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REGISTERED NUMBER: 03302783 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

THE REMET COMPANY LIMITED

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


THE REMET COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: P J Brewer
S Cohen
W Reid
P Reid
M Reid





SECRETARY: P J Brewer





REGISTERED OFFICE: Remet Works
9a Cody Business Centre
South Crescent
London
E16 4TL





REGISTERED NUMBER: 03302783 (England and Wales)





AUDITORS: MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
London
NW8 0DL

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The Income Statement is set out on Page 8 and shows the profit of the group for the year.

The directors consider the state of the group's affairs to be satisfactory.The directors believe the group continues to performing well and are confident that the group will continue to improve in the future.

The directors believe that the group's existing businesses, both in the UK and internationally, are well positioned for continued organic growth.

Key performance indicators used by the group are:


2024 2023
Turnover £217.90m £177.35m
Gross Profit £20.89m £15.10m
Operating Profit £8.11m £6.55m
Net Profit £4.81 £4.36m

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the business relate to the general state of the industrial economy in the UK and in those countries to which the group exports and the growth of the group's key markets, the continuity of supply of the key metals used in the business, the financial health of the group's main customers and the development of metal prices.

Financial instruments of significance to the group comprise primary financial instruments (mainly cash, borrowings, debtors and creditors).

The main financial risks arising from the group's activities are credit risk, market risk (metal prices and foreign exchange) and liquidity risk. These are monitored by the board of directors and were not considered to be significant at the balance sheet date.

The group's policy in respect of credit risk is to mitigate the risk of loss by adhering to credit control procedures including the use of credit limits and credit insurance.

Exposures to metal price movements are restricted by the imposition of trading position limits agreed by the board of directors. The group mitigates its foreign exchange risk by entering into forward currency contracts.

Liquidity risk is managed by planning for future funding requirements to ensure adequate facilities are available.


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

SECTION 172(1) STATEMENT
Under section 172(1) of the Companies Act 2006 (section 172), the Directors are required to act in a way they consider, in all good faith, would most likely promote the success of the Group. This success must be for the benefit of the Group's shareholders but also for all other stakeholders.

ON BEHALF OF THE BOARD:





W Reid - Director


7 March 2025

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
An interim dividend of £404.85 per share was paid on 30 June 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 1,000,000 .

DIRECTORS
The directors during the year under review were:

P J Brewer
S Cohen
W Reid
P Reid
J Stelzer - resigned 1.12.2023
M Reid - appointed 24.11.2023

The directors holding office at 30 June 2024 did not hold any beneficial interest in the issued share capital of the company at 1 July 2023 (or date of appointment if later) or 30 June 2024.

CHARITABLE DONATIONS AND EXPENDITURE
During the the group made donations totalling £142,086 (2023: £129,341)

STREAMLINED ENERGY AND CARBON REPORTING
As of 31 December 2023 The Remet Company Ltd group had three significant energy consuming sites,

The Remet Company Ltd, London,
Avon Metals Ltd, Gloucester,
Avon Specialty Metals Ltd, Gloucester.

92.8% of the groups energy use is consumed at the Avon Metals site which manufactures metal alloys with a combination of Gas and Electric powered furnaces.
Focus on energy efficiency is prioritised on the Avon Metals site where the most benefit can be achieved.

Avon Metals procures 100% certified renewable electricity for it melting operations which accounts for 84% of the group's grid supplied power and has a programme to update its gas-powered furnaces with the latest efficient burner technology.

Avon Metals operates an ISO50001 energy management system that is 3rd party audited and accredited by ANAB approved independent accreditation body.

The company is installing EV charge points across it's sites and has a programme to convert company cars to full electric or plug-in hybrid cars as and when they come up for renewal.
All inward and outward material/product shipments are handled by 3rd party Logistics companies.

2023 Group Energy and Carbon Analysis
The group has used the 2023 UK Government GHG conversion factors and protocol for company reporting.

