REGISTERED NUMBER: 05713630 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

RAM ENTERPRISE (WHOLESALE) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Mr D B Ghedia

Mrs M Ghedia

Mr M Ghedia

Mrs V Ghedia

SECRETARY:

Mr M Ghedia

REGISTERED OFFICE:

RAM House

Prologis Park

Central Boulevard

Coventry

West Midlands

CV6 4QJ

REGISTERED NUMBER:

05713630 (England and Wales)

AUDITORS:

R Pau & Co Limited

Chartered Certified Accountants

& Statutory Auditors

12-16 Station Street East

Coventry

West Midlands

CV6 5FJ

BANKERS:

National Westminster Bank Plc

519 Foleshill Road

Coventry

West Midlands

CV6 5AU

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

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we face.

Ram Enterprise (Wholesale) Limited is a family owned and run business which operates in the UK. Our business model is primarily the wholesale distribution of branded FMCG products (non-food) within the UK and global international markets. The business focuses on the import/export and distribution of personal care products, smoker requisites, stationery and household items.

The key financial and other performance indicators during the year were as follows:

2025

2024

change

£'000

£'000

%

Turnover

19,717

22,811

-13.56%

Operating Profit

1,057

1,471

-28.35%

Profit / (loss) after tax

772

1,078

-28.39%

Current Assets as % of Current liabilities

316.32%

253.39%

+24.84%

Debtors turnover as days

59.56

43.90

+35.67%

Our overall objective is to maintain and improve the level of trade that we currently enjoy.

Overall, at present, our market is reasonably stable and we would expect further improvement in turnover in the coming year.

The products sold by the company have some environmental impact. However, the board believes that good environmental practices support the board's strategy by enhancing the reputation of the company. These practises continue to achieve increased energy efficiency and reduced wastage.

PRINCIPAL RISKS AND UNCERTAINTIES

The following risks and uncertainties have been considered by the board. However, the directors believe the opportunities for growth far outweight the risks and uncertainties identified below.

Liquidity risk

The company is cash rich and profitable, with sufficient working capital. Liquidity risk is managed through strong growth and profits, with cash retention, so the business is self funded. In addition strong supply chain relationships, banking facilities and the availability of securing financing if required all mitigate this risk.

Credit risk

Credit risk is the risk mitigitated by frequent reviews of customer credit terms, with the implementation of a strict credit policy management system. Processes ensure that any issues are escalated immediately to ensure that credit issues are mitigated wherever possible. The company makes reasonable bad debt provisions where deemed necessary, but due to the nature of the customer base the risk of bad debts is low.

Economic risk

The business operates within a changing market place with strong competitor on price, liquidity of the customer base together with the well documented economic issues faced by the entertainment sector. However the sector continues to thrive so there are opportunities for our customer base. Strong supplier relationships, careful use of market data and the review of trends within the sector, coupled with the bespoke advise and service offered by the business, minimise these risks as far as they are within the control of the company to do so.

Political risk

No current new political risk has been identified as the companies customers are located within the UK with limited political risk other than those existing to all developed countries. All significant Brexit impacts within the supply chain are now well known and accounted for. The Government is aware of the challenges faced by the sector and have shown support where required.

ON BEHALF OF THE BOARD:

Mr M Ghedia - Director

6th November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of consumable good wholesalers.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £82,000 (2024: £46,000).

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st April 2024 to the date of this report.

The beneficial interests of the directors holding office at 31st March 2025 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.25

1.4.24

Ordinary 'A' shares of £1 each

Mr D B Ghedia

5,000

5,000

Mrs M Ghedia

5,000

5,000

Mr M Ghedia

-

-

Mrs V Ghedia

-

-

Ordinary 'B' shares of £1 each

Mr D B Ghedia

-

-

Mrs M Ghedia

-

-

Mr M Ghedia

100

100

Mrs V Ghedia

-

-

Ordinary C shares of £1 each

Mr D B Ghedia

-

-

Mrs M Ghedia

-

-

Mr M Ghedia

-

-

Mrs V Ghedia

1

1

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, R Pau & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Ghedia - Director

6th November 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the company and the industry in which it operates, we identified the principal risks

of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition.

