Company registration number 01222255 (England and Wales)
GEORGE RYE & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GEORGE RYE & SONS LIMITED
COMPANY INFORMATION
Directors
Mr M E Rye
Mrs C M Rye
Mr E M Rye
Secretary
Mr M E Rye
Company number
01222255
Registered office
GRS Footwear
Lunar House, Unit 1
Easter Park, Baker Road
Cramlington
Northumberland
NE23 1WQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
HSBC Plc
Bamburgh House
Cramlington
Northumberland
NE23 6QE
Solicitors
Stockdale and Reid
52 Howard Street
North Shields
Tyne and Wear
NE30 1AP
GEORGE RYE & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 24
GEORGE RYE & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Executive Summary

George Rye & Sons Limited (GRS), a medium-sized UK-based footwear distribution business, demonstrated resilience and strategic foresight in 2024 despite a turbulent retail high street landscape. This report presents an integrated review of GRS’s financial performance, market conditions, competitive standing, and future opportunities.

The business delivered strong gross and net margins, maintained a loyal customer base, and advanced its digital infrastructure. Through tactical cost management, supply chain efficiency, and brand innovation, GRS is well-positioned for sustainable long-term growth.

1. Company Overview

GRS specialises in footwear distribution to a broad B2B network, including independent retailers, garden centres, multiple retailers and outdoor shops. The company also operates a growing Direct-to-Consumer (DTC) channel and represents exclusive brands such as Grisport and Lunar in the UK. The company’s legacy, built on service excellence and brand integrity, continues to support its competitive edge.

2. Financial Performance

2.1 Income Statement

- Revenue: £13.78 million (↓3.15% YoY)

- Gross Profit Margin: 32.27%

- Net Profit Margin: 6.44% (£0.888 million)

2.2 Balance Sheet

- Total Assets: £6.48 million (↑3.89%)

- Total Liabilities: £2.01 million

- Debt-to-Equity Ratio: 0.31

- Shareholder Equity Growth: 10%

2.3 Cash Flow

- Operating Cash Flow: £1.11 million (positive)

- Investing Cash Flow: -£0.13 million (negative)

- Financing Cash Flow: -£0.19 million (negative)

GEORGE RYE & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
3. Market Analysis

3.1 Industry Overview

The UK footwear industry is forecast to grow at a CAGR of 4.12% from 2024 to 2028. However, 2024 presented challenges, including:

- Continuing post-Brexit import and compliance issues

- Competitive pressure from international online-only players

- Increasing demand for sustainable products and transparent supply chains

3.2 Competitive Landscape

GRS competes with national wholesalers and international brands. Its advantages include:

- Exclusive brands

- Personalised B2B service, serviced by field representatives

- Unique designs

- Reliable logistics and customer support

3.3 Customer Analysis

Primary customer segments include:

- Independent shoe stores

- Garden centres

- Online footwear & clothing retailers

- Outdoor retail outlets

Emerging trends include:

- Increased demand for leisure and ergonomic footwear

- Preference for immediate comfort and fit

- Continued migration to online shopping

4. SWOT Analysis

4.1 Strengths

- Established brand presence

- Loyal client relationships

- Robust financial health

- Innovative, comfortable product lines

4.2 Weaknesses

- Limited export reach (Brexit barriers)

- Supplier concentration risk

4.3 Opportunities

- Entering new EU markets

- AI and ecommerce integration

- Expanding brand portfolio

4.4 Threats

- Intense digital marketplace competition

- Economic slowdown risks

- Regulatory uncertainty, certainly around tariffs

GEORGE RYE & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
5. Strategic Recommendations

5.1 Market Expansion

Objective: Target Europe for Lunar brand distribution
Actions:

- Conduct country-specific market research

- Establish EU distribution partnerships

- Tailor marketing to local cultures

5.2 Innovation and R&D

Objective: Improve product differentiation
Actions:

