Company Registration No. SC053525 (Scotland)
J. & D. WILKIE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
J. & D. WILKIE LIMITED
COMPANY INFORMATION
Directors
H D Rowan
P Batchelor
J W Reid
S Duggan-Hill
N Martin
I Peart
W Simpson
Company number
SC053525
Registered office
Marywell Works
Marywell Brae
Kirriemuir
DD8 4BJ
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
J. & D. WILKIE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
J. & D. WILKIE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their strategic report for the year ended 30 June 2024.

Business review and principal activities

The principal activities of J&D Wilkie Limited ("the company") during the year was the production and sales of Woven Textile Materials and associated coating products. The review of the company's business is as follows:

 

Manufacturing

J&D Wilkie Limited applies Advance Textile Technology to create industry-leading solutions for a wide variety of end customer industries and technical end use. The company has focused on product development and implementing operational excellence.

 

The company manufactures in our sites in Kirriemuir, Forfar and has storage facilities in Logie (Kirriemuir).

 

Key focus markets of J&D Wilkie Ltd continue to be within UK, Europe, USA, Japan and Africa.

 

Trading Results

Revenues have decreased year on year to £27,938,488 from £31,792,963 in 2023 primarily due to the volumes stabilising following the integration period of the acquired ATC business. Market and trading conditions where challenging across the UK, USA and Europe in the leading sectors we supply. During 2024 we continued to focus on operational performance and growing our commercial pipeline.

 

The average workforce of 2024 – 164 down from 2023 – 171.

 

Loss before tax of £815,632 was recorded in the year ended 30 Jun 2024 compared to a profit of £114,400 in the year ending 30 Jun 2023. Volume impacts and global supply chain and logistics challenges continued. We have absorbed headwinds through significant increases in Energy costs and other associated inflationary pressures. In addition, UK Government policy created significant increases in labour costs. Throughout this period our focus where to protect our customers and our employees.

 

Strategically we initiated the significant project work and associated resources which culminated in the acquisition of Michelin Scotland Innovation Parc, Dundee. This has seen the overhead costs within the year remain at a similar level to prior year with reduced revenues. The business views this as a strategic investment in securing a new site which is a core element of our long-term growth plan and strategy.

 

The loss after tax was £913,545 for the year ended 30 June 2024 compared to a profit after tax of £63,628 for the year ending 30 June 2023. Net assets were £3.4m at 30 June 2024 (2023: £4.3m).

Key performance indicators

The board of directors use the following financial KPI’s to assess and manage business performance.

 

                        This Year    Last Year

Turnover Growth                    (12%)        66%

Gross Margin                     16.9%        17.7%

Operating Margin (pre-exceptional costs)        (0.1%)        2.6%

Net Debt: EBITDA                10.0x        6.55x

J. & D. WILKIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Going concern

Since the financial year-end the company is trading as expected. The directors have maintained a focus on delivering our five-year growth plan and ensuring the company has adequate resources to operate. The directors continue to review the trading environment, regularly update the company forecast and analyse different potential scenario’s for the future which include sensitivities on the impact of energy prices, the labour market, inflationary pressures, Global Politics and other changes in the world economy. These forecasts demonstrate that the company is forecast to be profitable for the current year and beyond and generate positive cashflows. The company has sufficient cash reserves to enable the company to meet its obligations as they fall due for at least the next 12 months from the date of signing these financial statements.

 

Therefore, the directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future and therefore continue to adopt the going concern basis for preparing these financial statements.

 

The going concern disclosure is an area of judgement and, due principally to the energy crisis and inflationary environment, the level of uncertainty is higher than normal. The directors have addressed this uncertainty by the level of work performed in assessing the company’s ability to continue as a going concern including the number of sensitivities performed and the analysis of a “worst case” outturn which showed the company has sufficient cash reserves to meet its obligations.

 

Principal Risks and Uncertainties

 

Inflation

Commodity driven volatility eased through 2024 with isolated instances. The business has seen material prices stabilise and continued to monitor the freight costs.

 

We continue to monitor the energy market as this continues to be a major driver of uncertainty for the business, both in terms of our operations, but also those of our suppliers, customers and the impact of energy prices on our employees.

 

Labour costs continue to increase at rates beyond CPI. We continue to review pay and conditions to ensure the balance between business needs and those of our employees are protected.

 

Carbon Neutrality

A key element of our Carbon Neutral sustainability strategy will be realised with the acquisition and move to the new site at Michelin Scotland Innovation Parc.

 

We are actively engaged in a number of national R&D projects related to sustainable textiles and recycling technologies.

