REGISTERED NUMBER: 11013618 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
RIMBAL HOLDINGS LIMITED |
REGISTERED NUMBER: 11013618 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
RIMBAL HOLDINGS LIMITED |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
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 Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
RIMBAL HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
Cardiff |
CF23 8RS |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
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. |
PRINCIPAL ACTIVITIES, REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS |
The principal activities of the Rimbal Holdings group are the development of regulatory infrastructure, technology and financial services and its provision, via the ValidPath brand and proposition, to Independent Financial Adviser (IFAs) businesses and a network of Appointed Representatives. |
The business strategy of the Group is to enable IFA businesses to operate and thrive, to champion the provision of independent financial advice and to facilitate the exit and succession for retiring IFAs. |
The growth strategy of the Group is to support existing Appointed Representatives to grow and to attract new Appointed Representatives and IFAs to the Group. |
During the period, the business has continued to grow, with income reaching £19,400,462 from £14,210,317 in 2023. The implementation of the growth plan did result in further investment in technology and increased costs, principally in marketing and staffing to support the implementation of the business plan. Accordingly, during the period, this saw an EBITDA loss of £1,207,540 compared to £504,310 in 2023, which effectively represents an investment in future growth. |
At 30 June 2024, the Group had £3,823,087 in cash, and net current assets were £3,958,042 from net current assets of £2,504,025 at 30 June 2023. Net assets have increased to £4,685,494 compared to net assets of £3,309,005 at 30 June 2023. |
Since the financial year-end, the Group has secured an additional £2 million investment to support further growth and expansion of its ValidPath business. |
Future developments |
The Board intend to continue to develop and expand its ValidPath proposition and related support services, including IFA retirement and succession solutions, and expand its marketing programme and technology systems. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Like all businesses, the Group is exposed to a number of risks. These are regularly monitored and assessed by the Board. Major items are summarised as: |
General Economic Climate |
The general economic climate is volatile and is affected by numerous factors which are beyond the control of the Group and which may affect its operations, business and profitability. |
Financial Markets |
The income of the Group is linked to the performance of financial markets which is beyond the control of the Group and that can be impacted by global and macro- economic factors, which may be significant and unpredictable. |
Regulatory Changes |
The Group has subsidiaries that are regulated by the Financial Conduct Authority (FCA) and Guernsey Financial Services Commission (GFSC). Changes in regulation that are beyond the control of the Group may have an adverse material effect on the business. |
Taxation |
Changes in government or policy or their interpretation could affect tax classification or treatment within the Group which may have a material impact. |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Key Personnel |
The future performance of the Group will depend on its ability to retain the services and employment of key staff and to recruit, motivate and retain suitably skilled, qualified and experienced personnel. The loss of key personal may have an adverse material effect on the business and/or prospects of the Group. |
Technology Systems and Data |
Risks associated with technology development and licencing and risks associated with the operation of technology systems and the processing of personal data could have an adverse material effect on the business, its operations and prospects of the Group. |
FOR AND ON BEHALF OF THE BOARD: |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
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. |
RESEARCH AND DEVELOPMENT |
The Group is actively engaged in a number of research and development projects in connection with the development of the technology which underpins the Group's platform operation. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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. |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
AUDITORS |