- Increase R&D investment & IP Design Registration

- Use consumer insights to develop new ranges

5.3 Cost Optimization

Objective: Enhance efficiency and control costs
Actions:

- Negotiate improved supplier terms

- Introduce lean practices

- Upgrade warehouse automation systems

5.4 Digital Transformation

Objective: Strengthen online presence and infrastructure
Actions:

- Continue to invest in SEO, PPC and digital CRM

- Improve B2C website conversion

- Reinforce IT security

- Migrate websites to one of the stronger platforms

5.5 Advertising Recommendations

Objective: Increase consumer brand awareness
Actions:

- Explore national radio advertising

- Increase targeted online brand promotion through social media channels

- Explore opportunity presented by new social channels including TikTok

6. Key Achievements of 2024

- CRM system integration, improving sales responsiveness

- Rapid growth in ecommerce traffic and conversion rates

- Significant improvement in social media and lifestyle photography

Other information and explanations

GRS has demonstrated strategic agility in the face of complex challenges. With a robust operational base, brand strength, and a clear digital roadmap, the company is prepared for continued growth.

By implementing the outlined recommendations, GRS can further cement its position and brand names in the UK footwear landscape.

GEORGE RYE & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

On behalf of the board

Mr E M Rye
Director
19 September 2025
GEORGE RYE & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of wholesale and retail of footwear goods.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £247,000. 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 M E Rye
Mrs C M Rye
Mr E M Rye
Mr T A Richardson
(Retired 28 June 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Robson Laidler Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GEORGE RYE & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
On behalf of the board
Mr E M Rye
Director
19 September 2025
GEORGE RYE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE RYE & SONS LIMITED
- 7 -
Opinion

We have audited the financial statements of George Rye & Sons Limited (the 'company') for the year ended 31 December 2024 which comprise 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:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 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 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:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

GEORGE RYE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEORGE RYE & SONS LIMITED
- 8 -
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 identifie d material misstatements in the strategic report and the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company, we identified that there were no principal risks of non-compliance with laws and regulations central to the company's operations as it does not have to report to a regulatory body and there is no supervisory body which monitors its operations. We also considered those laws and regulations that have a direct impact on the financial statements of the company such as the Companies Act 2006 and UK tax legislation.

Audit procedures performed by the engagement team included:

Discussions with directors and key management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

Identifying and testing journal entries based on risk criteria;

Testing transactions entered into outside of the company's normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from 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 or collusion.

GEORGE RYE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEORGE RYE & SONS LIMITED
- 9 -

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Charles BSc FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
19 September 2025
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
GEORGE RYE & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
13,781,790
14,229,272
Cost of sales
(9,334,186)
(9,861,390)
Gross profit
4,447,604
4,367,882
Administrative expenses
(3,583,287)
(3,345,737)
Operating profit
4
864,317
1,022,145
Interest receivable and similar income
42,203
1,733
Interest payable and similar expenses
8
(18,396)
(8,908)
Profit before taxation
888,124
1,014,970
Tax on profit
9
(225,963)
(241,547)
Profit for the financial year
662,161
773,423
GEORGE RYE & SONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
535,528
467,236
Current assets
Stocks
12
1,571,596
2,203,522
Debtors
13
2,202,878
2,175,737
Cash at bank and in hand
2,175,215
1,396,052
5,949,689
5,775,311
Creditors: amounts falling due within one year
14
(1,904,003)
(2,071,986)
Net current assets
4,045,686
3,703,325
Total assets less current liabilities
4,581,214
4,170,561
Creditors: amounts falling due after more than one year
15
-
0
(24,514)
Provisions for liabilities
Deferred tax liability
17
108,790
88,784
(108,790)
(88,784)
Net assets
4,472,424
4,057,263
Capital and reserves
Called up share capital
19
50,000
50,000
Profit and loss reserves
4,422,424
4,007,263
Total equity
4,472,424
4,057,263