 

The move to carbon neutrality is becoming a larger area of focus for the subsidiaries of the company, with polymers being the starting point of most raw materials. The subsidiaries are actively engaging in opportunities to reduce their direct carbon footprint. A significant portion of the products manufactured by Wilkie play a key role in reducing pollutants entering the air and the subsidiaries are actively involved within the industry in seeking greener alternatives within the supply chain.

 

Currency Risk

Other principal risks to the business include the purchase of the majority of raw materials from Europe and Asia and the export of a large portion of sales, thereby exposing the company to exchange rate fluctuations.

J. & D. WILKIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Credit risk

The amounts presented in the balance sheet are net of allowances for doubtful debts. Credit risk is managed by proactive payment terms and applying appropriate credit control procedures where credit risk is perceived.

 

Interest Rates

The company’s bank borrowings are linked to the local base rates and as such any movement will impact the level of interest payable. The directors will consider using derivatives in order to manage interest rate risk where appropriate.

 

Employee Engagement

The company places significant value on communication and engagement with its employees, keeping them informed of company developments and their input into improving the performance of the company. This includes regular strategic updates and workshops with all employees ensuring understanding and alignment. Operationally, involvement in employee led lean manufacturing projects, Employee Forums and other committees including the company Health and Safety Committee and company Mental Health Committee.

On behalf of the board

H D Rowan
Director
10 April 2025
J. & D. WILKIE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities
The company's principal activities are the manufacture and merchanting of technical textiles and personal protective clothing.
Results and dividends

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

The company paid interim dividends of £nil (2023: £nil). No final dividends have been proposed by the board of directors for the year (2023: £nil).

Directors

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

H D Rowan
R A S McGill
(Resigned 31 August 2023)
J C Granier
(Resigned 4 August 2023)
P Batchelor
J W Reid
S Duggan-Hill
(Appointed 23 September 2024)
N Martin
(Appointed 1 June 2024)
I Peart
(Appointed 9 September 2024)
W Simpson
Post reporting date events

On 10 January 2025, the company publicly announced its intention to acquire a majority shareholding in the Michelin Scotland Innovation Parc (MSIP), Dundee. While the exact details of the acquisition are still to be finalised at the time of authorising these financial statements, the announcement highlights the company's strategic plans for growth. Additionally, the acquisition is expected to result in the relocation of its operations from the company's current base in Kirriemuir to Dundee.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic Report

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

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
J. & D. WILKIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
On behalf of the board
H D Rowan
Director
10 April 2025
J. & D. WILKIE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

J. & D. WILKIE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. & D. WILKIE LIMITED
- 7 -
Opinion

We have audited the financial statements of J. & D. Wilkie Limited ('the company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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:

 

J. & D. WILKIE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. & D. WILKIE LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Statement of Directors’ Responsibilities set out on page Page 6, 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 responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the-audit/. This description forms part of our auditor’s report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

J. & D. WILKIE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. & D. WILKIE LIMITED
- 9 -

Extent to which the audit was considered capable of irregularities, including fraud (continued)

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

Stephen McIlwaine (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
14 April 2025
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
J. & D. WILKIE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
27,938,488
31,792,963
Cost of sales
(23,189,566)
(26,175,667)
Gross profit
4,748,922
5,617,296
Distribution costs
(967,135)
(1,287,540)
Administrative expenses
(4,496,406)
(4,309,007)
Other operating income
688,696
807,095
Operating (loss)/profit
4
(25,923)
827,844
Interest payable and similar expenses
7
(789,709)
(713,444)
(Loss)/profit before taxation
(815,632)
114,400
Tax on (loss)/profit
8
(97,913)
(50,772)
(Loss)/profit for the financial year
(913,545)
63,628

