Company registration number 07527610 (England and Wales)
RIPLEY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RIPLEY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S Ripley
Mr O Ripley
Mr M Ripley
Mrs J Ripley
Mr J Ripley
Mr B Ripley
Secretary
Mr S Ripley
Company number
07527610
Registered office
H. Ripley & Co, Apex Way
Hailsham
England
BN27 3WA
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
RIPLEY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
RIPLEY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their strategic report for Ripley Group Limited (the “Company”) and its subsidiaries (together, the “Group”) for the year ended 31 March 202 4.

This report provides a fair, balanced and understandable review of the Group’s development, performance and position, together with a description of the principal risks and uncertainties and analysis using key performance indicators (“KPIs”).

Review of the business

Ripley Group Limited (the “Company”) is the parent undertaking of a group whose principal activities during the year were the recycling and trading of ferrous and non‑ferrous metals and the ownership of property used by the Group.

The Group’s main operating subsidiaries are H Ripley & Co Limited (“HRCL”), the principal trading entity, and Ripley Property Holdings Limited (“RPHL”), which holds and manages the Group’s property portfolio.

During the year, trading activities were undertaken primarily through HRCL, while RPHL generated rental income and managed the Group’s property assets, some of which were pledged as security for bank facilities.

Market environment

The year under review represented a period of significant change for the Group and for the wider recycling and metals sector.

Trading conditions remained difficult, characterised by continued volatility in international metal prices, elevated financing costs, persistent inflationary pressures on operating costs and ongoing disruption to global shipping and supply chains.

These factors combined compress profitability, increase working capital requirements and place pressure on the Group’s liquidity and covenant compliance.

Performance analysis

The Group’s financial performance for the year reflects the challenging market conditions described above. The directors monitor a range of financial measures, including revenue, gross margin, operating profit/(loss), cash generated from operations and net debt, to assess the Group’s profitability, cash generation and leverage.

During the year, margins were adversely affected by price volatility and cost inflation, while higher interest rates increased financing costs. Cash generation depended heavily on working capital management, the timing of shipments and the availability of bank facilities.

Subsequent liquidation of HRCL and impact on the Group

Following the year end, HRCL, the Group’s principal trading subsidiary, was placed into liquidation after a prolonged period of challenging trading conditions, increased borrowing costs, pressure on liquidity and the inability of the business to generate sufficient profitability to support its debt obligations and working capital requirements.

The liquidation of HRCL has materially altered the composition of the Group, with the majority of trading activities ceasing and the Group’s future focus moving towards asset realisation and liability management.

Property portfolio and deleveraging actions

RPHL continu ed to hold the Group’s property portfolio, some of which are subject to charges in favour of the Group’s lenders.

After the balance sheet date, certain properties were sold, with the proceeds used to repay bank loans originally advanced to HRCL as part of a broader deleveraging strategy designed to protect remaining assets and maximise recoveries for creditors and shareholders.

The directors are actively reviewing the remaining property portfolio to determine the optimal strategy for further disposals, lease re‑negotiations between Group entities or alternative uses, taking into account market conditions and the Group’s financial position.

RIPLEY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risk and uncertainties

The Group’s activities expose it to a number of principal risks and uncertainties, which the directors monitor on an ongoing basis:

- Market and price risk – Volatility in global metal prices and demand can materially affect margins, stock values and the viability of trading operations.

- Financing and liquidity risk – Elevated interest costs, reduced availability of credit and covenant pressures have contributed to liquidity challenges and, ultimately, the liquidation of HRCL.

- Operational and supply chain risk – Disruptions to shipping, logistics and export markets can impact throughput, customer service and working capital requirements.

- Legal and contingent liabilities – The Group has provided guarantees over certain lease obligations of a related party that has entered liquidation after the year end, creating potential claims against the Group.

- Regulatory and environmental risk – Metals recycling activities are subject to environmental and health and safety regulation; non‑compliance could result in fines, remediation costs or restrictions on operations.

Key performance indicators

The Group’s financial performance for the year reflects the challenging market conditions described above. The key financial measures monitored by the directors are turnover, gross margin, operating loss, cash generated from operations and net debt.

