Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312024-07-311959378112023-08-01falseHolding companyfalsefalsefalse 10983732 2023-08-01 2024-07-31 10983732 2022-08-01 2023-07-31 10983732 2024-07-31 10983732 2023-07-31 10983732 2022-08-01 10983732 c:Director1 2023-08-01 2024-07-31 10983732 c:RegisteredOffice 2023-08-01 2024-07-31 10983732 c:Agent1 2023-08-01 2024-07-31 10983732 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 10983732 d:PlantMachinery 2023-08-01 2024-07-31 10983732 d:FurnitureFittings 2023-08-01 2024-07-31 10983732 d:CurrentFinancialInstruments 2024-07-31 10983732 d:CurrentFinancialInstruments 2023-07-31 10983732 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 10983732 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10983732 d:ShareCapital 2024-07-31 10983732 d:ShareCapital 2023-07-31 10983732 d:ShareCapital 2022-08-01 10983732 d:SharePremium 2023-08-01 2024-07-31 10983732 d:SharePremium 2024-07-31 10983732 d:SharePremium 2023-07-31 10983732 d:SharePremium 2022-08-01 10983732 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 10983732 d:RetainedEarningsAccumulatedLosses 2024-07-31 10983732 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 10983732 d:RetainedEarningsAccumulatedLosses 2023-07-31 10983732 d:RetainedEarningsAccumulatedLosses 2022-08-01 10983732 c:OrdinaryShareClass1 2023-08-01 2024-07-31 10983732 c:OrdinaryShareClass1 2024-07-31 10983732 c:OrdinaryShareClass1 2023-07-31 10983732 c:FRS102 2023-08-01 2024-07-31 10983732 c:Audited 2023-08-01 2024-07-31 10983732 c:FullAccounts 2023-08-01 2024-07-31 10983732 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10983732 d:Subsidiary1 2023-08-01 2024-07-31 10983732 d:Subsidiary1 1 2023-08-01 2024-07-31 10983732 c:Consolidated 2024-07-31 10983732 c:ConsolidatedGroupCompanyAccounts 2023-08-01 2024-07-31 10983732 2 2023-08-01 2024-07-31 10983732 6 2023-08-01 2024-07-31 10983732 e:PoundSterling 2023-08-01 2024-07-31 10983732 d:OtherGroupMember1 d:SettlementLiabilities 2023-08-01 2024-07-31 10983732 d:OtherGroupMember1 d:SettlementLiabilities 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10983732










RMS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
RMS GROUP LIMITED
 
 
COMPANY INFORMATION


Director
Mr D Parkinson 




Registered number
10983732



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Independent auditors
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU




Bankers
Barclays Bank Plc
27 Soho Square

London

W1D 3QR





 
RMS GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 33


 
RMS GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The director has pleasure in presenting his strategic report for the year 1 August 2023 to 31 July 2024.

Business review
 
The company's principal activity is that of a holding company. 
Turnover for the year end 31 July 2024 is reported at £26,301,711 (2023 - £24,649,562) and the Group's profit before tax is £1,804,699 (2023 - £1,685,819).
The Group has built on the past 10+ years a strong business relationship with clients which has allowed us to
grow and strengthen our core database. This has enabled the Group to show a steady growth during some
difficult trading periods. Looking ahead for the next twelve to twenty four months, growth is expected to continue.

