Company Registration No. SC558727 (Scotland)
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
COMPANY INFORMATION
Directors
H D Rowan
W Simpson
(Appointed 1 January 2024)
S Duggan-Hill
(Appointed 23 September 2024)
Company number
SC558727
Registered office
Marywell Works
Marywell Brae
Kirriemuir
DD8 4BJ
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the group financial statements
19 - 38
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for Wilkie Technical Textiles (Holding Company) Limited ("the company") and its subsidiaries (collectively "the group"), for the year ended 30 June 2024.

Business review and principal activities

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.

Group operations

Wilkie Technical Textiles (Holding Company) Ltd applies Advance Textile Technology to create industry-leading solutions for a wide variety of customers end uses. The group has a key focus in product development and implementing operational excellence throughout the manufacturing operations.

The group manufactures in our sites in Scotland, China and USA. The group also has sales offices in the USA and Japan. In the year 2024 the group completed an asset acquisition in the USA adding an additional manufacturing site, whilst bringing state of the art technical coating technology into the group product offering.

Key focus markets of the group continue to be within UK, Europe, USA, Middle East and Africa.

 

Trading results

Revenues have decreased year on year to £44,077,097 from £51,211,122 in 2023. Market and trading conditions where challenging across the UK, US and Europe in the leading sectors we supply. We ended the year with an acquisition of assets from the Bradford Inc group which expands the Wilkie Manufacturing footprint into North America.

 

The average workforce of 2024 – 325 up from 2023 - 304.

 

Loss before tax of £362,788 was recorded in the year ended 30 June 2024 compared to a profit of £1,440,333 in the year ended 30 June 2023.

 

Strategically we initiated significant project work and associated resources which culminated in the acquisition of the majority shareholding in Michelin Scotland Innovation Parc in Dundee, Scotland. This has seen the overhead costs within the year increase compared to prior year with reduced revenue. 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.

 

At a global level the business has invested in a restructuring of the C-suite leadership team adding clarity and strength to the strategic alignment of the business.

 

The loss after tax was £478,696 for the year ended 30 June 2024 compared to a profit after tax of £1,326,943 for the year ended 30 June 2023. Net assets were £12.9m at 30 June 2024 (2023: £13.6m).

 

Key Performance Indicators

The Board of Directors use the following KPI’s to assess and manage business performance.

 

            This Year    Last Year    

Turnover Growth        (13.9%)         41%        

Gross Margin          19.0%        15.9%        

Operating Margin 1.2%     4.3%    

Net Debt: EBITDA     4.9x         3.6x

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Going concern

Since the financial year-end the group is trading as expected. The directors have maintained a focus on delivering our five-year growth plan and ensuring the group has adequate resources to operate.

 

The directors continue to review the trading environment, regularly update the group 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 group is forecast to be profitable for the current year and beyond and generate positive cashflows. The group has sufficient cash reserves to enable the group 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 group 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 group’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 group has sufficient cash reserves to meet its obligations.

Future Developments

The directors plan to maintain the management policies to significantly grow the business in coming years, in particular to evolve the product offering to meet the needs of our customers and new markets moving forward.

 

The banking facilities have been successfully renewed post year-end with extensions across facilities to enable the expansion of the group.

 

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 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 a number of 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 group, 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.

 

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
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.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

Principal activities

The group's principal activities are the manufacture and merchanting of technical textiles, engineered products and personal protective clothing. The principal activity of the company is that of a holding company.

Results and dividends

The results for the year are set out on page 12.

Ordinary interim dividends were paid amounting to £112,710 (2023 - £67,710). The directors do not recommend payment of a final dividend (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:

R A McGill
(Resigned 31 August 2023)
J C Granier
(Resigned 4 August 2023)
H D Rowan
W Simpson
(Appointed 1 January 2024)
S Duggan-Hill
(Appointed 23 September 2024)
Post Balance Sheet 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.

Principal risk and uncertainties

Financial risk management objectives and policies

The group’s activities expose it to a number of financial risks including cash flow, credit and liquidity risks. These specific risks, their impact on the group and how these risks are mitigated are dealt with below. The group uses derivatives to manage financial risk in respect of cash flow risk from time to time.

