Company registration number 09520449 (England and Wales)
RICOL HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RICOL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs C M Evans
Mr R J Evans
Secretary
Mrs C M Evans
Company number
09520449
Registered office
Unit 9, Hayes Trading Estate
Hingley Road
Halesowen
West Midlands
England
B63 2RR
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
RICOL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
RICOL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The directors are pleased to present the review of the business for the year ended 31st March 202 5 and of the position of the group at the end of the year. The intention is to portray a balanced and comprehensive summary of the development and performance of the group consistent with the size and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report.

There has been no change in the principal activity.

The group operates out of its main site in Halesowen.

In 2024/25 total revenues fell back by 4.5%. Volumes were up by 5.5%, due to an increase of sales into the growing UK renewables market. However, the largest impact on both revenue and operating profit was the 9.5% fall in price. To offset this reduction the company continued investments in productivity, combined with previous streamlining of costs, enabling a reasonable trading result. Sustained profitability in future years is expected.

Ricol Holdings Limited is a holding company and does not trade outside of the group.

Principal risks and uncertainties

The main risks and uncertainties for the business relate to the volatility of material prices.

The company undertakes regular reviews of the principle risks facing the business and, wherever possible, processes are put in place to monitor and minimise such risks.

The Directors give the highest priority to the safety and welfare of our colleagues and the public. We continue to strive to achieve a reduction in accidents and the severity of those accidents through promotion of safe working practices and awareness.

The subsidiary continues to hold relevant quality and environmental standards of ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018.

Efforts continue across the group to reduce its environmental impact. During the year, the company started an ongoing project to monitor and reduce its Co2 emissions with the assistance of a third-party consulting company. The work undertaken involves constant power monitoring on all major machines as well as the introduction of an integrated carbon reduction system. The group has also begun work on devising their strategy and goals to decarbonise their operations on a global scale. More detailed information is contained in the director's report.

Key performance indicators

The key objective of the group is to achieve growth in operating profit, through focus on Gross Margin expansion and improved cost control. The group is committed to delivering the highest standards of customer service and to continuous improvement in all aspects of the business.

The key financial performance indicators of the group are turnover and operating profit.

| 2025 | 2024
Turnover | 87,766,286 | 91,786,233
Operating profit | 1,546,316 | 1,322,451

RICOL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The company considers key non-financial KPIs to be health and safety, where no significant accidents have occurred in the year,and customer retention rates, where no significant changes in the customer portfolio has occurred in the year.

Promoting the success of the company

The directors' overarching duty is to promote the success of the group for the benefit of its shareholders, with consideration of stakeholders' interests, as set out in section 172. The board regards a well governed business as essential for the successful delivery of its principal activity.

The directors are aware of their duty under section 172 to act in the way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

a) the likely consequences of any decision in the long term;

b) the interests of the group's employees;

c) the need to foster the group's business relationships with suppliers, customers and others;

d) the impact of the group's operations on the community and the environment;

e) the desirability of the group maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the group.

From the perspective of the board, the matters that it is responsible for considering under section 172 have been considered to an appropriate extent by the board in relation to this entity. The board has also considered relevant matters where appropriate.

Decision Making

To be able to respond to the changing economic environment in general and the steel industry in particular, the board of directors engages regularly with other key officers and relevant third parties. Management information is prepared monthly, and comparisons made to both prior year performance and budgets. A relevant monthly commentary is also prepared and reviewed.

Employee Engagement

The group's employees are fundamental to the success of the business. The group aims to be a responsible employer in its approach to the pay and benefits of employees. The health, safety and well-being of its employees is one of the primary considerations in the way the group conducts it's business. Regular reviews of all group policies and procedures are undertaken and updated where applicable.

Business Relationships

The group is fully committed in its approach to all business relationships, including employees, customers, suppliers and other key third parties alike. All interactions are conducted ethically and professionally underpinned by relevant group policies and procedures.

On behalf of the board

Mr R J Evans
Director
18 September 2025
RICOL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of metal processing and steel stockholding.

Results and dividends

The results for the year are set out on page 10 for the group and page 13 for the company.

