstanding at the reporting end date:

In accordance with the requirements in Section 33.1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland the company has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

The ultimate controlling party is M McGuirk and J Hambling, directors, acting jointly in their capacity as trustees of the trusts that are the majority shareholders.