REGISTERED NUMBER: 13949461 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE REMET GROUP LIMITED |
REGISTERED NUMBER: 13949461 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE REMET GROUP LIMITED |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
THE REMET GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
55 Loudoun Road |
London |
NW8 0DL |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 period. |
The directors consider the state of the group's affairs to be satisfactory.The directors believe the group is 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 | £219.69m | £177.35m |
Gross Profit | £22.18m | £15.10m |
Operating Profit | £8.61m | £6.22m |
Net Profit | £3.88m | £3.32m |
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 company'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 GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 be most likely to 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: |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors during the year under review were: |
P J Brewer |
S Cohen |
P Reid |
W Reid |
J Stelzer - resigned 01.12.2023 |
M Reid - appointed 02.03.2024 |
CHARITABLE DONATIONS AND EXPENDITURE |
The group made donations of £142,086 (2023: £129,948) during the year. |
STREAMLINED ENERGY AND CARBON REPORTING |
As of 31st December 2023 The Remet Group Ltd had four significant energy consuming sites, |
The Remet Company Ltd, London, |
Avon Metals Ltd, Gloucester, |
Avon Specialty Metals Ltd,Gloucester and |
Apreco Ltd, Worcester (Acquired Dec 2023). |
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 |
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 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE REMET GROUP LIMITED |
Opinion |
We have audited the financial statements of The Remet Group 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 GROUP 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. |
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. Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law and we considered the extent to which non-compliance with laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. |
We evaluated the directors' incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance and manipulating accounting estimates which could be subject to management bias. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE REMET GROUP LIMITED |
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: |
-discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; |
-communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; |
-considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud; and |
-verifying employees' right to work in the UK as part of adherence to Employment Law. |
Our audit procedures in relation to fraud included but were not limited to: |
-making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
-gaining an understanding of the internal controls established to mitigate risks related to fraud; |
-discussing amongst the engagement team the risks of fraud; |
-addressing the risks of fraud though management override of controls by performing journal entry testing; and |
-testing of accounting estimates which could be subject to management bias. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
55 Loudoun Road |
London |
NW8 0DL |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 219,690,985 | 177,347,330 |
Cost of sales | (197,508,414 | ) | (162,247,478 | ) |
GROSS PROFIT | 22,182,571 | 15,099,852 |
Distribution costs | (64,825 | ) | - |
Administrative expenses | (13,352,741 | ) | (9,171,932 | ) |
8,765,005 | 5,927,920 |
Other operating income | (150,699 | ) | 289,383 |
OPERATING PROFIT | 4 | 8,614,306 | 6,217,303 |
Income from fixed asset investments | 100,000 | - |
Interest receivable and similar income | 368,271 | 252,992 |
9,082,577 | 6,470,295 |
Interest payable and similar expenses | 5 | (3,351,478 | ) | (1,271,129 | ) |
PROFIT BEFORE TAXATION | 5,731,099 | 5,199,166 |
Tax on profit | 6 | (1,851,287 | ) | (1,874,477 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,545,641 | 2,145,546 |
Non-controlling interests | 1,334,171 | 1,179,143 |
3,879,812 | 3,324,689 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,879,812 | 3,324,689 |
OTHER COMPREHENSIVE INCOME |