Interim dividends totalling £100,000 (2024 - £180,000) were paid during the year. The directors recommend that no final dividend be paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs C M Evans
Mr R J Evans
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Supplier payment policy

The group agrees payment terms with suppliers at the time they enter into binding purchase contracts for the supply of goods and services. The group seeks to abide by these payment terms whenever they are satisfied that the supplier has provided the goods or services in accordance with the agreed terms and conditions.

RICOL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Financial instruments

Financial risk factors

The group is exposed to a variety of financial risks and undertakes regular reviews to identify such risks and wherever possible put processes in place to mitigate such risks.

Liquidity risk

Liquidity risk arises from the group's management of working capital and the finance charges on its debt instruments. It is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due.

The group prepares rolling monthly cash flow forecasts. Actual cash and debt positions along with available facilities and headroom are reported daily. Monthly targets are set regarding debtors and creditors. The financial statements have been prepared using the going concern basis as the financial forecasts support the assumption that the group will be able to meet its obligations when they fall due.

Interest rate risk factors

The group's liabilities include Invoice Financing at 2.05% above Base Rate. The group considers that the current Interest rate risk is adequately covered through operating profit without resorting to any financial instruments.

Foreign currency risk

The group has limited exposure to foreign exchange rate fluctuations, as the majority of high value transactions are conducted in Sterling.

The group enters into forward foreign exchange contracts in order to mitigate any foreign currency exchange rate fluctuations.

Credit risk

The group manages credit risk to customers by selecting and working with credit worthy customers and having close control and follow up of payment terms. The group has a number of long-term trading relationships and contracts in place with a number of key customers and suppliers. Adequate credit insurance arrangements are also entered into in respect of the majority of Trade Debtors.

Price risk

The group may be exposed to price risk arising from decreases in prices. This is a combination of currency risk, price risk and market risks. Market risk is closely monitored by the management using the available market information and appropriate valuation methods.

Other risks

The group maintains appropriate insurance cover for its critical business resource, for Business Interruption and associated events and has a robust Business Continuity Plan to deal with the consequences of such contingencies.

Research and development

The company continues to improve processes as part of the performance of daily activities. It seeks to achieve improvements in the cost, quality and service to customers and to strengthen performance through the evolution of systems, standards and machinery.

Future developments

The directors remain optimistic about the future prospects of the group.

Independent auditors

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

RICOL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Energy and carbon report

During the year the company and its subsidiary company consumed 577,417 kWh (2024 – 621,279 kWh) of energy, the equivalent of 148 tonnes (2024 - 159 tonnes) of carbon dioxide. These figures were obtained from supplier energy bills.

This consumption equated to 0.0012567 tonnes (2024 - 0.0014276 tonnes) of carbon dioxide for every tonne of steel produced.

In the year the subsidiary company had solar panels fitted to the roof of their factory to further reduce energy consumption. The installation was completed in January 2025.

During the year, the group continued an ongoing project to monitor and reduce their CO2 emissions with the assistance of a third party consulting company. The work undertaken involves constant power monitoring on all major machines as well as the introduction of an integrated carbon reduction system. The group has also continued work on devising their strategy and goals to decarbonise their operations on a global scale.

Following the work completed in the year, the company has determined the following greenhouse gas emissions:

| kgCO2e | tonne CO2e
Scope 1 | 7640.00 | 7.64
Scope 2 | 121760.00 | 121.76
Total | 129400.00 | 129.40

The company is in the process of mapping and collecting data for Scope 3 GHG emissions from their supply chain.

The Company aims to inform its suppliers and employees of its decarbonisation goals and help reduce its Scope 3 emissions through the projects implemented over the next decade.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group 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;

- 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RICOL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr R J Evans
Director
18 September 2025
RICOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RICOL HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Ricol Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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.

RICOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RICOL HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RICOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RICOL HOLDINGS LIMITED
- 9 -

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Andrew Williams FCCA (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
18 September 2025
RICOL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
87,766,286
91,786,233
Cost of sales
(81,559,087)
(84,510,626)
Gross profit
6,207,199
7,275,607
Distribution costs
(1,803,775)
(1,824,768)
Administrative expenses
(3,326,832)
(4,343,908)
Other operating income
469,724
215,610
Operating profit
4
1,546,316
1,322,541
Interest receivable and similar income
8
245,692
133,998
Interest payable and similar expenses
9
(8,509)
(14,999)
Profit before taxation
1,783,499
1,441,540
Tax on profit
10
(452,654)
(453,209)
Profit for the financial year
23
1,330,845
988,331
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,233,048
653,624
- Non-controlling interests
97,797
334,707
1,330,845
988,331

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 34 form part of these financial statements.

