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Registered number: 00644957









RIMEX METALS (U.K.) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
RIMEX METALS (U.K.) LIMITED
 
 
COMPANY INFORMATION


Directors
T J Childs 
N E S Barnes 
R J Watson 




Company secretary
R Davies



Registered number
00644957



Registered office
17 Aden Road
Enfield

England

EN3 7SU




Independent auditors
Barnes Roffe LLP
Chartered Accountants
  Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
RIMEX METALS (U.K.) LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Notes to the financial statements
 
11 - 29


 
RIMEX METALS (U.K.) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The Company is a wholly owned subsidiary of Rimex Metals Group Limited and operates as the headquarters for the group’s trading, production and administrative functions.
The Company’s principal activities are that of rolling and supplying of metals with embossed patterns and a variety of finishes. 

Business review
 
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The director considers the key financial performance indicators to be net profit and net assets. Net profit provides a good measure of the performance of the company, whilst net assets demonstrate the financial strength of the company.
The profit for the year was £282,379 after tax, the Company ended the year with Net Assets of £3,689,656.

Principal risks and uncertainties
 
Risks to the Company are those being faced by most businesses at this time and include inflation, energy costs, ensuring continuity of material supply and staff retention. The Board can report that it has prepared for these.
The usual annual risks include currency fluctuations and alloy surcharges as well as environmental compliance and the general economic climate. Currency fluctuations are managed with forward exchange contracts and by purchasing raw materials in foreign currencies when it is advantageous to do so. Compliance with chemical legislation is in place to secure the future of the Company’s Colour Plant operations, its product lines and relevant income streams. The Company employs consultants to advise and ensure that environmental compliance requirements are met.
The Company has a trade insurance policy in place to protect itself against bad debts.

Financial key performance indicators
 
Turnover, gross margin and stock levels are considered as the Company’s financial key performance indicators.
Stock levels must be kept in proportion to the order book.
Credit and liquidity risks
The company has limited exposure to credit risk by virtue of its client base. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth.
Interest rate and cash flow risk
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans, overdrafts and obligations under finance lease and hire purchase contracts which attract interest at fixed rates.

Page 1

 
RIMEX METALS (U.K.) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


This report was approved by the board on 22 May 2025 and signed on its behalf.



T J Childs
Director

Page 2

 
RIMEX METALS (U.K.) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £282,379 (2023 - £195,632).

During the year, the directors declared dividends of £250,000 (2023 - £175,000)
The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

T J Childs 
N E S Barnes 
R J Watson 

Future developments

The directors will continue to ensure that the company competes in the market with quality products and that the necessary facilities are avaliable to produce these and develop new products.

Page 3

 
RIMEX METALS (U.K.) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Research and development activities

The Company is involved in research and development activities aimed at discovering and creating new technology, constructing pre-production prototypes and developing new products.
During the year ended 31 August 2024 £109,323 
(2023 - £230,809) was spent on research and development costs.

Disclosure of information to auditors

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 May 2025 and signed on its behalf.
 





T J Childs
Director

Page 4

 
RIMEX METALS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS (U.K.) LIMITED
 

Opinion


We have audited the financial statements of Rimex Metals (U.K.) Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
RIMEX METALS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS (U.K.) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
RIMEX METALS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS (U.K.) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
- We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards;
- We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify and unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Page 7

 
RIMEX METALS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS (U.K.) LIMITED (CONTINUED)



Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.


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


Use of our report
 

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





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

27 May 2025
Page 8

 
RIMEX METALS (U.K.) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
                                                                                                                      Note
£
£

  

Turnover
 4 
20,201,726
23,281,150

Cost of sales
  
(13,660,168)
(16,664,168)

Gross profit
  
6,541,558
6,616,982

Administrative expenses
  
(7,508,353)
(8,505,052)

Other operating income
 5 
1,378,961
2,220,587

Operating profit
 6 
412,166
332,517

Interest receivable and similar income
  
9,733
-

Interest payable and similar expenses
 12 
(78,729)
(147,208)

Profit before tax
  
343,170
185,309

Tax on profit
 13 
(60,791)
10,323

Profit after tax
  
282,379
195,632

  

  

Retained earnings at the beginning of the year
  
3,557,277
3,536,645

Profit for the year
  
282,379
195,632

Dividends declared and paid
  
(250,000)
(175,000)

Retained earnings at the end of the year
  
3,589,656
3,557,277
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 29 form part of these financial statements.