 

Cash flow risk

The group’s activities expose it to the financial risk of changes in foreign currency exchange rates and interest rates. The group may consider the use foreign exchange forward contracts to hedge its exposures where appropriate and will also seek to naturally hedge through the matching of the same foreign currency receipts and payments. Where possible, interest bearing liabilities are held at fixed rates to ensure certainty of cash flows. Where rates are variable, management seek to ensure the best rates are negotiated and consider future movements in factors like base rate. Management will also consider interest rate swaps as a method of managing interest rate risk.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

Credit risktrue

The group’s principal financial assets are bank balances and trade and other debtors. Its credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The group maintains strong relationships with its customer base and has no significant concentration of credit risk, with exposure spread over a large number of customers.

 

The credit risk in liquid funds is limited because the counterparties are banks with credit ratings assigned by international credit ratings agencies.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group monitors the timing of cash flows and aligns this with its strategic planning. Forecasts are produced to assist management in identifying liquidity requirements and maintaining adequate resources. The group’s primary source of finance is the operating cash flow it generates, coupled with the use of short, medium and longer term debt financing facilities.

 

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.

 

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 auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
H D Rowan
Director
10 April 2025
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
- 8 -
Opinion

We have audited the financial statements of Wilkie Technical Textiles (Holding Company) Limited (‘the parent company’) and its subsidiaries (‘the group’) for the year ended 30 June 2024, which comprise the Group Profit and Loss Account, Group Statement of Comprehensive Income, Group Balance Sheet, Company Balance Sheet, Group Statement of Changes in Equity, Company Statement of Changes in Equity, Group Statement of Cash Flows and notes to the group 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 group 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 group or parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or 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 7, 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 group’s and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or parent 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. 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.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
- 10 -
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

With regards to component auditors, we assessed their competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their credentials, the experience of their team and our previous experience of them.

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 communicated with component auditors and gathered their risk assessment in relation to the non-compliance of laws and regulations and any subsequent findings through the use of group audit instructions and group audit questionnaires.

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

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance including management and those charged with governance of component entities where necessary. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes and through discussions with component auditors.

We assessed the susceptibility of the group’s and parent company’s 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. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. 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:

 

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
- 11 -

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

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
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
44,077,097
51,211,122
Cost of sales
(35,684,011)
(43,041,144)
Gross profit
8,393,086
8,169,978
Distribution costs
(1,285,548)
(1,586,786)
Administrative expenses
(6,937,717)
(4,692,401)
Other operating income
3
368,310
330,770
Operating profit
4
538,131
2,221,561
Interest receivable and similar income
8
46,179
7,521
Interest payable and similar expenses
9
(947,098)
(788,749)
(Loss)/profit before taxation
(362,788)
1,440,333
Tax on (loss)/profit
10
(115,908)
(113,390)
(Loss)/profit for the financial year
25
(478,696)
1,326,943
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(570,003)
1,132,730
- Non-controlling interests
91,307
194,213
(478,696)
1,326,943