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

J. & D. WILKIE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
-
0
8,631
Negative goodwill
9
-
0
(38,377)
Net goodwill
-
0
(29,746)
Tangible assets
10
6,916,814
7,277,851
6,916,814
7,248,105
Current assets
Stocks
12
5,692,713
6,016,254
Debtors
13
9,615,293
7,765,263
Cash at bank and in hand
644,148
600,182
15,952,154
14,381,699
Creditors: amounts falling due within one year
14
(15,197,539)
(13,904,365)
Net current assets
754,615
477,334
Total assets less current liabilities
7,671,429
7,725,439
Creditors: amounts falling due after more than one year
15
(3,883,107)
(3,109,751)
Provisions for liabilities
Deferred tax liability
18
362,233
276,054
(362,233)
(276,054)
Net assets
3,426,089
4,339,634
Capital and reserves
Called up share capital
20
2,017,000
2,017,000
Revaluation reserve
21
923,612
940,291
Profit and loss reserves
22
485,477
1,382,343
Total equity
3,426,089
4,339,634
The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
H D Rowan
Director
Company Registration No. SC053525
J. & D. WILKIE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
2,017,000
856,149
1,402,857
4,276,006
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
63,628
63,628
Transfers
-
84,142
(84,142)
-
Balance at 30 June 2023
2,017,000
940,291
1,382,343
4,339,634
Year ended 30 June 2024:
Loss and total comprehensive expense for the year
-
-
(913,545)
(913,545)
Transfers
-
(16,679)
16,679
-
Balance at 30 June 2024
2,017,000
923,612
485,477
3,426,089
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

J. & D. Wilkie Limited ("the company") is a private company limited by shares and incorporated in Scotland. The registered office is Marywell Works, Marywell Brae, Kirriemuir, DD8 4BJ.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound (£).

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

This 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:

 

 

The financial statements of the company are consolidated within the financial statements of Wilkie Technical Textiles (Holding Company) Limited. These consolidated financial statements are available from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Since the financial year-end the company is trading as expected. The directors have maintained a focus on delivering our five-year growth plan and ensuring the company has adequate resources to operate. The directors continue to review the trading environment, regularly update the company forecast and analyse different potential scenario’s for the future which include sensitivities on the impact of energy prices, the labour market, inflationary pressures, Global Politics and other changes in the world economy. These forecasts demonstrate that the company is forecast to be profitable for the current year and beyond and generate positive cashflows. The company has sufficient cash reserves to enable the company to meet its obligations as they fall due for at least the next 12 months from the date of signing these financial statements. true

 

Therefore, the directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future and therefore continue to adopt the going concern basis for preparing these financial statements.

 

The going concern disclosure is an area of judgement and, due principally to the energy crisis and inflationary environment, the level of uncertainty is higher than normal. The directors have addressed this uncertainty by the level of work performed in assessing the company’s ability to continue as a going concern including the number of sensitivities performed and the analysis of a “worst case” outturn which showed the company has sufficient cash reserves to meet its obligations.

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

Turnover represents amounts receivable for technical textiles and personal protective clothing net of VAT and trade discounts.

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 2 years.

 

Negative goodwill is similarly included in the balance sheet and is credited to the profit and loss account in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill related to the acquired plant and machinery is recovered over 2 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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, or fair value as deemed cost on transition to FRS 102, and subsequently measured at cost or deemed cost, net of depreciation and any impairment losses.

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

Freehold land and buildings
over 10 to 50 years; land is not depreciated
Plant and machinery
over 3 to 15 years or 25% reducing balance
Office equipment
over 3 to 5 years
Motor vehicles
over 4 to 5 years

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.

Assets in the course of construction are not depreciated until they are brought into use.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

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

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

1.8
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.

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

 

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

 

Financial assets and liabilities are offset, with 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.

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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 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 the profit or loss.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. All trade debtors, loans and other receivables are due within one year.

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 account.

 

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 account.

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.

Classification of financial liabilities

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

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans 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.

 

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.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

1.13
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.

1.14
Retirement benefits

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

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Government grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

The Government grants received in relation to the Job Retention Scheme are recognised as other operating income in the profit and loss in the period to which the grants relate.

1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgement (apart from those involving estimates) has had the most significant effect on amounts recognised in the financial statements.

Recoverability amounts due from group undertakings

Included within debtors is an amount of £3,339,502 (2023 - £1,425,133) due from group undertakings (note 13). The recoverability of this balance is a judgement exercised by management who have considered factors such as trading performance and their ability to repay their debt. The balances are deemed recoverable.

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.

Valuation of stock

Cost of stock 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. The standard cost applied is an estimate made by management.

