Arktis Endurance Textiles Limited NI649310 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the manufacture and distribution of technical and industrial textiles, workwear and other wearing apparels and accessories. Digita Accounts Production Advanced 6.30.9574.0 true true true NI649310 2024-01-01 2024-12-31 NI649310 2024-12-31 NI649310 bus:OrdinaryShareClass1 2024-12-31 NI649310 core:CurrentFinancialInstruments 2024-12-31 NI649310 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI649310 core:BetweenTwoFiveYears 2024-12-31 NI649310 core:MoreThanFiveYears 2024-12-31 NI649310 core:WithinOneYear 2024-12-31 NI649310 core:LandBuildings 2024-12-31 NI649310 core:MotorVehicles 2024-12-31 NI649310 core:OtherPropertyPlantEquipment 2024-12-31 NI649310 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-12-31 NI649310 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 NI649310 bus:SmallEntities 2024-01-01 2024-12-31 NI649310 bus:Audited 2024-01-01 2024-12-31 NI649310 bus:FilletedAccounts 2024-01-01 2024-12-31 NI649310 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI649310 bus:RegisteredOffice 2024-01-01 2024-12-31 NI649310 bus:Director2 2024-01-01 2024-12-31 NI649310 bus:Director3 2024-01-01 2024-12-31 NI649310 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI649310 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI649310 bus:Agent1 2024-01-01 2024-12-31 NI649310 core:LandBuildings 2024-01-01 2024-12-31 NI649310 core:MotorVehicles 2024-01-01 2024-12-31 NI649310 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 NI649310 core:PlantMachinery 2024-01-01 2024-12-31 NI649310 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-01-01 2024-12-31 NI649310 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases 2024-01-01 2024-12-31 NI649310 core:KeyManagementPersonnel 2024-01-01 2024-12-31 NI649310 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 NI649310 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:Leases 2024-01-01 2024-12-31 NI649310 core:ParentEntities 2024-01-01 2024-12-31 NI649310 1 2024-01-01 2024-12-31 NI649310 countries:NorthernIreland 2024-01-01 2024-12-31 NI649310 2023-12-31 NI649310 core:LandBuildings 2023-12-31 NI649310 core:MotorVehicles 2023-12-31 NI649310 core:OtherPropertyPlantEquipment 2023-12-31 NI649310 2023-01-01 2023-12-31 NI649310 2023-12-31 NI649310 bus:OrdinaryShareClass1 2023-12-31 NI649310 core:CurrentFinancialInstruments 2023-12-31 NI649310 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI649310 core:BetweenTwoFiveYears 2023-12-31 NI649310 core:MoreThanFiveYears 2023-12-31 NI649310 core:WithinOneYear 2023-12-31 NI649310 core:LandBuildings 2023-12-31 NI649310 core:MotorVehicles 2023-12-31 NI649310 core:OtherPropertyPlantEquipment 2023-12-31 NI649310 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 NI649310 core:ParentEntities 2023-12-31 NI649310 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:Leases 2023-01-01 2023-12-31 NI649310 core:ParentEntities 2023-01-01 2023-12-31 NI649310 core:ParentEntities core:Leases 2023-01-01 2023-12-31 NI649310 2022-12-31 NI649310 core:ParentEntities 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI649310

Arktis Endurance Textiles Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Arktis Endurance Textiles Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 11

Arktis Endurance Textiles Limited

(Registration number: NI649310)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 309,600 | 93,668
Current assets |  |  |
Stocks | 5 | 2,548,273 | 2,028,585
Debtors | 6 | 895,899 | 673,014
Cash at bank and in hand |  | 196,749 | 659,654
|  | 3,640,921 | 3,361,253
Creditors: Amounts falling due within one year | 7 | (1,614,616) | (1,524,230)
Net current assets |  | 2,026,305 | 1,837,023
Total assets less current liabilities |  | 2,335,905 | 1,930,691
Provisions for liabilities |  | (22,142) | (23,417)
Net assets |  | 2,313,763 | 1,907,274
Capital and reserves |  |  |
Called up share capital | 8 | 10,000 | 10,000
Retained earnings |  | 2,303,763 | 1,897,274
Shareholders' funds |  | 2,313,763 | 1,907,274

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 June 2025 and signed on its behalf by:

......................................... Mr Ronan Corrigan Director
......................................... Mr Kevin Wilson Director

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
25 Greenfield Road
Kells
Ballymena
BT42 3JL

These financial statements were authorised for issue by the Board on 11 June 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
This is the first year in which the company has applied FRS 102 Section 1A, having previously prepared its financial statements in accordance with full FRS 102.
The transition has been made as the company qualifies as a small entity under the Companies Act 2006, and has elected to apply the reduced disclosure requirements permitted by Section 1A.
The transition to Section 1A has not affected the recognition or measurement of accounting balances, as Section 1A applies the same recognition and measurement principles as full FRS 102. The primary change relates to the presentation and disclosure of information in the financial statements.
Comparative figures have been presented on the same basis, and no restatements were required as a result of this transition.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 11 June 2025 was James Wallace, who signed for and on behalf of D T Carson & Co.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Stock
The stock valuation is based on management's knowledge and experience. An appropriate valuation is determined based on what management would expect to realise for any old or slow moving stock. The directors are of the opinion that the stock valuation is appropriate at the year end. The carrying amount is £2,548,273 (2023 -£2,028,585).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Other tangible fixed assets | 10-25% straight line
Motor vehicles | 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.
Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Other financial instruments not meeting the definition of basic financial instruments are recognised initially at fair value. Subsequently, other financial instruments are measured at fair value with changes recognised in profit or loss.
Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 25).

