Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-30false2023-05-01falseNo description of principal activity00false 01578798 2023-05-01 2024-04-30 01578798 2022-05-01 2023-04-30 01578798 2024-04-30 01578798 2023-04-30 01578798 2022-05-01 01578798 c:CompanySecretary1 2023-05-01 2024-04-30 01578798 c:Director1 2023-05-01 2024-04-30 01578798 c:Director2 2023-05-01 2024-04-30 01578798 c:RegisteredOffice 2023-05-01 2024-04-30 01578798 c:Agent1 2023-05-01 2024-04-30 01578798 c:Agent2 2023-05-01 2024-04-30 01578798 d:PlantMachinery 2023-05-01 2024-04-30 01578798 d:PlantMachinery 2024-04-30 01578798 d:PlantMachinery 2023-04-30 01578798 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01578798 d:MotorVehicles 2023-05-01 2024-04-30 01578798 d:MotorVehicles 2024-04-30 01578798 d:MotorVehicles 2023-04-30 01578798 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01578798 d:FurnitureFittings 2023-05-01 2024-04-30 01578798 d:FurnitureFittings 2024-04-30 01578798 d:FurnitureFittings 2023-04-30 01578798 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01578798 d:ComputerEquipment 2023-05-01 2024-04-30 01578798 d:ComputerEquipment 2024-04-30 01578798 d:ComputerEquipment 2023-04-30 01578798 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01578798 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01578798 d:CurrentFinancialInstruments 2024-04-30 01578798 d:CurrentFinancialInstruments 2023-04-30 01578798 d:Non-currentFinancialInstruments 2024-04-30 01578798 d:Non-currentFinancialInstruments 2023-04-30 01578798 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 01578798 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01578798 d:ShareCapital 2024-04-30 01578798 d:ShareCapital 2023-04-30 01578798 d:ShareCapital 2022-05-01 01578798 d:SharePremium 2024-04-30 01578798 d:SharePremium 2023-04-30 01578798 d:SharePremium 2022-05-01 01578798 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01578798 d:RetainedEarningsAccumulatedLosses 2024-04-30 01578798 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01578798 d:RetainedEarningsAccumulatedLosses 2023-04-30 01578798 d:RetainedEarningsAccumulatedLosses 2022-05-01 01578798 c:OrdinaryShareClass1 2023-05-01 2024-04-30 01578798 c:OrdinaryShareClass1 2024-04-30 01578798 c:OrdinaryShareClass1 2023-04-30 01578798 c:FRS102 2023-05-01 2024-04-30 01578798 c:Audited 2023-05-01 2024-04-30 01578798 c:FullAccounts 2023-05-01 2024-04-30 01578798 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01578798 d:Subsidiary1 2023-05-01 2024-04-30 01578798 d:Subsidiary1 1 2023-05-01 2024-04-30 01578798 c:Consolidated 2024-04-30 01578798 c:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 01578798 2 2023-05-01 2024-04-30 01578798 6 2023-05-01 2024-04-30 01578798 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01578798









REX INTERNATIONAL LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
REX INTERNATIONAL LTD
 
 
COMPANY INFORMATION


Directors
M R Howe 
E L Mirelman 




Company secretary
M R Howe



Registered number
01578798



Registered office
Unit 3-4
Allied Way

Warple Way

London

W3 0RL




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH




Bankers
Bank of China
90 Cannon Street

London

EC4N 6HA





HSBC

199 Acton High Street

London

W3 9DE





 
REX INTERNATIONAL LTD
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 30


 
REX INTERNATIONAL LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity is that of trading as merchants.

Business review
 
During the year, the Company's turnover increased to £11.664m from £9.680m. The results for the year are set out on the statement of income and retained earnings.

Principal risks and uncertainties
 
The continuing variables that could affect trading figures for the next year are:
a) Possible adverse exchange rate with the US Dollar.
b) Our design team continues to develop attractive designs in line with current trends. The management constantly monitors the giftware market so that our products meet buyers expectations.

Financial key performance indicators
 
The directors consider the key financial performance indicators to be revenues and profits which are stated in the attached financial statements. In addition:
a) The directors consider that the buying and design teams will continue to perform well.                                                                                                                                                                                                                                                                                         b)    We anticipate increased sales in the UK in the coming year due to a better trading climate and successful new product ranges.
 


This report was approved by the board on 3 February 2025 and signed on its behalf.



