Company Registration No. 13892076 (England and Wales)
RYTIMBER LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
RYTIMBER LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 35
RYTIMBER LTD
COMPANY INFORMATION
Director
Mr R E W Gregory
Company number
13892076
Registered office
Timber Terminal
Breighton Airfield
Bubwith
Selby
YO8 6DJ
Auditor
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
RYTIMBER LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The director presents the strategic report for the year ended 31 January 2025.

Results and performance

The results for the period, as set out in pages 9 to 11, show a profit before tax of £397,243, with reported shareholders' funds of £1,323,580.

Group activities

The Group imports timber from Scandinavia, Germany and Eastern Europe, this timber is purchased forward usually 3 months in advance on contracts. The Group supplements this stock with day to day purchases from companies based within the UK.

To stay competitive the Group is constantly checking prices, being aware of movements in the market and reacting to them. To ensure good service to our many customers, we hold significant stock at our premises in Yorkshire. We look closely at our production and overhead costs, investing in machinery and training to ensure we keep costs down to a minimum. We are now looking at more automation and cost-saving methods to introduce a leaner, more efficient production due to the challenges faced within the manufacturing industry. When pressure is put on margins through increased raw material prices, we have the expertise to look to alternative timber options to maintain our margins. We operate a lean, well-run, flexible operation that can move very quickly to react to market changes and customers' demands.

We supply principally to the bedding industry, supplying cut to length timber components, we have expanded into the further working of these products to increase margins, we also supply many other industries including portable buildings, garden furniture, sheds and fencing, pallet and packing cases and many more industries, our flexible approach enables us to supply any company that uses softwood. Our recent investment in machinery has allowed us to offer a more competitive and complete service in the industries we supply.

Research and development is something we invest heavily in, we are constantly looking at new products putting many hours into the development of products to meet our customer needs, also investing in machinery to deliver new and existing products. We have invested in solar to supplement our electricity consumption and biomass to heat the site using the waste from our own production. This investment has continued to grow and despite the reduction in government support for R&D w e continue to make it an important part of who we are.

Strategy

Our strategy is to be a flexible group that can move with changing markets with overheads kept to a minimum to enable us to compete with anyone trading timber. We can change product techniques, move into more profitable areas within our industry with our vision.

We are committed to reducing our carbon footprint by using our waste to heat the site, investing in solar to supplement our power usage and working with partners to further reduce our activities' impact on the planet. We have continued investment by recycling all of our packaging waste across the entire site.

We are FSC and PEFC Certificated, so committed to Chain of Custody on all our timber products. We are also proud members of the NETTA committee and are proud to announce that one of our employees will be the upcoming Chairman.

Key performance indicators ('KPIs')

We set out below the KPIs which are key to the Group:

2025
2024
Reported turnover
27,712,879
28,027,538
Gross profit % (timber stocks)
13.85%
14.06%
Total capital expenditure
1,367,526
970,417
RYTIMBER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Principal risks and uncertainties

- Stock purchasing risk: The main risks to the Group revolve around the sourcing of timber and the ongoing raw material prices, which can fluctuate significantly depending upon the supply chain and demand, M anagement's philosophy is to ensure that tight control and monitoring of timber prices and the ongoing customer demand and requirements are matched wherever possible. T his ongoing review and monitoring is a key process which should enable the risks and uncertainties to be kept to a minimum.

- Pension funding risk: The Group operates a defined contribution scheme only.

- Legislation: The Group monitors current and planned legislation regularly both directly and through membership of various associations and accredited bodies. The Group not only seeks to ensure ongoing compliance but strives to ensure that best practice is incorporated and applied.

- Litigation: The Group is subject to litigation and claims from time to time. The outcome of legal action is always uncertain and there remains a risk that it may prove more costly and time consuming than expected. There is a risk that any litigation could be instigated now and in the future, which could materially impact the Group. The Group endeavours to maintain adequate insurance levels for all insurable risks.