Principal risks and uncertainties
 
The past twelve months has been challenging, but due to careful planning and foresight the Group has
experienced a healthy turnover. With the previous investment into washing non-hazardous and inert waste, the
Group has been able to negotiate larger contracts. This year saw the first delivery of all electric plant, with
more planned for the coming eighteen months. The Group continues to deliver in-house and third party
training for all employees, thus enhancing future growth & development for Group & employees.
Financial risk
Due to the nature of the industry in which the Group operates, there are various financial risks which the Group may be exposed to; namely, credit risk, liquidity risk and interest risk.
Credit risk
The Group offers credit terms to its customers that allow payment after delivery of the supply of goods and services. The group prides itself on strong ongoing customer relationships and this reduces the exposure to credit risk in the majority of cases.
Liquidity risk
The Group seeks to ensure sufficient liquidity is available to meet day-to-day operations and future potential developments by way of hire purchase arrangements that are used to provide short-term debt finance flexibility.
Interest risk
The Group keeps interest rate exposure under review to ensure this is factored into any business decisions.
Regulatory control
The Group operates in a heavily regulated industry that includes waste disposal and environmental sectors. The director takes his responsibilities seriously and reviews compliance regularly. The Group has continued its investment in new vehicles to ensure the Group remains compliant, and fulfils its duty to its highly acclaimed accreditations. The low emission zone surrounding the city has brought into sharp focus the need to keep the fleet updated yearly. 

Page 1

 
RMS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Financial key performance indicators
 
The Group’s key performance indicators are its turnover, gross profit and profit before tax. These are as follows for the year to 31 July 2024 and for the year to 31 July 2023.
               2024                      2023 
Turnover             £26,301,711                   £24,649,562 
Gross profit              £6,262,953   £5,796,851
Profit after tax   £1,347,693                     £1,200,166
   


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



Mr D Parkinson
Director

Date: 15 January 2025

Page 2

 
RMS GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,347,693 (2023 - £1,200,166).

Particulars of dividends paid are detailed in note 12 of the financial statements.

Director

The director who served during the year was:

Mr D Parkinson 

Future developments

The Group is looking to grow each year. The director considers the Group is well positioned to keep the
ongoing uncertainty of the economic climate following Brexit minimal.

Qualifying third party indemnity provisions

Director's liability and indemnity insurance was in force throughout the year to cover the director and officers of
the Group against actions brought against them in their personal capacities. Cover is not provided where the
individual has acted fraudulently or dishonestly.

Page 3

 
RMS GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr D Parkinson
Director

Date: 15 January 2025

Page 4

 
RMS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RMS GROUP LIMITED
 

Opinion


We have audited the financial statements of RMS Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent company's affairs as at 31 July 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
RMS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RMS GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the 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 director either intends to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
RMS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RMS GROUP LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


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

•      Obtaining an understanding of the legal and regulatory frameworks that the company operates in;
•      Reviewing key correspondence with regulatory authorities;
•      Testing for evidence of management override;
•      Enquiry of management to identify any instances of non-compliance with laws and regulations;
•      Enquiry of management around actual and potential litigation and claims;
•      Enquiry of management to identify any instances of known or suspected instances of fraud;
•      Discussing among the engagement team regarding how and where fraud might occur.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 7

 
RMS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RMS GROUP LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
  
London, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales
(registered number OC312313).
20 January 2025
Page 8

 
RMS GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
26,301,711
24,649,562

Cost of sales
  
(20,038,758)
(18,852,711)

Gross profit
  
6,262,953
5,796,851

Administrative expenses
  
(4,322,912)
(3,993,354)

Operating profit
 5 
1,940,041
1,803,497

Interest receivable and similar income
 9 
2,845
7,512

Interest payable and similar expenses
 10 
(138,187)
(125,190)

Profit before taxation
  
1,804,699
1,685,819

Tax on profit
 11 
(457,006)
(485,653)

Profit for the financial year
  
1,347,693
1,200,166

Profit for the year attributable to:
  

Owners of the parent company
  
1,347,693
1,200,166

  
1,347,693
1,200,166

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 33 form part of these financial statements.