RICOL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,061,681
5,182,974
5,061,681
5,182,974
Current assets
Stocks
14
5,555,114
4,484,273
Debtors
15
25,572,123
24,719,263
Cash at bank and in hand
6,642,585
651,648
37,769,822
29,855,184
Creditors: amounts falling due within one year
16
(28,149,454)
(21,427,287)
Net current assets
9,620,368
8,427,897
Total assets less current liabilities
14,682,049
13,610,871
Creditors: amounts falling due after more than one year
17
-
(175,762)
Provisions for liabilities
Deferred tax liability
19
871,940
851,170
(871,940)
(851,170)
Net assets
13,810,109
12,583,939
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
22
149,501
153,707
Profit and loss reserves
23
9,810,041
8,325,270
Equity attributable to owners of the parent company
9,959,642
8,479,077
Non-controlling interests
3,850,467
4,104,862
Total equity
13,810,109
12,583,939

The notes on pages 16 to 34 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
18 September 2025
Mr R J Evans
Director
Company registration number 09520449 (England and Wales)
RICOL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
83,465
148,962
Investments
13
881,649
489,062
965,114
638,024
Current assets
Debtors
15
2,823,636
1,878,710
Cash at bank and in hand
451,893
147,381
3,275,529
2,026,091
Creditors: amounts falling due within one year
16
(617,704)
(58,286)
Net current assets
2,657,825
1,967,805
Total assets less current liabilities
3,622,939
2,605,829
Provisions for liabilities
Deferred tax liability
19
-
0
385
-
(385)
Net assets
3,622,939
2,605,444
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
23
3,622,839
2,605,344
Total equity
3,622,939
2,605,444

The notes on pages 16 to 34 form part of these financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,117,49 5 (2024 : £276,43 6 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
18 September 2025
Mr R J Evans
Director
Company registration number 09520449 (England and Wales)
RICOL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
100
157,913
7,847,440
8,005,453
3,861,523
11,866,976
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
653,624
653,624
334,707
988,331
Dividends
11
-
-
(180,000)
(180,000)
(91,368)
(271,368)
Transfers
-
(4,206)
4,206
-
-
-
Balance at 31 March 2024
100
153,707
8,325,270
8,479,077
4,104,862
12,583,939
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,233,048
1,233,048
97,797
1,330,845
Dividends
11
-
-
(100,000)
(100,000)
(45,684)
(145,684)
Transfers
-
(4,206)
4,206
-
-
-
Non-controlling interest share issue in subsidiary
-
-
-
-
41,009
41,009
Movement in non-controlling interest
23
-
-
347,517
347,517
(347,517)
-
Balance at 31 March 2025
100
149,501
9,810,041
9,959,642
3,850,467
13,810,109

The notes on pages 16 to 34 form part of these financial statements.

RICOL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
2,508,908
2,509,008
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
276,436
276,436
Dividends
11
-
(180,000)
(180,000)
Balance at 31 March 2024
100
2,605,344
2,605,444
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,117,495
1,117,495
Dividends
11
-
(100,000)
(100,000)
Balance at 31 March 2025
100
3,622,839
3,622,939

The notes on pages 16 to 34 form part of these financial statements.

