REGISTERED NUMBER: 12853777 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

REMET PROCESSING LTD

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

S Cohen

W Reid

P Reid

J R Hughes

REGISTERED OFFICE:

Remet Works

9a Cody Business Centre

South Crescent

London

E16 4TL

REGISTERED NUMBER:

12853777 (England and Wales)

ACCOUNTANTS:

MGR Paris Limited

Chartered Accountants

55 Loudoun Road

St John's Wood

London

NW8 0DL

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

S Cohen

W Reid

P Reid

J R Hughes

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P Reid - Director

16 January 2026

TURNOVER

88,830

14,521,521

Cost of sales

(32,173

)

(13,834,613

)

GROSS PROFIT

56,657

686,908

Administrative expenses

(941,592

)

(831,730

)

(884,935

)

(144,822

)

Other operating income

1,900,575

645,041

OPERATING PROFIT

4

1,015,640

500,219

Interest receivable and similar income

-

410

1,015,640

500,629

Interest payable and similar expenses

5

(124,875

)

(137,875

)

PROFIT BEFORE TAXATION

890,765

362,754

Tax on profit

6

(5,508

)

(341,836

)

PROFIT FOR THE FINANCIAL YEAR

885,257

20,918

FIXED ASSETS

Intangible assets

8

-

8

Tangible assets

9

789,835

1,474,556

Investment property

10

2,500,000

2,500,000

3,289,835

3,974,564

CURRENT ASSETS

Debtors

11

267,397

376,960

Cash at bank and in hand

72,994

141,066

340,391

518,026

CREDITORS

Amounts falling due within one year

12

(1,630,761

)

(3,311,722

)

NET CURRENT LIABILITIES

(1,290,370

)

(2,793,696

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,999,465

1,180,868

PROVISIONS FOR LIABILITIES

14

(361,997

)

(385,032

)

NET ASSETS

1,637,468

795,836

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Retained earnings

1,636,468

794,836

SHAREHOLDERS' FUNDS

1,637,468

795,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 16 January 2026 and were signed on its behalf by:

P Reid - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has ceased trading on 19 May 2024 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Non current liabilities have been recognised as current liabilities to reflect the closure of the business. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Turnover

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

Goodwill

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

Intangible assets

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

Tangible fixed assets

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

Plant and machinery - 30% reducing balance

Office equipment - 30% reducing balance

Motor vehicles - 30% reducing balance

Freehold Property - 2% straight line

Investment property

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Monetary amounts

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

Interest Payable

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

Basic financial assets

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

Other financial assets

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

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

Impairment of financial assets

Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets

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

Basic financial liabilities

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

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

Cash and cash equivalents

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

Equity instruments

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

3.	EMPLOYEES AND DIRECTORS

30.6.25

30.6.24

£

£

Wages and salaries

253,562

1,060,999

Social security costs

32,395

85,282

Other pension costs

4,748

39,427

290,705

1,185,708

The average number of employees during the year was as follows:

30.6.25

30.6.24

Management

1

1

Admin

2

6

Production

-

16

3

23

30.6.25

30.6.24

£

£

Directors' remuneration

122,690

122,220

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

Money purchase schemes

-

1

4.	OPERATING PROFIT

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

30.6.25

30.6.24

£

£

Depreciation - owned assets

8,300

301,539

Profit on disposal of fixed assets

(1,224,368

)

(59,553

)

Auditors' remuneration

-

18,000

Foreign exchange differences

-

2

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.6.25

30.6.24

£

£

Interest Paid

124,875

137,648

Interest on tax

-

227

124,875

137,875

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.6.25

30.6.24

£

£

Current tax:

UK corporation tax

28,543

-

Deferred tax

(23,035

)

341,836

Tax on profit

5,508

341,836

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.25

30.6.24

£

£

Profit before tax

890,765

362,754

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

222,691

90,689

Effects of:

Expenses not deductible for tax purposes

2

-

Income not taxable for tax purposes

(742,692

)

(718,245

)

Depreciation in excess of capital allowances

2,075

43,658

Utilisation of tax losses

217,338

583,898

Deferred tax provision

(23,035

)

341,836

Balancing charge

329,129

-

Total tax charge

5,508

341,836

7.

DIVIDENDS

30.6.25

30.6.24

£

£

Ordinary shares of £1 each

Final

43,625

-

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2024

8

Disposals

(8

)

At 30 June 2025

-

NET BOOK VALUE

At 30 June 2025

-

At 30 June 2024

8

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2024

829,950

1,970,465

37,103

31,499

2,869,017

Disposals

-

(1,970,465

)

(37,103

)

(31,499

)

(2,039,067

)

At 30 June 2025

829,950

-

-

-

829,950

DEPRECIATION

At 1 July 2024

31,815

1,316,734

24,670

21,242

1,394,461

Charge for year

8,300

-

-

-

8,300

Eliminated on disposal

-

(1,316,734

)

(24,670

)

(21,242

)

(1,362,646

)

At 30 June 2025

40,115

-

-

-

40,115

NET BOOK VALUE

At 30 June 2025

789,835

-

-

-

789,835

At 30 June 2024

798,135

653,731

12,433

10,257

1,474,556

10.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2024

and 30 June 2025

2,500,000

NET BOOK VALUE

At 30 June 2025

2,500,000

At 30 June 2024

2,500,000

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade debtors

85,612

166,882

Other debtors

181,785

210,078

267,397

376,960

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade creditors

161,511

995,986

Taxation and social security

145,879

163,597

Other creditors

1,323,371

2,152,139

1,630,761

3,311,722

13.	FINANCIAL INSTRUMENTS

Carrying amount of financial assets

2025

2024

£

£

Debt instruments measured at amortised cost

85,612

206,513

Carrying amount of financial liabilities

2025

2024

£

£

Measured at amortised cost

1,544,883

3,148,125

14.	PROVISIONS FOR LIABILITIES

30.6.25

30.6.24

£

£

Deferred tax

Accelerated capital allowances

-

23,034

Deferred tax

361,997

361,998

361,997

385,032

Deferred

tax

£

Balance at 1 July 2024

385,032

Credit to Income Statement during year

(23,035

)

Balance at 30 June 2025

361,997

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.25

30.6.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amount due from J R Hughes at the beginning of the year was £Nil (2024: £9,221). During the year, £9,221 was repaid and the loan amount has been repaid at the end of the year.

17.	RELATED PARTY DISCLOSURES

The Remet Company advanced the sum of £6,771,910 at an annual interest rate of 7% over the base rate. At the period end the amount outstanding was £1,255,098 (2024: £1,943,000).

P Reid is a significant shareholder and director of the above company.

Interest paid during the period was £124,875 (2024: £137,648).