| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| REMET PROCESSING LTD |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| 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 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| (144,822 | ) | (847,125 | ) |
| Other operating income |
| OPERATING PROFIT/(LOSS) | 4 | ( |
) |
| Interest receivable and similar income |
| 500,629 | (459,502 | ) |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 6 | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
| 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 | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| REMET PROCESSING LTD (REGISTERED NUMBER: 12853777) |
| BALANCE SHEET |
| 30 JUNE 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| Investment property | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 June 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 June 2024 |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) |
| Amount introduced by directors | 550 | - |
| Amount withdrawn by directors | (10,410 | ) | (20,000 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| 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 | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | 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 |
| 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 |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| Period |
| 1.10.22 |
| Year Ended | to |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Directors' remuneration |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.10.22 |
| Year Ended | to |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Interest Paid |
| Interest on tax |
| 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 |
| Tax on profit/(loss) | ( |
) |
| 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 | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Depreciation in excess of capital allowances |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| 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 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 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 |
| Disposals | ( |
) | ( |
) |
| At 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 9. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2023 |
| Revaluations | 1,447,990 |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 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 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | - | 20,000 |
| Directors' loan accounts | 39,631 | 9,771 |
| Tax |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Trade creditors |
| Taxation |
| Social security and other taxes |
| VAT | 141,116 | 37,455 |
| Other creditors |
| Net pay control | 3,430 | 11,850 |
| Accruals and deferred income |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Other creditors |
| 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 |
| Deferred tax | 361,998 | - |
| 385,032 | 43,196 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 |
| Charge to Income Statement during year |
| Balance at 30 June 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
| value: | £ | £ |
| 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 |
| Profit for the year |
| At 30 June 2024 |
| 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) |
| 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. |