- Turnover: £55.2m (202 3: £54.6m), reflecting broadly flat volumes and prices in aggregate.

- Gross profit: £6.2m (202 3: £6.3m), with gross margin of approximately 11%, impacted by price volatility and cost inflation.

- Operating loss: £1.6m (202 3: £1.4m), driven by increased administrative expenses and finance costs.

- Net cash generated from/(used in) operations: £1.5m inflow (202 3: £0.3m outflow), reflecting tighter working capital management and reduced capital expenditure.

- Net debt (bank loans and overdrafts less cash): increased compared with the prior year, with higher interest costs and reduced headroom on facilities.

Non-financial key performance indicators

The directors also consider non‑financial KPIs, such as tonnage of scrap processed, export volumes, accident frequency rates and environmental compliance metrics, to assess operational efficiency and sustainability performance.

Given the Group’s move away from ongoing trading activities following the liquidation of HRCL, future KPI reporting will focus primarily on cash generation from asset realisations, reduction in net debt and settlement of obligations rather than growth or expansion metrics.

RIPLEY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Going concern and future outlook

In assessing the appropriate basis of preparation for the financial statements, the directors have considered the Group’s cash flow forecasts, available facilities, contractual obligations and the impact of the post‑year‑end events described above.

The directors have concluded that the Group does not have sufficient resources in the post‑year‑end period to meet its liabilities as they fall due and that it is, therefore, not appropriate to prepare the financial statements on a going concern basis; instead, the financial statements have been prepared on a basis that reflects an orderly realisation of assets and settlement of liabilities, as described in the accounting policies.

As a consequence of the liquidation of HRCL and the planned disposal of properties, the Group’s future activity will be significantly reduced and will primarily comprise managing remaining assets, concluding outstanding contractual obligations and fulfilling its responsibilities in relation to guarantees and other commitments.

The directors’ objective is to preserve value where possible and to ensure that the rationalisation is conducted in a controlled and compliant manner in the interests of shareholders and creditors.

S172 Statement

The directors acknowledge their duty under section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of its members as a whole, having regard to the interests of employees, suppliers, customers, creditors and other stakeholders.

During the year and in the period up to approval of these financial statements, the directors have:

- Engaged regularly with the Group’s lenders and key creditors to discuss performance, covenant compliance and restructuring actions.

- Communicated with employees affected by the restructuring and the liquidation of HRCL, seeking to treat staff fairly and support them through the transition.

- Worked with customers and suppliers to manage the wind‑down of trading relationships in an orderly manner.

These considerations have informed the directors’ decisions regarding asset disposals, debt repayment and the basis of preparation of the financial statements.

On behalf of the board

Mr S Ripley
Director
17 July 2026
RIPLEY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the Group during the year continued to be the recycling and trading of ferrous and non‑ferrous metals and the holding of properties used by Group entities.

Trading operations were undertaken through H Ripley & Co Limited (“HRCL”), the Group’s principal trading subsidiary, while Ripley Property Holdings Limited (“RPHL”) owns and manages the Group’s property portfolio, all occupied by Group companies under intra‑group arrangements.

Following the year end, HRCL was placed into liquidation and the Group’s activities are now focused on the management and orderly realisation of its remaining assets and obligations, as described further in the strategic report and the notes to the financial statements.

Results and dividends

The Group’s loss for the financial year attributable to the owners of the parent company is set out in the group statement of comprehensive income.

In view of the loss incurred and the Group’s financial position, the directors do not recommend the payment of a dividend for the year (2023: £nil).

Review of the business and post year‑end events

A detailed review of the business, its performance, principal risks and uncertainties, key performance indicators and significant post year‑end events is provided in the strategic report.

In summary, trading conditions in the metals recycling sector remained challenging, with volatility in metal prices, inflationary pressures, elevated financing costs and disruption to global shipping and supply chains adversely impacting profitability and liquidity.

After the balance sheet date, HRCL, the Group’s principal trading subsidiary, was placed into liquidation following a prolonged period of difficult trading and pressure on working capital, and certain properties owned by RPHL were sold with proceeds applied to reduce bank loans originally advanced to HRCL.