Page 9

 
RIMEX METALS (U.K.) LIMITED
REGISTERED NUMBER: 00644957

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                               Note
£
£

Fixed assets
  

Intangible assets
 15 
803,472
748,979

Tangible assets
 16 
1,082,863
1,097,481

  
1,886,335
1,846,460

Current assets
  

Stocks
 17 
3,158,685
3,852,314

Debtors: amounts falling due within one year
 18 
4,210,696
3,293,609

Cash at bank and in hand
 19 
829,535
1,065,976

  
8,198,916
8,211,899

Creditors: amounts falling due within one year
 20 
(6,266,241)
(6,262,902)

Net current assets
  
 
 
1,932,675
 
 
1,948,997

Total assets less current liabilities
  
3,819,010
3,795,457

Creditors: amounts falling due after more than one year
 21 
-
(8,826)

Provisions for liabilities
  

Deferred tax
 23 
(129,354)
(129,354)

  
 
 
(129,354)
 
 
(129,354)

Net assets
  
3,689,656
3,657,277


Capital and reserves
  

Called up share capital 
 24 
100,000
100,000

Profit and loss account
 25 
3,589,656
3,557,277

  
3,689,656
3,657,277


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.




T J Childs
Director

The notes on pages 11 to 29 form part of these financial statements.

Page 10

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Rimex Metals (U.K.) Ltd ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is 17 Aden Road, Enfield, England, EN3 7SU.
The company's principal activities are that of rolling and supplying of metals with an embossed pattern and a variety of finishes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Consolidated financial statements

The company is a wholly owned subsidiary company of Rimex Metals Group Limited (incorporated in England and Wales), its immediate parent undertaking. The ultimate parent undertaking is  Domino Investments Holdings Limited. The Company is included in the consolidated financial statements of  Domino Investments Holdings Limited which are publically available.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Domino Investments Holdings Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.

Page 11

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Going concern

The company meets its day-to-day working capital requirements through careful management of working capital positions. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate without other third party support. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

  
2.5

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.
The company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company’s sales channels have been met, as described below:
(i) The company produces surface finishes on stainless steel and other metals and provides these finished metals to both domestic and international customers. 
Revenue is recognised when the company has despatched the metals to the customer. The risks and rewards of the product are considered to have been transferred to either the customer or to a third party when the products have been despatched from the company's warehouse.
(ii) The company also receives income on the sale of scrap metal. Revenue on the sale of the scrap metal is recognised when the company has delivered the scrap metal to the customer. The risks and rewards of the product are considered to have been transferred to the customer when the products are delivered to the location specified by the customer and the customer has accepted the product.
All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
6.67% straight line
Motor vehicles
-
33.3% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
20% straight line
Exhibition stands assets
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Intangible fixed assets have been amortised over 20 years on a straight line basis.

 
2.8

Stocks

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

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

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Page 14

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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

 
2.17

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.18

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.19

Borrowing costs

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

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.21

Interest income

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

 
2.22

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.23

Research and development

Staff, materials and other revenue costs incurred by the company on research and development of new products and processes are written off in the year in which they are expended. Fixed assets used for research and development purposes are capitalised in the balance sheet and depreciated over their expected useful lives.

  
2.24

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

  
2.25

Related party transactions

The company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same Group that are wholly owned.

Page 17

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.26

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.
(iii) Termination benefits
The company is committed, by legislation and/or contractual obligations, to make payments to employees when the company terminates their employment. Such payments are termination benefits. Because termination benefits do not provide the company with future economic benefits, the company recognises these as an expense in the profit and loss account immediately. The company will only recognise termination benefits as a liability and an expense when the company is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date.

Page 18

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the property plant and equipment, and note 2.6 for useful economic lives for each class of assets.
(ii) Stock provisions
The company establishes stock provisions based on knowledge of the business, the nature of the product and future sales orders. The amounts shown in note 17 are net of any associated provisions.


4.


Turnover

The whole of the turnover is attributable to the principal activites of the business.
An analysis of turnover by geographical area is not given as, in the opinion of the directors, such disclosure would be seriously prejudical to the interest of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
1,378,961
2,220,587


Page 19

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Operating profit

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

2024
2023
£
£

Depreciation on tangible fixed assets
297,728
315,632

Amortisation on intangible fixed assets
40,974
36,747

Repairs and maintenance
330,780
509,141

Defined contribution pension costs
324,284
287,811

Exchange differences
(60,523)
(8,448)

Other operating lease rentals
1,533,296
1,588,516

Profit on disposal of tangible fixed assets
(54,193)
(8,448)


7.


Research and development expenditure

Research and development expenditure charged as an expense during the year was made up as follows:


2024
2023
£
£

Non-staff costs


Material costs
26,650
75,651

Consultancy costs
2,886
13,080

29,536
88,731



Wages and salaries
64,993
115,614

Social security costs
7,956
14,537

Other pension costs
6,838
11,927

79,787
142,078


8.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
14,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Employees

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


2024
2023
£
£

Wages and salaries
3,778,999
4,157,329

Social security costs
410,767
468,504

Cost of defined contribution scheme
324,284
287,811

4,514,050
4,913,644


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


        2024
        2023
            No.
            No.







Production
40
52



Sales and distribution
17
15



Office and administration
7
20

64
87


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
839,701
756,113

Company contributions to defined contribution pension schemes
31,960
31,170

871,661
787,283


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £315,047 (2023 - £339,224).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,588 (2023 - £15,372).