Gain on revaluation of long leasehold | 800,305 | 1,221,365 |
Income tax relating to other comprehensive income |
(200,077 |
) |
(305,341 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
600,228 |
916,024 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,480,040 |
4,240,713 |
Total comprehensive income attributable to: |
Owners of the parent | 4,480,040 | 4,240,713 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 8,756,562 | 8,155,213 |
Tangible assets | 9 | 15,136,027 | 12,135,851 |
Investments | 10 |
Interest in associate | 50 | 50 |
23,892,639 | 20,291,114 |
CURRENT ASSETS |
Stocks | 11 | 19,169,675 | 16,241,200 |
Debtors | 12 | 44,197,288 | 38,544,883 |
Cash at bank and in hand | 16,843,208 | 9,490,090 |
80,210,171 | 64,276,173 |
CREDITORS |
Amounts falling due within one year | 13 | (58,670,810 | ) | (33,634,158 | ) |
NET CURRENT ASSETS | 21,539,361 | 30,642,015 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 45,432,000 | 50,933,129 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(13,228,840 |
) |
(23,637,349 |
) |
PROVISIONS FOR LIABILITIES | 19 | (3,053,415 | ) | (2,475,330 | ) |
NET ASSETS | 29,149,745 | 24,820,450 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 13,811,502 | 13,811,502 |
Non-controlling interest | 21 | 8,809,597 | 7,606,495 |
Fair value reserve | 21 | 1,516,252 | 916,024 |
Retained earnings | 21 | 5,012,394 | 2,486,429 |
SHAREHOLDERS' FUNDS | 29,149,745 | 24,820,450 |
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 GROUP LIMITED (REGISTERED NUMBER: 13949461) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 40,711 | 279,063 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Fair |
share | Retained | Non-controlling | value | Total |
capital | earnings | interest | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 | 14,588,400 | 340,883 | 6,427,353 | - | 21,356,636 |
Changes in equity |
Issue of share capital | (776,898 | ) | - | - | - | (776,898 | ) |
Total comprehensive income | - | 2,145,546 | - | 916,024 | 3,061,570 |
Non-Controlling interest | - | - | 1,179,142 | - | 1,179,142 |
Balance at 30 June 2023 | 13,811,502 | 2,486,429 | 7,606,495 | 916,024 | 24,820,450 |
Changes in equity |
Total comprehensive income | - | 2,545,641 | - | 600,228 | 3,145,869 |
Non-Controlling interest | - | - | 1,334,176 | - | 1,334,176 |
Reduction in NCI | - | (19,676 | ) | (131,074 | ) | - | (150,750 | ) |
Balance at 30 June 2024 | 13,811,502 | 5,012,394 | 8,809,597 | 1,516,252 | 29,149,745 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,876,019 | 6,979,039 |
Interest paid | (3,350,721 | ) | (1,270,666 | ) |
Interest element of hire purchase payments paid |
(757 |
) |
(463 |
) |
Tax paid | 6,869,203 | (1,232,390 | ) |
Net cash from operating activities | 5,393,744 | 4,475,520 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (338,249 | ) |
Purchase of tangible fixed assets | (2,857,087 | ) | (1,150,856 | ) |
Purchase of fixed asset investments | (1,649,734 | ) | - |
Sale of tangible fixed assets | 82,927 | 121,857 |
Sale of fixed asset investments | - | 38,676 |
Interest received | 368,271 | 252,992 |
Dividends received | 100,000 | - |
Net cash from investing activities | (3,955,623 | ) | (1,075,580 | ) |
Cash flows from financing activities |
New loans in year | 5,234,908 | - |
Capital repayments in year | - | (3,127,148 | ) |
Amount withdrawn by directors | (166,387 | ) | - |
Net cash from financing activities | 5,068,521 | (3,127,148 | ) |
Increase in cash and cash equivalents | 6,506,642 | 272,792 |
Cash and cash equivalents at beginning of year |
2 |
(5,732,501 |
) |
(6,005,293 |
) |
Cash and cash equivalents at end of year | 2 | 774,141 | (5,732,501 | ) |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 |
£ | £ |
Profit for the financial year | 3,879,812 | 3,324,689 |
Depreciation charges | 1,455,834 | 953,500 |
Profit on disposal of fixed assets | (6,915 | ) | (115,447 | ) |
JV Transaction | (14,000 | ) | - |
Finance costs | 3,351,478 | 1,271,129 |
Finance income | (468,271 | ) | (252,992 | ) |
Taxation | 1,851,287 | 1,874,477 |
10,049,225 | 7,055,356 |
Increase in stocks | (2,928,475 | ) | (1,827,353 | ) |
(Increase)/decrease in trade and other debtors | (13,611,658 | ) | 4,668,702 |