In addition, a related party for which the Group has provided a lease guarantee entered liquidation post year‑end, exposing the Group to potential claims under the guarantee; these matters have been taken into account in determining the basis of preparation and relevant provisions and contingent liability disclosures in the financial statements.

Directors

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

Mr S Ripley
Mr O Ripley
Mr M Ripley
Mrs J Ripley
Mr J Ripley
Mr B Ripley
Financial instruments
Treasury operations and financial instruments

The Group uses financial instruments such as overdrafts, borrowings, cash and other liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of this is to raise finance for the Goup's operations and manage currency risks, metal price risks and interest rate risks arising from the group's activities and liabilities. The directors review and agree policies for managing each of these risks which are summarised below:

RIPLEY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Liquidity risk

The Group seeks to manage financial risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest safely and profitably.

Interest rate risk

The Group is exposed to interest-bearing liabilities and the directors continuously monitor interest rate movements to ensure and alternative sources of finance to minimise the group’s risk.

Foreign currency risk

The Group is exposed to translation and transaction foreign currency risks. The directors believe that the majority of the translation risk and possible benefits associated with assets held in foreign currencies will, over time, offset each other. A substantial part of the Group's sales are denominated in currencies other than sterling. Accordingly, these transaction exposures, including those associated with forecast transactions, are hedged using forward contracts.

Credit risk

The Group seeks to manage the risk of customer defaulting through the use of customer acceptance thresholds, credit verification procedures and establishing credit limits. In addition, where appropriate, the group also uses payments in advance and credit insurance. Trade debtors are regularly monitored to make provisions for doubtful debts necessary.

Metal price risk

The Group is exposed to the movement in scrap metal prices. The risk is managed by constant price monitoring and purchasing appropriately to match the sales price.

Post reporting date events

Refer to note 27 for further details.

Future developments

As set out in the strategic report, the liquidation of HRCL and the sale of certain properties after the year end mean that the Group’s future activities will be significantly reduced.

The directors intend that the Group’s remaining operations will primarily consist of:

- Managing and, where appropriate, realising any remaining property and other assets.

- Engaging with lenders, landlords and other creditors to agree the settlement of outstanding obligations.

- Fulfilling the Group’s responsibilities under guarantees and other contractual commitments.

The Group does not have the financial resources to continue trading in its orignal form as a going concern, and the financial statements have therefore been prepared on basis other than going concern reflecting an orderly realisation of assets and settlement of liabilities.

Energy and carbon report

We are conscious of our duty to use resources responsibly and to minimise any environmental impacts of our business.

To this end, we changed our electricity supplier during the year to one which supplies 92% renewable energy and hence, produces only 36g per KWh of CO2 emissions.

The figures quoted below relate to the period before we made this change.

Annual UK energy usage in the year was as follows:

RIPLEY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Energy consumption
Aggregate of energy consumption in the year
- Electricity purchased (in kwh)
329,278
91,336
- Fuel consumed for transport (in kgs)
576,894
656,862
906,172
748,198
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
1,535.00
1,747.00
1,535.00
1,747.00
Scope 2 - indirect emissions
- Electricity purchased
12.00
19.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
1,547.00
1,766.00
Intensity ratio
Tonnes CO2e per customers
5.25
6.35
Quantification and reporting methodology

We have applied the most relevant emission factors sourced from UK government 202 4 GHG conversion factors for company reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per customers, the recommended ratio for the sector.

RIPLEY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

On behalf of the board
Mr S Ripley
Director
17 July 2026
RIPLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIPLEY GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Ripley Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - financial statements prepared on a basis other than going concern

W e draw attention to note 1.4 and note 27 to the financial statements, which explains that, following the post year-end disposal of a number of the company’s properties, the liquidation of H Ripley & Co. Limited, the principal trading company within the wider group, and the resulting reduction in the company’s revenue-generating capacity, the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.4.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RIPLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIPLEY GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud are: to identify and assess the risks of material misstatement of the financial statements due to fraud, through designing and implementing appropriate responses: and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and determined that the most significant is the Companies Act 2006.