RICOL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
6,596,453
1,681,633
Interest paid
(8,509)
(14,999)
Income taxes paid
(275,531)
(1,157,516)
Net cash inflow from operating activities
6,312,413
509,118
Investing activities
Purchase of tangible fixed assets
(448,494)
(506,128)
Proceeds from disposal of tangible fixed assets
92,781
-
Interest received
245,692
133,998
Net cash used in investing activities
(110,021)
(372,130)
Financing activities
Proceeds of shares in subsidiary to non controlling interest
41,008
-
0
Amounts introduced by directors
100,000
180,000
Amounts withdrawn by directors
(1,500)
(652,170)
Payment of finance leases obligations
(205,279)
(199,303)
Dividends paid to equity shareholders
(100,000)
(180,000)
Dividends paid to non-controlling interests
(45,684)
(91,368)
Net cash used in financing activities
(211,455)
(942,841)
Net increase/(decrease) in cash and cash equivalents
5,990,937
(805,853)
Cash and cash equivalents at beginning of year
651,648
1,457,501
Cash and cash equivalents at end of year
6,642,585
651,648

The notes on pages 16 to 34 form part of these financial statements.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Ricol Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 9, Hayes Trading Estate, Hingley Road, Halesowen, West Midlands, England, B63 2RR.

The group consists of Ricol Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ricol Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

Going concern (continued)

The Directors believe that the going concern basis is appropriate after review of historical financial information showing profits and positive cash flows. The balance sheet is currently in a positive net asset and current net asset position. Future forecasts show profits and positive cash flow.

1.4
Turnover

Revenue

Sales are recognised at the fair value of the consideration receivable or received and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Group and valued added taxes.

The Group recognises revenue when

• The significant risks and rewards of ownership have been transferred to the buyer;

• The group retains no continuing control over the goods;

• The revenue value reliably reflects the commercial agreement made with the customer;

• The group expects the full value of the goods to be remitted;

• The b uyer accepts invoicing of any undelivered, contracted for tonnes, at the end of a contractual

call-off period

Sale of Goods – B2B

The subsidiary company manufactures and sells a range of slit steel coils and cut-to-length products. The range is bespoke to the individual customer, subject to the requirements set out in the customer’s purchase order. The sales price and delivery / call-off period is agreed at the negotiation of the customer purchase order. Sales are recognised either on the physical delivery of the goods, or the agreed written acceptance of the customer that undelivered, contracted for tonnes, may be invoiced in line with the contract at the end of the call-off period. Any rebate/discount amounts agreed as part of the commercial negotiations are accounted for as the contract progresses. Currently, no volume rebates exist outside these parameters. Sales are normally made with an insured credit term of 60 days, end of month. The element of financing is deemed immaterial and is disregarded in the measurement of revenue.

Sale of Services – B2B

The subsidiary c ompany offers recoiling, slitting and cut-to-length services for a minority of its customers. Revenue is recognised in the accounting period in which the services are undertaken. The method of measurement is based on the tonnage processed.

Transfer of Title

Transfer of the title of the goods occurs either when the slit coils have been delivered to the location specified by the customer and invoiced or the call off period per the sales T&C’s has lapsed, the undelivered tonnes have been agreed with the customer and invoiced for delivery at a later date.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
20% on cost and 2% on revaluation/nil on freehold land
Short leasehold
Lease term
Plant and equipment
10% reducing balance/3-20 years on cost
Fixtures and fittings
33% on cost, 20% reducing blance and 10-15% straight line
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Freehold property

The group has taken advantage of FRS102 transitional provision to retain the previous revaluation as deemed cost.

1.6
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes

and duties and transport and handling directly attributable to bringing the inventory to its present location and

condition and related production overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

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

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no key judgements or estimates.

3
Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
86,426,708
90,389,649
Europe
1,339,578
1,396,584
87,766,286
91,786,233
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
45,789
26,106
Government grants
(23,500)
(23,500)
Depreciation of owned tangible fixed assets
393,282
557,827
Depreciation of tangible fixed assets held under finance leases
117,965
117,965
Profit on disposal of tangible fixed assets
(34,240)
-
Operating lease charges
368,896
270,986
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
1,250
Audit of the financial statements of the company's subsidiaries
17,425
22,000
22,425
23,250
For other services
All other non-audit services
2,100
2,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production staff
19
19
-
-
Office and management
14
13
2
2
Total
33
32
2
2
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,027,286
2,935,913
-
0
-
0
Social security costs
261,422
370,259
289
724
Pension costs
114,018
108,935
-
0
-
0
2,402,726
3,415,107
289
724
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
439,541
1,483,211
Company pension contributions to defined contribution schemes
-
20,000
439,541
1,503,211
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
284,445
743,750
Company pension contributions to defined contribution schemes
-
10,000

