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Registered number:
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
COMPANY INFORMATION
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RIMEX METALS GROUP LIMITED
CONTENTS
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RIMEX METALS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The company's principal activities are those of the holding of investments in subsidiary companies and the leasing of plant and machinery to these subsidiaries.
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 £1,605,467 (2023 - £1,606,418) after tax. The company ended the year with Net Assets of £1,718,703 (2023 - £1,880,529).
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. Key risks going forward include interest rates and currency fluctuations. The company has fixed interest rates on all hire purchase contracts and will continue to do so. The company plans to fix foreign currency rates on potential future investments.
Leasing charges to other companies in the Group must be sufficient to enable the company to meet its obligations to creditors.
Credit and liquidity risks The company has limited exposure to credit risk by virtue of its client base being subsidiary companies. 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.
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RIMEX METALS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Under section 172 of the Companies Act 2006 the directors of the Company have a legal responsibility to act in the way we consider would be most likely to promote the Company’s success for the benefit of its members, and to have regard to the long-term effect of our decisions on the Company and its stakeholders. In doing so the directors must have regard to the following:
• the likely consequences of any decision in the long term; • the interests of the Company’s employees; • the need to foster relationships with suppliers, customers and others; • the impact of the Company’s operations on the community and the environment; • the desirability of the Company to maintain a reputation for high standards of business conduct and product quality; and • the need to act fairly between members of the Company. Our key stakeholders, and the ways in which we engage with them, are as follows: Employment policy The Company does not discriminate against anyone on any grounds. The criterion for selection or promotion is the suitability of the person for the job. Company policy is to provide employment to people irrespective of sex, age, religion, or disability. Appropriate levels of training and development are available for all levels and categories of staff. Customers and suppliers The Company is aware that our customers and suppliers are an important part of our operations. We strive to build longstanding and sustainable relationships with both to ensure mutual benefit, and to be honest and transparent in line with Company culture. We treat customers and suppliers fairly. Environment The operations of the Company are managed subject to input from environmental permitting agencies which apply principles of continuous improvement alongside safety in the workplace and to the environment. The Company monitors its environmental impact in climate protection, energy management and waste avoidance standards and will continue to work to further reduce and or compensate for the effects and influences of its economic activities. Standards of Business Conduct The Company conducts its business in accordance with the law and has standards in place which must be adhered to by everyone who represents the Company. These standards embody the principles that govern our ethical and legal obligations and comply with the Company's policies. The directors would like to thank staff, customers, and business partners for their continued support.
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RIMEX METALS GROUP 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.
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RIMEX METALS GROUP 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's 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 2006. They 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.
The profit for the year, after taxation, amounted to £1,605,467 (2023 - £1,606,418).
During the year, the directors declared dividends of £1,797,600 (2023 - £1,522,898).
The directors do not recommend payment of final dividend.
The directors who served during the year were:
The directors are looking at investing in order to improve the production capacity and increase efficiency. Economic conditions are still difficult, but the directors are confident that satisfactory results can be maintained.
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RIMEX METALS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The Company is aware that our customers and suppliers are an important part of our operations. We strive to build longstanding and sustainable relationships with both to ensure mutual benefit, and to be honest and transparent in line with Company culture. We treat customers and suppliers fairly.
There have been no significant events affecting the company since the year end.
The auditors, Barnes Roffe LLP, will 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.
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RIMEX METALS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP LIMITED
We have audited the financial statements of Rimex Metals Group Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
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.
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.
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RIMEX METALS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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RIMEX METALS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP LIMITED (CONTINUED)
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
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RIMEX METALS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP LIMITED (CONTINUED)
of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
E11 1GA
Date: 27 May 2025
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RIMEX METALS GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
REGISTERED NUMBER: 08532479
BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.
The notes on pages 13 to 25 form part of these financial statements.
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RIMEX METALS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Rimex Metals Group Limited ("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 activity is to lease machines needed for the metal embossing process to its subsidiary companies.
2.Accounting policies
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:
The company is a wholly owned subsidiary company of Domino Investments Holdings Limited (incorporated in England and Wales), its ultimate parent undertaking. The company is included in the consolidated financial statements of Domino Investments Holdings Limited which are publically available. The company is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its Group.
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 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 17 Aden Road, Enfield, Middlesex, United Kingdom, EN3 7SU.
The company meets its day-to-day working capital requirements through careful management of working capital postions. The company's forecasts and projections, taking into 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.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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 leases plant and machinery assets to other connected entities. The company recognises revenue in accordance with pre-agreed fixed term rates. (ii) Investment income is recognised on a received basis.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following annual basis:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Functional and presentation currency
Transactions and balances
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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
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.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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 The annual depreciation charge for tangible fixed 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 10 for the carrying amount of the fixed assets, and note 2.6 for useful economic lives for each class of assets.
The whole of the turnover is attributable to the principal activity 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.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
There were no factors that may affect future tax charges.
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
12.Tangible fixed assets (continued)
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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RIMEX METALS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Revaluation reserve
Profit and loss account
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.
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