- We understood how the group and the parent company is complying with those frameworks through discussions with the directors.

- We assessed the susceptibility of the group and the parent company's financial statements to material misstatement including how fraud might occur by considering the key risks impacting the financial statements.

- We carried out a review of manual entries recorded in managements accounting records and assessed the appropriateness of such entries.

RIPLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIPLEY GROUP LIMITED
- 10 -

We assessed the susceptibility of the group and the parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited
17 July 2026
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
RIPLEY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
55,195,968
54,574,958
Cost of sales
(49,042,518)
(48,253,797)
Gross profit
6,153,450
6,321,161
Administrative expenses
(7,837,854)
(8,230,880)
Other operating income
65,000
500,000
Operating loss
5
(1,619,404)
(1,409,719)
Interest receivable and similar income
9
-
0
5,322
Interest payable and similar expenses
10
(557,499)
(347,167)
Revaluation gain on properties
11
-
941,125
Loss before taxation
(2,176,903)
(810,439)
Tax on loss
12
74,459
(377,589)
Loss for the financial year
(2,102,444)
(1,188,028)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RIPLEY GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
8,025,114
9,008,915
Current assets
Stocks
16
2,101,530
3,706,550
Debtors
17
6,368,682
6,975,373
Cash at bank and in hand
752,308
2,151,852
9,222,520
12,833,775
Creditors: amounts falling due within one year
18
(12,711,031)
(14,793,654)
Net current liabilities
(3,488,511)
(1,959,879)
Total assets less current liabilities
4,536,603
7,049,036
Creditors: amounts falling due after more than one year
19
(1,494,016)
(1,904,005)
Provisions for liabilities
Deferred tax liability
22
750,551
750,551
(750,551)
(750,551)
Net assets
2,292,036
4,394,480
Capital and reserves
Called up share capital
24
432
432
Profit and loss reserves
2,291,604
4,394,048
Total equity
2,292,036
4,394,480
The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
17 July 2026
Mr S Ripley
Director
Company registration number 07527610 (England and Wales)
RIPLEY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
232
232
Current assets
Cash at bank and in hand
200
200
Net current assets
200
200
Net assets
432
432
Capital and reserves
Called up share capital
24
432
432

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2023 - £0 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
17 July 2026
Mr S Ripley
Director
Company registration number 07527610 (England and Wales)
RIPLEY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
432
5,595,028
5,595,460
Year ended 31 March 2023:
Loss and total comprehensive income
-
(1,188,028)
(1,188,028)
Other movements
-
(12,952)
(12,952)
Balance at 31 March 2023
432
4,394,048
4,394,480
Year ended 31 March 2024:
Loss and total comprehensive income
-
(2,102,444)
(2,102,444)
Balance at 31 March 2024
432
2,291,604
2,292,036
RIPLEY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
432
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
Balance at 31 March 2023
432
Year ended 31 March 2024:
Profit and total comprehensive income
-
Balance at 31 March 2024
432
RIPLEY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
2,060,607
49,155
Interest paid
(557,499)
(347,167)
Income taxes paid
(4)
(29,549)
Net cash inflow/(outflow) from operating activities
1,503,104
(327,561)
Investing activities
Purchase of tangible fixed assets
(170,871)
(1,011,696)
Proceeds from disposal of tangible fixed assets
-
161,000
Repayment of loans
(40,418)
(127,311)
Interest received
-
0
5,322
Net cash used in investing activities
(211,289)
(972,685)
Financing activities
Repayment of bank loans
(2,410,679)
4,310,259
Payment of finance leases obligations
(619,140)
1,415,366
Net cash (used in)/generated from financing activities
(3,029,819)
5,725,625
Net (decrease)/increase in cash and cash equivalents
(1,738,004)
4,425,379
Cash and cash equivalents at beginning of year
1,106,288
(3,319,091)
Cash and cash equivalents at end of year
(631,716)
1,106,288
Relating to:
Cash at bank and in hand
752,308
2,151,852
Bank overdrafts included in creditors payable within one year
(1,384,024)
(1,045,564)
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information

Ripley Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is H. Ripley & Co, Apex Way, Hailsham, England, BN27 3WA.