Scope 1 Direct Emissions
Fuel combusted on site and fuel consumption for company owned vehicles.
15,450,229 kWh amounting to 5,695 mt of CO2


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

Scope 2 Indirect Emissions
Grid Electric Purchased. 84% certified renewable and zero carbon.
3,704,985 kWh amounting to 121 mt of CO2

Intensity Measurement is based on Group Turnover presented as both kWh/£ and kg CO2/£
1. 0.084 kWh/£ turnover
2. 0.026 kg CO2/£ turnover

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

AUDITORS
The auditors MGR SD Limited have been appointed as auditors in accordance with Companies Act 2006 s485.
The auditors, MGR SD Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W Reid - Director


7 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE REMET COMPANY LIMITED


Opinion
We have audited the financial statements of The Remet Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE REMET COMPANY LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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.

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

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE REMET COMPANY LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and
considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by
the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with
management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those
charged with governance.Based on this understanding, we designed specific appropriate audit procedures to
identify instances of non-compliance with laws and regulations. This included making enquiries of
management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the
company's internal control.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE REMET COMPANY LIMITED


- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Sefton ACA (Senior Statutory Auditor)
for and on behalf of MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
London
NW8 0DL

7 March 2025

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
Notes £    £   

TURNOVER 217,897,003 177,347,330

Cost of sales (197,009,119 ) (162,247,478 )
GROSS PROFIT 20,887,884 15,099,852

Administrative expenses (12,575,220 ) (8,850,900 )
8,312,664 6,248,952

Other operating income (197,997 ) 303,094
OPERATING PROFIT 4 8,114,667 6,552,046

Income from fixed asset investments 100,000 -
Interest receivable and similar income 445,962 252,992
8,660,629 6,805,038

Interest payable and similar expenses 5 (2,179,799 ) (566,192 )
PROFIT BEFORE TAXATION 6,480,830 6,238,846

Tax on profit 6 (1,668,615 ) (1,874,477 )
PROFIT FOR THE FINANCIAL YEAR 4,812,215 4,364,369
Profit attributable to:
Owners of the parent 3,544,170 3,185,226
Non-controlling interests 1,268,045 1,179,143
4,812,215 4,364,369

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
Notes £    £   

PROFIT FOR THE YEAR 4,812,215 4,364,369


OTHER COMPREHENSIVE INCOME
Gain on revaluation of long leasehold 800,305 1,221,365
Income tax relating to other comprehensive
income

(200,076

)

(305,341

)
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

600,229

916,024
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

5,412,444

5,280,393
Note
Prior year adjustment 9 18,095
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

5,430,539

Total comprehensive income attributable to:
Owners of the parent 5,430,539 5,280,393

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23 1.10.22
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 3,781 3,744 710,797
Tangible assets 11 14,610,585 12,135,851 10,442,099
Investments 12 50 50 50
14,614,416 12,139,645 11,152,946

CURRENT ASSETS
Stocks 13 18,706,355 16,241,200 14,413,847
Debtors 14 55,394,745 38,947,041 42,389,050
Cash at bank and in hand 16,381,231 9,452,590 7,833,233
90,482,331 64,640,831 64,636,130
CREDITORS
Amounts falling due within one year 15 (57,324,347 ) (33,301,659 ) (35,205,259 )
NET CURRENT ASSETS 33,157,984 31,339,172 29,430,871
TOTAL ASSETS LESS CURRENT LIABILITIES 47,772,400 43,478,817 40,583,817

CREDITORS
Amounts falling due after more than one
year

16

(5,020,950

)

(5,437,349

)

(7,064,496

)

PROVISIONS FOR LIABILITIES 21 (2,923,578 ) (2,475,330 ) (1,527,902 )
NET ASSETS 39,827,872 35,566,138 31,991,419

CAPITAL AND RESERVES
Called up share capital 22 247 247 247
Capital redemption reserve 23 53 53 53
Other reserves 23 1,905,602 1,905,602 1,905,602
Non Controlling Interest 23 9,093,141 7,956,130 7,500,756
Fair value reserve 23 6,997,270 6,397,041 5,481,017
Retained earnings 23 21,831,559 19,307,065 17,103,744
SHAREHOLDERS' FUNDS 39,827,872 35,566,138 31,991,419