The number of directors to whom retirement benefits were accruing was 2 (2024 - 2).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
208,703
112,890
Other interest income
36,989
21,108
Total income
245,692
133,998
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
6
520
Interest on finance leases and hire purchase contracts
8,503
14,479
Total finance costs
8,509
14,999
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
431,884
355,840
Adjustments in respect of prior periods
-
0
42,388
Total current tax
431,884
398,228
Deferred tax
Origination and reversal of timing differences
20,770
54,981
Total tax charge
452,654
453,209

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,783,499
1,441,540
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
445,875
360,385
Tax effect of expenses that are not deductible in determining taxable profit
6,061
7,764
Tax effect of income not taxable in determining taxable profit
-
0
(35,406)
Adjustments in respect of prior years
-
0
55,773
Depreciation on assets not qualifying for tax allowances
9,663
57,549
Tax at marginal rate
-
0
(28,262)
Dividend income
-
35,406
Disposal of assets not qualifying for capital allowances
(8,945)
-
0
Taxation charge
452,654
453,209
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
180,000
12
Tangible fixed assets
Group
Freehold property
Short leasehold
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
795,417
1,535,440
8,480,652
249,285
240,193
11,300,987
Additions
-
0
300,117
122,015
26,362
-
0
448,494
Disposals
-
0
(95,000)
-
0
(2,565)
-
0
(97,565)
At 31 March 2025
795,417
1,740,557
8,602,667
273,082
240,193
11,651,916
Depreciation and impairment
At 1 April 2024
249,306
1,428,641
4,188,782
219,674
31,609
6,118,012
Depreciation charged in the year
8,047
57,136
408,040
12,303
25,721
511,247
Eliminated in respect of disposals
-
0
(38,000)
-
0
(1,024)
-
0
(39,024)
At 31 March 2025
257,353
1,447,777
4,596,822
230,953
57,330
6,590,235
Carrying amount
At 31 March 2025
538,064
292,780
4,005,845
42,129
182,863
5,061,681
At 31 March 2024
546,111
106,799
4,291,871
29,609
208,584
5,182,974
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 27 -
Company
Short leasehold
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 April 2024
95,000
104,333
2,565
201,898
Disposals
(95,000)
-
0
(2,565)
(97,565)
At 31 March 2025
-
0
104,333
-
0
104,333
Depreciation and impairment
At 1 April 2024
38,000
13,912
1,024
52,936
Depreciation charged in the year
-
0
6,956
-
0
6,956
Eliminated in respect of disposals
(38,000)
-
0
(1,024)
(39,024)
At 31 March 2025
-
0
20,868
-
0
20,868
Carrying amount
At 31 March 2025
-
0
83,465
-
0
83,465
At 31 March 2024
57,000
90,421
1,541
148,962

The carrying value of land and buildings comprises:

Group
Company
2025
2024
2025
2024
£
£
£
£
Freehold
538,064
546,111
-
0
-
0
Short leasehold
292,780
106,799
-
0
-
0
830,844
652,910
-
-

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
1,979,231
2,097,196
-
0
-
0

Land and buildings with a carrying amount of £20,000 were revalued in 2009.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 28 -

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
347,113
347,113
Accumulated depreciation
(191,803)
(187,961)
Carrying value
155,310
159,152
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
-
0
-
0
881,649
489,062

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Davro Steel Ltd

Registered office: Unit 9, Hayes Trading Estate, Halesowen, West Midlands, B63 2RR

Nature of business: Metal processing and steel stockholding

| % holding
Class of shares |
Ordinary | 68.35
Ordinary “A” | 63.41

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
489,062
Additions
392,587
At 31 March 2025
881,649
Carrying amount
At 31 March 2025
881,649
At 31 March 2024
489,062
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
5,555,114
4,484,273
-
0
-
0

Stock recognised in cost of sales during the year as an expense was £80,304,522 (2024 - £83,287,616)

An impairment loss of £65,068 (2024 - £407,467) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
21,702,118
19,350,299
-
0
-
0
Corporation tax recoverable
73,613
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
240,000
1,864,183
Other debtors
1,082,239
5,204,995
-
0
3,814
Prepayments and accrued income
2,714,153
163,969
2,583,636
10,713
25,572,123
24,719,263
2,823,636
1,878,710

