Company Registration No. SC009437 (Scotland)
J. & D. WILKIE (HOLDING COMPANY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
J. & D. WILKIE (HOLDING COMPANY) LIMITED
COMPANY INFORMATION
Directors
H D Rowan
R M Rowan (Non Executive Chairman)
Company number
SC009437
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 (HOLDING COMPANY) 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 - 19
J. & D. WILKIE (HOLDING COMPANY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their strategic report and financial statements in respect of J. & D. Wilkie (Holding Company) Limited ("the company") for the year ended 30 June 2024. The company is part of the Wilkie Technical Textiles (Holding Company) Limited group, so any references to "group" represent the wider corporate family the company belongs to and operates within.

 

Principal activity and fair review of the business

The company has acted as a holding company and has incurred administration expenses and management fee income associated with this. There were no dividends received from wholly owned subsidiaries. The company reported a profit before tax of £10.8k (2023: loss before tax of £22.9k). The net assets at 30 June 2024 were £5.7m (2023: £5.7m).

 

Group operations

Given the nature of the company's activities, the directors are of the opinion that further analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

 

Inflation

We continue to monitor the energy market as this continues to be a major driver of uncertainty for the group 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 in the UK. 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 for the UK business.

 

We are actively engaged in several national R&D projects related to sustainable textiles and recycling technologies in the UK.

 

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.

Going concern

The company acts as an intermediary holding company and does not trade. All transactions are therefore intercompany in nature. The company’s parent company will make funds available as and when required and intercompany loans due to other subsidiaries will not be recalled to this effect, where it would call into question the company's going concern status.

Principal Risks and Uncertainties

The company acts as an intermediary holding company and does not trade. The principal risks relate to the carrying value of its investment in subsidiaries and the performance of those subsidiaries. The company seeks to manage this risk through oversight and involvement with the subsidiaries management teams.

 

Future developments

The company will continue as an intermediate holding company and no change in activity is envisaged by the directors.

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

Section 172 (1) Companies Act 2006

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company and its subsidiaries (collectively known as "the group") for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

 

The directors work to promote the success of the group, by considering the impact that their decisions may have on the group, along with the group’s stakeholders. The issues and factors which have guided the directors’ decisions are outlined in the ‘review of business’ and the ‘principal risks and uncertainties’ sections within this report.

 

Reputation is of key importance to the group and the directors always consider the reputational impact in taking decisions and encourage high standards of business conduct.

 

The group’s key stakeholders include, but are not limited to:

 

The directors of the group promote good governance, which is key to drive the success of the group. The directors also aim to achieve the overall strategic objectives of the group, as well as continuing good relationships with all key stakeholders who are critical to the long-term success of the group. Opportunities for further professional and career development are on offer for employees through relevant training courses and qualifications.

 

Having regard to employees’ interests

The directors attach great importance to the skills and experience of the management and employees of the group. Their aim is to retain the best talent and believes that they will benefit from the opportunities within the group.

 

The directors are committed to consulting, as appropriate, with relevant employees and employee representatives on a regular basis and has worked hard to ensure effective communication with all employees during the year.

 

The group has a number of initiatives including a commitment to create a working environment where everyone has the opportunity to learn, develop and contribute to the success of the group, whilst working within a common set of values. Regular updates on business performance KPIs through various channels are provided and an element of employee reward is linked to the financial success of the group, amongst other appraisal criteria. Appropriate whistleblowing procedure are available that employees are comfortable using.

 

Fostering business relationships

The group aims to be to the first choice for customers’ needs, enabling them to enjoy the full value of their relationship with the business. The group builds long term customer relationships by providing unrivalled levels of service and an offering which is unmatched in its flexibility. We maintain strong relationships across our supply chain through regular contact and meetings with our suppliers. We encourage our customers and suppliers to raise any issues or concerns they have over their relationship with the group, incorporating all aspects (legal, commercial, operational etc.) and offering dedicated points of contact within our team to promote the building of long-term business relationships.

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

These relationships contribute to the group’s competitive advantage. They not only enable us to execute our strategy efficiently, but also help customers and suppliers plan their business, managing cash flow and production. The group also engages actively with suppliers to make sure they fully comply with our code of conduct for suppliers and partners, which includes provisions on human rights and environmental standards.