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:



W Reid - Director


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

COMPANY BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 10,116,904 8,878,115
Investments 12 1,724,010 1,724,010
11,840,914 10,602,125

CURRENT ASSETS
Stocks 13 2,308,719 1,444,532
Debtors 14 42,078,351 27,486,974
Cash at bank and in hand 707,412 505,540
45,094,482 29,437,046
CREDITORS
Amounts falling due within one year 15 (37,514,503 ) (21,656,554 )
NET CURRENT ASSETS 7,579,979 7,780,492
TOTAL ASSETS LESS CURRENT LIABILITIES 19,420,893 18,382,617

CREDITORS
Amounts falling due after more than one
year

16

(4,940,867

)

(5,336,619

)

PROVISIONS FOR LIABILITIES 21 (2,324,652 ) (2,000,581 )
NET ASSETS 12,155,374 11,045,417

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

COMPANY BALANCE SHEET - continued
30 JUNE 2024

30.6.24 30.6.23
as restated
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 22 247 247
Capital redemption reserve 23 53 53
Other reserves 23 1,905,602 1,905,602
Fair value reserve 23 6,997,270 6,397,041
Retained earnings 23 3,252,202 2,742,474
SHAREHOLDERS' FUNDS 12,155,374 11,045,417

Company's profit for the financial year 1,509,728 2,203,188


The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





W Reid - Director


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

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

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 October 2022 247 17,121,839 53

Changes in equity
Dividends - (1,000,000 ) -
Total comprehensive income - 3,167,131 -
Balance at 30 June 2023 247 19,288,970 53
Prior year adjustment - 18,095 -
As restated 247 19,307,065 53

Changes in equity
Dividends - (1,000,000 ) -
Total comprehensive income - 3,544,170 -
Reduction in NCI - (19,676 ) -
Balance at 30 June 2024 247 21,831,559 53
Non Fair
Other Controlling value Total
reserves Interest reserve equity
£    £    £    £   
Balance at 1 October 2022 1,905,602 6,776,947 5,481,017 31,285,705

Changes in equity
Dividends - - - (1,000,000 )
Total comprehensive income - - 916,024 4,083,155
Non-controlling interest - 1,179,183 - 1,179,183
Balance at 30 June 2023 1,905,602 7,956,130 6,397,041 35,548,043
Prior year adjustment - - - 18,095
As restated 1,905,602 7,956,130 6,397,041 35,566,138

Changes in equity
Dividends - - - (1,000,000 )
Total comprehensive income - - 600,229 4,144,399
Non-controlling interest - 1,268,085 - 1,268,085
Reduction in NCI - (131,074 ) - (150,750 )
Balance at 30 June 2024 1,905,602 9,093,141 6,997,270 39,827,872

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

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

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 October 2022 247 1,539,286 53

Changes in equity
Dividends - (1,000,000 ) -
Total comprehensive income - 2,203,188 -
Balance at 30 June 2023 247 2,742,474 53

Changes in equity
Dividends - (1,000,000 ) -
Total comprehensive income - 1,509,728 -
Balance at 30 June 2024 247 3,252,202 53
Fair
Other value Total
reserves reserve equity
£    £    £   
Balance at 1 October 2022 1,905,602 5,481,017 8,926,205

Changes in equity
Dividends - - (1,000,000 )
Total comprehensive income - 916,024 3,119,212
Balance at 30 June 2023 1,905,602 6,397,041 11,045,417

Changes in equity
Dividends - - (1,000,000 )
Total comprehensive income - 600,229 2,109,957
Balance at 30 June 2024 1,905,602 6,997,270 12,155,374

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,117,444 5,435,846
Interest paid (2,179,042 ) (565,729 )
Interest element of hire purchase payments
paid

(757

)