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2025 and are signed on its behalf by:
Mr E M Rye
Director
Company registration number 01222255 (England and Wales)
GEORGE RYE & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
50,000
3,477,640
3,527,640
Year ended 31 December 2023:
Profit and total comprehensive income
-
773,423
773,423
Dividends
10
-
(243,800)
(243,800)
Balance at 31 December 2023
50,000
4,007,263
4,057,263
Year ended 31 December 2024:
Profit and total comprehensive income
-
662,161
662,161
Dividends
10
-
(247,000)
(247,000)
Balance at 31 December 2024
50,000
4,422,424
4,472,424
GEORGE RYE & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,351,062
1,752,098
Interest paid
(18,396)
(8,908)
Income taxes paid
(220,311)
(187,414)
Net cash inflow from operating activities
1,112,355
1,555,776
Investing activities
Purchase of tangible fixed assets
(221,624)
(160,841)
Proceeds from disposal of tangible fixed assets
41,370
51,313
Repayment of loans
-
0
4,148
Interest received
42,203
1,733
Net cash used in investing activities
(138,051)
(103,647)
Financing activities
Proceeds from borrowings
300,000
-
0
Repayment of borrowings
(248,141)
(180,994)
Dividends paid
(247,000)
(243,800)
Net cash used in financing activities
(195,141)
(424,794)
Net increase in cash and cash equivalents
779,163
1,027,335
Cash and cash equivalents at beginning of year
1,396,052
368,717
Cash and cash equivalents at end of year
2,175,215
1,396,052
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

George Rye & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is GRS Footwear, Lunar House, Unit 1, Easter Park, Baker Road, Cramlington, Northumberland, NE23 1WQ.

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 UK sterling which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of products is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods

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:

Improvements to property
Term of lease
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Concession stands
33.33% straightline
Motor vehicles
25% on reducing balance

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.

GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.7
Cash and cash equivalents

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

1.8
Financial instruments
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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

Derecognition of financial liabilities

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

1.9
Taxation

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

Current and deferred taxation assets and liabilities are not discounted.

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

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

GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.11
Retirement benefits

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

1.12
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 lease s asset are consumed.

1.13
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.

1.14

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.15

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements. If, in the future, such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and judgements will be modified as appropriate in the year in which the circumstances change.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

The estimated useful lives of tangible fixed assets

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,009,213
13,285,351
Overseas
772,577
943,921
13,781,790
14,229,272
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
42,203
1,733

Sale of goods £13,781,790 (2023 £14,229,272).

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,897)
(13,333)
Depreciation of owned tangible fixed assets
117,337
114,303
Profit on disposal of tangible fixed assets
(5,375)
(17,261)
Operating lease charges
144,625
141,152
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,462
8,044
For other services
Taxation compliance services
1,301
2,425
For services in respect of associated pension schemes
Other assurance services
1,125
1,460
6
Employees

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

2024
2023
Number
Number
Management
7
8
Sales
18
14
Administration and IT support
11
10
Warehouse
9
9
Total
45
41
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,067,315
2,027,125
Social security costs
230,508
229,221
Pension costs
58,089
40,081
2,355,912
2,296,427
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
628,937
802,375
Company pension contributions to defined contribution schemes
6,485
6,500
635,422
808,875

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
343,605
320,277
Company pension contributions to defined contribution schemes
6,485
6,500
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
1,325
Other interest on financial liabilities
18,396
7,583
18,396
8,908
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
205,957
220,281
Deferred tax
Origination and reversal of timing differences
20,006
21,266
Total tax charge
225,963
241,547

