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REGISTERED NUMBER: 09623250 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023

for

Ryno Ltd

Ryno Ltd (Registered number: 09623250)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Strategic Report 1

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Ryno Ltd (Registered number: 09623250)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The year 2023 was pivotal for Ryno Ltd, characterized by substantial revenue growth and strategic investments aimed at fortifying our foundation for future expansion.

Financial Highlights:
Our revenue increased to £20.2 million, up from £17.7 million in the previous year, demonstrating our strong market position and the effective execution of our strategic initiatives.

One of the key drivers behind maintaining a strong gross profit level in line with FY2022, while increasing revenue by £2.5 million (14%), was our focused effort on enhancing the efficiency of our cost of sales. By optimising our supply chain and internal processes, we have been able to see strong revenue growth while maintaining our gross profit margins, setting a solid financial foundation for the future.

However, our net profit decreased to £2.6 million from £2.8 million in FY2022. This reduction in profit was anticipated and aligns with our deliberate strategy to build a robust infrastructure that will support long-term growth.

The market conditions in 2023 were generally favourable, though some initiatives took longer to plan and execute than initially expected. Despite these challenges, our ability to adapt quickly and remain agile has allowed us to continue capitalising on opportunities, particularly in the development of new products and the expansion into international markets.

Strategic Focus for the Future:
As we transition into FY2024, our strategic focus will remain firmly on:

Organisational Capacity Building: We will continue to augment our internal capacities to support a larger, more dynamic operation. This includes investments in our workforce, technology, and infrastructure to ensure we are well-positioned to scale effectively.

Sustainable Growth: Our approach to growth will be rooted in sustainability, ensuring that we align our expansion efforts with market trends and opportunities that resonate with our long-term business objectives. While we anticipate continued revenue growth, profit growth may be moderated due to ongoing investments in these areas.

Customer Care: The customer remains at the heart of our growth strategy. We will continue to build strong relationships with our clients, focusing on delivering exceptional service and creating raving fans of Ryno Ltd. Customer feedback will be a crucial component of our innovation process, ensuring that our products and services meet and exceed market expectations.

Innovation and Efficiency: We will place a strong emphasis on innovation, leveraging technology to enhance our product and service offerings. By continuing to refine our operational processes, we aim to maintain high levels of operational efficiency, which is critical to our ability to deliver consistent value to our customers and stakeholders.

Conclusion:
FY2023 was a year of laying the groundwork for future success through strategic investments and focused efforts on cost efficiency and innovation. While these investments have led to a short-term decrease in profitability, the directors are confident that they will drive long-term growth and value creation for Ryno Ltd.

We would like to extend our gratitude to our customers, stakeholders, and the entire Ryno Ltd team for their unwavering support and dedication. As we move into FY2024, we remain committed to our mission of delivering unparalleled value and excellence in everything we do.


Ryno Ltd (Registered number: 09623250)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as being increased competition from other national companies. These companies are able to sell similar products to those offered by the company at competitive prices, which could lead to decreasing margins. The directors believe that the quality of our products and customer service will help mitigate these risks and hope to see satisfactory trading results in the coming year.

There is a risk of exposure to foreign exchange movements which could impact on the profit margins achieved by the company. The directors have taken advice on potential hedging strategies to mitigate this risk.

The customer base of the company is heavily linked to the construction industry and therefore the company is exposed to the same risks as this industry. The directors believe that they have mitigated this risk by implementing a strong credit control function.

ON BEHALF OF THE BOARD:





T J White - Director


6 September 2024

Ryno Ltd (Registered number: 09623250)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of design, manufacture and supply of roof finishing products and external surface support systems.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £1,205,429.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

T J White
C White
A White
N D White

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Ryno Ltd (Registered number: 09623250)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





T J White - Director


6 September 2024

Report of the Independent Auditors to the Members of
Ryno Ltd

Opinion
We have audited the financial statements of Ryno Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ryno Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ryno Ltd


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 a Report of the Auditors 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.




Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

17 September 2024

Ryno Ltd (Registered number: 09623250)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 20,205,936 17,698,213

Cost of sales (13,593,311 ) (11,810,408 )
GROSS PROFIT 6,612,625 5,887,805

Administrative expenses (3,360,790 ) (2,476,874 )
OPERATING PROFIT 5 3,251,835 3,410,931

Interest receivable and similar income 58,753 7,839
3,310,588 3,418,770

Interest payable and similar expenses 6 (4,347 ) (2,132 )
PROFIT BEFORE TAXATION 3,306,241 3,416,638

Tax on profit 7 (755,464 ) (585,702 )
PROFIT FOR THE FINANCIAL YEAR 2,550,777 2,830,936

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,550,777

2,830,936

Ryno Ltd (Registered number: 09623250)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 65,550 152,950
Tangible assets 10 925,174 664,942
990,724 817,892