The group consists of Ripley Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

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

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

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

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

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

1.4
Going concern

During the current year and in the period to the date of approval of these financial statements, the Group has experienced a prolonged period of challenging trading conditions in the metals recycling sector, including volatility in metal prices, elevated financing costs, inflationary pressures and disruption to global shipping and supply chains, which have adversely affected profitability, cash generation and covenant compliance.

Following the year end, H Ripley & Co Limited (“HRCL”), the Group’s principal trading subsidiary, was placed into liquidation. In addition, certain properties owned by Ripley Property Holdings Limited (“RPHL”) have been sold, with the proceeds applied to reduce bank loans originally advanced to HRCL, and additionally a related party for which the Group has provided a lease guarantee has also entered liquidation.

These events have significantly reduced the Group’s revenue‑generating capacity and have created additional obligations and uncertainties in respect of guarantees and other contractual commitments.

In reaching their conclusion on the appropriate basis of preparation, the directors have considered:

- the Group’s historic and current trading performance and losses;

- the cessation of the Group’s principal trading activities following the liquidation of HRCL;

- the Group’s remaining asset base, including properties held and planned disposals;

- the level of existing indebtedness and other liabilities, including lease guarantees and contingent obligations; and

- the limited availability of new funding or restructuring options in the circumstances.

Having considered the information available, the directors have concluded that:

- the Group no longer has an ongoing trading business capable of generating sufficient cash flows to meet its liabilities as they fall due;

- there is no realistic prospect of securing additional funding or restructuring arrangements that would restore the Group to a going concern; and

- the Group does not have the resources, in the post‑year‑end period, to discharge all remaining obligations on a going concern basis.

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

Accordingly, the directors consider that it is not appropriate to adopt the going concern basis of accounting in preparing these financial statements. Instead, the financial statements have been prepared on a basis other than going concern.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods delivered in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Land: No depreciation ; Buildings: 2% straightline basis
Leasehold improvements
10% straightline basis
Plant and equipment
10% straightline basis
Fixtures and fittings
25% straightline basis
Motor vehicles
20% straightline basis

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

1.7
Fixed asset investments

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

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

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

1.8
Impairment of fixed assets

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

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

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

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

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

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

1.9
Stocks

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

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

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

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

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

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

Basic financial assets

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

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Other financial assets

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

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

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

1.14
Employee benefits

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

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

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

1.15
Retirement benefits

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

RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Leases

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

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

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

1.17
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

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

In preparing these financial statements, the directors have made the following key estimates:

- Determining whether there are indicators of impairment of the group's non-financial assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

- The provision for stock impairment is based on management's judgment of several factors, including market conditions, historical sales data, product life cycle, physical condition of inventory, and future demand forecasts.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Scrap and scrap-related sales
55,195,968
54,574,958
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
34,570,500
30,619,335
Rest of the world
20,625,468
23,955,623
55,195,968
54,574,958
2024
2023
£
£
Other revenue
Interest income
-
5,322
4
Exceptional item
2024
2023
£
£
Income
Exceptional item - Other operating income
-
500,000

This relates to the amount received by the group in respect of the full and final settlement of Reconi Limited for the claims made by the group.

5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
154,832
(808,551)
Depreciation of owned tangible fixed assets
1,113,189
1,091,303
Loss/(profit) on disposal of tangible fixed assets
41,483
(112,666)
Operating lease charges
322,964
272,056
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
-
Audit of the financial statements of the company's subsidiaries
50,000
59,000
60,000
59,000
For other services
Taxation compliance services
4,500
5,000
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
32
37
-
-
Operational
46
40
-
-
Total
78
77
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,648,748
2,535,791
-
0
-
0
Social security costs
275,051
265,420
-
-
Pension costs
58,128
47,279
-
0
-
0
2,981,927
2,848,490
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
344,634
303,598
Company pension contributions to defined contribution schemes
41,908
38,817
386,542
342,415
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
77,170
75,887
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
5,322
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
381,115
269,028
Interest on finance leases and hire purchase contracts
176,384
78,139
Total finance costs
557,499
347,167
11
Revaluation gain on properties
2024
2023
£
£
Changes in the fair value of investment properties
-
941,125
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(74,459)
-
0
Deferred tax
Origination and reversal of timing differences
-
0
377,589
Total tax (credit)/charge
(74,459)
377,589