MHA are appointed as auditors to the Company. |
FOR AND ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIMBAL HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of RImbal Holdings 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 loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIMBAL HOLDINGS LIMITED |
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 four, 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Audito rs-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIMBAL HOLDINGS LIMITED |
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 |
Cardiff |
CF23 8RS |
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership |
in England and Wales (OC312313). |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 | 19,400,462 | 14,210,317 |
Cost of sales | 16,782,340 | 12,264,165 |
GROSS PROFIT | 2,618,122 | 1,946,152 |
Administrative expenses | 4,105,050 | 2,677,547 |
OPERATING LOSS | 5 | (1,486,928 | ) | (731,395 | ) |
Interest receivable and similar income | 96,292 | 23,256 |
(1,390,636 | ) | (708,139 | ) |
Amounts written off investments | 6 | 175,000 | - |
(1,565,636 | ) | (708,139 | ) |
Interest payable and similar expenses | 7 | 131,268 | 116,078 |
LOSS BEFORE TAXATION | (1,696,904 | ) | (824,217 | ) |
Tax on loss | 8 | (44,440 | ) | (116,353 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,268,638 | 1,062,976 |
Tangible assets | 11 | 21,643 | 17,586 |
Investments | 12 |
Interest in associate | 1,350,000 | 1,350,000 |
Other investments | - | 175,000 |
2,640,281 | 2,605,562 |
CURRENT ASSETS |
Debtors | 13 | 1,235,836 | 968,515 |
Cash at bank and in hand | 3,823,087 | 2,509,452 |
5,058,923 | 3,477,967 |
CREDITORS |
Amounts falling due within one year | 14 | 1,100,881 | 973,942 |
NET CURRENT ASSETS | 3,958,042 | 2,504,025 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,598,323 | 5,109,587 |
CREDITORS |
Amounts falling due after more than one year | 15 | (1,662,829 | ) | (1,532,036 | ) |
PROVISIONS FOR LIABILITIES | 18 | (250,000 | ) | (268,546 | ) |
NET ASSETS | 4,685,494 | 3,309,005 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 11,407 | 9,124 |
Share premium | 20 | 8,308,396 | 5,281,726 |
Merger reserve | 20 | 426,436 | 426,436 |
Retained earnings | 20 | (4,060,745 | ) | (2,408,281 | ) |
SHAREHOLDERS' FUNDS | 4,685,494 | 3,309,005 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by: |
A I R MacNee - Director |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (897,645 | ) | (381,729 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share | Merger | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 | 6,875 | (1,700,417 | ) | 783,976 | 426,436 | (483,130 | ) |
Changes in equity |
Deficit for the year | - | (707,864 | ) | - | - | (707,864 | ) |
Total comprehensive income | - | (707,864 | ) | - | - | (707,864 | ) |
Issue of share capital | 2,249 | - | 4,497,750 | - | 4,499,999 |
Balance at 30 June 2023 | 9,124 | (2,408,281 | ) | 5,281,726 | 426,436 | 3,309,005 |
Changes in equity |
Deficit for the year | - | (1,652,464 | ) | - | - | (1,652,464 | ) |
Total comprehensive income | - | (1,652,464 | ) | - | - | (1,652,464 | ) |
Issue of share capital | 2,283 | - | 3,026,670 | - | 3,028,953 |
Balance at 30 June 2024 | 11,407 | (4,060,745 | ) | 8,308,396 | 426,436 | 4,685,494 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2023 | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2024 | ( |
) |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (1,365,993 | ) | (790,142 | ) |
Interest paid | (474 | ) | (44,708 | ) |
Tax paid | 44,440 | 75,658 |
Net cash from operating activities | (1,322,027 | ) | (759,192 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (473,850 | ) | (298,338 | ) |
Purchase of tangible fixed assets | (15,733 | ) | (14,517 | ) |
Interest received | 96,292 | 23,256 |
Net cash from investing activities | (393,291 | ) | (289,599 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (4,500,000 | ) |
Share issue | 3,028,953 | 4,500,000 |
Net cash from financing activities | 3,028,953 | - |
Increase/(decrease) in cash and cash equivalents | 1,313,635 | (1,048,791 | ) |
Cash and cash equivalents at beginning of year | 2 | 2,509,452 | 3,558,243 |
Cash and cash equivalents at end of year | 2 | 3,823,087 | 2,509,452 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Loss before taxation | (1,696,904 | ) | (824,217 | ) |
Depreciation charges | 279,863 | 227,085 |
Movement in provisions | (18,546 | ) | (97,803 | ) |
Impairment of investments | 175,000 | - |
Finance costs | 131,268 | 116,078 |
Finance income | (96,292 | ) | (23,256 | ) |
(1,225,611 | ) | (602,113 | ) |
Increase in trade and other debtors | (267,321 | ) | (423,928 | ) |
Increase in trade and other creditors | 126,939 | 235,899 |