Page 9

 
RMS GROUP LIMITED
REGISTERED NUMBER: 10983732

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
7,055,508
7,293,174

  
7,055,508
7,293,174

Current assets
  

Debtors: amounts falling due within one year
 16 
6,277,078
7,698,773

Cash at bank and in hand
 17 
2,544,684
2,211,107

  
8,821,762
9,909,880

Creditors: amounts falling due within one year
 18 
(6,274,481)
(8,850,370)

Net current assets
  
 
 
2,547,281
 
 
1,059,510

Total assets less current liabilities
  
9,602,789
8,352,684

Creditors: amounts falling due after more than one year
 19 
(547,466)
(676,078)

Provisions for liabilities
  

Deferred taxation
 21 
(837,710)
(696,686)

  
 
 
(837,710)
 
 
(696,686)

Net assets
  
8,217,613
6,979,920


Capital and reserves
  

Called up share capital 
 22 
101
101

Share premium account
 23 
1,874,900
1,874,900

Profit and loss account
 23 
6,342,612
5,104,919

Equity attributable to owners of the parent company
  
8,217,613
6,979,920

  
8,217,613
6,979,920


Page 10

 
RMS GROUP LIMITED
REGISTERED NUMBER: 10983732
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D Parkinson
Director

Date: 15 January 2025

The notes on pages 18 to 33 form part of these financial statements.

Page 11

 
RMS GROUP LIMITED
REGISTERED NUMBER: 10983732

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
1,884,375
1,884,375

  
1,884,375
1,884,375

Current assets
  

Debtors: amounts falling due within one year
 16 
4,000,000
-

Cash at bank and in hand
 17 
1
1

  
4,000,001
1

Creditors: amounts falling due within one year
 18 
(9,375)
(9,375)

Net current assets/(liabilities)
  
 
 
3,990,626
 
 
(9,374)

Total assets less current liabilities
  
5,875,001
1,875,001

  

  

Net assets
  
5,875,001
1,875,001


Capital and reserves
  

Called up share capital 
 22 
101
101

Share premium account
 23 
1,874,900
1,874,900

Profit and loss account
 23 
4,000,000
-

  
5,875,001
1,875,001


The profit after tax of the parent company in the year was £4,100,000 (2023 - £176,00).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D Parkinson
Director

Date: 15 January 2025

The notes on pages 18 to 33 form part of these financial statements.

Page 12

 
RMS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
101
1,874,900
4,080,753
5,955,754


Comprehensive income for the year

Profit for the year
-
-
1,200,166
1,200,166
Total comprehensive income for the year
-
-
1,200,166
1,200,166


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(176,000)
(176,000)



At 1 August 2023
101
1,874,900
5,104,919
6,979,920


Comprehensive income for the year

Profit for the year
-
-
1,347,693
1,347,693
Total comprehensive income for the year
-
-
1,347,693
1,347,693


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(110,000)
(110,000)


At 31 July 2024
101
1,874,900
6,342,612
8,217,613


The notes on pages 18 to 33 form part of these financial statements.

Page 13

 
RMS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
101
1,874,900
-
1,875,001


Comprehensive income for the year

Profit for the year
-
-
176,000
176,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(176,000)
(176,000)



At 1 August 2023
101
1,874,900
-
1,875,001


Comprehensive income for the year

Profit for the year
-
-
4,110,000
4,110,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(110,000)
(110,000)


At 31 July 2024
101
1,874,900
4,000,000
5,875,001


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 
RMS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,347,693
1,200,166

Adjustments for:

Depreciation of tangible assets
2,042,373
1,980,290

Loss on disposal of tangible assets
21,676
(82,285)

Interest paid
138,187
125,190

Interest received
(2,845)
(7,512)

Taxation charge
457,006
485,653

Decrease/(increase) in debtors
1,421,695
(1,544,819)

(Decrease)/increase in creditors
(2,848,544)
216,157

Corporation tax (paid)
(9,945)
(78,948)

Net cash generated from operating activities

2,567,296
2,293,892


Cash flows from investing activities

Purchase of tangible fixed assets
(376,913)
(324,396)

Sale of tangible fixed assets
198,760
245,133

Interest received
2,845
7,512

HP interest paid
(103,236)
(102,811)