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
£
£
(Loss)/profit for the year
(478,696)
1,326,943
Other comprehensive (expense)/income
Currency translation differences
(134,049)
(1,384,877)
Total comprehensive (expense)/income for the year
(612,745)
(57,934)
Total comprehensive (expense)/income for the year is attributable to:
- Owners of the parent company
(688,460)
14,877
- Non-controlling interests
75,715
(72,811)
(612,745)
(57,934)
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
8,631
Negative goodwill
12
(1,038,836)
(1,154,621)
Net goodwill
(1,038,836)
(1,145,990)
Tangible assets
13
12,162,182
12,994,356
11,123,346
11,848,366
Current assets
Stocks
15
9,333,901
9,364,354
Debtors
16
12,142,205
11,553,382
Cash at bank and in hand
7,458,033
4,377,411
28,934,139
25,295,147
Creditors: amounts falling due within one year
17
(24,473,646)
(20,004,079)
Net current assets
4,460,493
5,291,068
Total assets less current liabilities
15,583,839
17,139,434
Creditors: amounts falling due after more than one year
18
(2,301,342)
(3,167,326)
Provisions for liabilities
21
(424,577)
(338,209)
Net assets
12,857,920
13,633,899
Capital and reserves
Called up share capital
23
39,011
39,011
Share premium account
25
5,088,226
5,088,226
Other reserves
25
(811,503)
(676,655)
Profit and loss reserves
25
6,454,064
6,840,531
Equity attributable to owners of the parent company
10,769,798
11,291,113
Non-controlling interests
2,088,122
2,342,786
12,857,920
13,633,899
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:
10 April 2025
H D Rowan
Director
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
6,756,315
6,756,315
Current assets
Cash at bank and in hand
167
177
Creditors: amounts falling due within one year
17
(779,547)
(589,719)
Net current liabilities
(779,380)
(589,542)
Net assets
5,976,935
6,166,773
Capital and reserves
Called up share capital
23
39,011
39,011
Share premium account
25
5,088,226
5,088,226
Profit and loss reserves
25
849,698
1,039,536
Total equity
5,976,935
6,166,773

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £77,128 (2023 - profit of £57,414).

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:
10 April 2025
H D Rowan
Director
Company Registration No. SC558727
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2022
39,011
5,088,226
441,485
6,055,079
11,623,801
2,175,945
13,799,746
Year ended 30 June 2023:
Profit for the year
-
-
-
1,132,730
1,132,730
194,213
1,326,943
Other comprehensive income:
Currency translation differences
-
-
-
(1,384,877)
(1,384,877)
-
(1,384,877)
Amounts attributable to non-controlling interests
-
-
-
267,024
267,024
(267,024)
-
Total comprehensive income for the year
-
-
-
14,876
14,876
(72,811)
(57,934)
Dividends
11
-
-
-
(67,710)
(67,710)
(40,202)
(107,912)
Transfers
-
-
(1,117,852)
1,117,852
-
-
-
Balance at 30 June 2023
39,011
5,088,226
(676,367)
7,120,097
11,570,967
2,062,932
13,633,899
Year ended 30 June 2024:
Loss for the year
-
-
-
(570,003)
(570,003)
91,307
(478,696)
Other comprehensive income:
Currency translation differences
-
-
-
(134,049)
(134,049)
-
(134,049)
Amounts attributable to non-controlling interests
-
-
-
15,592
15,592
(15,592)
-
Total comprehensive income for the year
-
-
-
(688,460)
(688,460)
75,715
(612,745)
Dividends
11
-
-
-
(112,709)
(112,709)
(50,525)
(163,234)
Transfers
-
-
(135,136)
135,136
-
-
-
Balance at 30 June 2024
39,011
5,088,226
(811,503)
6,454,064
10,769,798
2,088,122
12,857,920
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(57,414)
(57,414)
Dividends
11
-
-
(67,710)
(67,710)
Balance at 30 June 2023
39,011
5,088,226
1,039,536
6,166,773
Year ended 30 June 2024:
Loss and total comprehensive expense for the year
-
-
(77,128)
(77,128)
Dividends
11
-
-
(112,710)
(112,710)
Balance at 30 June 2024
39,011
5,088,226
849,698
5,976,935
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
3,639,423
5,652,270
Interest paid
(947,098)
(727,141)
Income taxes paid
(24,863)
(80,232)
Net cash inflow from operating activities
2,667,462
4,844,897
Investing activities
Purchase of tangible fixed assets
(554,446)
(2,031,098)
Proceeds on disposal of tangible fixed assets
20,586
77,224
Interest received
46,179
7,521
Net cash used in investing activities
(487,681)
(1,946,353)
Financing activities
Proceeds of new bank loans
10,951,718
10,072,755
Repayment of bank loans
(8,946,591)
(10,124,633)
Payment of finance leases obligations
(766,732)
(794,536)
Dividends paid to equity shareholders
(112,709)
(67,710)
Dividends paid to non-controlling interests
(50,525)
(40,202)
Net cash generated from/(used in) financing activities
1,075,161
(954,326)
Net increase in cash and cash equivalents
3,254,942
1,944,218
Cash and cash equivalents at beginning of year
670,757
(770,147)
Effect of foreign exchange rates
(117,340)
(503,314)
Cash and cash equivalents at end of year
3,808,359
670,757
Relating to:
Cash at bank and in hand
7,458,033
4,377,411
Bank overdrafts included in creditors payable within one year
(3,649,674)
(3,706,654)
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
1
Accounting policies
Company information

Wilkie Technical Textiles (Holding Company) Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Marywell Works, Marywell Brae, Kirriemuir, DD8 4BJ.