Cash generated from operations | (1,365,993 | ) | (790,142 | ) |
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 | 3,823,087 | 2,509,452 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 2,509,452 | 3,558,243 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,509,452 | 1,313,635 | 3,823,087 |
2,509,452 | 1,313,635 | 3,823,087 |
Debt |
Debts falling due after 1 year | (1,532,036 | ) | (130,793 | ) | (1,662,829 | ) |
(1,532,036 | ) | (130,793 | ) | (1,662,829 | ) |
Total | 977,416 | 1,182,842 | 2,160,258 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
RImbal Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from Financial Reporting Standard 102. |
Going concern |
In making their assessment of going concern, the directors have considered forecasts for the business and broad economic factors generally. At the time of approving the financial statements, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of at least one year from the date of approval. Accordingly, these financial statements have been prepared on the going concern basis. |
Basis of consolidation |
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. |
The Group uses the purchase method of accounting to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of the minority interest. The excess of the cost of acquisition over the fair value of the Group's share of identifiable assets is recorded as goodwill. |
Transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed (where necessary) to ensure consistency with the policies adopted by the Group. |
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. |
Significant judgements and estimates |
Many of the amounts included in the financial statements involve the use of judgements and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies and/or the notes to financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
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. |
Tangible fixed assets |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Financial instruments |
Financial instruments are recognised in the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument. |
Financial liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Convertible loan notes |
The component parts of compound financial instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity and is not subsequently remeasured. |
Transaction costs are apportioned between liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity. Where the financial liability component meets the criteria in (i) above, the finance costs of the financial liability are recognised over the term of the debt using the effective interest method. If those criteria are not met, the financial liability component is measured at fair value through the profit and loss account. |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the Group’s contractual obligations expire or are discharged or cancelled. |
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. |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period for which the group is expected to benefit. |
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. |
Certain subsidiaries did not operate a company pension scheme during the period. Where applicable, these companies made contributions to directors' and employees' own personal pension schemes. |
Equity instruments |
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
Provisions |
The Group maintains provisions against potential claims required to be paid by certain subsidiaries in respect of customer complaints. The provision is calculated based on directors' estimates of potential liabilities. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the Group. |
An analysis of turnover by class of business is given below: |
30.6.24 | 30.6.23 |
£ | £ |
Fees and commission income | 19,400,462 | 14,210,317 |
19,400,462 | 14,210,317 |
An analysis of turnover by geographical market is given below: |
30.6.24 | 30.6.23 |
£ | £ |
United Kingdom | 19,400,462 | 14,210,317 |
19,400,462 | 14,210,317 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 2,013,347 | 1,179,225 |
Social security costs | 232,801 | 128,621 |
Other pension costs | 125,547 | 79,959 |
2,371,695 | 1,387,805 |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Management and administrative |
There were no retirement benefits accruing to directors in the period or the previous period. |
The total amount of pension costs charged in the period was £125,547 (2023: £79,959). At the period end, £18,656 of contributions were unpaid (2023: £6,199). |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | 306,041 | 301,187 |
Directors' pension contributions to money purchase schemes | 400 | - |