Future Developments
We continue to look to the future by identifying and investing in new plant and machinery in order to service the demand of our customers.
With the improving economic environment, the prospects for future growth remain encouraging, the effects of Management's strategy on sourcing timber and together with the expenditure on new plant are leading to further improvements in profitability and, where possible, maintaining margins in the core business.
The Director feels that the coming period will reflect the effect of the strategies already put in place and, as a result, will continue to create opportunities for continuing growth in the current operations.

On behalf of the board

Mr R E W Gregory
Director
11 November 2025
RYTIMBER LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company is that of a holding company, whilst the principal activity of the group is that of the operation of timber importers.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr R E W Gregory
Statement of disclosure to auditor

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

On behalf of the board
Mr R E W Gregory
Director
11 November 2025
RYTIMBER LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

RYTIMBER LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RYTIMBER LTD
- 5 -
Opinion

We have audited the financial statements of Rytimber Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's 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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

RYTIMBER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RYTIMBER LTD
- 6 -

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 director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

RYTIMBER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RYTIMBER LTD
- 7 -
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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes.

RYTIMBER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RYTIMBER LTD
- 8 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect all non-compliance with laws and regulations.

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

Use of our report

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

Neil Potter FCA (Senior Statutory Auditor)
For and on behalf of TC Group
11 November 2025
Statutory Auditor
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
RYTIMBER LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
27,712,879
28,027,538
Cost of sales
(23,875,605)
(24,087,990)
Gross profit
3,837,274
3,939,548
Distribution costs
(417,555)
(356,590)
Administrative expenses
(3,170,702)
(3,345,458)
Other operating income
269,648
273,106
Operating profit
4
518,665
510,606
Interest receivable and similar income
8
10,223
3,608
Interest payable and similar expenses
9
(131,645)
(139,460)
Profit before taxation
397,243
374,754
Tax on profit
10
(210,037)
(150,270)
Profit for the financial year
25
187,206
224,484
Profit for the financial year is attributable to:
- Owners of the parent company
85,741
112,587
- Non-controlling interests
101,465
111,897
187,206
224,484
Total comprehensive income for the year is all attributable to the owners of the parent company.
RYTIMBER LTD
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,401,944
1,599,672
Other intangible assets
11
18,407
21,410
Total intangible assets
1,420,351
1,621,082
Tangible assets
12
7,285,608
6,516,857
Investment properties
13
342,375
342,375
9,048,334
8,480,314
Current assets
Stocks
16
4,480,533
3,475,210
Debtors
17
4,779,548
4,550,539
Cash at bank and in hand
44,956
528,612
9,305,037
8,554,361
Creditors: amounts falling due within one year
18
(12,412,700)
(11,121,804)
Net current liabilities
(3,107,663)
(2,567,443)
Total assets less current liabilities
5,940,671
5,912,871
Creditors: amounts falling due after more than one year
19
(1,947,039)
(2,177,583)
Provisions for liabilities
Deferred tax liability
22
789,969
718,831
(789,969)
(718,831)
Net assets
3,203,663
3,016,457
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
1,323,480
1,088,605
Equity attributable to owners of the parent company
1,323,580
1,088,705
Non-controlling interests
1,880,083
1,927,752
3,203,663
3,016,457
RYTIMBER LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 11 -
The financial statements were approved and signed by the director and authorised for issue on 11 November 2025
11 November 2025
Mr R E W Gregory
Director
RYTIMBER LTD
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
7,000,000
7,000,000
Current assets
Cash at bank and in hand
45
74
Creditors: amounts falling due within one year
18
(5,222,429)
(5,818,925)
Net current liabilities
(5,222,384)
(5,818,851)
Net assets
1,777,616
1,181,149
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
1,777,516
1,181,049
Total equity
1,777,616
1,181,149

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the period was £596,467 (2024 - £570,326 profit).

