The Ramsay Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC370867 (Scotland)

Financial Statements for the Year Ended 31 January 2019

for

The Ramsay Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs D M Field

A A Khan

REGISTERED OFFICE:

Suite 149

St James Business Centre

Linwood Road

PAISLEY

Renfrewshire

PA3 3AT

REGISTERED NUMBER:

SC370867 (Scotland)

ACCOUNTANTS:

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

FIXED ASSETS

Intangible assets

4

52,500

63,750

Tangible assets

5

1,371

4,490

53,871

68,240

CURRENT ASSETS

Debtors

6

183,234

145,653

Cash at bank and in hand

8,605

4,032

191,839

149,685

CREDITORS

Amounts falling due within one year

7

191,945

188,310

NET CURRENT LIABILITIES

(106

)

(38,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

53,765

29,615

CREDITORS

Amounts falling due after more than one year

8

(52,381

)

(37,215

)

PROVISIONS FOR LIABILITIES

(247

)

(808

)

NET ASSETS/(LIABILITIES)

1,137

(8,408

)

CAPITAL AND RESERVES

Called up share capital

9

200

200

Share premium

12,975

12,975

Retained earnings

(12,038

)

(21,583

)

SHAREHOLDERS' FUNDS

1,137

(8,408

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 31 October 2019 and were signed on its behalf by:

A A Khan - Director

Mrs D M Field - Director

1.	STATUTORY INFORMATION

The Ramsay Partnership Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of seven 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

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

Plant and machinery etc

-

33% on cost and 25% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in profit or loss.

Taxation

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

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2018

and 31 January 2019

585,000

AMORTISATION

At 1 February 2018

521,250

Charge for year

11,250

At 31 January 2019

532,500

NET BOOK VALUE

At 31 January 2019

52,500

At 31 January 2018

63,750

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2018

and 31 January 2019

15,593

DEPRECIATION

At 1 February 2018

11,103

Charge for year

3,119

At 31 January 2019

14,222

NET BOOK VALUE

At 31 January 2019

1,371

At 31 January 2018

4,490

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

90,979

105,268

Other debtors

92,255

40,385

183,234

145,653

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts

62,475

60,662

Trade creditors

20,302

12,556

Taxation and social security

64,237

43,374

Other creditors

44,931

71,718

191,945

188,310

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans

52,381

37,215

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

200

Ordinary

£1

200

200

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2019 and

31 January 2018:

31.1.19

31.1.18

£

£

Mrs D M Field

Balance outstanding at start of year

(22,498

)

(12,356

)

Amounts advanced

(45,406

)

(56,282

)

Amounts repaid

36,462

46,140

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(31,442

)

(22,498

)

A A Khan

Balance outstanding at start of year

8,588

10,032

Amounts advanced

(80,500

)

(97,884

)

Amounts repaid

50,087

96,440

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(21,825

)

8,588

11.	RELATED PARTY DISCLOSURES

Douglas & Weir Consulting Ltd is a company owned by the directors and owes the company £6,024 at 31st

January 2019 (2018 - £1,886) for costs paid on its behalf.

Douglas & Weir Consulting Ltd has invoiced the company £54,000 during the year for consultation services

(2018 - £67,500).

D and F Lawyers is a firm owned by Asim Khan and owes the company £4,020 (2018 - nil) for costs paid on its

behalf.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of The Ramsay Partnership Limited for the year ended 31 January 2019 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of The Ramsay Partnership Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Ramsay Partnership Limited and state those matters that we have agreed to state to the Board of Directors of The Ramsay Partnership Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Ramsay Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Ramsay Partnership Limited. You consider that The Ramsay Partnership Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Ramsay Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

31 October 2019