CURRENT ASSETS
Stocks 11 2,122,303 2,252,382
Debtors 12 3,724,311 3,267,677
Cash at bank 4,295,184 2,175,538
10,141,798 7,695,597
CREDITORS
Amounts falling due within one year 13 (3,766,813 ) (2,527,250 )
NET CURRENT ASSETS 6,374,985 5,168,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,365,709

5,986,239

CREDITORS
Amounts falling due after more than one
year

14

(23,797

)

(1,833

)

PROVISIONS FOR LIABILITIES 18 (91,819 ) (79,661 )
NET ASSETS 7,250,093 5,904,745

CAPITAL AND RESERVES
Called up share capital 19 50,007 50,007
Retained earnings 20 7,200,086 5,854,738
SHAREHOLDERS' FUNDS 7,250,093 5,904,745

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





T J White - Director


Ryno Ltd (Registered number: 09623250)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 50,007 4,295,288 4,345,295

Changes in equity
Dividends - (1,271,486 ) (1,271,486 )
Total comprehensive income - 2,830,936 2,830,936
Balance at 31 December 2022 50,007 5,854,738 5,904,745

Changes in equity
Dividends - (1,205,429 ) (1,205,429 )
Total comprehensive income - 2,550,777 2,550,777
Balance at 31 December 2023 50,007 7,200,086 7,250,093

Ryno Ltd (Registered number: 09623250)

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,082,531 2,507,526
Interest element of hire purchase payments
paid

(4,347

)

(2,132

)
Tax paid (340,529 ) (664,192 )
Net cash from operating activities 3,737,655 1,841,202

Cash flows from investing activities
Purchase of tangible fixed assets (399,330 ) (248,127 )
Sale of tangible fixed assets 3,000 200
Interest received 58,753 7,839
Net cash from investing activities (337,577 ) (240,088 )

Cash flows from financing activities
New loans in year - 87,592
Loan repayments in year (58,860 ) -
Capital repayments in year (33,732 ) (32,496 )
Amount introduced by directors 17,589 74,349
Equity dividends paid (1,205,429 ) (1,271,486 )
Net cash from financing activities (1,280,432 ) (1,142,041 )

Increase in cash and cash equivalents 2,119,646 459,073
Cash and cash equivalents at beginning of
year

2

2,175,538

1,716,465

Cash and cash equivalents at end of year 2 4,295,184 2,175,538

Ryno Ltd (Registered number: 09623250)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 3,306,241 3,416,638
Depreciation charges 256,028 225,365
(Profit)/loss on disposal of fixed assets (80 ) 51
Finance costs 4,347 2,132
Finance income (58,753 ) (7,839 )
3,507,783 3,636,347
Decrease/(increase) in stocks 130,079 (402,955 )
Increase in trade and other debtors (456,634 ) (946,322 )
Increase in trade and other creditors 901,303 220,456
Cash generated from operations 4,082,531 2,507,526

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,295,184 2,175,538
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,175,538 1,716,465


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 2,175,538 2,119,646 4,295,184
2,175,538 2,119,646 4,295,184
Debt
Finance leases (32,488 ) 33,732 (32,450 ) (31,206 )
Debts falling due
within 1 year (325,724 ) 58,860 - (266,864 )
(358,212 ) 92,592 (32,450 ) (298,070 )
Total 1,817,326 2,212,238 (32,450 ) 3,997,114

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ryno Ltd is a private company, limited by shares, registered in England and Wales, registration number 09623250. The registered office is Europa House, Alfold Road, Cranleigh, Surrey, United Kingdom, GU6 8NQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with 100% group members.

Turnover
Turnover represents net invoiced sales of goods and services in respect of design, manufacture and supply of roof finishing products and external surface support systems, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill
The positive goodwill acquired in 2017 is being amortised over its useful life of 7.5 years. Negative goodwill is written off in the year of acquisition.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 15% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 19,840,641 17,482,053
Europe 107,796 78,754
Rest of the world 257,499 137,406
20,205,936 17,698,213

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,578,195 1,334,620
Social security costs 156,426 127,017
Other pension costs 17,264 15,695
1,751,885 1,477,332

The average number of employees during the year was as follows:
31.12.23 31.12.22

Employees 45 40

31.12.23 31.12.22
£    £   
Directors' remuneration 22,464 29,628

5. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Depreciation - owned assets 136,550 110,675
Depreciation - assets on hire purchase contracts 32,078 27,290
(Profit)/loss on disposal of fixed assets (80 ) 51
Goodwill amortisation 87,400 87,400
Auditors' remuneration 12,500 8,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Hire purchase 4,347 2,132

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 840,793 646,700
Under/over provision (97,487 ) (79,733 )
Total current tax 743,306 566,967