Page 21

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Interest receivable

2024
2023
£
£


Other interest receivable
9,733
-


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
62,629
136,702

Finance leases and hire purchase contracts
16,100
10,506

78,729
147,208


13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
88,584
36,380

Adjustments in respect of previous periods
(27,793)
-


60,791
36,380


Total current tax
60,791
36,380

Deferred tax


Origination and reversal of timing differences
-
(46,703)

Total deferred tax
-
(46,703)


Tax on profit
60,791
(10,323)
Page 22

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
343,170
185,309


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%)
85,793
39,841

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,110
(2,800)

Capital allowances for year in excess of depreciation
10,170
(2,026)

Research and development
(23,266)
(41,830)

Adjustments to tax charge in respect of prior periods
(27,793)
-

Group relief
(1,223)
(3,508)

Total tax charge for the year
60,791
(10,323)


14.


Dividends

2024
2023
£
£


Dividends payable on equity capital
250,000
175,000

Page 23

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Intangible assets




Software

£



Cost


At 1 September 2023
879,697


Additions
95,467



At 31 August 2024

975,164



Amortisation


At 1 September 2023
130,718


Charge for the year on owned assets
40,974



At 31 August 2024

171,692



Net book value



At 31 August 2024
803,472



At 31 August 2023
748,979



Page 24

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
1,303,634
389,550
1,819,174
3,512,358


Additions
21,492
333,339
31,925
386,756


Disposals
-
(331,464)
-
(331,464)



At 31 August 2024

1,325,126
391,425
1,851,099
3,567,650



Depreciation


At 1 September 2023
1,097,897
233,657
1,083,323
2,414,877


Charge for the year on owned assets
69,543
86,766
141,421
297,730


Disposals
-
(227,820)
-
(227,820)



At 31 August 2024

1,167,440
92,603
1,224,744
2,484,787



Net book value



At 31 August 2024
157,686
298,822
626,355
1,082,863



At 31 August 2023
205,737
155,893
735,851
1,097,481

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
110,233


17.


Stocks

2024
2023
£
£

Raw materials and consumables
3,158,685
3,852,314


Page 25

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Debtors

2024
2023
£
£


Trade debtors
2,325,289
1,925,560

Amounts owed by group undertakings
1,474,746
973,615

Other debtors
252,565
172,925

Prepayments and accrued income
158,096
221,509

4,210,696
3,293,609



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
829,535
1,065,976

Less: bank overdrafts
(782,776)
(1,409,094)

46,759
(343,118)



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
782,776
1,409,094

Trade creditors
3,540,587
2,965,518

Amounts owed to group undertakings
1,633,663
1,171,747

Corporation tax
60,775
36,364

Other taxation and social security
115,177
114,294

Obligations under finance lease and hire purchase contracts
-
116,586

Other creditors
15,152
1,832

Accruals and deferred income
118,111
447,467

6,266,241
6,262,902


Page 26

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
8,826


The bank overdrafts of the company are secured by way of debenture including a fixed charge over all present freehold and leasehold property; a first fixed charge over the book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertakings both present and future dated 13 August 2012.
The bank loans of the company are secured by way of a first legal charge over the property of Domino Investments Limited. 
The company has also given an unlimited company guarantee to secure all liabilities of Domino Investments Limited.
The company has also given a company guarantee to secure all liabilities of Rimex Metals Group Limited limited to £1,550,000.
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
116,586

Between 1-5 years
-
8,826

-
125,412


23.


Deferred taxation




2024
2023


£

£






At beginning of year
(129,354)
(176,057)


Charged to profit or loss
-
46,703



At end of year
(129,354)
(129,354)

Page 27

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
23.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(129,354)
(129,354)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


26.


Pension commitments

The company has a Group Personal Pension Scheme for staff. The assets of this defined contribution scheme are held separately from the company being invested with an insurance company. The pension cost represents contributions payable for the year of £292,098 (2023 - £256,641) contributions totalling £11,827 (2023 - £20,622) were outstanding at the balance sheet date.
The company also operates a defined contribution scheme for the directors. The assets of the scheme are held separately from the company being invested in a trustee administered fund. The pension cost represents contributions payable for the year of £31,960 
(2023 - £31,170). Contributions totalling £608 (2023 - £608) were outstanding at the balance sheet date.

Page 28

 
RIMEX METALS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

27.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
691,236
568,642

Later than 1 year and not later than 5 years
2,930,320
2,274,568

Later than 5 years
136,667
711,285

3,758,223
3,554,495


28.


Controlling party

The immediate parent undertaking is Rimex Metals Group Limited.
The ultimate parent undertaking is Domino Investments Holdings Limited, a company registered in England. Domino Investments Holdings Limited prepares consolidated accounts which include this company, copies of which can be obtained from its registered office, 17 Aden Road, Enfield, Middlesex, United Kingdom, EN3 7SU.
At the year end, the ultimate controlling party is Mr T Childs by virtue of his controlling shareholding in the ultimate parent company.

 
Page 29