ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

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.

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

	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

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