The financial statements were approved and signed by the director and authorised for issue on 11 November 2025
11 November 2025
Mr R E W Gregory
Director
Company Registration No. 13892076
RYTIMBER LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 February 2023
100
680,749
680,849
2,019,874
2,700,723
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
112,587
112,587
111,897
224,484
Acquisition of subsidiary
-
-
-
91,250
91,250
Other movements
-
295,269
295,269
(295,269)
-
100
1,088,605
1,088,705
1,927,752
3,016,457
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
85,741
85,741
101,465
187,206
Change in NCI from dividends
-
149,134
149,134
(149,134)
-
Balance at 31 January 2025
100
1,323,480
1,323,580
1,880,083
3,203,663
RYTIMBER LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2023
100
610,723
610,823
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
570,326
570,326
Balance at 31 January 2024
100
1,181,049
1,181,149
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
596,467
596,467
Balance at 31 January 2025
100
1,777,516
1,777,616
RYTIMBER LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,448,527
890,725
Interest paid
(131,645)
(139,460)
Income taxes paid
(29,134)
-
Net cash inflow from operating activities
1,287,748
751,265
Investing activities
Purchase of tangible fixed assets
(994,507)
(970,417)
Proceeds on disposal of tangible fixed assets
68,000
67,949
Purchase of subsidiaries
-
(570,327)
Interest received
10,223
3,608
Purchase of subsidiaries (deferred consideration payments)
(767,996)
(334,605)
Net cash used in investing activities
(1,684,280)
(1,803,792)
Financing activities
Proceeds from borrowings
651,536
1,358,095
Repayment of bank loans
(271,976)
(98,262)
Payment of finance leases obligations
(466,684)
(51,040)
Net cash (used in)/generated from financing activities
(87,124)
1,208,793
Net (decrease)/increase in cash and cash equivalents
(483,656)
156,266
Cash and cash equivalents at beginning of year
528,612
372,346
Cash and cash equivalents at end of year
44,956
528,612
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 16 -
1
Accounting policies
Company information

Rytimber Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Timber Terminal, Breighton Airfield, Bubwith, Selby, YO8 6DJ.

The group consists of Rytimber Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

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

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

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

1.2
Business combinations

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

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

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

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

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
10 years straight line
1.8
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
2% on cost
Plant and equipment
10% on reducing balance
Fixtures and fittings
15-20% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -

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

1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

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

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

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Stocks

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

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

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

1.12
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.

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
1.13
Financial instruments

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

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

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -
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 subsequently 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.

1.14
Equity instruments

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

1.15
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 period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

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

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 22 -
1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
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.

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

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.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. The carrying value of tangible fixed assets is shown in note 12.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
27,712,879
28,027,538
2025
2024
£
£
Other significant revenue
Interest income
10,223
3,608
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
527,275
494,458
Profit on disposal of tangible fixed assets
(635)
(6,139)
Amortisation of intangible assets
200,731
200,693
Operating lease charges
34,604
5,332
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,500
17,500
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
1
1
Sales and administration
16
14
-
-
Production and distribution
125
125
-
-
Total
143
141
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,105,242
4,780,557
-
0
-
0
Social security costs
470,254
454,060
-
-
Pension costs
105,964
128,685
-
0
-
0
5,681,460
5,363,302
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
82,401
83,925
Company pension contributions to defined contribution schemes
7,436
3,400
89,837
87,325
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
7
Director's remuneration
(Continued)
- 25 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
10,223
2,719
Other interest income
-
889
Total income
10,223
3,608

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
10,223
2,719
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
83,447
93,358
Other interest on financial liabilities
35,934
37,876
119,381
131,234
Other finance costs:
Interest on finance leases and hire purchase contracts
12,264
8,226
Total finance costs
131,645
139,460
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
77,542
150,765
Adjustments in respect of prior periods
61,357
3,472
Total current tax
138,899
154,237
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Taxation
2025
2024
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
57,220
(3,967)
Adjustment in respect of prior periods
13,918
-
0
Total deferred tax
71,138
(3,967)
Total tax charge
210,037
150,270

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:

2025
2024
£
£
Profit before taxation
397,243
374,754
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
99,311
90,053
Tax effect of expenses that are not deductible in determining taxable profit
7,476
6,335
Permanent capital allowances in excess of depreciation
(15,000)
-
0
Amortisation on assets not qualifying for tax allowances
43,475
55,796
Under/(over) provided in prior years
61,357
3,472
Deferred tax adjustments in respect of prior years
13,918
(8,274)
Fixed asset timing difference
-
0
2,721
Change of rate of deferred tax on closing balance
-
167
Capital gain on disposals exceeding cost
(500)
-
Taxation charge
210,037
150,270
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
11
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 February 2024 and 31 January 2025
1,977,528
27,044
2,004,572
Amortisation and impairment
At 1 February 2024
377,856
5,634
383,490
Amortisation charged for the year
197,728
3,003
200,731
At 31 January 2025
575,584
8,637
584,221
Carrying amount
At 31 January 2025
1,401,944
18,407
1,420,351
At 31 January 2024
1,599,672
21,410
1,621,082
The company had no intangible fixed assets at 31 January 2025 or 31 January 2024.
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 28 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2024
3,821,817
2,263,469
805,518
64,449
355,976
7,311,229
Additions
548,419
612,840
87,979
11,249
107,039
1,367,526
Disposals
-
0
(62,012)
-
0
-
0
(31,467)
(93,479)
At 31 January 2025
4,370,236
2,814,297
893,497
75,698
431,548
8,585,276
Depreciation and impairment
At 1 February 2024
154,140
380,254
205,794
35,029
19,155
794,372
Depreciation charged in the year
112,272
216,950
95,907
16,039
86,107
527,275
Eliminated in respect of disposals
-
0
(17,929)
-
0
-
0
(4,050)
(21,979)
At 31 January 2025
266,412
579,275
301,701
51,068
101,212
1,299,668
Carrying amount
At 31 January 2025
4,103,824
2,235,022
591,796
24,630
330,336
7,285,608
At 31 January 2024
3,667,677
1,883,215
599,724
29,420
336,821
6,516,857
The company had no tangible fixed assets at 31 January 2025 or 31 January 2024.

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
563,939
353,124
-
0
-
0
Motor vehicles
36,317
36,001
-
0
-
0
600,256
389,125
-
-
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 February 2024 and 31 January 2025
342,375
-

The fair value of the investment property has been prepared by the Director. A valuation performed on 15 January 2025 by a RICS qualified firm of independent surveyors, who are not connected with the Group, has also been considered in arriving at the valuation.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
7,000,000
7,000,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 January 2025
7,000,000
Carrying amount
At 31 January 2025
7,000,000
At 31 January 2024
7,000,000
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 30 -
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Service Timber Limited
Timber Terminal, The Airfield, Breighton, Selby, North Yorkshire, YO8 6DJ
Ordinary
75.00
-
Service Timber Properties Ltd
Timber Terminal, The Airfield, Breighton, Selby, North Yorkshire, YO8 6DJ
Ordinary
0
75.00
Powerfast (Yorkshire) Limited
6 Wallingfen Park, 236 Main Road, Newport, East Yorkshire, HU15 2RH
Ordinary
0
75.00

Powerfast (Yorkshire) Limited is exempt from the requirements of the Act relating to the audit of subsidiary accounts by virtue of a parent company guarantee given in accordance with s479A of the Companies Act 2006.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
4,184,458
3,275,745
-
-
Finished goods and goods for resale
296,075
199,465
-
0
-
0
4,480,533
3,475,210
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,585,272
4,389,047
-
0
-
0
Other debtors
131,577
97,724
-
0
-
0
Prepayments and accrued income
62,699
63,768
-
0
-
0
4,779,548
4,550,539
-
-
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
3,625,225
3,363,260
-
0
-
0
Obligations under finance leases
21
177,020
94,045
-
0
-
0
Trade creditors
6,299,506
4,644,159
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,000,000
4,000,000
Corporation tax payable
246,052
257,709
-
0
-
0
Other taxation and social security
682,402
682,015
-
-
Other creditors
1,315,560
1,941,488
1,222,429
1,818,925
Accruals and deferred income
66,935
139,128
-
0
-
0
12,412,700
11,121,804
5,222,429
5,818,925
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
1,642,427
1,820,252
-
0
-
0
Obligations under finance leases
21
204,262
85,481
-
0
-
0
Other creditors
100,350
271,850
-
0
-
0
1,947,039
2,177,583
-
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,808,555
1,994,258
-
0
-
0
Bank overdrafts
3,459,097
3,189,254
-
0
-
0
5,267,652
5,183,512
-
-
Payable within one year
3,625,225
3,363,260
-
0
-
0
Payable after one year
1,642,427
1,820,252
-
0
-
0

RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
20
Loans and overdrafts
(Continued)
- 32 -

The long-term loans comprise of a £1,925,000 fixed rate loan facility denominated in Pounds Sterling. The loan with a carrying value at the period end, including interest, of £1,638,000 (2024: £1,740,040), has a final maturity date of February 2027. The bank loan is repayable by monthly instalments plus fixed interest of 4.14%.

The loan is secured by: a debenture incorporating a fixed charge against the group's freehold land and buildings, a guarantee from Mr R E W Gregory for £100,000, a debenture from the company.

The other bank finance is secured by a fixed and floating charge over the assets of the group.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
177,020
94,045
-
0
-
0
In two to five years
204,262
85,481
-
0
-
0
381,282
179,526
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
791,576
729,674
Retirement benefit obligations
(1,607)
(10,843)
789,969
718,831
The company has no deferred tax assets or liabilities.
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
22
Deferred taxation
(Continued)
- 33 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
718,831
-
Charge to profit or loss
71,138
-
Liability at 31 January 2025
789,969
-

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
105,964
128,685

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

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
100
100
100
100
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 34 -
25
Reserves

Share capital

Share capital represents the nominal value of shares in issue.

Profit and loss account

The profit and loss account represents accumulated comprehensive income for the period and prior periods,

after deduction of dividends paid. This reserve is distributable.

Non-controlling interests

Non-controlling interests represents accumulated comprehensive income for the year end and prior periods,

after deduction of dividends, attributable to minority shareholders of group undertakings.

26
Financial commitments, guarantees and contingent liabilities

Company

The Company has provided a cross guarantee in relation to borrowings of its subsidiary undertakings. As at 31 January 202 5, the total borrowings secured under this guarantee amounted to £5,287,053.

A fixed and floating charge exists over the Group and company’s assets in favour of Clydesdale Bank PLC.

27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
120,291
219,000
-
-
28
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R E W Gregory -
(1,262)
49,687
(48,425)
-
(1,262)
49,687
(48,425)
-
RYTIMBER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 35 -
29
Controlling party

The ultimate controlling party is R E W Gregory.

30
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
187,206
224,484
Adjustments for:
Taxation charged
210,037
150,270
Gain on disposal of tangible fixed assets
(635)
(6,139)
Amortisation and impairment of intangible assets
200,731
200,693
Depreciation and impairment of tangible fixed assets
527,275
494,458
Movements in working capital:
(Increase)/decrease in stocks
(1,005,323)
1,017,860
(Increase)/decrease in debtors
(229,008)
157,073
Increase/(decrease) in creditors
1,558,244
(1,347,984)
Cash generated from operations
1,448,527
890,715
31
Analysis of changes in net debt - group
1 February 2024
Cash flows
New finance leases
31 January 2025
£
£
£
£
Cash at bank and in hand
528,612
(483,656)
-
44,956
Bank overdrafts
(3,189,254)
(269,843)
-
(3,459,097)
(2,660,642)
(753,499)
-
(3,414,141)
Borrowings excluding overdrafts
(1,994,258)
185,703
-
(1,808,555)
Obligations under finance leases
(179,526)
171,263
(373,019)
(381,282)
(4,834,426)
(396,533)
(373,019)
(5,603,978)
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