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4 | Tangible assets

| Land and buildings £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | - | 2,200 | 192,917 | 195,117
Additions | 221,033 | - | 19,038 | 240,071
At 31 December 2024 | 221,033 | 2,200 | 211,955 | 435,188
Depreciation
At 1 January 2024 | - | 550 | 100,899 | 101,449
Charge for the year | - | 412 | 23,727 | 24,139
At 31 December 2024 | - | 962 | 124,626 | 125,588
Carrying amount
At 31 December 2024 | 221,033 | 1,238 | 87,329 | 309,600
At 31 December 2023 | - | 1,650 | 92,018 | 93,668

Included within the net book value of land and buildings above is £221,033 (2023 - £Nil) in respect of freehold land and buildings.

5 | Stocks

| 2024 £ | 2023 £
Raw materials and consumables | 540,637 | 588,096
Work in progress | 89,233 | 92,853
Finished goods and goods for resale | 1,918,403 | 1,347,636
| 2,548,273 | 2,028,585

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 829,922 | 660,677
Prepayments | 46,136 | 11,542
Other debtors | 19,841 | 795
| 895,899 | 673,014

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Trade creditors |  | 1,072,429 | 877,977
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 12 | 60,000 | -
Taxation and social security |  | 168,269 | 214,201
Accruals and deferred income |  | 312,400 | 367,395
Other creditors |  | 1,518 | 64,657
|  | 1,614,616 | 1,524,230

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 10,000 | 10,000 | 10,000 | 10,000

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 51,600 | 52,495
Later than one year and not later than five years | 133,325 | 179,975
Later than five years | - | 4,950
| 184,925 | 237,420

The amount of non-cancellable operating lease payments recognised as an expense during the year was £61,037 (2023 - £62,340).

10 | Dividends

|  | 2024 |  | 2023
|  | £ |  | £
Interim dividend of £10.00 (2023 - £Nil) per ordinary share |  | 100,000 |  | -

11 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company holds an Import Letter of Credit facility with Danske Bank of £1,000,000 (2023: £500,000). At 31 December 2024, no import letters of credit were in place (2023: one import letter of credit totalling £11,027).
The Company had also committed to thirteen forward exchange contracts as at 31 December 2024 for the conversion of sterling into 1,200,000 US Dollars (2023: fourteen contracts into 1,105,000 US Dollars).

The company has a financial guarantee with HMRC for £80,000 in regard to a VAT deferment account.

12 | Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors.

Summary of transactions with key management

A number of directors are paid by the company while the remainder are paid by another group subsidiary, Francis Dinsmore Limited.
The company incurred expenditure during the current and prior year in respect of the rental of commercial properties owned by key management personnel.

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 149,750 | 145,250
Contributions paid to money purchase schemes | 18,000 | 20,000
| 167,750 | 165,250

Summary of transactions with parent

Templemoyle Mills Limited ('TMM') owns 100% of Arktis Endurance Textiles Limited having acquired its entire share capital from Francis Dinsmore Limited on 1 January 2024.
TMM and all of its subsidiaries have taken advantage of the exemption in FRS 102 not to disclose transactions with wholly owned subsidiaries which form part of the group.

Income and receivables from related parties

2024 | Entities with joint control or significant influence £
Amounts receivable from related party | 180,606

Expenditure with and payables to related parties

2024 | Entities with joint control or significant influence £ | Key management £
Leases | - | 48,594
Amounts payable to related party | 395,348 | -

2023 | Parent £ | Key management £
Leases | - | 44,029
Amounts payable to related party | 422,635 | -

Arktis Endurance Textiles Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024 | Entities with joint control or significant influence £ | Total £
Advanced | 60,000 | 60,000
At end of period | 60,000 | 60,000

2023 | Parent £ | Total £
At start of period | 302,814 | 302,814
Repaid | (302,814) | (302,814)
At end of period | - | -

Terms of loans from related parties

Loans from related parties are denominated in sterling, interest free and repayable on demand.

13 | Parent and ultimate parent undertaking

The company's immediate parent is Templemoyle Mills Limited, registered address 25 Greenfield Road, Kells, Ballymena, BT42 3JL, incorporated in Northern Ireland.
These financial statements are available upon request from Companies House, 32-38 Linenhall Street, Belfast. BT2 8BG
The ultimate controlling party is Mr B Corrigan.