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

2024
2023
£
£
Loss before taxation
(2,176,903)
(810,439)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2023: 19.00%)
(511,572)
(153,983)
Tax effect of expenses that are not deductible in determining taxable profit
13,591
19,528
Tax effect of income not taxable in determining taxable profit
(496)
(176,042)
Unutilised tax losses carried forward
-
0
(69,926)
Group relief
-
0
(19,387)
Permanent capital allowances in excess of depreciation
(43,203)
(494,581)
Under/(over) provided in prior years
(74,459)
-
0
Deferred tax movements
-
0
377,589
Fixed asset depreciation
257,166
207,346
Utilisation of trading losses
284,514
687,045
Taxation (credit)/charge
(74,459)
377,589
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
3,089,135
4,006,701
8,303,029
483,269
1,088,838
16,970,972
Additions
-
0
-
0
58,008
3,688
109,175
170,871
Disposals
-
0
-
0
(1,447,324)
(119,839)
(106,692)
(1,673,855)
At 31 March 2024
3,089,135
4,006,701
6,913,713
367,118
1,091,321
15,467,988
Depreciation and impairment
At 1 April 2023
73,116
1,785,350
4,852,397
343,139
908,055
7,962,057
Depreciation charged in the year
2,899
338,681
598,124
60,289
113,196
1,113,189
Eliminated in respect of disposals
-
0
-
0
(1,409,008)
(116,761)
(106,603)
(1,632,372)
At 31 March 2024
76,015
2,124,031
4,041,513
286,667
914,648
7,442,874
Carrying amount
At 31 March 2024
3,013,120
1,882,670
2,872,200
80,451
176,673
8,025,114
At 31 March 2023
3,016,019
2,221,351
3,450,632
140,130
180,783
9,008,915
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
3,013,120
3,016,019
-
0
-
0
Short leasehold
1,882,670
2,221,351
-
0
-
0
4,895,790
5,237,370
-
-

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,968,051
2,603,161
-
0
-
0
Motor vehicles
156,564
95,646
-
0
-
0
2,124,615
2,698,807
-
-
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
232
232
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
232
Carrying amount
At 31 March 2024
232
At 31 March 2023
232
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
C Gearing & Son Limited
United Kingdom
Metal recycling
Ordinary
0
100.00
H Ripley & Co. Limited
United Kingdom
Metal recycling
Ordinary
100.00
-
Ripley Auto Spares Limited
United Kingdom
Metal recycling
Ordinary
100.00
-
Ripley Property Holdings Limited
United Kingdom
Property holding
Ordinary
100.00
-

The subsidiaries listed above are included in these consolidated financial statements.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,101,530
3,706,550
-
0
-
0
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,486,481
5,817,061
-
0
-
0
Other debtors
468,806
478,446
-
0
-
0
Prepayments and accrued income
413,395
679,866
-
0
-
0
6,368,682
6,975,373
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
3,568,604
5,640,823
-
0
-
0
Obligations under finance leases
21
492,594
701,745
-
0
-
0
Trade creditors
8,063,555
7,695,542
-
0
-
0
Corporation tax payable
101,805
176,268
-
0
-
0
Other taxation and social security
190,504
197,326
-
0
-
0
Other creditors
82,643
280,498
-
0
-
0
Accruals and deferred income
211,326
101,452
-
0
-
0
12,711,031
14,793,654
-
0
-
0

Pension commitments as at year end amounting to £10,850 (2023: £12,964) is included in other creditors.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
1,494,016
1,904,005
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,184,580
4,595,259
-
0
-
0
Bank overdrafts
1,384,024
1,045,564
-
0
-
0
3,568,604
5,640,823
-
-
Payable within one year
3,568,604
5,640,823
-
0
-
0
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Loans and overdrafts
(Continued)
- 30 -

Bank loans and overdrafts are secured by a fixed and floating charges over the assets of the group. Further, t he company is a party to cross guarantee arrangements with its associated companies in support of the company's borrowings.