(463

)
Tax paid 6,769,423 (1,232,390 )
Net cash from operating activities 9,707,068 3,637,264

Cash flows from investing activities
Purchase of tangible fixed assets (2,633,875 ) (1,150,856 )
Purchase of fixed asset investments (150,750 ) -
Sale of tangible fixed assets 29,342 121,857
Sale of fixed asset investments - 38,682
Interest received 445,962 252,992
Dividends received 100,000 -
Net cash from investing activities (2,209,321 ) (737,325 )

Cash flows from financing activities
Capital repayments in year (416,399 ) (1,627,147 )
Amount withdrawn by directors (51,515 ) -
Equity dividends paid (1,000,000 ) (1,000,000 )
Net cash from financing activities (1,467,914 ) (2,627,147 )

Increase in cash and cash equivalents 6,029,833 272,792
Cash and cash equivalents at beginning of
year

2

(5,770,001

)

(6,042,793

)

Cash and cash equivalents at end of year 2 259,832 (5,770,001 )

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Profit for the financial year 4,812,215 4,364,369
Depreciation charges 954,438 634,716
Profit on disposal of fixed assets (10,371 ) (115,447 )
JV transaction (14,000 ) -
Finance costs 2,179,799 566,192
Finance income (545,962 ) (252,992 )
Taxation 1,668,615 1,874,477
9,044,734 7,071,315
Increase in stocks (2,465,155 ) (1,827,353 )
(Increase)/decrease in trade and other debtors (24,406,957 ) 3,442,008
Increase/(decrease) in trade and other creditors 22,944,822 (3,250,124 )
Cash generated from operations 5,117,444 5,435,846

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 16,381,231 9,452,590
Bank overdrafts (16,121,399 ) (15,222,591 )
259,832 (5,770,001 )
Period ended 30 June 2023
30.6.23 1.10.22
as restated
£    £   
Cash and cash equivalents 9,452,590 7,833,233
Bank overdrafts (15,222,591 ) (13,876,026 )
(5,770,001 ) (6,042,793 )


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 9,452,590 6,928,641 16,381,231
Bank overdrafts (15,222,591 ) (898,808 ) (16,121,399 )
(5,770,001 ) 6,029,833 259,832
Debt
Finance leases (128,783 ) 18,310 (110,473 )
Debts falling due within 1 year (371,143 ) (15,643,417 ) (16,014,560 )
Debts falling due after 1 year (5,336,619 ) 395,752 (4,940,867 )
(5,836,545 ) (15,229,355 ) (21,065,900 )
Total (11,606,546 ) (9,199,522 ) (20,806,068 )

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

The Remet Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:
Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance
leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are indicators of impairment of the group's tangible and intangible assets, including
goodwill. Factors taken into consideration in reaching such a decision include the economic viability and
expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty:

Tangible fixed assets (see note 10)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Investments (see note 11)
The most critical estimates, assumptions and judgements relate to the determination of carrying value of unlisted investments at fair value through profit and loss. In determining this amount, the Group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstance of the investment drives the valuation methodology.

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales of goods are recognised
when goods are delivered and the risks and rewards of ownership have passed to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001 has been fully
amortised.

Intangible assets
Computer software is being amortised at 35% reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Short leasehold - evenly over the period of the lease
Long leasehold - evenly over the period of the lease
Plant and machinery - 25% on reducing balance and 15% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on cost
Computer equipment - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the results from ordinary activities.

Financial assets
Financial assets, other than investments, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102.

Disclosures in respect of the parent company's financial instruments have not been presented as equivalent
disclosures have been provided in the consolidated financial statements for the group of which it is a member;
No cash flow statement has been presented for the parent company; and
No disclosure has been given for the aggregate remuneration of the key personnel of the parent company as
their remuneration is included in the totals for the group as a whole.

The following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements present the result of The Remet Company Limited and its subsidiaries
("the Group") as if they formed 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 value 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
de-consolidated from the date control ceases.