 

The group consists of Wilkie Technical Textiles (Holding Company) Limited and all of its subsidiaries (collectively known as "the group").

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wilkie Technical Textiles (Holding Company) Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.3
Going concern

Since the financial year-end the group is trading as expected. The directors have maintained a focus on delivering our five-year growth plan and ensuring the group has adequate resources to operate.

 

The directors continue to review the trading environment, regularly update the group 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 group is forecast to be profitable for the current year and beyond and generate positive cashflows. The group has sufficient cash reserves to enable the group 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 group 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 group’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 group has sufficient cash reserves to meet its obligations.

1.4
Turnover

Turnover represents amounts receivable for sale of technical textiles, engineered products 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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years. Provision is made for any impairment.

 

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 land and buildings is recovered over 50 years; negative goodwill related to the acquired plant and machinery is over 2 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings
over 5 to 50 years; land is not depreciated
Plant and equipment
over 3 to 15 years or 25% reducing balance
Office equipment
over 3 to 5 years
Motor vehicles
over 4 to 5 years
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -

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

1.7
Fixed asset investments

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

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

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

1.9
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 the profit or loss account.

1.10
Cash and cash equivalents

Cash at bank and in hand 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.

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

Other financial instruments

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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

 

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

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

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.17
Government grants

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

 

A grant that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
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.

 

The financial statements of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. The exchange difference arising on the retranslation of opening net assets is taken to reserves through other comprehensive income. The income and expenditure of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this translation of foreign operations are taken to reserves through other comprehensive income.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 and key accounting estimates

The following judgements and accounting estimates have had the most significant effect on amounts recognised in the financial statements.

Stock Valuation

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.

Depreciation

Depreciation is provided based on the estimated useful economic life of each class of asset, which is an estimate made by management. Depreciation is taken to profit and loss in order to write off the asset over its useful economic life.

Useful life of goodwill

Amortisation of goodwill is based on a systematic basis over its expected life, which is an estimate made by management. Amortisation of goodwill is taken to the profit and loss in order to amortise goodwill over its expected life.

Carrying value of investments - company only

Management have considered the carrying value of investments at 30 June 2024 (note 14) 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.

 

There are no other critical judgements or key accounting estimates impact the group or company in the directors' views.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
44,077,097
51,211,122
2024
2023
£
£
Other significant revenue
Grants received
121,630
215,934
Other sundry income
366,081
114,837
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,344,124
16,377,242
Overseas
24,732,973
34,833,880
44,077,097
51,211,122
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(34,441)
(171,189)
Depreciation of owned tangible fixed assets
1,108,438
1,073,763
Depreciation of tangible fixed assets held under finance leases
489,408
474,469
Loss/(profit) on disposal of tangible fixed assets
74,595
(16,399)
Amortisation of intangible assets
(107,154)
(125,567)
Operating lease charges
284,294
226,966
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
46,150
40,300
Audit of the financial statements of the company's subsidiaries
51,275
47,013
97,425
87,313
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
86
83
2
3
Manufacturing
239
221
-
-
Total
325
304
2
3
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,481,561
7,061,272
-
0
-
0
Social security costs
800,939
802,133
-
-
Pension costs
161,541
150,146
-
0
-
0
9,444,041
8,013,551
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
759,150
633,402
Company pension contributions to defined contribution schemes
55,620
76,871
814,770
710,273
Remuneration disclosed above includes 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

