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Financial Statements
RMI Pressure Systems Limited
For the year ended 31 December 2025
Registered number: 05712636
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RMI Pressure Systems Limited
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Company Information
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Matthew Walsh (appointed 30 July 2026)
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Thompson Smith & Puxon (Secretarial Services) Limited (Joint secretary)
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Chartered Accountants & Statutory Auditors
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RMI Pressure Systems Limited
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Contents
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Directors' responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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RMI Pressure Systems Limited
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Directors' Report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors who served during the year were:
As at 31 December 2025 the Company has made a loss of £701,945 (2024 - loss of £709,866) and is in a net asset position of £3,849,994 (2024 - £4,551,939).
The Company meets its day to day working capital requirements through a combination of its cash balances, bank overdraft facilities and advances from its ultimate parent company, S A Armstrong Limited, a company incorporated in Canada. The Company is supported by its ultimate parent undertaking S A Armstrong Limited.
The directors have prepared forecasts for the period to 31 December 2027. The results of the forecasts project that the business remains a going concern. The Directors have received confirmation of the continued support from its ultimate parent undertaking and on this basis and having reviewed the Group‘s budgets and cash flow forecasts, the directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements, and, therefore, adopt the going concern basis in preparing the accounts.
Qualifying third party indemnity provisions
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The Company has agreed to indemnify its directors against third party claims which may be brought against them and has put in place a directors and officers insurance policy.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Page 1
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RMI Pressure Systems Limited
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Directors' Report (continued)
For the year ended 31 December 2025
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Charles Armstrong
Director
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Page 2
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RMI Pressure Systems Limited
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Directors' responsibilities statement
For the year ended 31 December 2025
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board:
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Charles Armstrong
Director
Date: 1 October 2026
Page 3
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Independent auditor's report to the members of RMI Pressure Systems Limited
We have audited the financial statements of RMI Pressure Systems Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation of the financial statement 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, RMI Pressure Systems Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 4
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Independent auditor's report to the members of RMI Pressure Systems Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Directors' Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Directors' Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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; or
∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' Report.
Page 5
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Independent auditor's report to the members of RMI Pressure Systems Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection, employment and environmental regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional skepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6
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Independent auditor's report to the members of RMI Pressure Systems Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company's regulatory and legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;
∙gaining an understanding of the entity's current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including stock provisions, project revenue recognition, impairment of non-financial assets, impairment of trade debtors and estimating useful lives of tangible fixed assets and;
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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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.
Jason Crawford (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2
Republic of Ireland
Date: 1 October 2026
Page 7
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RMI Pressure Systems Limited
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Statement of comprehensive income
For the year ended 31 December 2025
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Interest receivable and similar income
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All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024 - £Nil).
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The notes on pages 11 to 22 form part of these financial statements.
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Page 8
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RMI Pressure Systems Limited
Registered number:05712636
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Statement of financial position
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Charles Armstrong
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The notes on pages 11 to 22 form part of these financial statements.
Page 9
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RMI Pressure Systems Limited
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Statement of changes in equity
For the year ended 31 December 2025
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Comprehensive loss for the year
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Statement of changes in equity
For the year ended 31 December 2024
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Comprehensive loss for the year
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The notes on pages 11 to 22 form part of these financial statements.
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Page 10
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
RMI Pressure Systems Limited is a private company limited by shares and is incorporated in England and Wales. Registered number 05712636. Its registered office is 1 Wolverton Street, Manchester, M11 2ET.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable accounting standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts and cashflows.
As at 31 December 2025 the Company has made a loss of £701,945 (2024 - loss of £709,866) and is in a net asset position of £3,849,994 (2024 - £4,551,939).
The Company meets its day to day working capital requirements through a combination of its cash balances, bank overdraft facilities and advances from its ultimate parent company, S A Armstrong Limited, a company incorporated in Canada. The Company is supported by its ultimate parent undertaking S A Armstrong Limited.
The directors have prepared forecasts for the period to 31 December 2027. The results of the forecasts project that the business remains a going concern. The Directors have received confirmation of the continued support from its ultimate parent undertaking and on this basis and having reviewed the Group‘s budgets and cash flow forecasts, the directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements, and, therefore, adopt the going concern basis in preparing the accounts.
Page 11
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Sterling £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses are presented in the Statement of comprehensive income within administrative expenses.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the sale of goods, long term contracts and rendering of services.
Sale of Goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point when the goods are dispatched in accordance with the terms and conditions of sale.
Projects
Turnover from major projects is recognised according to the stage of completion of the contract. The turnover and margin are reviewed monthly and are based on the actual costs incurred to date and the stage of contract completion at the reporting date.