 

Impact on community and environment

The group values the communities in which it operates, and its aim is for its business activities to have a positive impact on them.

 

The group will continue to promote green technology and initiatives to protect our environment, as well as being a contributor to the economies it operates in. We continue to seek to reduce the environmental impact of our business. The business is committed to delivering a corporate social responsibility strategy that sets the overall aim to be environmentally responsible, a good neighbour and a great place to work.

 

Shareholders

The shareholders actively work within the business in order to support strategic aims and ultimately provide a sustainable business for the benefit of all stakeholders.

 

Maintaining high standards of business conduct

The directors are committed to operating the group in a responsible manner, operating with high standards of business conduct and good governance.

On behalf of the board

H D Rowan
Director
10 April 2025
J. & D. WILKIE (HOLDING COMPANY) 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 activity is that of an intermediary holding company.

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 M Rowan (Non Executive Chairman)
J C Granier
(Resigned 4 August 2023)
R A S McGill
(Resigned 31 August 2023)
Results and dividends

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

Ordinary interim dividends were paid amounting to £nil (2023 - £nil). The directors do not recommend payment of a further dividend (2023: £nil).

Post reporting date events

On 10 January 2025, the group 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 group's strategic plans for growth. Additionally, the acquisition is expected to result in the relocation of its operations from the group'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.

 

Streamlined Energy and Carbon Report (SECR)

The company is an investment holding company for a number of subsidiaries (collectively known as “the group”) with no active trade or employees. Although the group qualifies as large and as such is potentially required to disclose SECR, none of its subsidiaries are required to make their own SECR disclosures, either because they do not meet the individual size criteria or are non-UK based subsidiaries. The company’s energy use was less than 40,000 kwh during the year. As such, the group is exempt from reporting on energy and carbon.

Employee involvement and engagement

The group's policy is to consult and discuss with employees, through relevant unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

An element of employee reward is linked to the financial success of the group, amongst other appraisal criteria as a means of further encouraging the involvement of employees in the group's performance.

 

Further information on employee engagement is provided within the strategic report under section 172 (1) of the Companies Act 2006 and it forms part of this report through cross-reference.

J. & D. WILKIE (HOLDING COMPANY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group'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 future developments, financial risk management and engagement with suppliers, customers and others.

Statement of disclosure to auditor

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

On behalf of the board
H D Rowan
Director
10 April 2025
J. & D. WILKIE (HOLDING COMPANY) 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 (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF J. & D. WILKIE (HOLDING COMPANY) LIMITED
- 7 -
Opinion

We have audited the financial statements of J. & D. Wilkie (Holding Company) 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 (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF J. & D. WILKIE (HOLDING COMPANY) 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 Directors’ Responsibilities Statement set out on 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 (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF J. & D. WILKIE (HOLDING COMPANY) LIMITED
- 9 -
Extent to which the audit was considered capable of detecting 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 member 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 member 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 member 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 (HOLDING COMPANY) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Administrative expenses
(182,037)
(175,608)
Other operating income
3
192,879
152,701
Profit/(loss) before taxation
10,842
(22,907)
Tax on profit/(loss)
6
-
0
-
0
Profit/(loss) for the financial year and total comprehensive income/(expense)
10,842
(22,907)

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

J. & D. WILKIE (HOLDING COMPANY) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
5,348,935
5,348,935
Current assets
Debtors
9
497,174
468,832
Cash at bank and in hand
10
10
497,184
468,842
Creditors: amounts falling due within one year
10
(176,866)
(159,366)
Net current assets
320,318
309,476
Total assets less current liabilities
5,669,253
5,658,411
Capital and reserves
Called up share capital
11
64,629
64,629
Capital redemption reserve
12
370,664
370,664
Profit and loss reserves
13
5,233,960
5,223,118
Total equity
5,669,253
5,658,411
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. SC009437
J. & D. WILKIE (HOLDING COMPANY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
64,629
370,664
5,246,025
5,681,318
Year ended 30 June 2023:
Loss and total comprehensive expense for the year
-
-
(22,907)
(22,907)
Balance at 30 June 2023
64,629
370,664
5,223,118
5,658,411
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
10,842
10,842
Balance at 30 June 2024
64,629
370,664
5,233,960
5,669,253
J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

J. & D. Wilkie (Holding Company) Limited is a private company limited by shares 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. 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:

 

 

The financial statements of the company are consolidated in 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

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

1.3
Other operating income

Other operating income consists of management recharges receivable from fellow group undertakings. These are recognised over the period in which they relate to.