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

2024
2023
£
£
Profit before taxation
888,124
1,014,970
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
222,031
253,743
Expenses not allowable for tax/(now allowable)
1,803
(5,634)
Effect of change in corporation tax rate
-
0
(13,856)
Depreciation in excess/(deficit) of capital allowances
(17,877)
(13,972)
Deferred tax
20,006
21,266
Taxation charge for the year
225,963
241,547
10
Dividends
2024
2023
£
£
Interim paid
247,000
243,800
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
11
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Concession stands
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
41,854
557,467
474,023
127,449
199,460
1,400,253
Additions
-
0
12,828
50,727
-
0
158,069
221,624
Disposals
-
0
-
0
-
0
-
0
(59,664)
(59,664)
At 31 December 2024
41,854
570,295
524,750
127,449
297,865
1,562,213
Depreciation and impairment
At 1 January 2024
10,692
349,842
341,589
127,449
103,445
933,017
Depreciation charged in the year
2,093
33,248
27,473
-
0
54,523
117,337
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(23,669)
(23,669)
At 31 December 2024
12,785
383,090
369,062
127,449
134,299
1,026,685
Carrying amount
At 31 December 2024
29,069
187,205
155,688
-
0
163,566
535,528
At 31 December 2023
31,162
207,625
132,434
-
0
96,015
467,236
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,571,596
2,203,522

Included above is a provision for slow moving stocks of £85,790 (2023 £145,946).

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,323,794
1,527,998
Corporation tax recoverable
1,052
1,052
Other debtors
835,236
601,166
Prepayments and accrued income
42,796
45,521
2,202,878
2,175,737
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
16
179,671
103,298
Trade creditors
238,608
408,196
Corporation tax
205,957
220,311
Other taxation and social security
258,518
277,436
Other creditors
407,992
402,469
Accruals and deferred income
613,257
660,276
1,904,003
2,071,986
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
16
-
0
24,514
16
Loans and overdrafts
2024
2023
£
£
Other loans
179,671
127,812
Payable within one year
179,671
103,298
Payable after one year
-
0
24,514

The pension scheme loans are secured with a floating charge on the company assets.

One pension scheme loan of £24,434 incurs interest at 4% pa; the other pension scheme loan of £155,237 incurs interest at 7% pa.

17
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
108,790
88,784
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£
Liability at 1 January 2024
88,784
Charge to profit or loss
20,006
Liability at 31 December 2024
108,790
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,089
40,081

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
12,502
12,502
12,502
12,502
'A' Ordinary of £1 each
2,500
2,500
2,500
2,500
'B' Ordinary of £1 each
34,998
34,998
34,998
34,998
50,000
50,000
50,000
50,000
20
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
138,890
139,090
Between two and five years
555,560
556,360
In over five years
1,153,417
1,292,307
1,847,867
1,987,757
GEORGE RYE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
21
Related party transactions
Transactions with related parties

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

Rent and service charges payable
Loan interest payable
2024
2023
2024
2023
£
£
£
£
Other related parties
144,625
141,152
18,396
7,583