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
27,938,488
31,792,963
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,900,611
15,210,476
Overseas
12,037,877
16,582,487
27,938,488
31,792,963
2024
2023
£
£
Other significant revenue
Grants received
-
175,000
Management fees receivable
477,514
567,156
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(34,752)
37,715
Government grants
-
(175,000)
Fees payable to the company's auditor for the audit of the company's financial statements
26,500
24,750
Depreciation of owned tangible fixed assets
526,432
453,668
Depreciation of tangible fixed assets held under finance leases
489,408
472,537
Amortisation of intangible assets
(29,746)
(48,159)

 

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
5
Employees

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

 

2024
2023
Number
Number
Office and management
39
36
Manufacturing
125
135
Total
164
171

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,729,196
5,558,303
Social security costs
573,999
556,631
Pension costs
161,541
148,343
6,464,736
6,263,277
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
637,351
633,402
Company pension contributions to defined contribution schemes
52,931
76,871
690,282
710,273

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2023 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
175,633
221,685
Company pension contributions to defined contribution schemes
13,251
33,574
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
700,984
643,025
Interest on finance leases and hire purchase contracts
88,725
70,419
789,709
713,444
8
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
11,734
17,550
Deferred tax
Origination and reversal of timing differences
(172,516)
33,222
Adjustment in respect of prior periods
258,695
-
0
Total deferred tax
86,179
33,222
Total tax charge
97,913
50,772

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

2024
2023
£
£
(Loss)/profit before taxation
(815,632)
114,400
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(203,908)
23,452
Tax effect of expenses that are not deductible in determining taxable profit
775
20,474
Tax effect of income not taxable in determining taxable profit
(7,437)
(9,871)
Adjustments in respect of prior years
258,695
-
0
Group relief
-
0
15,778
Permanent capital allowances in excess of depreciation
-
0
19,916
Other permanent differences
110
(2,694)
Fixed asset differences
37,944
(39,818)
Foreign tax credits
11,734
17,550
Remeasurement of deferred tax for changes in tax rates
-
0
5,985
Taxation charge for the period
97,913
50,772
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Intangible fixed assets
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
58,849
(115,168)
(56,319)
Amortisation and impairment
At 1 July 2023
50,218
(76,791)
(26,573)
Amortisation charged for the year
8,631
(38,377)
(29,746)
At 30 June 2024
58,849
(115,168)
(56,319)
Carrying amount
At 30 June 2024
-
0
-
0
-
0
At 30 June 2023
8,631
(38,377)
(29,746)
10
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
1,717,346
10,766,765
247,976
392,232
13,124,319
Additions
87,756
372,391
6,610
264,368
731,125
Disposals
-
0
(21,018)
-
0
(147,715)
(168,733)
At 30 June 2024
1,805,102
11,118,138
254,586
508,885
13,686,711
Depreciation and impairment
At 1 July 2023
325,296
5,208,681
182,350
130,141
5,846,468
Depreciation charged in the year
49,562
857,504
23,782
84,992
1,015,840
Eliminated in respect of disposals
-
0
(17,901)
-
0
(74,510)
(92,411)
At 30 June 2024
374,858
6,048,284
206,132
140,623
6,769,897
Carrying amount
At 30 June 2024
1,430,244
5,069,854
48,454
368,262
6,916,814
At 30 June 2023
1,392,050
5,558,084
65,626
262,091
7,277,851
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Tangible fixed assets
(Continued)
- 23 -

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

2024
2023
£
£
Plant and machinery
2,711,648
3,981,042
Motor vehicles
346,685
327,042
3,058,333
4,308,084
11
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of
Ordinary % Held
business
Direct
Indirect
Stewart Pinned Products Private Limited
Benchmark Professional Private Limited, No. 267 Ground Floor, Jauanager, Bangalore, 560 011
Engineering
100.00
-
12
Stocks
2024
2023
£
£
Raw materials and consumables
2,752,925
2,840,516
Work in progress
232,466
326,156
Finished goods and goods for resale
2,707,322
2,849,582
5,692,713
6,016,254
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,504,354
5,361,918
Amounts owed by group undertakings
1,757,737
1,425,133
Prepayments and accrued income
1,771,437
978,212
8,033,528
7,765,263
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,581,765
-
0
Total debtors
9,615,293
7,765,263

Amounts owed by group undertakings within one year of £1,757,737 (2023: 1,425,133) are interest free and repayable on demand.

 

Amounts owed by group undertakings of more than 1 year of £1,581,765 (2023: nil) incurs interest at a rate of 6.35% and is repayable on 31 March 2027.

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
6,987,395
6,889,566
Obligations under finance leases
17
761,142
738,075
Trade creditors
3,565,664
2,847,690
Amounts owed to group undertakings
1,541,209
1,277,676
Corporation tax
-
0
(4,751)
Other taxation and social security
614,915
590,828
Derivative financial instruments
-
0
16,932
Other creditors
8,766
267,701
Accruals and deferred income
1,718,448
1,280,648
15,197,539
13,904,365

Amounts due to group undertakings within one year of £1,541,209 (2023: £1,277,676) are interest free and repayable on demand.