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Wages and salaries 6,846,008 5,220,412
Social security costs 809,138 641,275
Other pension costs 250,817 179,765
7,905,963 6,041,452

The average number of employees during the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated

Management 27 18
Administration 19 19
Production 71 72
117 109

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Directors' remuneration 2,174,990 1,293,740
Directors' pension contributions to money purchase schemes 16,238 11,188

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Emoluments etc 1,219,199 787,782

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. OPERATING PROFIT

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

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Hire of plant and machinery 2,826 7,813
Other operating leases 173,475 129,275
Depreciation - owned assets 940,475 633,382
Profit on disposal of fixed assets (10,371 ) (110,681 )
Computer software amortisation 936 1,333
Auditors' remuneration 94,500 87,768
Auditors' remuneration for non audit work 51,340 37,920
Foreign exchange differences 87,730 (213,683 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Bank interest 1,865,999 443,083
Other interest 313,043 117,021
Interest on late tax - 5,625
Leasing 757 463
2,179,799 566,192

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Current tax:
UK corporation tax 1,420,443 1,027,781
Under/Over Provision prior yea - 204,609
Total current tax 1,420,443 1,232,390

Deferred tax 248,172 642,087
Tax on profit 1,668,615 1,874,477

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Profit before tax 6,480,830 6,238,846
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 21 %)

1,620,208

1,310,158

Effects of:
Expenses not deductible for tax purposes 17,459 14,503
Income not taxable for tax purposes (28,016 ) (25,609 )
Capital allowances in excess of depreciation (226,422 ) (109,563 )
Utilisation of tax losses 56,747 (10,310 )
Adjustments to tax charge in respect of previous periods - 204,609
Group relief (19,534 ) (151,397 )
Deferred tax 248,173 642,086
Total tax charge 1,668,615 1,874,477

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

30.6.24
Gross Tax Net
£    £    £   
Gain on revaluation of long leasehold 800,305 (200,076 ) 600,229

1.10.22 to 30.6.23
Gross Tax Net
£    £    £   
Gain on revaluation of long leasehold 1,221,365 (305,341 ) 916,024

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
Period
1.10.22
Year Ended to
30.6.24 30.6.23
as restated
£    £   
Ordinary shares of 10p each
Interim 1,000,000 1,000,000

9. PRIOR YEAR ADJUSTMENT

A prior year adjustment has been made to correct the recognition of goodwill, amounting to £723,809. This adjustment has no impact on the profit and loss accounts.The error occurred in the year ended 30 June 2020, and as a result, the opening balances for the earliest period presented in these financial statements - the year ended 30 June 2023 - have been restated.The amortisation on the incorrectly recognised goodwill in prior years totalling £18,095 has been reversed.

As a result of this adjustment, the balance sheet reflects the following changes:

Goodwill has been reduced by £705,714.

Non-controlling interest in equity has been reduced by £723,809.

The group's retained earnings have increased by £18,095.

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 50,001 9,025 59,026
AMORTISATION
At 1 July 2023 50,001 5,281 55,282
Amortisation for year - 936 936
Charge written back - (973 ) (973 )
At 30 June 2024 50,001 5,244 55,245
NET BOOK VALUE
At 30 June 2024 - 3,781 3,781
At 30 June 2023 - 3,744 3,744

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Long Plant and
property leasehold leasehold machinery
£    £    £    £   
COST OR VALUATION
At 1 July 2023 1,160,614 40,350 8,851,714 7,708,733
Additions - - - 2,539,798
Disposals - - - (14,263 )
Revaluations - - 148,286 -
At 30 June 2024 1,160,614 40,350 9,000,000 10,234,268
DEPRECIATION
At 1 July 2023 46,420 27,743 601,714 5,402,554
Charge for year 11,604 952 50,305 760,867
Eliminated on disposal - - - (12,845 )
Revaluation adjustments - - (652,019 ) -
At 30 June 2024 58,024 28,695 - 6,150,576
NET BOOK VALUE
At 30 June 2024 1,102,590 11,655 9,000,000 4,083,692
At 30 June 2023 1,114,194 12,607 8,250,000 2,306,179