Net cash from investing activities

(278,544)
(174,562)

Cash flows from financing activities

Other new loans
83,361
23,881

Repayment of finance leases
(1,893,585)
(2,172,222)

Dividends paid
(110,000)
(176,000)

Interest paid
(34,951)
(22,379)

Net cash used in financing activities
(1,955,175)
(2,346,720)
Page 15

 
RMS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
333,577
(227,390)

Cash and cash equivalents at beginning of year
2,211,107
2,438,497

Cash and cash equivalents at the end of year
2,544,684
2,211,107


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,544,684
2,211,107

2,544,684
2,211,107


The notes on pages 18 to 33 form part of these financial statements.

Page 16

 
RMS GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024





As restated
At 1 August 2023
Cash flows
New hire purchase contracts
At 31 July 2024
£

£

£

£

Cash at bank and in hand

2,211,107

333,577

-

2,544,684

Debt due within 1 year

(375,355)

(83,361)

-

(458,716)

Hire purchase contracts

(1,937,837)

1,893,585

(1,648,230)

(1,692,482)


(102,085)
2,143,801
(1,648,230)
393,486

The notes on pages 18 to 33 form part of these financial statements.

Page 17

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The entity is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the group is the recovery and recycling of waste materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in pounds sterling, the functional currency of the group, and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Based on future cash flows on ongoing contracts and having regard to the resources available to the entity, the Director has concluded that there is no material uncertainty relating to going concern and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 18

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group 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

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 19

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 20

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25%
Plant and machinery
-
25%
Fixtures and fittings
-
25%

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

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

Page 21

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 22

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The director considers that the critical accounting policies where judgements and estimations have been applied relate to the tangible asset lives, in particular the useful economic life and residual values of plant and machinery, and the recoverability of trade debtors. The director has concluded that asset values and residual values are appropriate and the debtors are appropriately valued.

Page 23

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of recycled materials
26,301,711
24,649,562

26,301,711
24,649,562


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
26,301,711
24,649,562

26,301,711
24,649,562



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
2,042,373
1,980,290

Loss/(profit) on disposal of intangible assets
21,676
(82,285)

Other operating lease rentals
459,459
459,459


6.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
22,500
22,000

Fees payable to the company's auditors in respect of:

All non-audit services not included above
45,137
49,214

Page 24

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,957,035
4,168,724

Social security costs
448,041
459,539

Cost of defined contribution pension scheme
72,412
70,443

4,477,488
4,698,706


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Direct and administrative
110
95
1
1

The director is considered to be the sole member of Key Management Personnel and his compensation is detailed in note 8.


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
11,578
10,000

11,578
10,000


There are no retirement benefits accruing under money purchase pension schemes in respect of the
director (2023 - £Nil).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,845
7,512

2,845
7,512

Page 25

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
103,236
102,811

Other interest payable
34,951
22,379

138,187
125,190


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
317,713
1,669

Adjustment to prior year
(1,731)
36,381


315,982
38,050


Total current tax
315,982
38,050

Deferred tax


Origination and reversal of timing differences
141,024
447,603

Total deferred tax
141,024
447,603


Taxation on profit on ordinary activities
457,006
485,653
Page 26

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,804,699
1,685,819


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
451,175
354,022

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
26,662
20,944

Capital allowances for year in excess of depreciation
(19,100)
74,482

Adjustments to tax charge in respect of prior years
(1,731)
36,381

Marginal relief
-
(176)

Total tax charge for the year
457,006
485,653


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Paid during the year
110,000
176,000

110,000
176,000


13.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £4,110,000 (2023 - £176,000).

