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REGISTERED NUMBER: 12853777 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

REMET PROCESSING LTD

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


REMET PROCESSING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: S Cohen
W Reid
P Reid
J R Hughes



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



REGISTERED NUMBER: 12853777 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Sefton FCA



AUDITORS: MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report for the year ended 30 June 2024.

The company specialises in the recycling of cables, waste electrical and electronic equipment (WEEE), aluminium and copper scrap.

REVIEW OF BUSINESS
The Income Statement is set out on Page 8 and shows the profit for the year.

The company has ceased trading during the year.

Key performance indicators used by the company are:

2024 2023
Turnover £14.52m £12.33m
Gross Profit/(Loss) £0.69m £1.21m
Operating Profit/(Loss) £0.50m (£0.46m)
Net Profit/(Loss) £0.02m (£0.56m)

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the business relate to the general state of the industrial economy in the UK and in those countries to which the company exports and the growth of the company's key markets, the continuity of supply of the key metals used in the business, the financial health of the company's main customers and the development of metal prices.

Financial instruments of significance to the Company comprise primary financial instruments (mainly cash, borrowings, debtors and creditors).

The main financial risks arising from the Company's activities are credit risk, market risk (metal prices and foreign exchange) and liquidity risk. These are monitored by the board of directors and were not considered to be significant at the balance sheet date.

The Company's policy in respect of credit risk is to mitigate the risk of loss by adhering to credit control procedures including the use of credit limits and credit insurance.

Exposures to metal price movements are restricted by the imposition of trading position limits agreed by the board of directors. The company mitigates its foreign exchange risk by entering into forward currency contracts.

Liquidity risk is managed by planning for future funding requirements to ensure adequate facilities are available.

ON BEHALF OF THE BOARD:





P Reid - Director


12 March 2025

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S Cohen
W Reid
P Reid
J R Hughes

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, MGR SD Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Reid - Director


12 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REMET PROCESSING LTD


Opinion
We have audited the financial statements of Remet Processing Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REMET PROCESSING LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REMET PROCESSING LTD


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered
that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial
Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with
management and those charged with governance.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REMET PROCESSING LTD


- We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those charged
with governance.Based on this understanding, we designed specific appropriate audit procedures to identify
instances of non-compliance with laws and regulations. This included making enquiries of management and those
charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the
company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause
the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REMET PROCESSING LTD


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




Simon Sefton FCA (Senior Statutory Auditor)
for and on behalf of MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL

12 March 2025

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

TURNOVER 14,521,521 12,327,200

Cost of sales (13,834,613 ) (11,116,281 )
GROSS PROFIT 686,908 1,210,919

Administrative expenses (831,730 ) (2,058,044 )
(144,822 ) (847,125 )

Other operating income 645,041 387,623
OPERATING PROFIT/(LOSS) 4 500,219 (459,502 )

Interest receivable and similar income 410 -
500,629 (459,502 )

Interest payable and similar expenses 5 (137,875 ) (143,021 )
PROFIT/(LOSS) BEFORE TAXATION 362,754 (602,523 )

Tax on profit/(loss) 6 (341,836 ) 45,278
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 20,918 (557,245 )

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 20,918 (557,245 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

20,918

(557,245

)

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Intangible assets 7 8 8
Tangible assets 8 1,474,556 1,859,342
Investment property 9 2,500,000 1,052,010
3,974,564 2,911,360

CURRENT ASSETS
Stocks 10 - 1,004,760
Debtors 11 376,960 2,369,848
Cash at bank and in hand 141,066 71,504
518,026 3,446,112
CREDITORS
Amounts falling due within one year 12 (3,311,722 ) (3,739,358 )
NET CURRENT LIABILITIES (2,793,696 ) (293,246 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,180,868 2,618,114

CREDITORS
Amounts falling due after more than one year 13 - (1,800,000 )

PROVISIONS FOR LIABILITIES 15 (385,032 ) (43,196 )
NET ASSETS 795,836 774,918

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 17 794,836 773,918
SHAREHOLDERS' FUNDS 795,836 774,918

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





P Reid - Director


REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1,000 1,331,163 1,332,163

Changes in equity
Total comprehensive income - (557,245 ) (557,245 )
Balance at 30 June 2023 1,000 773,918 774,918

Changes in equity
Total comprehensive income - 20,918 20,918
Balance at 30 June 2024 1,000 794,836 795,836

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 42,613 (200,174 )
Interest paid (137,875 ) (143,021 )
Tax paid 88,474 (257,302 )
Net cash from operating activities (6,788 ) (600,497 )

Cash flows from investing activities
Purchase of tangible fixed assets - (37,560 )
Sale of tangible fixed assets 142,800 30,200
Interest received 410 -
Net cash from investing activities 143,210 (7,360 )

Cash flows from financing activities
Loan repayments in year (57,000 ) -
Amount introduced by directors 550 -
Amount withdrawn by directors (10,410 ) (20,000 )
Net cash from financing activities (66,860 ) (20,000 )

Increase/(decrease) in cash and cash equivalents 69,562 (627,857 )
Cash and cash equivalents at beginning of
year

2

71,504

699,361

Cash and cash equivalents at end of year 2 141,066 71,504

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit/(loss) before taxation 362,754 (602,523 )
Depreciation charges 301,539 331,893
Profit on disposal of fixed assets (59,553 ) (15,948 )
Gain on revaluation of fixed assets (1,447,990 ) -
Finance costs 137,875 143,021
Finance income (410 ) -
(705,785 ) (143,557 )
Decrease/(increase) in stocks 1,004,760 (321,332 )
Decrease/(increase) in trade and other debtors 1,917,787 (1,127,794 )
(Decrease)/increase in trade and other creditors (2,174,149 ) 1,392,509
Cash generated from operations 42,613 (200,174 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 141,066 71,504
Period ended 30 June 2023
30.6.23 1.10.22
£    £   
Cash and cash equivalents 71,504 699,361


REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 71,504 69,562 141,066
71,504 69,562 141,066
Total 71,504 69,562 141,066

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Remet Processing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
As explained in note 20 to the financial statements, the company has ceased trading on 31 xxxxxx 2024 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Non current liabilities have been recognised as current liabilities to reflect the closure of the business. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is not being amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 30% reducing balance
Office equipment - 30% reducing balance
Motor vehicles - 30% reducing balance
Freehold Property - 2% straight line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Monetary amounts
The financial statement are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest pound.

