Company registration number 02418034 (England and Wales)
BREVITT - RIEKER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BREVITT - RIEKER LIMITED
COMPANY INFORMATION
Directors
Mr C D Gorrod
Mr M H Rapp
Secretary
Mr C D Gorrod
Company number
02418034
Registered office
36 Compass Point
Market Harborough
Leicestershire
United Kingdom
LE16 9HW
Auditor
Azets Audit Services
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
BREVITT - RIEKER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
BREVITT - RIEKER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal Activities

Brevitt - Rieker Ltd is predominantly a wholesale supplier of the Rieker Comfort & Style, Rieker Sport and Remonte branded footwear to the UK and Ireland footwear retail industry. Within the UK, it also has a retail arm, which consists of fourteen stores and twenty-four concessions as well as running a small e-commerce business.

Trading Review

Despite the continued challenging environment within the retail sector and the economy in general, Brevitt - Rieker Ltd has seen sales increase over the twelve-month period, with generated sales in 2024 of £37.5 million compared to £35.9 million in 2023. Gross margins increased in the period from 26.2% in 2023 to 27.1% in 2024.

Rising supply chain costs and issues and general global economic conditions have led to a pre-tax loss in 2024 of £196,208 against a pre-tax loss in 2023 of £43,598. A return to profit is envisaged in 2025.

At the year-end, the Company had Shareholders’ funds of £1,555,313. The directors therefore believe the Company’s financial position to be satisfactory.

Outlook

The Board continues to be confident that the Company remains in a strong position to continue to prosper and invest in the future.

The Company remains focused on maintaining strong customer service, driving brand awareness through continued television, digital and print media advertising. Sales channels also continue to be developed. This will help focus and drive the business over the forthcoming year.

Principal Risks and Uncertainties

The risks and uncertainties described below represent those that the directors consider the most significant in delivering Brevitt - Rieker Ltd's strategy.

Financial

The Directors feel that Brevitt - Rieker Ltd is sound financially, has a good customer base, excellent product development capabilities and, with current staff resources, they believe the Company will continue to trade well into the future.

The Company continues to make little use of financial instruments. The Company has an operational bank account and inter-company balances on which interest is charged. It is also potentially exposed to fluctuations in foreign exchange movements arising from overseas sales and credit risk on its trade creditors. The exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit and loss of the Company.

Fashion Trends

Whilst there is always a risk that the product being developed by the Company will not satisfy the needs of its customers. The Rieker group continues to undertake extensive analysis of the market trends, analyses at great depth the sell-through of its product, and employs a very experienced team to ensure it can respond to changes in consumer needs from season to season.

The Company also believes that its continued investment in the strength of its brand and product range will competitively position the company and assist in delivering continued future growth.

BREVITT - RIEKER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Changing Environment

Brevitt - Rieker Ltd is aware of the challenging retail environment and the move towards the e-commerce market for all products in general.

Brevitt - Rieker Ltd will continue to review the way in which its product is being distributed and sold in the market and will also review what is needed by retailers to survive in the new, ever-changing environment. The Company believes it has identified these risks and has made and will make appropriate changes to the way in which it deals with and supports its customers.

Human Resource

Brevitt - Rieker Ltd recognises a main key to its success and continued success is its ability to attract, retain and develop the best people it can. Brevitt - Rieker Ltd has had an excellent history in retaining its employees and will strive to continue to do this by ensuring appropriate levels of incentives are in place as well as creating a work culture and environment that allows this to happen.

Health and Safety

The health and safety of all employees, customers and contractors is of paramount importance to the Company. The Company has in place processes and procedures that it believes will mitigate all health and safety risks. These policies and procedures are reviewed to ensure all are up to date and meet the needs of all concerned.

On behalf of the board

Mr C D Gorrod
Director
8 May 2025
BREVITT - RIEKER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr C D Gorrod
Mr M H Rapp
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies.

Going concern

The Directors have reviewed detailed financial projections, including both profit and loss forecasts as well as cash flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. The parent company has also offered financial support to the Company for a period of at least 12 months from the date these financial statements have been signed. Taking this into consideration, the Directors are of the view that the Company is able to meet its liabilities as they fall due for at least 12 months from the date these financial statements have been signed and therefore continue to prepare the financial statements on a going concern basis and that no material uncertainty exists.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr C D Gorrod
Director
8 May 2025
BREVITT - RIEKER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

BREVITT - RIEKER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BREVITT - RIEKER LIMITED
- 5 -
Opinion

We have audited the financial statements of Brevitt - Rieker Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:

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 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 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:

BREVITT - RIEKER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BREVITT - RIEKER LIMITED
- 6 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.

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.

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.