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 196,345 373,561 195,683 18,527,000
Additions 49,147 34,995 9,935 2,633,875
Disposals - (63,934 ) (429 ) (78,626 )
Revaluations - - - 148,286
At 30 June 2024 245,492 344,622 205,189 21,230,535
DEPRECIATION
At 1 July 2023 85,175 123,313 104,230 6,391,149
Charge for year 32,583 60,274 23,890 940,475
Eliminated on disposal - (46,703 ) (107 ) (59,655 )
Revaluation adjustments - - - (652,019 )
At 30 June 2024 117,758 136,884 128,013 6,619,950
NET BOOK VALUE
At 30 June 2024 127,734 207,738 77,176 14,610,585
At 30 June 2023 111,170 250,248 91,453 12,135,851

Cost or valuation at 30 June 2024 is represented by:

Freehold Short Long Plant and
property leasehold leasehold machinery
£    £    £    £   
Valuation in 2019 - - 6,665,742 -
Valuation in 2023 - - 1,221,365 -
Valuation in 2024 - - 148,286 -
Cost 1,160,614 40,350 964,607 10,234,268
1,160,614 40,350 9,000,000 10,234,268

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 6,665,742
Valuation in 2023 - - - 1,221,365
Valuation in 2024 - - - 148,286
Cost 245,492 344,622 205,189 13,195,142
245,492 344,622 205,189 21,230,535

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 8,851,714 1,812,996 168,061 10,832,771
Additions - 647,345 26,995 674,340
Disposals - - (63,934 ) (63,934 )
Revaluations 148,286 - - 148,286
At 30 June 2024 9,000,000 2,460,341 131,122 11,591,463
DEPRECIATION
At 1 July 2023 601,714 1,288,886 64,056 1,954,656
Charge for year 50,305 144,940 23,380 218,625
Eliminated on disposal - - (46,703 ) (46,703 )
Revaluation adjustments (652,019 ) - - (652,019 )
At 30 June 2024 - 1,433,826 40,733 1,474,559
NET BOOK VALUE
At 30 June 2024 9,000,000 1,026,515 90,389 10,116,904
At 30 June 2023 8,250,000 524,110 104,005 8,878,115

Cost or valuation at 30 June 2024 is represented by:

Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
Valuation in 2019 6,665,742 - - 6,665,742
Valuation in 2023 1,221,365 - - 1,221,365
Valuation in 2024 148,286 - - 148,286
Cost 964,607 2,460,341 131,122 3,556,070
9,000,000 2,460,341 131,122 11,591,463

The company's long leasehold was valued on a fair value basis on 18 April 2024 by Knight Frank .

The directors are of the opinion that the valuation in 2020 reflects an accurate fair market value for the long leasehold property.

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 July 2023
and 30 June 2024 50
NET BOOK VALUE
At 30 June 2024 50
At 30 June 2023 50
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 1,723,960 50 1,724,010
NET BOOK VALUE
At 30 June 2024 1,723,960 50 1,724,010
At 30 June 2023 1,723,960 50 1,724,010

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Glevum Manco Limited
Registered office: United Kingdom
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

Avon Metals Limited
Registered office: United Kingdom
Nature of business: Manufacturing aluminium ingots
%
Class of shares: holding
Ordinary 75.30

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. FIXED ASSET INVESTMENTS - continued

Alcumet Trading Limited
Registered office: United Kingdom
Nature of business: Trading of metals
%
Class of shares: holding
Ordinary 100.00

Remet (Barnet) Limited
Registered office: United Kingdom
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

Remet Ferrous Company Limited
Registered office: United Kingdom
Nature of business: Trading Ferrous products
%
Class of shares: holding
Ordinary 60.00

Avon Specialty Metals Ltd
Registered office: United Kingdom
Nature of business: Trading of specialised metals
%
Class of shares: holding
Ordinary 48.19

This subsidiary is held through Avon Metals Limited. While the Remet Company Limited holds an effective 48.19% of the shares it still holds control as it is in control of Avon Metals Limited.