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
46,179
7,521
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
854,530
715,123
Interest on finance leases and hire purchase contracts
92,568
73,626
Total finance costs
947,098
788,749
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,960
-
0
Foreign current tax on profits for the current period
25,769
80,168
Total current tax
29,729
80,168
Deferred tax
Origination and reversal of timing differences
(172,516)
28,243
Adjustment in respect of prior periods
258,695
-
0
Other adjustments
-
0
4,979
Total deferred tax
86,179
33,222
Total tax charge
115,908
113,390

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
(362,788)
1,440,333
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
(90,697)
302,470
Tax effect of expenses that are not deductible in determining taxable profit
775
-
0
Tax effect of income not taxable in determining taxable profit
(7,437)
-
0
Adjustments in respect of prior years
258,695
-
0
Permanent capital allowances in excess of depreciation
27,943
(39,818)
Other permanent differences
(52,997)
(123,784)
Effect of overseas tax rates
-
0
6,307
Withholding tax
1
28,181
Deferred tax not recognised
(32,215)
-
0
Other
11,840
(59,966)
Taxation charge
115,908
113,390

A change in the UK Corporation tax rate to 25% took effect from 1 April 2023. This change had a consequential effect on the group's tax charge in the prior period with the standard rate of tax in that year reflective of a marginal tax rate arising from the group's period straddling the 19% and 25% tax rates. Deferred tax has been calculated at 25%.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Dividends paid
112,710
67,710
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
58,849
(1,853,076)
(1,794,227)
Amortisation and impairment
At 1 July 2023
50,218
(698,455)
(648,237)
Amortisation charged for the year
8,631
(115,785)
(107,154)
At 30 June 2024
58,849
(814,240)
(755,391)
Carrying amount
At 30 June 2024
-
0
(1,038,836)
(1,038,836)
At 30 June 2023
8,631
(1,154,621)
(1,145,990)
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
13
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
6,652,138
11,986,364
193,880
467,271
19,299,653
Additions
87,756
431,806
12,944
313,659
846,165
Disposals
(876,684)
(219,150)
(36,481)
(179,004)
(1,311,319)
Exchange adjustments
25,783
18,160
598
84
44,625
At 30 June 2024
5,888,993
12,217,180
170,941
602,010
18,879,124
Depreciation and impairment
At 1 July 2023
2,235,101
3,834,376
83,784
152,036
6,305,297
Depreciation charged in the year
273,461
1,205,213
28,257
90,915
1,597,846
Eliminated in respect of disposals
(876,684)
(199,571)
(35,649)
(104,234)
(1,216,138)
Exchange adjustments
14,016
4,815
10,082
1,024
29,937
At 30 June 2024
1,645,894
4,844,833
86,474
139,741
6,716,942
Carrying amount
At 30 June 2024
4,243,099
7,372,347
84,467
462,269
12,162,182
At 30 June 2023
4,417,037
8,151,988
110,096
315,235
12,994,356
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
2,711,648
3,981,042
-
0
-
0
Motor vehicles
346,685
327,042
-
0
-
0
3,058,333
4,308,084
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
35
-
0
-
0
6,756,315
6,756,315
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
6,756,315
Carrying amount
At 30 June 2024
6,756,315
At 30 June 2023
6,756,315
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,803,551
3,662,965
-
-
Work in progress
1,106,498
712,386
-
-
Finished goods and goods for resale
4,423,852
4,989,003
-
0
-
0
9,333,901
9,364,354
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,460,126
9,449,794
-
0
-
0
Other debtors
1,905,777
1,023,109
-
0
-
0
Prepayments and accrued income
2,751,925
1,056,176
-
0
-
0
12,117,828
11,529,079
-
-
Deferred tax asset (note 21)
24,377
24,303
-
0
-
0
12,142,205
11,553,382
-
-
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
14,480,636
12,501,092
-
0
-
0
Obligations under finance leases
20
761,142
738,075
-
0
-
0
Trade creditors
6,924,221
4,198,650
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
779,547
589,719
Corporation tax payable
-
0
(4,751)
-
0
-
0
Other taxation and social security
622,552
591,625
-
-
Derivative financial instruments
-
0
16,932
-
0
-
0
Other creditors
765,003
632,246
-
0
-
0
Accruals
920,092
1,330,210
-
0
-
0
24,473,646
20,004,079
779,547
589,719

Bank loans and overdrafts are secured, see note 19 for details.