The amount due to group undertakings is unsecured and repayable on demand. Interest is receivable at 5% per annum.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
175,762
205,279
-
0
-
0
Trade creditors
22,176,032
20,800,984
-
0
-
0
Corporation tax payable
339,672
109,706
339,672
49,410
Other taxation and social security
526,340
168,051
260,591
-
Other creditors
55,936
34,471
5,652
7,152
Accruals and deferred income
4,875,712
108,796
11,789
1,724
28,149,454
21,427,287
617,704
58,286

Other creditors includes £1,181 re invoice discounting (2024-Nil) secured by a fixed and floating charge over the assets of the company.

Included in trade creditors is £1,703,995 (2024 - £1,703,995) which is unable to be paid as a result of sanctions imposed.

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
-
0
175,762
-
0
-
0
18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
175,762
205,279
-
0
-
0
In two to five years
-
0
175,762
-
0
-
0
175,762
381,041
-
-

The obligations under finance leases are secured by a charge over the assets to which the liability relates.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
871,940
851,170
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
-
385
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
851,170
385
Charge/(credit) to profit or loss
20,770
(385)
Liability at 31 March 2025
871,940
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,018
108,935

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
22
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
153,707
157,913
-
0
-
0
Transfer to retained earnings
(4,206)
(4,206)
-
-
At the end of the year
149,501
153,707
-
0
-
The revaluation reserve represents the cumulative effect of revaluations of freehold property where a policy of revaluation has been adopted.
23
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
8,325,270
7,847,440
2,605,344
2,508,908
Profit for the year
1,233,048
653,624
1,117,495
276,436
Dividends
(100,000)
(180,000)
(100,000)
(180,000)
Transfer from revaluation reserve
4,206
4,206
-
-
Other movements
347,517
-
-
-
At the end of the year
9,810,041
8,325,270
3,622,839
2,605,344

The retained earnings represent cumulative profits and losses net of dividends and other adjustments.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
442,465
129,994
-
-
Between two and five years
3,455,436
43,816
-
-
3,897,901
173,810
-
-
RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
4,295
-
-
26
Events after the reporting date

The subsidiary company paid an interim dividend of £2 per share on the Ordinary £1 shares and the 'A' Ordinary £1 shares on 30 May 2025.

The subsidiary company enters into forward currency contracts to mitigate exchange rate risk for certain foreign currency creditors. At 31 March 2025, the outstanding contracts all mature within 3 months of the year end.

The subsidiary company is committed to buy US $705,000 to obtain sterling equivalent of £567,471 (2024 - $5,096,000 /£4,058,659). The contract was entered into on 30 January 2025 and matures after the year end.

The subsidiary company is also committed to sell Euro 106,000 for £88,929. The contract was entered into on 24th October 2024 and matures after the year end.

27
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities with control, joint control or significant influence over the group
870
871

During the year, the group entered into transactions with Solarport Systems Limited, a customer which has a mutual Director with Davro Steel Limited. Total income generated from Solarport Systems Limited during the year amounted to £25,951,004 (2024: £3,198,573 for the 3 month period it was a related party). No provisions against outstanding payments are in place at the year-end nor have been expensed in the year.

The spouse of a Director of a subsidiary entity became an employee of the subsidiary entity in June 2024 and received a salary for their work. No amounts are outstanding at the year end.

RICOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,330,845
988,331
Adjustments for:
Taxation charged
452,654
453,209
Finance costs
8,509
14,999
Investment income
(245,692)
(133,998)
Gain on disposal of tangible fixed assets
(34,240)
-
Depreciation and impairment of tangible fixed assets
511,247
675,793
Movements in working capital:
(Increase)/decrease in stocks
(1,070,841)
3,624,888
(Increase)/decrease in debtors
(779,247)
2,827,510
Increase/(decrease) in creditors
6,423,218
(6,769,099)
Cash generated from operations
6,596,453
1,681,633
29
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
651,648
5,990,937
6,642,585
Obligations under finance leases
(381,041)
205,279
(175,762)
270,607
6,196,216
6,466,823
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