Associated company

Daffodil Energy Supply Limited
Registered office: United Kingdom
Nature of business: Holding company
%
Class of shares: holding
Ordinary 50.00


THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. STOCKS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Stocks 16,006,446 13,497,936 2,308,719 1,444,532
Raw materials 1,459,827 1,599,195 - -
Finished goods 1,240,082 1,144,069 - -
18,706,355 16,241,200 2,308,719 1,444,532

14. DEBTORS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 38,093,868 26,738,805 20,796,123 13,145,142
Amounts owed by group undertakings - - 17,330,937 2,415,499
Other debtors 15,183,952 926,880 2,044,307 401,399
Directors' current accounts 51,515 - 51,515 -
Tax 257,784 8,268,552 257,784 7,921,853
VAT 688,339 - 998,269 363,620
Prepayments and accrued income 1,119,287 1,212,804 599,416 439,461
55,394,745 37,147,041 42,078,351 24,686,974

Amounts falling due after more than one year:
Other debtors (long term) - 1,800,000 - 1,800,000
Amounts owed by group undertakings - - - 1,000,000
- 1,800,000 - 2,800,000

Aggregate amounts 55,394,745 38,947,041 42,078,351 27,486,974

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 17) 32,135,959 15,593,734 22,215,404 10,677,846
Hire purchase contracts (see note 18) 30,390 28,053 - -
Trade creditors 13,722,995 11,174,853 7,307,358 6,483,178
Amounts owed to group undertakings - - 340,014 785,787
Taxation 822,308 643,210 - -
Social security and other taxes 198,743 179,258 114,101 96,997
Pension 4,072 4,367 - -
VAT - 47,139 - -
Other creditors 5,937,110 - - -
Other creditors - 3,066,427 5,908,331 3,066,385
Accrued expenses 4,472,770 2,564,618 1,629,295 546,361
57,324,347 33,301,659 37,514,503 21,656,554

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Bank loans (see note 17) 4,940,867 5,336,619 4,940,867 5,336,619
Hire purchase contracts (see note 18) 80,083 100,730 - -
5,020,950 5,437,349 4,940,867 5,336,619

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 16,121,399 15,222,591 7,319,321 10,306,703
Bank loans 16,014,560 371,143 14,896,083 371,143
32,135,959 15,593,734 22,215,404 10,677,846
Amounts falling due between one and two years:
Bank loans - 1-2 years 425,417 395,752 425,417 395,752
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,515,450 4,940,867 4,515,450 4,940,867

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
as restated
£    £   
Net obligations repayable:
Within one year 30,390 28,053
Between one and five years 80,083 100,730
110,473 128,783

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Bank overdraft 16,121,399 15,222,591 7,319,321 10,306,703

The bank overdraft is secured by a fixed and floating charge over all of the group's assets.

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost total £69,710,567 for the Group and £40,930,455 for the Company (2023: £38,918,275 for the Group and £19,267,580 for the Company) and comprise cash, trade debtors, other debtors, and amounts owed by group undertakings.

Financial liabilities measured at amortised cost total £61,324,245 for the Group and £42,341,269 for the Company (2023: £37,869,401 for the Group and £26,896,175 for the Company) and comprise bank loans and overdrafts, trade creditors, other creditors, accruals and amounts owed to group undertakings.

21. PROVISIONS FOR LIABILITIES

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Deferred tax 2,923,578 2,475,330 2,324,652 2,000,581

Group
Deferred
tax
£   
Balance at 1 July 2023 2,475,330
Provided during year 448,248
Balance at 30 June 2024 2,923,578

Company
Deferred
tax
£   
Balance at 1 July 2023 2,000,581
Provided during year 324,071
Balance at 30 June 2024 2,324,652

The deferred tax provision relates to the tax deferred as a result of accelerated capital allowances and revaluation of long leasehold property.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as restated
£    £   
2,470 Ordinary 10p 247 247

