Registration number:
Wemyss Fabrics (Holdings) Limited
for the Period from 2 December 2023 to 29 November 2024
Wemyss Fabrics (Holdings) Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Wemyss Fabrics (Holdings) Limited
Company Information
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Directors |
Mr Ian Tatnell Mr Ian Worf |
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Registered office |
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Accountants |
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Wemyss Fabrics (Holdings) Limited
(Registration number: SC072907)
Statement of Financial Position as at 29 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
37,050 |
37,050 |
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Share premium reserve |
72,000 |
72,000 |
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Capital redemption reserve |
58,000 |
58,000 |
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Retained earnings |
26,539 |
26,539 |
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Shareholders' funds |
193,589 |
193,589 |
For the financial period ending 29 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
These financial statements have been 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
Wemyss Fabrics (Holdings) Limited
(Registration number: SC072907)
Statement of Financial Position as at 29 November 2024
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Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Summary of disclosure exemptions
The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006.
Going concern
These accounts have been prepared having regard to the group's trading forecasts. These forecasts include detailed cashflow projections.
Notwithstanding the above, given the current economic environment, there remains a risk that the external trading environment may be worse than currently envisaged, and as a result, the directors have also reviewed forecasts which include sensitivities that make allowance for that risk. Should such a scenario arise, the directors have confidence that they have adequate liquidity to ensure that the group can meet its liabilities as they fall due for the foreseeable future.Also a letter of support has been received from the vendors indicating that they will continue to support the group.
Given all of the above the directors consider that it is appropriate to prepare these accounts on a going concern basis.
Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
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Asset class |
Depreciation method and rate |
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Plant & machinery |
20% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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. They are subsequently measured, less provision for impairment. 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.
Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
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.
Trade creditors are recognised initially at the transaction price.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 2 December 2023 |
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At 29 November 2024 |
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Depreciation |
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At 2 December 2023 |
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At 29 November 2024 |
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Carrying amount |
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At 29 November 2024 |
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 2 December 2023 |
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Provision |
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Carrying amount |
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At 29 November 2024 |
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At 1 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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7a Nobel Road, West Gourdie Industrial Estate, Dundee, Scotland, DD2 4UH Scotland |
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7a Nobel Road, West Gourdie Industrial Estate, Dundee, Scotland, DD2 4UH Scotland |
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Subsidiary undertakings |
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Wemyss Weavecraft Limited The principal activity of Wemyss Weavecraft Limited is |
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Sekers Fabrics Limited The principal activity of Sekers Fabrics Limited is |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Wemyss Fabrics (Holdings) Limited
Notes to the Unaudited Financial Statements for the Period from 2 December 2023 to 29 November 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Deferred income |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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37,050 |
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37,050 |
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Related party transactions |
Summary of transactions with parent
The company is a wholly owned subsidiary and is therefore exempt from disclosing transactions with its parent company and other members of the group.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is