Information regarding the highest paid director is as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Emoluments etc | 283,541 | 278,687 |
Pension contributions to money purchase schemes | 400 | - |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Depreciation - owned assets | 11,676 | 15,881 |
Goodwill amortisation | 137,172 | 137,172 |
Computer software amortisation | 131,016 | 74,033 |
Auditors' remuneration | 28,650 | 27,000 |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
30.6.24 | 30.6.23 |
£ | £ |
Amounts written off investments | 175,000 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Bank interest | 476 | 131 |
Interest payable | 130,792 | 115,947 |
131,268 | 116,078 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | (40,000 | ) | (40,000 | ) |
Adjustments in respect of prior periods | (4,440 | ) | (75,658 | ) |
Total current tax | (44,440 | ) | (115,658 | ) |
Deferred tax | - | (695 | ) |
Tax on loss | (44,440 | ) | (116,353 | ) |
9. | 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. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Development | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 1,116,724 | 2,000 | 806,717 | 1,925,441 |
Additions | - | - | 473,850 | 473,850 |
At 30 June 2024 | 1,116,724 | 2,000 | 1,280,567 | 2,399,291 |
AMORTISATION |
At 1 July 2023 | 685,860 | 2,000 | 174,605 | 862,465 |
Amortisation for year | 137,172 | - | 131,016 | 268,188 |
At 30 June 2024 | 823,032 | 2,000 | 305,621 | 1,130,653 |
NET BOOK VALUE |
At 30 June 2024 | 293,692 | - | 974,946 | 1,268,638 |
At 30 June 2023 | 430,864 | - | 632,112 | 1,062,976 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Computer |
equipment |
£ |
COST |
At 1 July 2023 | 71,348 |
Additions | 15,733 |
Disposals | (958 | ) |
At 30 June 2024 | 86,123 |
DEPRECIATION |
At 1 July 2023 | 53,762 |
Charge for year | 11,676 |
Eliminated on disposal | (958 | ) |
At 30 June 2024 | 64,480 |
NET BOOK VALUE |
At 30 June 2024 | 21,643 |
At 30 June 2023 | 17,586 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in | Unlisted |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 1,350,000 | 175,000 | 1,525,000 |
Impairments | - | (175,000 | ) | (175,000 | ) |
At 30 June 2024 | 1,350,000 | - | 1,350,000 |
NET BOOK VALUE |
At 30 June 2024 | 1,350,000 | - | 1,350,000 |
At 30 June 2023 | 1,350,000 | 175,000 | 1,525,000 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in | Unlisted |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 2,341,881 |
Additions | 1 |
Impairments | ( |
) | (175,000 | ) |
At 30 June 2024 | 2,166,882 |
NET BOOK VALUE |
At 30 June 2024 | 2,166,882 |
At 30 June 2023 | 2,341,881 |
The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 8 8 Shepherd Market, London, W1J 7JY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8 8 Shepherd Market, London, W1J 7JY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8 8 Shepherd Market, London, W1J 7JY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8 8 Shepherd Market, London, W1J 7JY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Suite 5 North, Town Mills, Rue de Pre, St Peter Port, Guernsey GY1 6HS |
Nature of business: |
% |
Class of shares: | holding |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 8 8 Shepherd Market, London, W1J 7JY |
Nature of business: |
% |
Class of shares: | holding |
Validpath Limited |
Registered office: Unit 16 The Globe Centre, Wellfield Road, Cardiff, CF24 3PE |
Nature of business: Financial intermediation |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Validpath Financial Limited |
Registered office: Unit 8 8 Shepherd Market, London, United Kingdom, W1J 7JY |
Nature of business: Financial intermediation |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Associated company |
Registered office: 3 Valentine Place, London,SE1 8QH |
Nature of business: |
% |
Class of shares: | holding |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 588,022 | 463,616 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 419,341 | 347,370 |
Other debtors | 144,225 | 143,954 |
Prepayments and accrued income | 84,248 | 13,575 |
1,235,836 | 968,515 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade creditors | 774,724 | 518,144 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 125,694 | 79,639 |
Other creditors | 51,544 | 219,416 |
Accruals and deferred income | 148,919 | 156,743 |
1,100,881 | 973,942 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Other loans (see note 16) | 1,662,829 | 1,532,036 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years | 1,662,829 | - |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst | - | 1,532,036 | - | 1,532,036 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Other loans | 1,662,829 | 1,532,036 | 1,662,829 | 1,532,036 |
