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Registered number: 01578798 REX INTERNATIONAL LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
REX INTERNATIONAL LTD COMPANY INFORMATION
Directors | M R Howe
| E L Mirelman
Company secretary | M R Howe
Registered number | 01578798
Registered office | Unit 3-4
| Allied Way
| Warple Way
| London
| W3 0RL
Independent auditors | Harris & Trotter LLP
| Chartered Accountants & Statutory Auditors
| 101 New Cavendish Street
| 1st Floor South
| London
| W1W 6XH
Bankers | Bank of China
| 90 Cannon Street
| London
| EC4N 6HA
| HSBC
| 199 Acton High Street
| London
| W3 9DE
REX INTERNATIONAL LTD CONTENTS
| Page
Group strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Consolidated statement of comprehensive income | 8
Consolidated balance sheet | 9
Company balance sheet | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 29
REX INTERNATIONAL LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The principal activity is that of trading as merchants.
Business review
During the year, the Company's turnover increased to £12.390m from £11.664m. The results for the year are set out on the statement of income and retained earnings.
Principal risks and uncertainties
The continuing variables that could affect trading figures for the next year are: a) Possible adverse exchange rate with the US Dollar. b) Our design team continues to develop attractive designs in line with current trends. The management constantly monitors the giftware market so that our products meet buyers expectations.
Financial key performance indicators
The directors consider the key financial performance indicators to be revenues and profits which are stated in the attached financial statements. In addition: a) The directors consider that the buying and design teams will continue to perform well. b) We anticipate increased sales in the UK in the coming year due to a better trading climate and successful new product ranges. This report was approved by the board on 12 January 2026 and signed on its behalf.
M R Howe Director
Page 1
REX INTERNATIONAL LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £115,244 (2024 - loss £584,912). A dividend of £Nil (2024: £NIL) was paid during the year.
Directors
The directors who served during the year were:
M R Howe
E L Mirelman
Going concern
The financial statements have been prepared on the going concern basis as 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. Page 2
REX INTERNATIONAL LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 12 January 2026 and signed on its behalf.
M R Howe Director
Page 3
REX INTERNATIONAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD
Opinion
We have audited the financial statements of Rex International Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 April 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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. Page 4
REX INTERNATIONAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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. Page 5
REX INTERNATIONAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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: The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud or error, and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
REX INTERNATIONAL LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REX INTERNATIONAL LTD (CONTINUED)
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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Neville J Newman (Senior statutory auditor) for and on behalf of Harris & Trotter LLP Chartered Accountants & Statutory Auditors 101 New Cavendish Street 1st Floor South London W1W 6XH 12 January 2026 Page 7
REX INTERNATIONAL LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,390,030 | 11,663,794
Cost of sales |  | (4,089,018) | (4,566,704)
Gross profit |  | 8,301,012 | 7,097,090
Distribution costs |  | (3,269,331) | (3,188,208)
Administrative expenses |  | (5,017,680) | (4,564,220)
Other operating income | 5 | - | 1,468
Operating profit/(loss) | 6 | 14,001 | (653,870)
Interest receivable and similar income | 10 | 101,243 | 69,814
Interest payable and similar expenses | 11 | - | (856)
Profit/(loss) before taxation |  | 115,244 | (584,912)
Profit/(loss) for the financial year |  | 115,244 | (584,912)
Currency translation differences |  | (3,412) | (40,130)
Other comprehensive income for the year |  | (3,412) | (40,130)
Total comprehensive income for the year |  | 111,832 | (625,042)
Profit/(loss) for the year attributable to: |  |  |
Owners of the Parent Company |  | 115,244 | (584,912)
|  | 115,244 | (584,912)
Total comprehensive income for the year attributable to: |  |  |
Owners of the Parent Company |  | 111,832 | (625,042)
|  | 111,832 | (625,042)
The notes on pages 15 to 29 form part of these financial statements.