Finance lease obligations are secured on the underlying assets.

Bank loan is composed of:

- The mortgage loan is repayable over a period of 10 years. Interest is charged at a rate of 3.71% p.a, fixed for the duration of the loan. The loan is set to expire in November 2026.

- The term loan is repayable over a period of 5 years from initial drawdown. Interest is charged at a rate of 6.32% p.a fixed for the duration of the loan. The loan is set to expire in April 2027.

- The trade loan is repayable over a minimum loan period of 30 days and maximum loan period of 60 days depending on the agreed term per loan amount. Interest is charged at 2.00% p.a.

- The invoice discounting facility allowing early settlement of trade debtors with standard payment terms of 60 days from the end of the month following invoice date. A discount charge of 2.75% applies. As the group retains the associated risks and rewards, the facility is accounted for as a secured loan, with trade debtors remaining on the balance sheet and a corresponding liability recognised.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
492,594
701,745
-
0
-
0
In two to five years
1,408,152
1,541,397
-
0
-
0
In over five years
85,864
362,608
-
0
-
0
1,986,610
2,605,750
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
750,551
750,551
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Deferred taxation
(Continued)
- 31 -

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,128
47,279

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

Outstanding contributions amounting to £1 0,850 (202 3: £12,964) were payable to the fund and are included in

creditors.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
432
432
432
432
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
25
Financial commitments, guarantees and contingent liabilities

Lease guarantee

The Group has provided a guarantee to a third‑party landlord in respect of lease obligations of a related party (a company with common shareholders).

Following the year end, this related party entered into liquidation and ceased trading. Under the terms of the guarantee, the landlord may seek recovery from the Group of outstanding lease payments and any associated dilapidations or termination costs arising from the early cessation of the lease.

At the balance sheet date, the related party remained solvent and was meeting its lease obligations. The subsequent liquidation provides additional evidence regarding the credit risk associated with the guaranteed tenant. The directors have reviewed correspondence with the landlord and the terms of the lease and guarantee. At the date of approval of these financial statements, no formal demand has been made on the Group under the guarantee and discussions with the landlord remain ongoing.

The directors are not yet able to determine reliably the amount, timing or probability of any outflows that may arise from this guarantee, particularly given the potential for negotiation of revised terms or settlement.

In view of this uncertainty, no provision has been recognised in these financial statements. The directors consider that disclosure of the guarantee as a contingent liability is appropriate.

Historic tax matters

A voluntary disclosure was made to HM Revenue & Customs (“HMRC”) in relation to historic tax matters arising from a corporate reorganisation undertaken on 1 April 2022, under which trade elements and four commercial properties were transferred from a partnership to Ripley Property Holdings Limited and liabilities of the partnership, including an unsecured loan due to H Ripley & Co Limited (“HRCL”), were assumed as part of that reorganisation.

As a consequence of that review, it was identified that HMRC may consider that corporation tax under section 455 CTA 2010 was payable by HRCL in respect of the outstanding loan balance prior to its repayment, although any such amount would have become recoverable following repayment of the loan during the year ended 31 March 2023.

HRCL has subsequently entered creditors’ voluntary liquidation and matters relating to any corporation tax exposures of HRCL are being dealt with by the liquidators as part of the insolvency process.

The directors do not currently expect a material liability to arise for the Group itself as a result of these historic tax matters and, accordingly, no provision has been recognised in these consolidated financial statements. However, given the status of HMRC’s review and the uncertainty as to the ultimate outcome, the matter is disclosed as a contingent liability.

26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
56,331
56,331
-
-
56,331
56,331
-
-
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
27
Events after the reporting date

After the balance sheet date, H Ripley & Co Limited (“HRCL”), the Group’s principal trading subsidiary, was placed into creditors’ voluntary liquidation on 22 January 2026 following a prolonged period of challenging trading conditions, increased borrowing costs, pressure on liquidity and the inability of the business to generate sufficient profitability to support its debt obligations and working capital requirements.