M R Howe
Director

Page 1

 
REX INTERNATIONAL LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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 loss for the year, after taxation, amounted to £584,912 (2023 - profit £423,614).

A dividend of £Nil (2023: £NIL) was paid during the year.

Directors

The directors who served during the year were:

M R Howe 
E L Mirelman 

Going concern

The financial statements have been prepared on the going concern basis as at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

Page 2

 
REX INTERNATIONAL LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 February 2025 and signed on its behalf.
 





M R Howe
Director

Page 3

 
REX INTERNATIONAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD
 

Opinion


We have audited the financial statements of Rex International Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 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 30 April 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
REX INTERNATIONAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (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 directors are 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 Directors' 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 Directors' 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 Directors' report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
REX INTERNATIONAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group'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 directors either intend to liquidate the Group or the parent 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 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:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud or error, and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).


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 6

 
REX INTERNATIONAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (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.





Neville J Newman (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants & Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

3 February 2025
Page 7

 
REX INTERNATIONAL LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,663,794
9,680,424

Cost of sales
  
(4,566,704)
(3,597,949)

Gross profit
  
7,097,090
6,082,475

Distribution costs
  
(3,188,208)
(3,090,333)

Administrative expenses
  
(4,564,220)
(2,807,994)

Other operating income
 5 
1,468
234,947

Operating (loss)/profit
 6 
(653,870)
419,095

Interest receivable and similar income
 10 
69,814
4,519

Interest payable and similar expenses
  
(856)
-

(Loss)/profit before taxation
  
(584,912)
423,614

(Loss)/profit for the financial year
  
(584,912)
423,614

  

Currency translation differences
  
(40,130)
346

Other comprehensive income for the year
  
(40,130)
346

Total comprehensive income for the year
  
(625,042)
423,960

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(584,912)
423,614

  
(584,912)
423,614

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(625,042)
423,960

  
(625,042)
423,960

The notes on pages 16 to 30 form part of these financial statements.

Page 8

 
REX INTERNATIONAL LTD
REGISTERED NUMBER: 01578798

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
89,030
87,280

Investments
 14 
2,561
2,626

  
91,591
89,906

Current assets
  

Stocks
 15 
2,456,906
3,470,510

Debtors
 16 
1,868,567
1,336,611

Cash at bank and in hand
 17 
3,920,610
3,288,909

  
8,246,083
8,096,030

Creditors: amounts falling due within one year
 18 
(1,171,290)
(394,510)

Net current assets
  
 
 
7,074,793
 
 
7,701,520

Total assets less current liabilities
  
7,166,384
7,791,426

Provisions for liabilities
  

Net assets excluding pension asset
  
7,166,384
7,791,426

Net assets
  
7,166,384
7,791,426


Capital and reserves
  

Called up share capital 
 19 
127,059
127,059

Share premium account
  
621,977
621,977

Foreign exchange reserve
  
(43,636)
(3,506)

Profit and loss account
  
6,460,984
7,045,896

Equity attributable to owners of the parent Company
  
7,166,384
7,791,426

  
7,166,384
7,791,426


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 February 2025.




M R Howe
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
REX INTERNATIONAL LTD
REGISTERED NUMBER: 01578798

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
89,030
87,280

Investments
 14 
9,448
9,448

  
98,478
96,728

Current assets
  

Stocks
 15 
2,438,392
3,470,510

Debtors
 16 
1,573,677
1,786,968

Cash at bank and in hand
 17 
3,798,356
3,173,249

  
7,810,425
8,430,727

Creditors: amounts falling due within one year
 18 
(406,483)
(373,075)

Net current assets
  
 
 
7,403,942
 
 
8,057,652

Total assets less current liabilities
  
7,502,420
8,154,380

  

  

Net assets excluding pension asset
  
7,502,420
8,154,380

Net assets
  
7,502,420
8,154,380


Capital and reserves
  

Called up share capital 
 19 
127,059
127,059

Share premium account
  
621,977
621,977

Profit and loss account brought forward
  
7,405,344
6,972,786

Loss/(profit) for the year
  
(651,961)
432,558

Profit and loss account carried forward
  
6,753,384
7,405,344

  
7,502,420
8,154,380


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 February 2025.


