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





SECRETARY: P J Brewer





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





REGISTERED NUMBER: 13949461 (England and Wales)





AUDITORS: MGR SD Limited
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:





W Reid - Director


7 March 2025

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:





W Reid - Director


7 March 2025

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.




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 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 3,879,812 3,324,689
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 67,987,822 67,987,722
67,987,822 67,987,722

CURRENT ASSETS
Debtors 12 370 -
Cash at bank 73,280 37,500
73,650 37,500
CREDITORS
Amounts falling due within one year 13 (10,722,306 ) (734,657 )
NET CURRENT LIABILITIES (10,648,656 ) (697,157 )
TOTAL ASSETS LESS CURRENT LIABILITIES 57,339,166 67,290,565

CREDITORS
Amounts falling due after more than one
year

14

(8,207,890

)

(18,200,000

)
NET ASSETS 49,131,276 49,090,565

CAPITAL AND RESERVES
Called up share capital 20 13,811,502 13,811,502
Retained earnings 21 35,319,774 35,279,063
SHAREHOLDERS' FUNDS 49,131,276 49,090,565

Company's profit for the financial year 40,711 279,063

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

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)

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 13,811,502 35,000,000 48,811,502

Changes in equity
Total comprehensive income - 279,063 279,063
Balance at 30 June 2023 13,811,502 35,279,063 49,090,565

Changes in equity
Total comprehensive income - 40,711 40,711
Balance at 30 June 2024 13,811,502 35,319,774 49,131,276

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 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.

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 a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

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
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, 20% on cost, 15% on cost and 10% on cost
Fixtures and fittings - 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance and 15% on cost
Computer equipment - 33% on cost and 25% on reducing balance

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
117 109

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 67,987,722
Additions 100
At 30 June 2024 67,987,822
NET BOOK VALUE
At 30 June 2024 67,987,822
At 30 June 2023 67,987,722

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

Subsidiaries

The Remet Company Limited
Registered office: United Kingdom
Nature of business: Scrap metal trading
%
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

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

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

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

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

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.

Remet Bidco Ltd
Registered office: United Kingdom
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00

Remet Apreco Holdings Limited
Registered office: United Kingdom
Nature of business: Holding company
%
Class of shares: holding
Ordinary 95.00

Apreco Holdings Limited
Registered office: United Kingdom
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Apreco Limited
Registered office: United Kingdom
Nature of business: Manufacture of ventilation equipment
%
Class of shares: holding
Ordinary 100.00

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

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


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 - 370 -
Prepayments and accrued income 991,516 1,212,804 - -
Prepayments 194,329 - - -
44,197,288 36,744,883 370 -

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

Aggregate amounts 44,197,288 38,544,883 370 -

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 - - 10,500,679 402,158
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 12,000 8,000
58,670,810 33,634,158 10,722,306 734,657

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 8,207,890 18,200,000
13,228,840 23,637,349 8,207,890 18,200,000

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: £    £   
100,000 Ordinary 1.00 100,000 100,000
13,711,502 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 35,279,063
Profit for the year 40,711
At 30 June 2024 35,319,774

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.