Increase/(decrease) in trade and other creditors | 8,366,927 | (2,917,666 | ) |
Cash generated from operations | 1,876,019 | 6,979,039 |
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 | 16,843,208 | 9,490,090 |
Bank overdrafts | (16,069,067 | ) | (15,222,591 | ) |
774,141 | (5,732,501 | ) |
Period ended 30 June 2023 |
30.6.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 9,490,090 | 7,870,733 |
Bank overdrafts | (15,222,591 | ) | (13,876,026 | ) |
(5,732,501 | ) | (6,005,293 | ) |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 | 9,490,090 | 7,353,118 | 16,843,208 |
Bank overdrafts | (15,222,591 | ) | (846,476 | ) | (16,069,067 | ) |
(5,732,501 | ) | 6,506,642 | 774,141 |
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 | (11,569,046 | ) | (8,722,713 | ) | (20,291,759 | ) |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
The Remet Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of The Remet Group 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. |
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. |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 The Remet Company Limited and its subsidiaries in September 2022. Goodwill is being amortised evenly over its estimated useful life of 20 years.. |
Additional goodwill in relation ot the acquisition of Apreco Limited and its holding company Apreco Holdings Ltd in December 2023 is being amortised evenly over its estimated useful life of 20 years.. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
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. |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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: |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 7,263,499 | 5,220,412 |
Social security costs | 845,633 | 641,275 |
Other pension costs | 259,618 | 179,765 |
8,368,750 | 6,041,452 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Management | 27 | 18 |
Administration | 19 | 19 |
Production | 71 | 72 |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | 3,088,030 | 1,293,740 |
Directors' pension contributions to money purchase schemes | 14,917 | 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 |
£ | £ |
Emoluments etc | 1,219,199 | 787,782 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 |
£ | £ |
Hire of plant and machinery | 2,826 | 7,813 |
Other operating leases | 175,081 | 129,275 |
Depreciation - owned assets | 1,086,317 | 633,382 |
Profit on disposal of fixed assets | (6,915 | ) | (110,681 | ) |
Goodwill amortisation | 455,755 | 318,784 |
Patents and licences amortisation | 4,028 | - |
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 | 92,009 | (213,683 | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Bank interest | 1,865,999 | 443,083 |
Bank loan interest | 1,171,681 | - |
Other interest | 313,041 | 821,958 |
Interest on late tax | - | 5,625 |
Leasing | 757 | 463 |
3,351,478 | 1,271,129 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
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 |
£ | £ |
Current tax: |
UK corporation tax | 1,586,116 | 1,027,781 |
Under/Over Provision prior yea | - | 204,609 |
Total current tax | 1,586,116 | 1,232,390 |
Deferred tax | 265,171 | 642,087 |
Tax on profit | 1,851,287 | 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 |
£ | £ |
Profit before tax | 5,731,099 | 5,199,166 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21 %) |
1,432,775 |
1,091,825 |
Effects of: |
Expenses not deductible for tax purposes | 16,383 | 14,503 |
Income not taxable for tax purposes | 66,585 | 251,327 |
Capital allowances in excess of depreciation | (226,422 | ) | (109,563 | ) |
Utilisation of tax losses | 316,329 | (68,913 | ) |
Adjustments to tax charge in respect of previous periods | - | 204,609 |
Deferred tax | 265,172 | 642,086 |
Group relief | (19,535 | ) | (151,397 | ) |
Total tax charge | 1,851,287 | 1,874,477 |
Tax effects relating to effects of other comprehensive income |
30.6.24 |
Gross | Tax | Net |
£ | £ | £ |
Gain on revaluation of long leasehold | 800,305 | (200,077 | ) | 600,228 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | TAXATION - continued |
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. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 8,550,912 | - | 9,025 | 8,559,937 |