M R Howe
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 10
 

 
REX INTERNATIONAL LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 May 2022
127,059
621,977
(3,852)
6,622,282
7,367,466
7,367,466



Comprehensive income for the year


Profit for the year
-
-
-
423,614
423,614
423,614


Currency translation differences
-
-
346
-
346
346





At 1 May 2023
127,059
621,977
(3,506)
7,045,896
7,791,426
7,791,426



Comprehensive income for the year


Loss for the year
-
-
-
(584,912)
(584,912)
(584,912)


Currency translation differences
-
-
(40,130)
-
(40,130)
(40,130)



At 30 April 2024
127,059
621,977
(43,636)
6,460,984
7,166,384
7,166,384



The notes on pages 16 to 30 form part of these financial statements.

Page 11

 

 
REX INTERNATIONAL LTD


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



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


£
£
£
£



At 1 May 2022
127,059
621,977
6,972,786
7,721,822



Comprehensive income for the year


Profit for the year
-
-
432,558
432,558





At 1 May 2023
127,059
621,977
7,405,344
8,154,380



Comprehensive income for the year


Loss for the year
-
-
(651,961)
(651,961)



At 30 April 2024
127,059
621,977
6,753,383
7,502,419



The notes on pages 16 to 30 form part of these financial statements.

Page 12
 
REX INTERNATIONAL LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(584,912)
423,614

Adjustments for:

Depreciation of tangible assets
24,344
25,335

Interest paid
856
-

Interest received
(69,814)
(4,519)

(Increase) in stocks
(1,091,084)
(1,394,848)

(Increase)/decrease in debtors
(642,579)
432,789

Increase/(decrease) in creditors
732,811
(161,487)

Increase in provisions
2,104,688
-

Corporation tax received
155,043
-

Currency translation differences
-
346

Net cash generated from operating activities

629,353
(678,770)


Cash flows from investing activities

Purchase of tangible fixed assets
(26,094)
(2,435)

Purchase of unlisted and other investments
-
(2,626)

Interest received
69,814
4,519

Net cash from investing activities

43,720
(542)

Cash flows from financing activities

Interest paid
(856)
-

Net cash used in financing activities
(856)
-

Net increase/(decrease) in cash and cash equivalents
672,217
(679,312)

Cash and cash equivalents at beginning of year
3,288,458
3,967,770

Foreign exchange gains and losses
(40,065)
-

Cash and cash equivalents at the end of year
3,920,610
3,288,458


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,920,610
3,288,908

Bank overdrafts
-
(450)

3,920,610
3,288,458


Page 13

 
REX INTERNATIONAL LTD
 
The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
REX INTERNATIONAL LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£

£

£

£

Cash at bank and in hand

3,288,908

671,767

(40,065)

3,920,610

Bank overdrafts

(450)

450

-

-

Debt due within 1 year

394,510

777,229

-

1,171,739


3,682,968
1,449,446
(40,065)
5,092,349

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Rex International Limited is a private limited company limited by shares incorporated and domiciled in the UK and registered in England and Wales. The company carries out merchant trading activities.
The company's registered address is Unit 3-4 Allied Way, Warple Way, London, W3 0RL.

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 judgment 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 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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

Page 16

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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.

Page 18

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution 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.

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
per annum (reducing balance basis)
Motor vehicles
-
25%
per annum (reducing balance basis)
Fixtures and fittings
-
15%
per annum (reducing balance basis)
Computer equipment
-
33%
per annum (Straight line basis)

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

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.

Page 20

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the Company's financial statements requires management to make significant accounting judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying value of assets and liabilities that are not readily apparent from other sources.
Management has identified the following critical accounting policies for which significant judgements,  estimates  and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.
Stock Provision
Included in Stocks at the balance sheet date is a provision in respect of obsolete and slow-moving stock lines. The provision is based on an assessment of the projected volume, timing and sales price of future sales of stock, which has been estimated based on historical sales data and the experience of management.


4.


Turnover

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


2024
2023
£
£

Turnover
11,663,794
9,680,424

11,663,794
9,680,424


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,994,363
5,585,794

Rest of Europe
5,035,037
3,623,132

Rest of the world
634,394
471,498

11,663,794
9,680,424


Page 21

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Bad debts recovered
1,468
755

Sundry income
-
234,192

1,468
234,947



6.


Operating (loss)/profit

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

2024
2023
£
£

Exchange differences
297,050
12,899

Other operating lease rentals
644,621
675,366


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Group's financial statements
35,380
23,500

Page 22

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,748,764
2,637,523

Social security costs
293,848
293,374

Cost of defined contribution scheme
231,638
182,797

3,274,250
3,113,694


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


Wages and salaries
2,748,764
2,637,523
2,748,764
2,637,523

Social security costs
293,848
293,374
293,848
293,374

Cost of defined contribution scheme
231,638
182,797
231,638
182,797

3,274,250
3,113,694
3,274,250
3,113,694


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


        2024
        2023
            No.
            No.