Page 8
REX INTERNATIONAL LTD REGISTERED NUMBER: 01578798 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 73,513 |  | 89,030
Investments | 14 |  | 2,552 |  | 2,561
|  |  | 76,065 |  | 91,591
Current assets |  |  |  |  |
Stocks | 15 | 3,371,783 |  | 2,456,906 |
Debtors | 16 | 1,204,805 |  | 1,868,567 |
Cash at bank and in hand | 17 | 3,184,197 |  | 3,920,610 |
|  | 7,760,785 |  | 8,246,083 |
Creditors: amounts falling due within one year | 18 | (558,634) |  | (1,171,290) |
Net current assets |  |  | 7,202,151 |  | 7,074,793
Total assets less current liabilities |  |  | 7,278,216 |  | 7,166,384
Provisions for liabilities |  |  |  |  |
Net assets excluding pension asset |  |  | 7,278,216 |  | 7,166,384
Net assets |  |  | 7,278,216 |  | 7,166,384
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 127,059 |  | 127,059
Share premium account |  |  | 621,977 |  | 621,977
Foreign exchange reserve |  |  | (47,048) |  | (43,636)
Profit and loss account |  |  | 6,576,228 |  | 6,460,984
Equity attributable to owners of the Parent Company |  |  | 7,278,216 |  | 7,166,384
|  |  | 7,278,216 |  | 7,166,384
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 January 2026.
M R Howe
Director
The notes on pages 15 to 29 form part of these financial statements. Page 9
REX INTERNATIONAL LTD REGISTERED NUMBER: 01578798 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 73,513 |  | 89,030
Investments | 14 |  | 9,448 |  | 9,448
|  |  | 82,961 |  | 98,478
Current assets |  |  |  |  |
Stocks | 15 | 3,347,148 |  | 2,438,392 |
Debtors | 16 | 1,628,133 |  | 1,573,677 |
Cash at bank and in hand | 17 | 3,125,672 |  | 3,798,356 |
|  | 8,100,953 |  | 7,810,425 |
Creditors: amounts falling due within one year | 18 | (534,169) |  | (406,483) |
Net current assets |  |  | 7,566,784 |  | 7,403,942
Total assets less current liabilities |  |  | 7,649,745 |  | 7,502,420
Net assets excluding pension asset |  |  | 7,649,745 |  | 7,502,420
Net assets |  |  | 7,649,745 |  | 7,502,420
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 127,059 |  | 127,059
Share premium account |  |  | 621,977 |  | 621,977
Profit and loss account brought forward |  | 6,753,383 |  | 7,405,344 |
Profit/(loss) for the year |  | 147,326 |  | (651,961) |
Profit and loss account carried forward |  |  | 6,900,709 |  | 6,753,384
|  |  | 7,649,745 |  | 7,502,420
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 January 2026.
M R Howe
Director
The notes on pages 15 to 29 form part of these financial statements. Page 10

|  | REX INTERNATIONAL LTD |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Equity attributable to owners of Parent Company | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 May 2023 | 127,059 | 621,977 | (3,506) | 7,045,896 | 7,791,426 | 7,791,426
| Comprehensive income for the year |  |  |  |  |  |
| Loss for the year | - | - | - | (584,912) | (584,912) | (584,912)
| Currency translation differences | - | - | (40,130) | - | (40,130) | (40,130)
| At 1 May 2024 | 127,059 | 621,977 | (43,636) | 6,460,984 | 7,166,384 | 7,166,384
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | 115,244 | 115,244 | 115,244
| Currency translation differences | - | - | (3,412) | - | (3,412) | (3,412)
| At 30 April 2025 | 127,059 | 621,977 | (47,048) | 6,576,228 | 7,278,216 | 7,278,216
| The notes on pages 15 to 29 form part of these financial statements.
Page 11

|  | REX INTERNATIONAL LTD |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Share premium account | Profit and loss account | Total equity
|  | £ | £ | £ | £
| At 1 May 2023 | 127,059 | 621,977 | 7,405,344 | 8,154,380
| Comprehensive income for the year |  |  |  |
| Loss for the year | - | - | (651,961) | (651,961)
| At 1 May 2024 | 127,059 | 621,977 | 6,753,383 | 7,502,419
| Comprehensive income for the year |  |  |  |
| Profit for the year | - | - | 147,326 | 147,326
| At 30 April 2025 | 127,059 | 621,977 | 6,900,709 | 7,649,745
| The notes on pages 15 to 29 form part of these financial statements.