BREVITT - RIEKER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BREVITT - RIEKER LIMITED
- 7 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Matthew Woodhead BSc FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
8 May 2025
Chartered Accountants
Statutory Auditor
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
BREVITT - RIEKER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
37,466,651
35,933,737
Cost of sales
(27,300,880)
(26,519,627)
Gross profit
10,165,771
9,414,110
Distribution costs
(5,548,284)
(5,041,029)
Administrative expenses
(4,769,119)
(4,380,536)
Operating loss
7
(151,632)
(7,455)
Interest receivable and similar income
6
2,676
4,806
Interest payable and similar expenses
8
(47,252)
(40,949)
Loss before taxation
(196,208)
(43,598)
Tax on loss
9
24,037
(4,593)
Loss for the financial year
(172,171)
(48,191)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BREVITT - RIEKER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Loss for the year
(172,171)
(48,191)
Other comprehensive income
-
-
Total comprehensive income for the year
(172,171)
(48,191)
BREVITT - RIEKER LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,252,956
2,080,157
Current assets
Stocks
12
7,567,506
6,364,421
Debtors
11
1,763,717
1,268,361
Cash at bank and in hand
1,514,147
1,191,344
10,845,370
8,824,126
Creditors: amounts falling due within one year
13
(11,543,013)
(9,152,762)
Net current liabilities
(697,643)
(328,636)
Total assets less current liabilities
1,555,313
1,751,521
Provisions for liabilities
Deferred tax liability
15
-
0
24,037
-
(24,037)
Net assets
1,555,313
1,727,484
Capital and reserves
Called up share capital
16
1,000,000
1,000,000
Profit and loss reserves
555,313
727,484
Total equity
1,555,313
1,727,484
The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
Mr C D Gorrod
Director
Company Registration No. 02418034
BREVITT - RIEKER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000,000
775,675
1,775,675
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(48,191)
(48,191)
Balance at 31 December 2023
1,000,000
727,484
1,727,484
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(172,171)
(172,171)
Balance at 31 December 2024
1,000,000
555,313
1,555,313
BREVITT - RIEKER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
863,149
404,058
Interest paid
(47,252)
(40,949)
Income taxes (paid)/refunded
(2,603)
122,209
Net cash inflow from operating activities
813,294
485,318
Investing activities
Purchase of tangible fixed assets
(518,060)
(387,530)
Proceeds on disposal of tangible fixed assets
24,893
38,667
Interest received
2,676
4,806
Net cash used in investing activities
(490,491)
(344,057)
Net increase in cash and cash equivalents
322,803
141,261
Cash and cash equivalents at beginning of year
1,191,344
1,050,083
Cash and cash equivalents at end of year
1,514,147
1,191,344
BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Brevitt - Rieker Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Compass Point, Market Harborough, Leicestershire, United Kingdom, LE16 9HW.

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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors have reviewed detailed financial projections, including both profit and loss forecasts as well as cashtrue flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. The parent company has also offered financial support to the Company for a period of at least 12 months from the date these financial statements have been signed. Taking this into consideration, the Directors are of the view that the Company is able to meet its liabilities as they fall due for at least 12 months from the date these financial statements have been signed and therefore continue to prepare the financial statements on a going concern basis and that no material uncertainty exists.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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, settlements 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.

1.4
Tangible fixed assets

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

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

Freehold land and buildings
0 - 2% per annum
Leasehold improvements
5% per annum
Plant and equipment
20% - 33.3% per annum
Motor vehicles
25% per annum

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 credited or charged to profit or loss.

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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).

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, duty and freight costs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company 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 company's financial statements when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest less impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and 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 are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows . The impairment loss 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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 company after deducting all of its liabilities.

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables and amounts due to fellow group undertakings are initially recognised at transaction price and are subsequently measured at amortised cost.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 through 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
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 company’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.

 

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.

 

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

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 leases asset are consumed.

1.15
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 company’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.

Critical judgements

The directors believe that no critical judgements (apart from those involving estimates) have had a significant effect on amounts recognised in the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Dilapidation provision

The directors assess the cost of dilapidations based upon the condition of the leasehold properties at each year end. This assessment includes an estimate of the remedial works required and the associated costs that would be incurred at the expected date of exiting the respective premises (discounted where material).