The Company has given security by way of a debenture over the assets and undertaking of the Company in respect of a £5.175m loan facility provided by Silverstripe Rimbal LLC (assigned from Silverstripe Rimbal LLC to Silverstripe General Partners Limited). Group subsidiaries have also provided a similar security. At 30 June 2024 an amount of £1.35m (2023: £1.35m) of the facility had been drawn, plus accumulated interest of £312,829 (2023:£182,036) and the accumulated interest and principal are repayable in November 2028. Interest is charged at a rate of 8% per annum which is capitalised and added to the outstanding loan balance. |
18. | PROVISIONS FOR LIABILITIES |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Other provisions |
Provision for claims | 250,000 | 268,546 |
Aggregate amounts | 250,000 | 268,546 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Provision |
for |
claims |
£ |
Balance at 1 July 2023 | 268,546 |
Provided during year | 10,011 |
Utilised during year | (28,557 | ) |
Balance at 30 June 2024 | 250,000 |
The Group has regulated subsidiaries that may in the normal course of business receive complaints from customers. The provision for claims represents the relevant directors estimate of the prospective potential costs that may be incurred in dealing with and settling complaints and complaint related matters. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal Value | 30.06.24 | 30.06.23 |
£ | £ |
6,873,998 | Ordinary | 0.001 | 6,874 | 6,874 |
3,750,000 | Preference | 0.001 | 3,750 | 2,250 |
282,500 | A1 | 0.001 | 283 | - |
300,000 | A2 | 0.001 | 300 | - |
200,000 | AE | 0.001 | 200 | - |
11,407 | 9,124 |
During the period 1,500,000 Preference Shares of £0.001 each were issued for a total consideration of £3,000,000. The consideration was satisfied in cash. |
All shares rank pari passu in respect of voting and dividend rights. On a winding up, the Preference Shares are entitled to an enhanced share of the Company's assets in respect of the amount paid up on each Preference Share before the Ordinary Shares are entitled to an equivalent return per Ordinary share, following which any residual balance will be distributed pari passu |
During the period 282,500 A1 shares of £0.001 each, 300,000 A2 shares of £0.001 each and 200,000 AE shares of £0.001 were issued for total consideration of £28,953 in cash. |
The shares do not have voting or dividend rights. |
20. | RESERVES |
Group |
Retained | Share | Merger |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | (2,408,281 | ) | 5,281,726 | 426,436 | 3,299,881 |
Deficit for the year | (1,652,464 | ) | (1,652,464 | ) |
Issue of shares | - | 3,026,670 | - | 3,026,670 |
At 30 June 2024 | (4,060,745 | ) | 8,308,396 | 426,436 | 4,674,087 |
RIMBAL HOLDINGS LIMITED (REGISTERED NUMBER: 11013618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2023 | ( |
) | 4,277,223 |
Deficit for the year | ( |
) | ( |
) |
Issue of shares | - | 3,026,670 | 3,026,670 |
At 30 June 2024 | ( |
) | 6,406,248 |
21. | CONTINGENT LIABILITIES |
Rimbal Insurance Services PCC Limited (RIS) is a wholly-owned subsidiary of the Company, which provides captive insurance to certain group companies. RIS is regulated by the Guernsey Financial Services Commission (GFSC). Under the terms of the GFSC regulation, in certain circumstances (such as where claims cannot be met from RIS reserves or reinsurance), the Company may be obliged, with respect to the GFSC regulation, to support RIS with additional funding of up to approximately £1,550,000. This is an uncertain potential future obligation (in Guernsey) and consequently is not recognised in the financial statements. |
22. | RELATED PARTY DISCLOSURES |
Mr A MacNee, Mr A Cuppage, Mr N Aspinall, Mr A Meeks, directors of the Company, and Mr A Kirk, director of a number of the Company's subsidiaries, are also directors of Rimbal Financial Holdings Limited, which also has common shareholders. |
During the period the Group has provided various management, administrative and marketing services to Rimbal Financial Holdings Limited. The total value of the services was £130,303 (2023: £335,015) and the total amount outstanding to the Group from Rimbal Financial Holdings at 30 June 2024 was £419,340 (2023: £347,370). |
23. | POST BALANCE SHEET EVENTS |
On 2 October 2024 there was a further drawdown of the secured loan facility of £450,000. An extension of the repayment period to May 2031 was agreed in December 2024. |
On 9 December 2024 it was agreed that 695,652 preference shares of £0.001 would be issued for £1,600,000. Further funding of £400,000 has been made available on the same terms. |