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
395,567
392,829
Other related parties
179,671
127,812
22
Cash generated from operations
2024
2023
£
£
Profit after taxation
662,161
773,423
Adjustments for:
Taxation charged
225,963
241,547
Finance costs
18,396
8,908
Investment income
(42,203)
(1,733)
Gain on disposal of tangible fixed assets
(5,375)
(17,261)
Depreciation and impairment of tangible fixed assets
117,337
114,303
Movements in working capital:
Decrease in stocks
631,926
136,125
(Increase)/decrease in debtors
(27,141)
413,671
(Decrease)/increase in creditors
(230,002)
83,115
Cash generated from operations
1,351,062
1,752,098
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,396,052
779,163
2,175,215
Borrowings excluding overdrafts
(127,812)
(51,859)
(179,671)
1,268,240
727,304
1,995,544
2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2025.200 Mrs C M Rye Mr E M Rye Mr T A Richardson Mr T A Richardson Mr M E Rye 01222255 2024-01-01 2024-12-31 01222255 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 01222255 bus:Director1 2024-01-01 2024-12-31 01222255 bus:Director2 2024-01-01 2024-12-31 01222255 bus:CompanySecretary1 2024-01-01 2024-12-31 01222255 bus:Director3 2024-01-01 2024-12-31 01222255 bus:Director4 2024-01-01 2024-12-31 01222255 bus:RegisteredOffice 2024-01-01 2024-12-31 01222255 2024-12-31 01222255 2023-01-01 2023-12-31 01222255 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01222255 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01222255 2023-12-31 01222255 core:LeaseholdImprovements 2024-12-31 01222255 core:PlantMachinery 2024-12-31 01222255 core:FurnitureFittings 2024-12-31 01222255 core:ComputerEquipment 2024-12-31 01222255 core:MotorVehicles 2024-12-31 01222255 core:LeaseholdImprovements 2023-12-31 01222255 core:PlantMachinery 2023-12-31 01222255 core:FurnitureFittings 2023-12-31 01222255 core:ComputerEquipment 2023-12-31 01222255 core:MotorVehicles 2023-12-31 01222255 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01222255 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01222255 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 01222255 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01222255 core:CurrentFinancialInstruments 2024-12-31 01222255 core:CurrentFinancialInstruments 2023-12-31 01222255 core:ShareCapital 2024-12-31 01222255 core:ShareCapital 2023-12-31 01222255 core:RetainedEarningsAccumulatedLosses 2024-12-31 01222255 core:RetainedEarningsAccumulatedLosses 2023-12-31 01222255 core:ShareCapital 2022-12-31 01222255 core:RetainedEarningsAccumulatedLosses 2022-12-31 01222255 core:ShareCapitalOrdinaryShareClass1 2024-12-31 01222255 core:ShareCapitalOrdinaryShareClass1 2023-12-31 01222255 core:ShareCapitalOrdinaryShareClass2 2024-12-31 01222255 core:ShareCapitalOrdinaryShareClass2 2023-12-31 01222255 core:ShareCapitalOrdinaryShareClass3 2024-12-31 01222255 core:ShareCapitalOrdinaryShareClass3 2023-12-31 01222255 core:ShareCapitalOrdinaryShares 2024-12-31 01222255 core:ShareCapitalOrdinaryShares 2023-12-31 01222255 2023-12-31 01222255 2022-12-31 01222255 core:LeaseholdImprovements 2024-01-01 2024-12-31 01222255 core:PlantMachinery 2024-01-01 2024-12-31 01222255 core:FurnitureFittings 2024-01-01 2024-12-31 01222255 core:ComputerEquipment 2024-01-01 2024-12-31 01222255 core:MotorVehicles 2024-01-01 2024-12-31 01222255 core:UKTax 2024-01-01 2024-12-31 01222255 core:UKTax 2023-01-01 2023-12-31 01222255 1 2024-01-01 2024-12-31 01222255 1 2023-01-01 2023-12-31 01222255 core:LeaseholdImprovements 2023-12-31 01222255 core:PlantMachinery 2023-12-31 01222255 core:FurnitureFittings 2023-12-31 01222255 core:ComputerEquipment 2023-12-31 01222255 core:MotorVehicles 2023-12-31 01222255 core:Non-currentFinancialInstruments 2024-12-31 01222255 core:Non-currentFinancialInstruments 2023-12-31 01222255 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01222255 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 01222255 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 01222255 bus:OrdinaryShareClass1 2024-12-31 01222255 bus:OrdinaryShareClass1 2023-12-31 01222255 bus:OrdinaryShareClass2 2024-12-31 01222255 bus:OrdinaryShareClass2 2023-12-31 01222255 bus:OrdinaryShareClass3 2024-12-31 01222255 bus:OrdinaryShareClass3 2023-12-31 01222255 bus:AllOrdinaryShares 2024-12-31 01222255 bus:AllOrdinaryShares 2023-12-31 01222255 core:WithinOneYear 2024-12-31 01222255 core:BetweenTwoFiveYears 2024-12-31 01222255 core:MoreThanFiveYears 2024-12-31 01222255 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01222255 bus:FRS102 2024-01-01 2024-12-31 01222255 bus:Audited 2024-01-01 2024-12-31 01222255 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP