Silverfin false false 31/05/2024 01/06/2023 31/05/2024 J Antliff 15/04/2020 M Antliff 19/10/2009 C Barnett 06/07/2016 06 February 2025 Following the group restructuring in the prior year, the group will focus on the retail of specialist footwear, the holding of investment property and working with our key clients we continue to operate a third party logistics and distribution function. SC365088 2024-05-31 SC365088 bus:Director1 2024-05-31 SC365088 bus:Director2 2024-05-31 SC365088 bus:Director3 2024-05-31 SC365088 2023-05-31 SC365088 core:CurrentFinancialInstruments 2024-05-31 SC365088 core:CurrentFinancialInstruments 2023-05-31 SC365088 core:ShareCapital 2024-05-31 SC365088 core:ShareCapital 2023-05-31 SC365088 core:CapitalRedemptionReserve 2024-05-31 SC365088 core:CapitalRedemptionReserve 2023-05-31 SC365088 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC365088 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC365088 core:OtherPropertyPlantEquipment 2023-05-31 SC365088 core:OtherPropertyPlantEquipment 2024-05-31 SC365088 core:CostValuation 2023-05-31 SC365088 core:CostValuation 2024-05-31 SC365088 bus:OrdinaryShareClass1 2024-05-31 SC365088 2023-06-01 2024-05-31 SC365088 bus:FilletedAccounts 2023-06-01 2024-05-31 SC365088 bus:SmallEntities 2023-06-01 2024-05-31 SC365088 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC365088 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC365088 bus:Director1 2023-06-01 2024-05-31 SC365088 bus:Director2 2023-06-01 2024-05-31 SC365088 bus:Director3 2023-06-01 2024-05-31 SC365088 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-06-01 2024-05-31 SC365088 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC365088 2022-06-01 2023-05-31 SC365088 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC365088 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC365088 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC365088 1 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC365088 (Scotland)

THE WORKS FACTORY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

THE WORKS FACTORY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

THE WORKS FACTORY LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
THE WORKS FACTORY LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 67,823 43,844
Investments 4 465,163 465,163
532,986 509,007
Current assets
Debtors 5 599,592 109,457
Cash at bank and in hand 109,608 595,068
709,200 704,525
Creditors: amounts falling due within one year 6 ( 511,925) ( 470,083)
Net current assets 197,275 234,442
Total assets less current liabilities 730,261 743,449
Net assets 730,261 743,449
Capital and reserves
Called-up share capital 7 857 857
Capital redemption reserve 143 143
Profit and loss account 729,261 742,449
Total shareholder's funds 730,261 743,449

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Works Factory Limited (registered number: SC365088) were approved and authorised for issue by the Board of Directors on 06 February 2025. They were signed on its behalf by:

M Antliff
Director
THE WORKS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
THE WORKS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Works Factory Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 19 Law Place, Nerston Industrial Estate, East Kilbride, G74 4QL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 99,900 99,900
Additions 37,622 37,622
At 31 May 2024 137,522 137,522
Accumulated depreciation
At 01 June 2023 56,056 56,056
Charge for the financial year 13,643 13,643
At 31 May 2024 69,699 69,699
Net book value
At 31 May 2024 67,823 67,823
At 31 May 2023 43,844 43,844

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 465,163
At 31 May 2024 465,163
Carrying value at 31 May 2024 465,163
Carrying value at 31 May 2023 465,163

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 103,637 103,838
Other debtors 495,955 5,619
599,592 109,457

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 0 465,972
Other taxation and social security 0 999
Other creditors 511,925 3,112
511,925 470,083

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
857 Ordinary shares of £ 1.00 each 857 857

8. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed to related parties 511,346 468,771
Amounts owed by related parties 490,833 105,580

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

Amounts included above are unsecured, interest free, and repayable on demand.

9. Ultimate controlling party

The immediate parent company is Skye 25 Limited (SC763584), a company registered in Scotland at 19 Law Place, East Kilbride, Glasgow, G74 4QL.