Deferred tax 12,158 18,735
Tax on profit 755,464 585,702

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 3,306,241 3,416,638
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

777,628

649,161

Effects of:
Expenses not deductible for tax purposes 53,294 1,558
Capital allowances in excess of depreciation - (4,019 )
Depreciation in excess of capital allowances 10,231 -
Adjustments to tax charge in respect of previous periods (97,847 ) (79,733 )
Deferred tax movement 12,158 18,735
Total tax charge 755,464 585,702

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary, Ordinary A-G shares of 1.00 each
Final 1,205,429 1,271,486

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 655,500
AMORTISATION
At 1 January 2023 502,550
Amortisation for year 87,400
At 31 December 2023 589,950
NET BOOK VALUE
At 31 December 2023 65,550
At 31 December 2022 152,950

10. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 - 409,081 365,181
Additions 233,212 3,881 126,261
Disposals - - (7,630 )
At 31 December 2023 233,212 412,962 483,812
DEPRECIATION
At 1 January 2023 - 16,583 166,847
Charge for year - 23,876 106,209
Eliminated on disposal - - (4,710 )
At 31 December 2023 - 40,459 268,346
NET BOOK VALUE
At 31 December 2023 233,212 372,503 215,466
At 31 December 2022 - 392,498 198,334

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 64,271 - 76,583 915,116
Additions 1,071 57,450 9,905 431,780
Disposals - - - (7,630 )
At 31 December 2023 65,342 57,450 86,488 1,339,266
DEPRECIATION
At 1 January 2023 31,137 - 35,607 250,174
Charge for year 11,314 4,788 22,441 168,628
Eliminated on disposal - - - (4,710 )
At 31 December 2023 42,451 4,788 58,048 414,092
NET BOOK VALUE
At 31 December 2023 22,891 52,662 28,440 925,174
At 31 December 2022 33,134 - 40,976 664,942

Included in cost of land and buildings is freehold land of £ 145,320 (2022 - £ 0 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 108,250 - 108,250
Additions - 57,450 57,450
Transfer to ownership (72,000 ) - (72,000 )
At 31 December 2023 36,250 57,450 93,700
DEPRECIATION
At 1 January 2023 52,842 - 52,842
Charge for year 27,290 4,788 32,078
Transfer to ownership (53,640 ) - (53,640 )
At 31 December 2023 26,492 4,788 31,280
NET BOOK VALUE
At 31 December 2023 9,758 52,662 62,420
At 31 December 2022 55,408 - 55,408

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. STOCKS
31.12.23 31.12.22
£    £   
Work-in-progress 140,494 30,410
Finished goods 1,981,809 2,221,972
2,122,303 2,252,382

12. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 3,108,545 2,706,935
Amounts owed by related parties 181,245 344,710
Prepayments and accrued income 165,521 216,032
3,455,311 3,267,677

Amounts falling due after more than one year:
Amounts owed by related parties 269,000 -

Aggregate amounts 3,724,311 3,267,677

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 15) 266,864 325,724
Hire purchase contracts (see note 16) 7,409 30,655
Trade creditors 1,589,452 678,565
Amounts owed to group undertakings - 331,593
Amounts owed to related parties 209,145 -
Tax 599,006 196,229
Social security and other taxes 63,229 42,362
VAT 372,431 279,307
Directors' current accounts 606,453 588,864
Accruals and deferred income 52,824 53,951
3,766,813 2,527,250

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 16) 23,797 1,833

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 266,864 325,724

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 7,409 30,655
Between one and five years 23,797 1,833
31,206 32,488

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 157,983 157,983
Between one and five years 479,965 555,948
In more than five years 184,500 266,500
822,448 980,431

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 31,206 32,488

Hire purchase contracts are secured on the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 91,819 79,661

Ryno Ltd (Registered number: 09623250)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 79,661
Provided during year 12,158
Balance at 31 December 2023 91,819

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50,007 Ordinary, Ordinary A-G 1.00 50,007 50,007

20. RESERVES
Retained
earnings
£   

At 1 January 2023 5,854,738
Profit for the year 2,550,777
Dividends (1,205,429 )
At 31 December 2023 7,200,086

21. ULTIMATE PARENT COMPANY

Ryno Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Ryno Holdings Limited is registered in England under registration number 13814256. The registered office is Europa House, Alfold Road, Cranleigh, Surrey, GU6 8NQ.

22. RELATED PARTY DISCLOSURES

Other related parties
31.12.23 31.12.22
£    £   
Interest received 7,708 -
Amount due from related party 450,245 344,710
Amount due to related party 209,145 -

23. ULTIMATE CONTROLLING PARTY

The company is under the control of the Board of Directors of the ultimate parent company Ryno Holdings Limited.