1.4
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.

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

J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Cash at bank and in hand

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.

1.6
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.

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.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

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 (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.7
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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Carrying value of investments

Management have considered the carrying value of investments at 30 June 2024 (note 7) and, taking into account the net assets and profitability of the underlying entities, have judged that there are no indicators of impairment at the balance sheet date. A full impairment review has not therefore been considered necessary.

J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
3
Turnover and other revenue

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

2024
2023
£
£
Other significant revenue
Management fees received
192,879
152,701
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,950
6,500
5
Employees

The company has no employees other than the directors. The remuneration for the directors is paid from one of the subsidiary undertakings.

6
Taxation

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

2024
2023
£
£
Profit/(loss) before taxation
10,842
(22,907)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
2,711
(4,696)
Group tax relief surrendered
-
0
4,696
Movement in deferred tax not recognised
(2,711)
-
0
Taxation charge for the period
-
-
7
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8
5,348,935
5,348,935
J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
8
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
ENR Dissolution Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, DD8 4BJ
Dormant
Ordinary
100.00
-
J&D Wilkie Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, DD8 4BJ
Textile manufacturing
Ordinary
100.00
-
Lorica Research Limited
54 King Edwards Road, Malvern, Worcestershire, WR14 4AJ
Research and development
Ordinary
-
100.00
Stewart Pinned Products (Zhengzhou) Ltd
Jiulong Industrial Engineering Park, Zhengzhou City, China
Engineering
Ordinary
-
84.70
Stewart Pinned Products Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, DD8 4BJ
Engineering
Ordinary
100.00
-
Wilkie Japan Co. Ltd
Daiei Ginza Building 5F/6F, 1167 Ginza, Chuoku, Tokyo, 1040061
Sales agency
Ordinary
-
80.00
Wilkie Trading (Jiaxing) Ltd
956 Bazi Rd Xiuzhou District, Jiaxing City, Zhejiang Province, China
Textile merchanting
Ordinary
-
80.00
Wm R Stewart & Sons (Hacklemakers) Ltd
Marywell Works, Marywell Brae, Kirriemuir, Angus, DD8 4BJ
Dormant
Ordinary
100.00
-
Digby Dyke Limited
54 King Edwards Road, Malvern, Worcestershire, WR14 4AJ
Research and development
Ordinary
-
100.00
Wilkie Technical Textiles America Inc
2140 S. Dupont Highway, City of Camden, Country of Kent, Delaware 19934, United States
Textile merchanting
Ordinary
100.00
-
J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Subsidiaries
(Continued)
- 18 -
Stewart Pinned Products Private Limited
Benchmark Professional Private Limited, No. 267 Ground Floor, Jauanager, Bangalore, 560 011
Non-trading
Ordinary
-
99.64
Wilkie Technical Textiles (Jiaxing) Ltd
956 Bazi Rd Xiuzhou District, Jiaxing City, Zhejiang Province, China
Textile manufacturing
Ordinary
80.00
-
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
497,174
468,832

Amounts owed by group undertakings are interest free and repayable on demand.

10
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
176,866
159,366

Amounts due to group undertakings are interest free and repayable on demand.

11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
64,629
64,629
64,629
64,629

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

12
Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents redeemed share capital.

13
Profit and loss reserves

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

J. & D. WILKIE (HOLDING COMPANY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
14
Financial commitments, guarantees and contingent liabilities

The company has a cross guarantee in place covering the bank borrowings of other group companies. The potential liability to the company at 30 June 2024 was £7,901,625 (2023 - £8,068,077).

15
Events after the reporting date

On 10 January 2025, the group 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 group's strategic plans for growth. Additionally, the acquisition is expected to result in the relocation of its operations from the group's current base in Kirriemuir to Dundee.

16
Related party transactions

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.

17
Ultimate controlling party

Wilkie Technical Textiles (Holding Company) Limited, a company registered in Scotland, is the parent company of the smallest and largest group for which consolidated financial statements are prepared. Wilkie Technical Textiles (Holding Company) Limited is controlled by H D Rowan.

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