Page 27

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
511,195
18,262,186
27,810
18,801,191


Additions
23,289
1,953,738
48,116
2,025,143


Disposals
-
(650,501)
-
(650,501)



At 31 July 2024

534,484
19,565,423
75,926
20,175,833



Depreciation


At 1 August 2023
318,465
11,175,149
14,403
11,508,017


Charge for the year
48,850
1,986,306
7,217
2,042,373


Disposals
-
(430,065)
-
(430,065)



At 31 July 2024

367,315
12,731,390
21,620
13,120,325



Net book value



At 31 July 2024
167,169
6,834,033
54,306
7,055,508



At 31 July 2023
192,730
7,087,037
13,407
7,293,174

Included in the total net book value of plant and machinery at the year end was £3,033,187 (2023 - £4,169,616) in respect of assets held under finance leases.

Page 28

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Fixed asset investments

Company





Investments in subsidiary company

£



Cost or valuation


At 1 August 2023
1,884,375



At 31 July 2024
1,884,375





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Recycled Material Supplies Limited
6th Floor, 2 London Wall Place, London, EC2Y 5AU
Ordinary
100%


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,413,233
3,995,745
-
-

Amounts owed by group undertakings
-
-
4,000,000
-

Other debtors
779,677
3,033,448
-
-

Prepayments and accrued income
1,084,168
669,580
-
-

6,277,078
7,698,773
4,000,000
-


Page 29

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,544,684
2,211,107
1
1

2,544,684
2,211,107
1
1



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
458,716
375,355
-
-

Trade creditors
2,960,496
2,340,832
-
-

Amounts owed to group undertakings
-
-
9,375
9,375

Corporation tax
306,037
-
-
-

Other taxation and social security
473,316
632,415
-
-

Obligations under finance lease and hire purchase contracts
1,145,016
1,261,759
-
-

Other creditors
912,900
3,721,748
-
-

Accruals and deferred income
18,000
518,261
-
-

6,274,481
8,850,370
9,375
9,375


Obligations under finance lease and hire purchase contracts of £1,145,016 (2023 - £1,261,759) are secured on the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
547,466
676,078

547,466
676,078


Obligations under finance lease and hire purchase contracts of £547,466 (2023 - £676,078) are secured on the assets to which they relate. 

Page 30

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
1,300,559
1,360,887

Between 1-5 years
659,860
727,327

1,960,419
2,088,214

At the balance sheet date, the total hire purchase creditor was £1,692,482 (2023 - £1,937,837). The difference of £267,937 between the creditor and the minimum lease payments is future interest payable.


21.


Deferred taxation


Group



2024


£






At beginning of year
696,686


Charged to profit or loss
141,024



At end of year
837,710

Company








At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
837,710
696,686

837,710
696,686

Page 31

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



101 (2023 - 101) Ordinary shares of £1.00 each
101
101



23.


Share Premium

Share premium account

On incorporation, 101 Ordinary Shares of £1 each were issued and a share premium of £1,874,900 arose on the consideration of £1,875,001.

Profit and loss account

Changes in reserves are set out in the Statement of Changes in Equity.


24.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £72,412 (2023 - £70,443). Contributions totalling £904 (2023 - £3,959) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 July 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
405,000
344,595

405,000
344,595

Operating lease costs in the year totalled £459,459 (2023 - £459,460).


26.


Transactions with directors

During the year the group made advances totalling £154,849 (2023 - £215,962) to Mr D Parkinson, the director, and received credits of £120,280 (2023 - £185,870). Interest of £2,845 has been charged at commercial rates on overdrawn balances. As at 31 July 2022, Mr D Parkinson owed the group £126,082 (2023 - £88,668). The loan is unsecured and repayable on demand.

Page 32

 
RMS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

27.


Related party transactions

During the year, Recycled Material Southern Ltd, a limited company of which the director, Mr D Parkinson, is a shareholder, provided services totalling £1,678,352 (2023 - £394,672) to the group and received services of £4,961,011 (2023 - £4,439,666). At the balance sheet date, an amount of £50,327 (2023 - £1,909,051) was owed to Recycled Material Southern Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.


28.


Controlling party

The group was under the control of Mr D Parkinson throughout the current and prior year.

 
Page 33