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Footwear wholesale and retailing
37,466,651
35,933,737
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
30,677,870
29,487,050
Ireland
6,788,781
6,446,687
37,466,651
35,933,737
4
Employees

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

2024
2023
Number
Number
Warehouse
14
12
Sales and distribution
104
95
Administrative staff
18
18
Total
136
125

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,016,068
2,788,619
Social security costs
282,133
235,839
Pension costs
224,001
150,345
3,522,202
3,174,803
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
140,729
142,893
Company pension contributions to defined contribution schemes
70,050
55,000
210,779
197,893
BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Directors' remuneration
(Continued)
- 18 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,676
4,806
7
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
25,396
26,865
Fees payable to the company's auditor for the audit
29,700
26,400
Fees payable to the company's auditor for non-audit services
6,500
5,550
Depreciation of owned tangible fixed assets
338,788
283,545
Profit on disposal of tangible fixed assets
(18,420)
(38,667)
Operating lease charges
716,970
631,948
8
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
47,252
40,949
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(6,152)
Deferred tax
Origination and reversal of timing differences
(29,401)
7,294
Adjustment in respect of prior periods
5,364
3,451
Total deferred tax
(24,037)
10,745
Total tax (credit)/charge
(24,037)
4,593
BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 19 -

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
(196,208)
(43,598)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(49,052)
(10,254)
Tax effect of expenses that are not deductible in determining taxable profit
3,379
43
Adjustments in respect of prior years
5,364
(3,126)
Effect of change in corporation tax rate
-
0
456
Other permanent differences
-
0
568
Deferred tax not recognised
16,213
-
0
Fixed asset differences
59
16,906
Taxation (credit)/charge for the year
(24,037)
4,593
10
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
575,893
1,029,334
2,466,636
291,634
4,363,497
Additions
-
0
-
0
440,811
77,249
518,060
Disposals
-
0
-
0
(273,166)
(71,403)
(344,569)
At 31 December 2024
575,893
1,029,334
2,634,281
297,480
4,536,988
Depreciation and impairment
At 1 January 2024
51,693
69,797
2,045,004
116,846
2,283,340
Depreciation charged in the year
-
0
57,465
210,571
70,752
338,788
Eliminated in respect of disposals
-
0
-
0
(268,158)
(69,938)
(338,096)
At 31 December 2024
51,693
127,262
1,987,417
117,660
2,284,032
Carrying amount
At 31 December 2024
524,200
902,072
646,864
179,820
2,252,956
At 31 December 2023
524,200
959,537
421,632
174,788
2,080,157

Included within freehold land and buildings is land with a carrying value of £524,200 (2023: £524,200), which is not subject to depreciation in accordance with the company’s accounting policy.

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,324,085
727,867
Corporation tax recoverable
54,720
52,117
Amounts owed by group undertakings
18,103
186,226
Other debtors
131,127
95,212
Prepayments and accrued income
235,682
206,939
1,763,717
1,268,361

Amounts owed by group undertakings are unsecured, bear no interest and are repayable on demand.

12
Stocks
2024
2023
£
£
Finished goods and goods for resale
7,567,506
6,364,421

Goods valued at £2,890,296 (2023: £2,349,052) were in transit at year end but owned by the company.

13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,217
42,579
Amounts owed to group undertakings
10,058,868
7,869,868
Taxation and social security
818,193
588,527
Payments received in advance
350,951
425,965
Other creditors
29,937
26,042
Accruals and deferred income
223,847
199,781
11,543,013
9,152,762

Amounts owed to group undertakings are unsecured, and are repayable in accordance with the group's credit terms. Interest totalling £47,252 (2023: £40,949) was charged in the year.

14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
224,001
150,345

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
267,856
249,273
Tax losses
(267,856)
(225,661)
Short term timing differences
-
425
-
24,037
2024
Movements in the year:
£
Liability at 1 January 2024
24,037
Credit to profit or loss
(24,037)
Liability at 31 December 2024
-

 

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
17
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
380,066
329,568
Between two and five years
651,054
708,892
1,031,120
1,038,460
BREVITT - RIEKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
18
Related party transactions

The Company has taken the exemption under paragraph 33.1A of FRS 102 which permits non disclosure of transactions that have taken place between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

19
Ultimate controlling party

The immediate parent undertaking is Rieker Holding A.G., a company incorporated in Switzerland.

 

The ultimate parent undertaking is Rieker Antistress Group Holding A.G., a company incorporated in Switzerland, and is the smallest and largest company for which consolidated accounts including Brevitt - Rieker Limited are prepared.

20
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(172,171)
(48,191)
Adjustments for:
Taxation (credited)/charged
(24,037)
4,593
Finance costs
47,252
40,949
Investment income
(2,676)
(4,806)
Gain on disposal of tangible fixed assets
(18,420)
(38,667)
Depreciation and impairment of tangible fixed assets
338,788
283,545
Movements in working capital:
(Increase)/decrease in stocks
(1,203,085)
511,619
(Increase)/decrease in debtors
(492,753)
1,198,221
Increase/(decrease) in creditors
2,390,251
(1,543,205)
Cash generated from operations
863,149
404,058
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,191,344
322,803
1,514,147
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