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
1,074,638
1,384,967
Obligations under finance leases
17
1,226,704
1,724,784
Amounts owed to group undertakings
16
1,581,765
-
0
3,883,107
3,109,751

Amounts owed to group undertakings more than 1 year of £1,581,765 (2023: nil) incurs interest at a rate of 6.35% and is repayable on 31 March 2027.

 

Obligations under finance leases are secured over the related assets.

16
Loans and overdrafts
2024
2023
£
£
Bank loans
5,015,145
5,187,965
Bank overdrafts
3,046,888
3,086,568
Loans from group undertakings
1,581,765
-
0
9,643,798
8,274,533
Payable within one year
6,987,395
6,889,566
Payable after one year
2,656,403
1,384,967

The bank borrowings are secured by a fixed and floating charge granted to its banker over all assets of the company.

 

The company has various bank term loans repayable by monthly instalments over a period between 1 and 9 years. The interest rates on these loans are a percentage over Bank of England base rate.

 

Included within bank loans and overdrafts is a balance of £3,643,584 (2023: £3,613,896), which is an import financing facility secured over the related debtors.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
761,142
738,075
In two to five years
1,226,704
1,724,784
1,987,846
2,462,859
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Finance lease obligations
(Continued)
- 26 -

Finance lease payments represent rentals payable by the company 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
362,233
242,832
Other
-
33,222
362,233
276,054
2024
Movements in the year:
£
Liability at 1 July 2023
276,054
Charge to profit or loss
86,179
Liability at 30 June 2024
362,233
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
161,541
148,343

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.

Contributions totalling £42,651 (2023 - £45,646) were payable to the fund at the year end and are included in creditors.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2,017,000
2,017,000
2,017,000
2,017,000

Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
21
Revaluation reserve
2024
2023
£
£
At the beginning of the year
940,291
856,149
Transfer to retained earnings
(16,679)
84,142
At the end of the year
923,612
940,291

The revaluation reserve represents the increased value, after consideration of future tax consequences, of the assets since their original acquisition.

22
Profit and loss reserves

The profit and loss reserve account represents the accumulated comprehensive income for the period and prior periods, less distributions.

23
Financial commitments, guarantees and contingent liabilities

The company has an unlimited multilateral guarantee, secured by the floating charge granted, in place covering the bank borrowings of other group companies. The potential liability to the company at the year end was £482,104 (2023 - £390,820).

 

The company has given a guarantee to its banker with respect to bank guarantees given to customers and other third parties up to a maximum of £254,009 (2023 - £254,062). These guarantees are also covered by a floating charge.

24
Operating lease commitments

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
294,606
284,463
Between two and five years
859,969
1,097,511
In over five years
565,458
709,608
1,720,033
2,091,582
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
90,585
117,532
J. & D. WILKIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
26
Events after the reporting date

On 10 January 2025, the company publicly announced its intention to acquire a majority shareholding in the Michelin Scotland Innovation Parc (MSIP), Dundee. While the exact details of the acquisition are still to be finalised at the time of authorising these financial statements, the announcement highlights the company's strategic plans for growth. Additionally, the acquisition is expected to result in the relocation of its operations from the company's current base in Kirriemuir to Dundee.

27
Related party transactions

As a wholly owned member of the J. & D. Wilkie (Holding Company) Limited group, the company has taken advantage of the exemption within FRS 102 Section 33 paragraph 33.1A from the requirement to disclose transactions with other wholly owned companies in the same group.

 

During the year, the company made purchases of £2,857,090 (2023 - £3,618,916) from group entities not 100% owned by the group parent, and sales of £3,163,517 (2023 - £406,969). At the year end, there is an outstanding balance due from Wilkie Technical Textiles (Jiaxing) Ltd of £18,579 (2023 - £nil) and an outstanding balance due from Wilkie Japan Co. Ltd of £1,127,370 (2023 - £nil). At year end, there is an outstanding balance due to Wilkie Technical Textiles (Jiaxing) Ltd of £789,903 (2023 - £945,530) and an outstanding balance due to Wilkie Japan Co. Ltd of £1,669 (2023 - £nil).

28
Ultimate controlling party

The company's immediate parent is J. & D. Wilkie (Holding Company) Limited, a company registered in Scotland.

 

The name of the company regarded by the directors as being the company's ultimate holding company and controlling party is Wilkie Technical Textiles (Holding Company) Limited, a company registered in Scotland. Wilkie Technical Textiles (Holding Company) Limited is the smallest and largest undertaking for which consolidated financial statements are prepared. Wilkie Technical Textiles (Holding Company) Limited is controlled by H D Rowan.

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