Rendering of services
Turnover from services is recognised at the point at which the service is delivered.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Page 12
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
The Company operates a defined contributions pension scheme. The contributions to employee pension fund are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Page 13
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
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Long-term leasehold property
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Over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 14
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
In the research and development phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure shall be recognised as an expense when it is incurred.
Page 15
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard. the directors believe that the critical accounting policies where judgements or estimates are necessarily applied and summarised below:
∙Stock provisions - These are calculated based on a review of non-moving and slow-moving stock expected future usage and recoverability.
∙Project revenue recognition - Turnover from major projects is recognised according to the stage of completion of the contract. The turnover and margin is reviewed monthly and is based on the actual costs incurred to date and the stage of contract completion at the reporting date. This involves making judgements and estimates in respect of the expected costs to complete and project margin.
∙Impairment of non-financial assets - In assessing impairment, management estimates the recoverable amount of each asset, or a cash-generating unit based on expected future cash flows and uses an interest rate to calculate the present value of those cash flows. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. Though management believes that the assumptions used in the estimation of fair values are appropriate and reasonable, significant changes in these assumptions may materially affect the assessment of recoverable values and any resulting impairment loss could have a material adverse effect on the results of operations.
∙Impairment of trade debtors - The Company trades with a large and varied number of customers. The Company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis.
∙Estimating useful lives of tangible fixed assets - The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives of tangible fixed assets are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned earlier. Following this review, management identified the tangible assets during the year as obsolete and no longer in use. Accordingly, their useful economic lives were reassessed and depreciation was accelerated to reflect the revised consumption of economic benefits. These tangible assets were also derecognised where no further economic benefits were expected, primarily due to a change in operational arrangements whereby the Company utilises fixed assets owned by a related party, Armstrong Integrated Limited, with the resulting impact recognised in the profit and loss account for the year.
Page 16
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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The operating loss is stated after charging:
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Research & development charged as an expense
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Depreciation of tangible fixed assets
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Other operating lease rentals
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The average monthly number of employees, including directors, during the year was 0 (2024 - 15). All employees are transferred to a fellow group company at the beginning of the year.
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Other interest receivable
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Adjustments in respect of previous periods
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Page 17
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
7.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Net of expenses not deductible for tax purposes and non taxable income
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Excess of depreciation over capital allowances
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 18
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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Long-term leasehold property
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Charge for the year on owned assets
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Management identified tangible assets as obsolete and no longer in use during the year. Accordingly, depreciation was accelerated following a reassessment of their useful economic lives, and assets with a carrying value of £Nil were derecognised where no further economic benefits were expected.
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Investments in subsidiary companies
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Page 19
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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The following were subsidiary undertakings of the Company:
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Repower Mining International Inc
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6599 Old Birmingham Highway, Jasper, Alabama 35501 USA
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Provision of mining systems
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Repower Mining International Pty
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40 Aruma Place, Cardiff, NSW 2285 Australia
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Provision of mining systems
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Repower Mining International Limited
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1 Wolverton Street, Manchester, M11 2ET
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Raw materials and consumables
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Finished goods and goods for resale
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An impairment loss of £881,275 (2024 - £1,063,916) is recognised against stocks.
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Amounts owed by group undertakings
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Prepayments and accrued income
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No impairment was recognised against trade debtors (2024 - £23,430).
Amounts owed by group undertakings amounting to £595,008 are unsecured, accrues 7% interest and are repayable on demand. The remaining £1,366,801 are unsecured, interest free and repayable on demand.
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Page 20
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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National insurance payable
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and are payable on demand.
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Allotted, called up and fully paid
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500,000 (2024 - 500,000) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restriction on dividends and the repayment of capital.
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Profit and loss account
Includes all current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administred fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2024 - £21,950). Contributions totalling £Nil (2024 - £50,708) were payable to the fund at the balance sheet date and are included in creditors.
Page 21
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RMI Pressure Systems Limited
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Notes to the financial statements
For the year ended 31 December 2025
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the exemption, not to disclose transactions with other wholly owned subsidiaries of the Group headed by S A Armstrong Limited.
The directors did not receive any remuneration from the Company during the year (2024 - £Nil). Directors’ remuneration was paid through S A Armstrong Limited, the ultimate parent company.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
RMI Pressure Systems Limited is a wholly owned subsidiary of S A Armstrong Limited, a company incorporated in Canada, which is the immediate and ultimate parent. The smallest and largest group to consolidate the results of the Company is that headed by S A Armstrong. The consolidated accounts are located at the registered address of S A Armstrong Limited located at 23 Bertrand Avenue, Scarborough, Ontario, M1L 2P3, Canada.
Page 22
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