Registration number: NI649310

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.