 

Obligations under finance leases are secured over the related assets.

 

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

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,074,638
1,384,967
-
0
-
0
Obligations under finance leases
20
1,226,704
1,724,784
-
0
-
0
Other creditors
-
0
57,575
-
0
-
0
2,301,342
3,167,326
-
-

Bank loans and overdrafts are secured, see note 19 for details.

 

Obligations under finance leases are secured over the related assets.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,905,600
10,179,405
-
0
-
0
Bank overdrafts
3,649,674
3,706,654
-
0
-
0
15,555,274
13,886,059
-
-
Payable within one year
14,480,636
12,501,092
-
0
-
0
Payable after one year
1,074,638
1,384,967
-
0
-
0

Bank borrowings are secured by a fixed and floating charge over the assets of the company to which they relate. The floating charge also covers an unlimited multilateral guarantee entered into by the company in respect of all the borrowings of certain group subsidiaries.

 

A guarantee to HSBC exists to cover the bank's guarantee to HM Revenue & Customs in respect of value added tax on imports up to a maximum of £220,000. This guarantee is also covered by the floating charge.

 

Included within bank loans and overdrafts is a balance of £2,557,020 (2023 - £2,812,084), which is secured over the related debtors.

 

£7,302,668 (2023 - £6,565,509) of revolving credit facilities are secured over the land and buildings held by the applicable group company.

 

The group has also entered into various trade loans with a number of banks totalling £4,235,020 (2023 - £4,208,050) which are secured over working capital by the applicable group company with a fixed and floating charge. The loans are repayable at various repayments dates between 4 and 12 months. The interest rate on these loans vary from between 3% to 8.05%.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
761,142
738,075
-
0
-
0
In two to five years
1,226,704
1,724,784
-
0
-
0
1,987,846
2,462,859
-
-

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

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances and overseas equivalent
362,233
338,209
24,377
24,303
Other
62,344
33,222
-
-
424,577
371,431
24,377
24,303
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
313,906
-
Charge to profit or loss
86,179
-
Liability at 30 June 2024
400,085
-

The net deferred tax charge for the year was £86,179 (2023: £28,243).

 

The company has no deferred tax asset or liabilities.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
161,541
150,146

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

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
31,209
31,209
39,011
31,209
B Ordinary shares of £1 each
7,802
7,802
-
7,802
39,011
39,011
39,011
39,011

Both ordinary shares "A" and "B" have full rights in the company with respect to voting, dividends and distributions.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
24
Share based payments

On 6 November 2019, the company granted qualifying EMI options to two directors, over 12,319 C ordinary shares and 9,058 D ordinary shares respectively. The options have no vesting restrictions, and have a maximum exercise term of 10 years. A Black-Scholes valuation model has been used in order to assess the value of options at the grant date. All 21,377 options, which each have an exercise price of £4.17 per share, remain un-exercised at 30 June 2024.

25
Reserves
Share premium

The share premium account represents any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

The other reserve represents accumulated gains and losses on foreign currency translation of foreign subsidiaries from their functional currency.

Profit and loss reserves

The profit and loss account is represented by accumulated comprehensive income, less any foreign exchange gains or losses taken to other reserves.

26
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 £7,901,782 (2023 - £8,827,649).

 

Wilkie Technical Textiles (Holding Company) Limited has taken advantage of the exemptions in section 479A to 479C of the Companies Act 2006 by providing a guarantee over Stewart Pinned Products Ltd. (company registration number - SC015031), ENR Dissolution Limited (company registration number - SC184914), Lorica Research Limited (company registration number - 03068784) and Digby Dyke Limited (company registration number - 05262658), meaning that these UK Subsidiaries stated are exempt from an audit for the financial year ended 30 June 2024.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
365,985
355,626
-
-
Between two and five years
859,969
1,097,511
-
-
In over five years
565,458
709,608
-
-
1,862,792
2,162,745
-
-
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
221,787
117,532
-
-
29
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.