Additions | 1,052,891 | 12,970 | - | 1,065,861 |
Disposals | - | (4,766 | ) | - | (4,766 | ) |
At 30 June 2024 | 9,603,803 | 8,204 | 9,025 | 9,621,032 |
AMORTISATION |
At 1 July 2023 | 399,443 | - | 5,281 | 404,724 |
Amortisation for year | 455,755 | 4,028 | 936 | 460,719 |
Charge written back | - | - | (973 | ) | (973 | ) |
At 30 June 2024 | 855,198 | 4,028 | 5,244 | 864,470 |
NET BOOK VALUE |
At 30 June 2024 | 8,748,605 | 4,176 | 3,781 | 8,756,562 |
At 30 June 2023 | 8,151,469 | - | 3,744 | 8,155,213 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 1,160,614 | 40,350 | 8,851,714 | - |
Additions | - | - | - | 11,475 |
Disposals | - | - | - | - |
Revaluations | - | - | 148,286 | - |
At 30 June 2024 | 1,160,614 | 40,350 | 9,000,000 | 11,475 |
DEPRECIATION |
At 1 July 2023 | 46,420 | 27,742 | 601,714 | - |
Charge for year | 11,604 | 952 | 50,305 | 3,444 |
Eliminated on disposal | - | - | - | - |
Revaluation adjustments | - | - | (652,019 | ) | - |
At 30 June 2024 | 58,024 | 28,694 | - | 3,444 |
NET BOOK VALUE |
At 30 June 2024 | 1,102,590 | 11,656 | 9,000,000 | 8,031 |
At 30 June 2023 | 1,114,194 | 12,608 | 8,250,000 | - |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 7,708,733 | 196,345 | 373,560 | 195,683 | 18,526,999 |
Additions | 2,965,789 | 62,223 | 298,009 | 24,704 | 3,362,200 |
Disposals | (14,263 | ) | - | (193,462 | ) | (429 | ) | (208,154 | ) |
Revaluations | - | - | - | - | 148,286 |
At 30 June 2024 | 10,660,259 | 258,568 | 478,107 | 219,958 | 21,829,331 |
DEPRECIATION |
At 1 July 2023 | 5,402,554 | 85,175 | 123,313 | 104,230 | 6,391,148 |
Charge for year | 826,577 | 37,109 | 124,752 | 31,574 | 1,086,317 |
Eliminated on disposal | (12,845 | ) | - | (119,190 | ) | (107 | ) | (132,142 | ) |
Revaluation adjustments | - | - | - | - | (652,019 | ) |
At 30 June 2024 | 6,216,286 | 122,284 | 128,875 | 135,697 | 6,693,304 |
NET BOOK VALUE |
At 30 June 2024 | 4,443,973 | 136,284 | 349,232 | 84,261 | 15,136,027 |
At 30 June 2023 | 2,306,179 | 111,170 | 250,247 | 91,453 | 12,135,851 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 June 2024 is represented by: |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
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 | 11,475 |
1,160,614 | 40,350 | 9,000,000 | 11,475 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2019 | - | - | - | - | 6,665,742 |
Valuation in 2023 | - | - | - | - | 1,221,365 |
Valuation in 2024 | - | - | - | - | 148,286 |
Cost | 10,660,259 | 258,568 | 478,107 | 219,958 | 13,793,938 |
10,660,259 | 258,568 | 478,107 | 219,958 | 21,829,331 |
10. | 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 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
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. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Associated company |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Stocks | 16,333,232 | 13,497,936 |
Raw materials | 1,459,827 | 1,599,195 |
Work-in-progress | 136,534 | - |
Finished goods | 1,240,082 | 1,144,069 |
19,169,675 | 16,241,200 |
12. | DEBTORS |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 38,309,101 | 26,738,805 |
Trade debtors cut off | (6,580 | ) | - | - | - |
Other debtors | 3,713,299 | 524,722 |
Directors' current accounts | 51,515 | - | - | - |
Tax | 257,784 | 8,268,552 |
VAT | 686,324 | - |
Prepayments and accrued income | 991,516 | 1,212,804 |
Prepayments | 194,329 | - |
44,197,288 | 36,744,883 |
Amounts falling due after more than one | year: |
Other debtors (long term) | - | 1,800,000 | - | - |
Aggregate amounts | 44,197,288 | 38,544,883 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 32,083,627 | 15,593,734 |
Hire purchase contracts (see note 16) | 30,390 | 28,053 |
Payments on account | 298,173 | - |
Trade creditors | 13,886,388 | 11,174,853 |
Amounts owed to group undertakings | - | - |
Taxation | 1,087,761 | 643,210 |
Social security and other taxes | 217,204 | 179,258 |
Pension | 4,072 | 4,367 | - | - |
VAT | - | 47,139 | - | - |
Other creditors | 6,350,754 | 3,066,427 | - | - |
Directors' current accounts | 209,627 | 324,499 | 209,627 | 324,499 |
Accrued expenses | 4,502,814 | 2,572,618 |
58,670,810 | 33,634,158 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans (see note 15) | 4,940,867 | 5,336,619 |
Hire purchase contracts (see note 16) | 80,083 | 100,730 |
