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Registered number: 08532479









RIMEX METALS GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
RIMEX METALS GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
R J Watson 
N E S Barnes 
T J Childs 




Company secretary
T J Childs & R Davies



Registered number
08532479



Registered office
17 Aden Road

Enfield

England

EN3 7SU




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

London

E11 1GA





 
RIMEX METALS GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Statement of comprehensive income
 
 
10
Balance sheet
 
 
11
Statement of changes in equity
 
 
12
Notes to the financial statements
 
 
13 - 25


 
RIMEX METALS GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
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.

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 £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).

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.
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.

Financial key performance indicators
 
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.

Page 1

 
RIMEX METALS GROUP LIMITED
 

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

 


Directors' statement of compliance with duty to promote the success of the Company
 
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.
 

Page 2

 
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.





T J Childs
Director

Page 3

 
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.

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;

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 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 £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. 

Directors

The directors who served during the year were:

R J Watson 
N E S Barnes 
T J Childs 

Future developments

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.

Page 4

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

Engagement with suppliers, customers and others

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.

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 5

 
RIMEX METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP LIMITED
 

Opinion


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 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 6

 
RIMEX METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP 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 4, 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 7

 
RIMEX METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RIMEX METALS GROUP 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
Page 8

 
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.


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
London
E11 1GA

 
Date: 
27 May 2025
Page 9

 
RIMEX METALS GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
                                                                                                                        Note
£
£

  

Turnover
  
963,178
967,608

Gross profit
  
963,178
967,608

Administrative expenses
  
(1,091,064)
(963,296)

Operating (loss)/profit
 5 
(127,886)
4,312

Income from shares in group undertakings
  
1,797,600
1,697,898

Interest receivable and similar income
 8 
14,409
-

Interest payable and similar expenses
 9 
(97,141)
(96,524)

Profit before tax
  
1,586,982
1,605,686

Tax on profit
 10 
18,485
732

Profit for the financial year
  
1,605,467
1,606,418

Other comprehensive income for the year
  

Unrealised deficit on revaluation of tangible fixed assets
  
(121,228)
(121,228)

Deferred tax on revalued tangible fixed assets
  
30,307
30,307

Other comprehensive income for the year
  
(90,921)
(90,921)

Total comprehensive income for the year
  
1,514,546
1,515,497

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
RIMEX METALS GROUP LIMITED
REGISTERED NUMBER: 08532479

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 12 
6,586,352
7,157,596

Investments
 13 
611,536
611,536

  
7,197,888
7,769,132

Current assets
  

Debtors: amounts falling due within one year
 14 
3,250,804
2,286,857

Cash at bank and in hand
 15 
651,300
176,480

  
3,902,104
2,463,337

Creditors: amounts falling due within one year
 16 
(7,945,917)
(6,729,853)

Net current liabilities
  
 
 
(4,043,813)
 
 
(4,266,516)

Total assets less current liabilities
  
3,154,075
3,502,616

Creditors: amounts falling due after more than one year
 17 
(73,010)
(179,305)

Provisions for liabilities
  

Deferred tax
 19 
(1,362,362)
(1,442,782)

  
 
 
(1,362,362)
 
 
(1,442,782)

Net assets
  
1,718,703
1,880,529


Capital and reserves
  

Called up share capital 
 20 
95,000
95,000

Revaluation reserve
 21 
804,596
895,517

Profit and loss account
 21 
819,107
890,012

  
1,718,703
1,880,529


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 13 to 25 form part of these financial statements.

Page 11

 
RIMEX METALS GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
95,000
986,438
860,264
1,941,702



Profit for the year
-
-
1,606,418
1,606,418

Unrealised surplus on revaluation of tangible fixed assets
-
-
121,228
121,228

Excess depreciation on revalued tangible fixed assets transferred to the profit and loss account
-
(121,228)
-
(121,228)

Deferred tax on revalued tangible fixed assets
-
30,307
-
30,307

Dividends
-
-
(1,697,898)
(1,697,898)



At 1 September 2023
95,000
895,517
890,012
1,880,529



Profit for the year
-
-
1,605,467
1,605,467

Unrealised surplus on revaluation of tangible fixed assets
-
-
121,228
121,228

Excess depreciation on revalued tangible fixed assets transferred to the profit and loss account
-
(121,228)
-
(121,228)

Deferred tax on revalued tangible fixed assets
-
30,307
-
30,307

Dividends
-
-
(1,797,600)
(1,797,600)


At 31 August 2024
95,000
804,596
819,107
1,718,703


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

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

 
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 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.