Subsequent to the year end, certain properties held within Ripley Property Holdings Limited (“RPHL”) were sold. The properties are occupied by Group entities and were previously used in the Group’s recycling and metals trading operations. The sale proceeds have been applied to reduce bank loans originally advanced to HRCL and/or other Group borrowing facilities as part of a wider deleveraging strategy.

After the year end, a related party of the Group (a company with common shareholders) which leased property from a third‑party landlord entered into liquidation. Under the terms of the lease, the Group has provided a guarantee in respect of the tenant’s obligations. The landlord has the right to seek recovery of outstanding lease liabilities and related costs from the Group under this guarantee. The potential financial effect of this arrangement is described further in note 25.

28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Group
Other related parties
10,287,748
-

The group charged rental income to Urecycle Ltd during the year amounting to £96k.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
60,848
20,965

An other related party balance of £2 23k (2023: £123k) has been written off during the year.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
16,862
-
Other related parties
325,855
50,825
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
29
Directors' transactions

At the balance sheet date, a net amount of £43,986 (2023: £68,448) was due to the directors of the parent company. The loans are interest-free with no fixed repayment date.

30
Audit exemption for subsidiary undertakings

For the year ended 31 March 2024, the group has taken advantage of the exemption offered in the sections 479A - 479C of the Companies Act 2006 and certain subsidiary undertakings have not been subject to an individual annual audit. Ripley Group Limited has given statutory guarantee to each of these subsidiary undertakings guaranteeing their liabilities, a copy of which will be filed at Companies House.

The companies which have taken this exemption are as follows:

Name Company number

Ripley Auto Spares Limited 02420996

C Gearing & Son Limited 05947047

31
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(2,102,444)
(1,188,028)
Adjustments for:
Taxation (credited)/charged
(74,459)
377,589
Finance costs
557,499
347,167
Investment income
-
0
(5,322)
Loss/(gain) on disposal of tangible fixed assets
41,483
(112,666)
Fair value gain on investment properties
-
0
(941,125)
Depreciation and impairment of tangible fixed assets
1,113,189
1,091,303
Movements in working capital:
Decrease in stocks
1,605,020
1,106,347
Decrease in debtors
647,109
3,216,416
Increase/(decrease) in creditors
273,210
(3,842,526)
Cash generated from operations
2,060,607
49,155
32
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,151,852
(1,399,544)
752,308
Bank overdrafts
(1,045,564)
(338,460)
(1,384,024)
1,106,288
(1,738,004)
(631,716)
Borrowings excluding overdrafts
(4,595,259)
2,410,679
(2,184,580)
Obligations under finance leases
(2,605,750)
619,140
(1,986,610)
(6,094,721)
1,291,815
(4,802,906)
RIPLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
33
Prior period adjustment

At the start of FY23, a group reorganisation was undertaken. As part of this process, several properties were transferred from a related party to entities within the group. These transfers were initially accounted for as sales to the group. However, upon further review, it was determined that the transactions should have been treated as gifts. Accordingly, the accounting treatment was revisited, and adjustments were made to ensure the transfers were correctly reflected in the financial statements.

Additionally, it was noted that during the year, several group expenses were paid by a related party on behalf of the group, which had not been recorded in the prior year. As a result, these amounts have been adjusted and correctly reflected in the current year's financial statements.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Debtors due within one year
10,768,299
(3,792,926)
6,975,373
Creditors due within one year
Other creditors
(11,394,450)
3,316,958
(8,077,492)
Net assets
4,870,448
(475,968)
4,394,480
Capital and reserves
Profit and loss reserves
4,870,016
(475,968)
4,394,048
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Cost of sales
(47,817,988)
(435,809)
(48,253,797)
Administrative expenses
(7,249,596)
(981,284)
(8,230,880)
Amounts written off investments
-
941,125
941,125
Loss after taxation
(712,060)
(475,968)
(1,188,028)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
-
Profit as adjusted
-
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