Office
25
25



Warehouse
35
36

60
61


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
130,000
130,000

130,000
130,000


Page 23

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
69,814
4,519

69,814
4,519


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
856
-

856
-


12.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(584,912)
423,615


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
146,228
(35,990)

Effects of:


Capital allowances for year in excess of depreciation
(504)
4,905

Utilisation of tax losses
17,454
2,756

Non-taxable income
16,965
-

Unrelieved tax losses carried forward
(180,143)
28,329

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
152,739
20,437
87,360
106,987
367,523


Additions
15,495
-
-
10,599
26,094



At 30 April 2024

168,234
20,437
87,360
117,586
393,617



Depreciation


At 1 May 2023
102,778
20,119
57,311
100,035
280,243


Charge for the year on owned assets
9,818
80
4,507
9,939
24,344



At 30 April 2024

112,596
20,199
61,818
109,974
304,587



Net book value



At 30 April 2024
55,638
238
25,542
7,612
89,030



At 30 April 2023
49,960
319
30,049
6,952
87,280

Page 25

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 May 2023
152,739
20,437
87,360
106,987
367,523


Additions
15,495
-
-
10,599
26,094



At 30 April 2024

168,234
20,437
87,360
117,586
393,617



Depreciation


At 1 May 2023
102,778
20,119
57,311
100,035
280,243


Charge for the year on owned assets
9,818
80
4,507
9,939
24,344



At 30 April 2024

112,596
20,199
61,818
109,974
304,587



Net book value



At 30 April 2024
55,638
238
25,542
7,612
89,030



At 30 April 2023
49,960
319
30,049
6,952
87,280





The net book value of land and buildings may be further analysed as follows:




Page 26

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 May 2023
2,626
-
2,626


Foreign exchange movement
-
(65)
(65)



At 30 April 2024
2,626
(65)
2,561




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
9,448



At 30 April 2024
9,448





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Rex London BV
Belgium
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Rex London BV
9,448

Page 27

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Stocks

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

Finished goods and goods for resale
2,456,906
3,470,510
2,438,392
3,470,510

2,456,906
3,470,510
2,438,392
3,470,510


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

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

Due after more than one year

Other debtors
300,000
300,000
300,000
300,000

300,000
300,000
300,000
300,000

Due within one year

Trade debtors
1,041,025
562,538
153,657
256,798

Amounts owed by group undertakings
-
-
610,683
765,638

Other debtors
226,323
120,164
208,118
110,623

Prepayments and accrued income
301,219
353,909
301,219
353,909

1,868,567
1,336,611
1,573,677
1,786,968



17.


Cash and cash equivalents

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

Cash at bank and in hand
3,920,610
3,288,909
3,798,356
3,173,249

Less: bank overdrafts
-
(450)
-
-

3,920,610
3,288,459
3,798,356
3,173,249


Page 28

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

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

Bank overdrafts
-
450
-
-

Trade creditors
1,040,507
327,085
275,701
306,101

Corporation tax
44,418
-
44,418
-

Other taxation and social security
100,075
140,440
100,075
140,440

Other creditors
27,312
22,367
27,312
22,367

Accruals and deferred income
(41,022)
(95,832)
(41,023)
(95,833)

1,171,290
394,510
406,483
373,075



19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,270,590 (2023 - 1,270,590) Ordinary Shares shares of £0.10 each
127,059
127,059



20.


Securities

Facilities with the Bank of China as at 30 April 2024 are as follows:
(i) Bond Guarantee Indemnity for £120,000


21.


Pension commitments

The Company operates a defined contribution scheme. Contributions for the year amounted to £231,639 (2023:£182,797). Contributions totalling of £19,657(2023:£15,321) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 30 April 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
480,000
480,000

480,000
480,000
Page 29

 
REX INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Related party transactions

During the year, the Company was charged rent of £480,000 (2023: £480,000) by the Rex International Pension  Fund, a  related party by virtue of common control, for the use of premises owned by it.
During the year the directors of the Company, who are also shareholders, each received dividends of
£Nil (2023: £Nil).
During the year close family members of the directors were paid salaries totalling £70,500 (2023:
£67,956).
 


24.


Controlling party

The Company is under the ultimate control of M R Howe and E L Mirelman its two directors.

 
Page 30