Page 12

REX INTERNATIONAL LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 115,244 | (584,912)
Adjustments for: |  |
Depreciation of tangible assets | 16,716 | 24,344
Interest paid | - | 856
Interest received | (101,243) | (69,814)
(Increase) in stocks | (1,170,579) | (1,091,084)
Decrease/(increase) in debtors | 663,762 | (642,580)
(Decrease)/increase in creditors | (612,657) | 732,812
Increase in provisions | 255,702 | 2,104,688
Corporation tax received | - | 155,043
Net cash generated from operating activities | (833,055) | 629,353
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,200) | (26,094)
Interest received | 101,243 | 69,814
Net cash from investing activities | 100,043 | 43,720
Cash flows from financing activities |  |
Interest paid | - | (856)
Net cash used in financing activities | - | (856)
Net (decrease)/increase in cash and cash equivalents | (733,012) | 672,217
Cash and cash equivalents at beginning of year | 3,920,610 | 3,288,458
Foreign exchange gains and losses | (3,401) | (40,065)
Cash and cash equivalents at the end of year | 3,184,197 | 3,920,610
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,184,197 | 3,920,610
| 3,184,197 | 3,920,610
The notes on pages 15 to 29 form part of these financial statements.
Page 13
REX INTERNATIONAL LTD CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 APRIL 2025
| At 1 May 2024 | Cash flows | Other non-cash changes | At 30 April 2025
| £ | £ | £ | £
Cash at bank and in hand | 3,920,610 | (724,182) | (12,231) | 3,184,197
| 3,920,610 | (724,182) | (12,231) | 3,184,197
The notes on pages 15 to 29 form part of these financial statements.
Page 14
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Rex International Limited is a private limited company limited by shares incorporated and domiciled in the UK and registered in England and Wales. The company carries out merchant trading activities. The company's registered address is Unit 3-4 Allied Way, Warple Way, London, W3 0RL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015. Page 15
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 16
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 17
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | per annum (reducing balance basis)
|  |  |  | Motor vehicles | - | 25% | per annum (reducing balance basis)
|  |  |  | Fixtures and fittings | - | 15% | per annum (reducing balance basis)
|  |  |  | Computer equipment | - | 33% | per annum (Straight line basis)
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 18
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 19
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the Company's financial statements requires management to make significant accounting judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying value of assets and liabilities that are not readily apparent from other sources. Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods. Stock Provision Included in Stocks at the balance sheet date is a provision in respect of obsolete and slow-moving stock lines. The provision is based on an assessment of the projected volume, timing and sales price of future sales of stock, which has been estimated based on historical sales data and the experience of management.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 12,390,030 | 11,663,794
|  | 12,390,030 | 11,663,794
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 6,786,128 | 5,994,363
| Rest of Europe | 5,194,923 | 5,035,037
| Rest of the world | 408,979 | 634,394
|  | 12,390,030 | 11,663,794
Page 20
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bad debts recovered | - | 1,468
|  | - | 1,468
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 549,018 | 297,050
| Other operating lease rentals | 658,096 | 644,621
7. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditors for the audit of the consolidated and parent Group's financial statements | 39,584 | 35,380
Page 21
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 2,783,054 | 2,748,764 | 2,783,054 | 2,748,764
| Social security costs | 294,749 | 293,848 | 294,749 | 293,848
| Cost of defined contribution scheme | 242,240 | 231,638 | 242,240 | 231,638
|  | 3,320,043 | 3,274,250 | 3,320,043 | 3,274,250
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office | 25 | 25
|  | Warehouse | 36 | 35
|  |  | 61 | 60
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 121,667 | 130,000
|  | 121,667 | 130,000
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 101,243 | 69,814
|  | 101,243 | 69,814
Page 22
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | - | 856
|  | - | 856
12. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 115,244 | (584,912)
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 28,811 | 146,228