Other creditors | 8,207,890 | 18,200,000 |
13,228,840 | 23,637,349 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 16,069,067 | 15,222,591 |
Bank loans | 16,014,560 | 371,143 |
32,083,627 | 15,593,734 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 425,417 | 395,752 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 4,515,450 | 4,940,867 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.6.24 | 30.6.23 |
£ | £ |
Net obligations repayable: |
Within one year | 30,390 | 28,053 |
Between one and five years | 80,083 | 100,730 |
110,473 | 128,783 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Bank overdraft | 16,069,067 | 15,222,591 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | FINANCIAL INSTRUMENTS |
Financial assets measured at amortised cost total £58,910,543 for the Group and £73,280 for the Company (2023: £38,553617 for the Group and £37,500 for the Company) and comprise cash, trade debtors, other debtors, and amounts owed by group undertakings. |
Financial liabilities measured at amortised cost total £70,594,685 for the Group and £18,930,196 for the Company (2023: £58,807,555 for the Group and £18,934,657 for the Company) and comprise bank loans and overdrafts, trade creditors, other creditors, accruals and amounts owed to group undertakings. |
19. | PROVISIONS FOR LIABILITIES |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 129,837 | - |
Deferred tax | 2,923,578 | 2,475,330 |
3,053,415 | 2,475,330 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 2,475,330 |
Provided during year | 578,085 |
Balance at 30 June 2024 | 3,053,415 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1.00 | 100,000 | 100,000 |
Preference | 1.00 | 13,711,502 | 13,711,502 |
13,811,502 | 13,811,502 |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
21. | RESERVES |
Group |
Fair |
Retained | Non-controlling | value |
earnings | interest | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 2,486,429 | 7,606,495 | 916,024 | 11,008,948 |
Profit for the year | 2,545,641 | 2,545,641 |
Increase in valuation | - | - | 600,228 | 600,228 |
Non-Controlling interest | - | 1,334,176 | - | 1,334,176 |
Reduction in NCI | (19,676 | ) | (131,074 | ) | - | (150,750 | ) |
At 30 June 2024 | 5,012,394 | 8,809,597 | 1,516,252 | 15,338,243 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
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. |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | 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. |
23. | ULTIMATE CONTROLLING PARTY |
The Directors consider the ultimate controlling party to be the board of The Remet Group Limited |
24. | 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). |
25. | 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% | ) |
Remet Bidco Limited | Registered in England & Wales | 100 Ordinary shares of £1 each (100% | ) |
Remet Apreco Holdings Ltd | Registered in England & Wales | 95 Ordinary shares of £1 each (95% | ) |
Apreco Holdings Limited | Registered in England & Wales | 107 Ordinary shares of £1 each (100% | ) |
Apreco Limited | Registered in England & Wales | 5,882 Ordinary shares of £1 each (100% | ) |
THE REMET GROUP LIMITED (REGISTERED NUMBER: 13949461) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
26. | BUSINESS COMBINATIONS |
On 3 December 2023 the group acquired 100% of the share capital in Apreco Ltd and Its holding company Apreco Holdings Limited. The total consideration was £2,798,884. |
Apreco Limited design and supply Air Pressure Stabilisers and Pressure Relief Vents to protect & safeguard individuals and companies.Their activities are considered a method of diversification of investment for the group. |
The goodwill of £1,052,891 arising from the acquisition is attributable to the business. |
The following assets and liabilities were recognised at the acquisition date. The carrying value and fair value were deemed to be equal : |
£ |
Intangible Fixed Assets | 9,709 |
Tangible Fixed Assets | 464,310 |
Stock | 319,184 |
Trade & Other Debtors | 387,383 |
Bank & Cash | 1,055,448 |
Creditors < 1 year | (377,202) |
Provisions | (112,838) |
Net Assets | 1,745,994 |
The trading company Apreco Ltd contributed £1,793,982 of turnover and a profit of £561,674 to the group. |