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


23. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves
£    £    £   

At 1 July 2023 19,288,970 53 1,905,602
Prior year adjustment 18,095
19,307,065
Profit for the year 3,544,170
Dividends (1,000,000 )
Reduction in NCI (19,676 ) - -
At 30 June 2024 21,831,559 53 1,905,602

Group
Non Fair
Controlling value
Interest reserve Totals
£    £    £   

At 1 July 2023 7,956,130 6,397,041 35,547,796
Prior year adjustment 18,095
35,565,891
Profit for the year 3,544,170
Dividends (1,000,000 )
Increase in valuation - 600,229 600,229
Non-controlling interest 1,268,085 - 1,268,085
Reduction in NCI (131,074 ) - (150,750 )
At 30 June 2024 9,093,141 6,997,270 39,827,625

Company
Capital Fair
Retained redemption Other value
earnings reserve reserves reserve Totals
£    £    £    £    £   

At 1 July 2023 2,742,474 53 1,905,602 6,397,041 11,045,170
Profit for the year 1,509,728 1,509,728
Dividends (1,000,000 ) (1,000,000 )
Increase in valuation - - - 600,229 600,229
At 30 June 2024 3,252,202 53 1,905,602 6,997,270 12,155,127

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


23. RESERVES - continued

During the year, the group increased its shareholding in Avon Specialty Metals Limited by acquiring additional shares for a total consideration of £150,750. The group already had control of Avon Specialty Metals Limited before increasing its stake, and as a result, had previously consolidated its financial results.

As this increase in stake is considered a transaction between equity holders, it has been recorded as such, leading to a reduction in the non-controlling interest. This is in line with the requirements of FRS 102.

At the time of the transaction, the net assets of Avon Specialty Metals Limited were valued at £4,354,623. The non-controlling interest’s share of these net assets decreased by 3.01%, which amounted to £131,074.

The impact of this transaction on equity is a reduction of the non-controlling interest by £131,074 and a decrease in the parent’s retained earnings by £19,676.

24. RELATED PARTY DISCLOSURES

The Group has provided Remet Processing Limited with an acquisition loan of £4,911,910 at an annual interest rate of 1.65% over the Bank of England base rate. At the period end the amount owed to the group was £1,943,000. Interest received during the period was £137,648 (2023: £143,0211).

The company had the following transactions with other related parties:
Sales - £9,534,176
Purchases - £4,214,326
Interest received - £137,648
Management fees - £14,538
Expenses - £94,658

There is an unlimited composite guarantee given by The Remet Company Limited, Alcumet Limited, Avon Metals Limited, and Avon Specialty Metals Limited to secure all bank liabilities of each other.

During the year, a total of key management personnel compensation of £ 2,191,228 was paid.

25. ULTIMATE CONTROLLING PARTY

The Directors consider the ultimate controlling party to be the board of The Remet Group Limited

26. GUARANTEES

The group has given guarantees to third parties amounting to £156,542 (2023: £156,542).

Avon Specialty Metals Limited has given a guarantee in favour of third parties in the sum of £800,000 (2023: £800,000).

The group has given guarantees to third parties in relation to Tru Energy Limited amounting to £9,000,000 (2023: £2,450,000).

THE REMET COMPANY LIMITED (REGISTERED NUMBER: 03302783)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


27. SUBSIDIARIES

Details of the subsidiary companies are as follows:

Avon Metals Limited Registered in England & Wales 792,632 Ordinary shares of 50p each (75%)
Glevum Manco Limited Registered in England & Wales 250,000 Ordinary shares of £1 each (100%)
Avon Specialty Metals
Limited

Registered in England & Wales

7,999 Ordinary shares of £0.10p each(49%
Remet (Barnet) Limited Registered in England & Wales 1 Ordinary shares of £1 each (100%)
Remet Ferrous Company Registered in England & Wales 60 Ordinary shares of £1 each (60%)
Alcumet Trading Limited Registered in England & Wales 100 Ordinary shares of £1 each (100%)