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 3,825 | (504)
| Utilisation of tax losses | 40,656 | 17,454
| Non-taxable income | - | 16,965
| Unrelieved tax losses carried forward | (73,292) | (180,143)
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Tangible fixed assets
| Group
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 May 2024 | 168,234 | 20,437 | 87,360 | 117,586 | 393,617
| Additions | - | - | - | 1,200 | 1,200
| At 30 April 2025 | 168,234 | 20,437 | 87,360 | 118,786 | 394,817
| Depreciation |  |  |  |  |
| At 1 May 2024 | 112,597 | 20,198 | 61,819 | 109,974 | 304,588
| Charge for the year on owned assets | 8,346 | 60 | 3,831 | 4,479 | 16,716
| At 30 April 2025 | 120,943 | 20,258 | 65,650 | 114,453 | 321,304
| Net book value |  |  |  |  |
| At 30 April 2025 | 47,291 | 179 | 21,710 | 4,333 | 73,513
| At 30 April 2024 | 55,637 | 239 | 25,542 | 7,612 | 89,030
Page 24
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 13.Tangible fixed assets (continued)
| Company
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 May 2024 | 168,234 | 20,437 | 87,360 | 117,586 | 393,617
| Additions | - | - | - | 1,200 | 1,200
| At 30 April 2025 | 168,234 | 20,437 | 87,360 | 118,786 | 394,817
| Depreciation |  |  |  |  |
| At 1 May 2024 | 112,597 | 20,198 | 61,819 | 109,974 | 304,588
| Charge for the year on owned assets | 8,346 | 60 | 3,831 | 4,479 | 16,716
| At 30 April 2025 | 120,943 | 20,258 | 65,650 | 114,453 | 321,304
| Net book value |  |  |  |  |
| At 30 April 2025 | 47,291 | 179 | 21,710 | 4,333 | 73,513
| At 30 April 2024 | 55,637 | 239 | 25,542 | 7,612 | 89,030
| The net book value of land and buildings may be further analysed as follows:
Page 25
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Fixed asset investments
| Group
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 May 2024 | 2,561
| Foreign exchange movement | (9)
| At 30 April 2025 | 2,552
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 9,448
| At 30 April 2025 | 9,448
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Rex London BV | Belgium | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
| Name
| Rex London BV
Page 26
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods and goods for resale | 3,371,783 | 2,456,906 | 3,347,148 | 2,438,392
|  | 3,371,783 | 2,456,906 | 3,347,148 | 2,438,392
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 300,000 | 300,000 | 300,000 | 300,000
|  | 300,000 | 300,000 | 300,000 | 300,000
| Due within one year |  |  |  |
| Trade debtors | 563,817 | 1,041,025 | 409,386 | 153,657
| Amounts owed by group undertakings | - | - | 591,553 | 610,683
| Other debtors | 13,793 | 226,323 | (1) | 208,118
| Prepayments and accrued income | 327,195 | 301,219 | 327,195 | 301,219
|  | 1,204,805 | 1,868,567 | 1,628,133 | 1,573,677
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,184,197 | 3,920,610 | 3,125,672 | 3,798,356
|  | 3,184,197 | 3,920,610 | 3,125,672 | 3,798,356
Page 27
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 420,149 | 1,040,507 | 395,686 | 275,701
| Corporation tax | - | 44,418 | - | 44,418
| Other taxation and social security | 109,113 | 100,075 | 109,113 | 100,075
| Other creditors | 29,372 | 27,312 | 29,370 | 27,312
| Accruals and deferred income | - | (41,022) | - | (41,023)
|  | 558,634 | 1,171,290 | 534,169 | 406,483
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,270,590 (2024 - 1,270,590) Ordinary Shares shares of £0.10 each | 127,059 | 127,059
20. | Securities
Facilities with the Bank of China as at 30 April 2025 are as follows: (i) Bond Guarantee Indemnity for £120,000
21. | Pension commitments
The Company operates a defined contribution scheme. Contributions for the year amounted to £242,240 (2024:£231,639). Contributions totalling of £28,694(2024:£26,441) were payable to the fund at the balance sheet date and are included in creditors.
22. | Commitments under operating leases
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 500,000 | 480,000 | 500,000 | 480,000
|  | 500,000 | 480,000 | 500,000 | 480,000
Page 28
REX INTERNATIONAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
23. | Related party transactions
| During the year, the Company was charged rent of £500,000 (2024: £480,000) by the Rex International Pension Fund, a related party by virtue of common control, for the use of premises owned by it. During the year the directors of the Company, who are also shareholders, each received dividends of £Nil (2024: £Nil). During the year close family members of the directors were paid salaries totalling £72,183 (2024: £70,500).
24. | Controlling party
The Company is under the ultimate control of M R Howe and E L Mirelman its two directors.
Page 29