Interest Payable
Interest payable is charged to the profit and loss account on an accruals basis.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest .

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Wages and salaries 1,060,999 567,175
Social security costs 85,282 62,919
Other pension costs 39,427 30,587
1,185,708 660,681

The average number of employees during the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23

Management 1 1
Admin 6 6
Production 16 18
23 25

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Directors' remuneration 122,220 143,665

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Depreciation - owned assets 301,539 331,893
Profit on disposal of fixed assets (59,553 ) (15,948 )
Auditors' remuneration 18,000 19,200
Foreign exchange differences 2 (46 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Interest Paid 137,648 143,021
Interest on tax 227 -
137,875 143,021

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Current tax:
Under/Over provision
prior years - (88,474 )

Deferred tax 341,836 43,196
Tax on profit/(loss) 341,836 (45,278 )

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit/(loss) before tax 362,754 (602,523 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

90,689

(150,631

)

Effects of:
Income not taxable for tax purposes (718,245 ) (3,987 )
Depreciation in excess of capital allowances 43,658 37,705
Utilisation of tax losses 583,898 116,914
Adjustments to tax charge in respect of previous periods - (88,475 )
Deferred tax provision 341,836 43,196
Total tax charge/(credit) 341,836 (45,278 )

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 8
NET BOOK VALUE
At 30 June 2024 8
At 30 June 2023 8

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 829,950 2,221,718 37,103 31,499 3,120,270
Disposals - (251,253 ) - - (251,253 )
At 30 June 2024 829,950 1,970,465 37,103 31,499 2,869,017
DEPRECIATION
At 1 July 2023 23,515 1,201,225 19,342 16,846 1,260,928
Charge for year 8,300 283,515 5,328 4,396 301,539
Eliminated on disposal - (168,006 ) - - (168,006 )
At 30 June 2024 31,815 1,316,734 24,670 21,242 1,394,461
NET BOOK VALUE
At 30 June 2024 798,135 653,731 12,433 10,257 1,474,556
At 30 June 2023 806,435 1,020,493 17,761 14,653 1,859,342

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 1,052,010
Revaluations 1,447,990
At 30 June 2024 2,500,000
NET BOOK VALUE
At 30 June 2024 2,500,000
At 30 June 2023 1,052,010

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 1,447,990
Cost 1,052,010
2,500,000

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. STOCKS
30.6.24 30.6.23
£    £   
Stocks - 1,004,760

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 166,882 2,056,908
Directors' current accounts - 20,000
Directors' loan accounts 39,631 9,771
Tax 6,510 91,471
Prepayments and accrued income 163,937 191,698
376,960 2,369,848

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 995,986 3,285,787
Taxation 3,513 -
Social security and other taxes 18,968 27,070
VAT 141,116 37,455
Other creditors 1,943,542 203,567
Net pay control 3,430 11,850
Accruals and deferred income 205,167 173,629
3,311,722 3,739,358

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Other creditors - 1,800,000

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


14. FINANCIAL INSTRUMENTS

Carrying amount of financial assets
2024 2023
£    £   
Debt instruments measured at amortised cost 206,513 2,149,030


Carrying amount of financial liabilities
2024 2023
£    £   
Measured at amortised cost 3,148,125 5,474,833

15. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax
Accelerated capital allowances 23,034 43,196
Deferred tax 361,998 -
385,032 43,196

Deferred
tax
£   
Balance at 1 July 2023 43,196
Charge to Income Statement during year 341,836
Balance at 30 June 2024 385,032

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

REMET PROCESSING LTD (REGISTERED NUMBER: 12853777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


17. RESERVES
Retained
earnings
£   

At 1 July 2023 773,918
Profit for the year 20,918
At 30 June 2024 794,836

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amount due from P Reid at the beginning of the year was £550. During the year, £550 was repaid and the loan amount of £Nil remained outstanding at the end of the year.

The amount due from J R Hughes at the beginning of the year was £9,221. During the year, £10,410 was advanced and the loan amount of £19,631 remained outstanding at the end of the year.

19. RELATED PARTY DISCLOSURES

The Remet Company advanced the sum of £6,771,910 at an annual interest rate of 7% over the base rate. At the period end the amount outstanding was £1,943,000 (2023 - £2,000,000).

Interest paid during the period was £137,648 (2023 - £143,021)

Entities with control, joint control or significant influence over the entity

The following related parties transactions took place during the year;
Sales - £4,175,788
Purchases - £9,529,226
Sale of Assets to related party - £78,500
Interest Charge for Loan to related party - £137,647

20. POST BALANCE SHEET EVENTS

The company has ceased to trade on 19/05/2024 and the financial statements have been prepared under a basis other the going concern basis. This basis of preparation has been described in the accounting policies section of these financial statements.

As a result of the cessation of trade, the company has secured a buyer for the investment property and the freehold property included in these financial statements. Both assets are still disclosed as non- current assets as the accounting standard the company has used to produce these financial statements does not prescribe the "held for sale" concept. Following the sale of the assets, the company will settle all its liabilities.