 
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 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.

  
2.4

Going concern

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.

Page 13

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
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 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.

 
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.

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:

Plant and machinery
-
6.67% 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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 14

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 costs using the effective interest method, less any impairment.

 
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

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.

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.

 
2.12

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.

 
2.13

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.

Page 15

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
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.

 
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 lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
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

Interest income

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

 
2.19

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 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.20

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.


  
2.21

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

  
2.22

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 GROUP 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
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.


4.


Turnover

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.


5.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation
721,088
708,762


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
4,000
4,000

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 18

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Employees

Staff costs were as follows:





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


        2024
        2023
            No.
            No.







Directors
3
3


8.


Interest receivable

2024
2023
£
£


Other interest receivable
14,409
-


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
138
-

Finance leases and hire purchase contracts
97,003
96,524

97,141
96,524

Page 19

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
27,766
11,813

Adjustments in respect of previous periods
3,862
-


31,628
11,813


Total current tax
31,628
11,813

Deferred tax


Origination and reversal of timing differences
(50,113)
(12,545)

Total deferred tax
(50,113)
(12,545)


Tax on profit
(18,485)
(732)

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
1,586,982
1,605,686


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%)
396,746
345,222

Effects of:


Dividends from subsidiary company
(449,400)
(365,085)

Capital allowances for year in excess of depreciation
30,307
19,131

Adjustments to tax charge in respect of prior periods
3,862
-

Total tax charge for the year
(18,485)
(732)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Dividends

2024
2023
£
£


Dividends paid on equity capital
1,797,600
1,697,898


12.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 September 2023
11,043,771


Additions
149,844



At 31 August 2024

11,193,615



Depreciation


At 1 September 2023
3,886,175


Charge for the year on owned assets
673,863


Charge for the year on financed assets
47,225



At 31 August 2024

4,607,263



Net book value



At 31 August 2024
6,586,352



At 31 August 2023
7,157,596

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


2024
2023
£
£



Plant and machinery
566,377
2,205,309

566,377
2,205,309

Page 21

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           12.Tangible fixed assets (continued)

The company previously revalued certain plant and machinery classes. The plant and machinery classes were revalued by Marriot Valuers Limited T/A Marriot & Co., Chartered Surveyors, on 27 September and 3 October 2017, respectively.



If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
9,369,336
9,225,348

Accumulated depreciation
(4,053,413)
(3,453,554)

Net book value
5,315,923
5,771,794


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
611,536



At 31 August 2024
611,536





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Rimex Metals (UK) Limited
Ordinary
100
Rimex Metals (USA) Inc.
Common stock
100
Rigitex Metals Corporation Limited
Ordinary
100
Rimex Metals (Deutschland) GmbH
Ordinary
100
EAP Metals Limited
Ordinary
100
Rimex Metals Materials Limited
Ordinary
100

Page 22

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,246,379
2,280,559

Other debtors
4,425
4,423

Prepayments and accrued income
-
1,875

3,250,804
2,286,857



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
651,300
176,480



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
7,581,714
6,465,950

Corporation tax
27,766
11,813

Other taxation and social security
27,992
20,192

Obligations under finance lease and hire purchase contracts
134,541
228,682

Accruals and deferred income
173,904
3,216

7,945,917
6,729,853



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
73,010
179,305


Net obligation under fiannce leases and hire purchase contracts are secured on the assets to which they relate.
A fixed and floating charge is in place over all assets held by the company.

Page 23

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
134,541
228,682

Between 1-5 years
73,010
179,305

207,551
407,987


19.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,442,782)
(1,485,634)


Charged to other comprehensive income
30,307
30,307


Utilised in year
50,113
12,545



At end of year
(1,362,362)
(1,442,782)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,362,362)
(1,442,782)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



95,000 (2023 - 95,000) Ordinary shares of £1.00 each
95,000
95,000


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


Page 24

 
RIMEX METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative revaluations of tangible fixed assets, less the associated deferred tax adjustment in accordance with FRS102.

Profit and loss account

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


22.


Related party transactions





The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.


23.


Ultimate parent undertaking and controlling party

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 25