30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
901,421
1,121,623
Other information

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.

31
Directors' transactions

Dividends totalling £112,709 (2023 - £67,710) were paid in the year in respect of shares held by the company's directors.

32
Controlling party

Wilkie Technical Textiles (Holding Company) Limited is controlled by H D Rowan, director.

WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 37 -
33
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(478,696)
1,326,943
Adjustments for:
Taxation charged
115,908
113,390
Finance costs
947,098
788,749
Investment income
(46,179)
(7,521)
Profit on disposal of tangible fixed assets
74,595
(16,339)
Fair value gains and losses on foreign exchange contracts
-
235,366
Amortisation and impairment of intangible assets
(107,154)
(125,567)
Depreciation and impairment of tangible fixed assets
1,597,846
1,548,232
Movements in working capital:
Decrease in stocks
30,453
2,964,438
Increase in debtors
(588,749)
(851,557)
Increase/(Decrease) in creditors
2,094,301
(100,012)
Decrease in deferred income
-
(223,852)
Cash generated from operations
3,639,423
5,652,270
34
Analysis of changes in net debt
2024
£
Opening net funds/(debt)
Cash and cash equivalents
670,757
Loans
(10,179,405)
Obligations under finance leases
(2,462,859)
(11,971,507)
Changes in net debt arising from:
Cash flows of the entity
1,899,207
New finance leases
(291,719)
Foreign exchange related to net debt
278,932
Closing net funds/(debt) as analysed below
(10,085,087)
Closing net funds/(debt)
Cash and cash equivalents
3,808,359
Loans
(11,905,600)
Obligations under finance leases
(1,987,846)
(10,085,087)
WILKIE TECHNICAL TEXTILES (HOLDING COMPANY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 38 -
35
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Ordinary shareholding %
Direct
Indirect
Digby Dyke Limited
54 King Edwards Road, Malvern, Worcestershire, England
Research and development
-
100.00
ENR Dissolution Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, Scotland
Holding company
-
100.00
J. & D. Wilkie (Holding Company) Ltd
Marywell Works, Marywell Brae, Kirriemuir, Angus, Scotland
Holding company
100.00
-
J. & D. Wilkie Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, Scotland
Textile manufacturing
-
100.00
Lorica Research Limited
54 King Edwards Road, Malvern, Worcestershire, England
Research and development
-
100.00
Stewart Pinned Products (Zhengzhou) Ltd
Jiulong Industrial Engineering Park, Zhengzhou City, China
Engineering
-
84.70
Stewart Pinned Products Limited
Marywell Works, Marywell Brae, Kirriemuir, Angus, Scotland
Engineering
-
100.00
Stewart Pinned Products Private Limited
Benchmark Professional Private Limited, No. 267 Ground Floor, Jauanager, Bangalore, 560 011
Engineering
-
100.00
Wilkie Japan Co. Ltd
Daiei Ginza Building 5F/6F, 1167 Ginza, Chuoku, Tokyo, 1040061
Sales agency
-
80.00
Wilkie Technical Textiles
America Inc
2140 S. Dupont Highway, City of Camden, County of Kent, Delaware 19934, USA
Textile manufacturing
-
100.00
Wilkie Technical Textiles (Jiaxing) Ltd
No. 956 Bazi Road, Jiaxing City, China
Textile manufacturing
-
80.00
Wilkie Trading (Jiaxing) Limited
No. 956 Bazi Road, Jiaxing City, China
Textile manufacturing
-
80.00
Wm R Stewart & Sons (Hacklemackers) Ltd
Marywell Works, Marywell Brae, Kirriemuir, Angus, Scotland
Dormant
-
100.00
Wilkie Technical Textiles (MA) Holding Company
75A Rogers Street, Lowell, MA 01852, USA
Holding company
100.00
-
Wilkie Technical Textiles (MA) LLC
75A Rogers Street, Lowell, MA 01852, USA
Textile manufacturing
-
100.00
Wilkie Property MA LLC
75A Rogers Street, Lowell, MA 01852, USA
Property company
-
100.00
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