Audit procedures performed included:

o Review of the financial statement disclosures to underlying supporting documentation

o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations

o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms

o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Mr Nimesh Pau F.C.C.A (Senior Statutory Auditor)

for and on behalf of R Pau & Co Limited

Chartered Certified Accountants

& Statutory Auditors

12-16 Station Street East

Coventry

West Midlands

CV6 5FJ

6th November 2025

TURNOVER

19,717,047

22,810,555

Cost of sales

17,223,403

20,232,442

GROSS PROFIT

2,493,644

2,578,113

Administrative expenses

1,436,370

1,154,365

1,057,274

1,423,748

Other operating income

-

47,264

OPERATING PROFIT

4

1,057,274

1,471,012

Interest payable and similar expenses

5

27,017

16,185

PROFIT BEFORE TAXATION

1,030,257

1,454,827

Tax on profit

6

258,677

376,350

PROFIT FOR THE FINANCIAL YEAR

771,580

1,078,477

PROFIT FOR THE YEAR

771,580

1,078,477

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

771,580

1,078,477

FIXED ASSETS

Intangible assets

8

17,800

22,250

Tangible assets

9

162,330

172,410

180,130

194,660

CURRENT ASSETS

Stocks

10

3,952,516

4,586,594

Debtors

11

8,303,024

7,763,887

Cash at bank and in hand

84,131

428,663

12,339,671

12,779,144

CREDITORS

Amounts falling due within one year

12

3,900,996

5,043,266

NET CURRENT ASSETS

8,438,675

7,735,878

TOTAL ASSETS LESS CURRENT LIABILITIES

8,618,805

7,930,538

PROVISIONS FOR LIABILITIES

15

31,182

32,495

NET ASSETS

8,587,623

7,898,043

CAPITAL AND RESERVES

Called up share capital

16

10,101

10,101

Retained earnings

8,577,522

7,887,942

SHAREHOLDERS' FUNDS

8,587,623

7,898,043

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6th November 2025 and were signed on its behalf by:

Mr M Ghedia - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

10,101

6,855,465

6,865,566

Changes in equity

Dividends

-

(46,000

)

(46,000

)

Total comprehensive income

-

1,078,477

1,078,477

Balance at 31st March 2024

10,101

7,887,942

7,898,043

Changes in equity

Dividends

-

(82,000

)

(82,000

)

Total comprehensive income

-

771,580

771,580

Balance at 31st March 2025

10,101

8,577,522

8,587,623

Cash flows from operating activities

Cash generated from operations

1

302,899

580,646

Interest paid

(27,017

)

(16,185

)

Tax paid

(537,980

)

(256,760

)

Net cash from operating activities

(262,098

)

307,701

Cash flows from investing activities

Purchase of tangible fixed assets

(15,965

)

(93,232

)

Net cash from investing activities

(15,965

)

(93,232

)

Cash flows from financing activities

Amount introduced by directors

15,531

-

Amount withdrawn by directors

-

(36,970

)

Equity dividends paid

(82,000

)

(46,000

)

Net cash from financing activities

(66,469

)

(82,970

)

(Decrease)/increase in cash and cash equivalents

(344,532

)

131,499

Cash and cash equivalents at beginning of year

2

428,663

297,164

Cash and cash equivalents at end of year

2

84,131

428,663

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

2025

2024

£

£

Profit before taxation

1,030,257

1,454,827

Depreciation charges

30,495

41,851

Finance costs

27,017

16,185

1,087,769

1,512,863

Decrease/(increase) in stocks

634,078

(912,783

)

Increase in trade and other debtors

(539,137

)

(678,019

)

(Decrease)/increase in trade and other creditors

(879,811

)

658,585

Cash generated from operations

302,899

580,646

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 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

84,131

428,663

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

428,663

297,164

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

428,663

(344,532

)

84,131

428,663

(344,532

)

84,131

Debt

Debts falling due within 1 year

(387,827

)

(14,616

)

(402,443

)

(387,827

)

(14,616

)

(402,443

)

Total

40,836

(359,148

)

(318,312

)

1.	STATUTORY INFORMATION

Ram Enterprise (Wholesale) 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.

The nature of the company's operations and principal activities are included in the Report of the Directors.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102 the "Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Judgements and key sources of estimation uncertainty

Certain judgments are made in the process of applying the above accounting policies. None of these are considered to have a significant effect on the amounts recognised in the financial statements.

Certain estimates are also made concerning the future, however, it is considered that there are no key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill

Goodwill, being the amount valued on incorporation of the business from the partnership 'Mr & Mrs Ghedia t/as Ram Enterprise' in February 2006, is being written off evenly over its useful economic life of 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Plant and machinery

- 25% on reducing balance

Fixture and fittings

- 10% on cost

Motor vehicles

- 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of it's employees. Contributions are expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

453,154

376,184

Social security costs

32,322

24,207

Other pension costs

8,524

6,836

494,000

407,227

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

2025

2024

The average monthly number of employees

19

19

2025

2024

£

£

Directors' remuneration

25,920

25,440

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

26,045

17,107

Depreciation - assets on hire purchase contracts or finance leases

-

20,294

Goodwill amortisation

4,450

4,450

Auditors' remuneration

2,850

2,835

Cost of stock recognised as an expense

16,871,621

19,611,157

Loss/(gain) on foreign exchange

59,322

(47,264

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

22,057

16,185

Loan interest

4,960

-

27,017

16,185