Company No: SC393613 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	2,182		1,113
		2,182		1,113
Current assets
Stocks		234,264		257,714
Debtors	5	91,522		111,888
Cash at bank and in hand		20,896		6,207
		346,682		375,809
Creditors: amounts falling due within one year	6	( 17,924)		( 56,785)
Net current assets		328,758		319,024
Total assets less current liabilities		330,940		320,137
Creditors: amounts falling due after more than one year	7	( 323,672)		( 323,633)
Net assets/(liabilities)		7,268		( 3,496)
Capital and reserves
Called-up share capital	8	165,001		165,001
Profit and loss account		( 157,733 )		( 168,497 )
Total shareholder's funds/(deficit)		7,268		( 3,496)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ministry of Wool Ltd (registered number: SC393613) were approved and authorised for issue by the Director on 16 December 2025. They were signed on its behalf by:

Mr A J Caughey Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ministry of Wool Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company has recorded a profit before tax of £10,764 for the year ended 31 March 2025 (2024: £21,094 profit before tax) with net assets of £7,268 (2024: £3,496 net liabilities).

The director has assessed the going concern of the Company and the likely future cash flows at the date of approving these financial statements. The Company is supported through loans received from related parties and the director has confirmed the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. The loans will not be requested to be repaid to the detriment of the Company. In the current financial year, the company has commenced loan principal repayments.

On this basis, the director believes the Company can meet its trading liabilities as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable from the sale of performance clothing, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost , net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss. No impairment was noted during the year.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials. 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 profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at cost.

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 at transaction price.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	50,943		50,943
At 31 March 2025	50,943		50,943
Accumulated amortisation
At 01 April 2024	50,943		50,943
At 31 March 2025	50,943		50,943
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	11,737		11,737
Additions	1,504		1,504
Disposals	( 2,256)		( 2,256)
At 31 March 2025	10,985		10,985
Accumulated depreciation
At 01 April 2024	10,624		10,624
Charge for the financial year	435		435
Disposals	( 2,256)		( 2,256)
At 31 March 2025	8,803		8,803
Net book value
At 31 March 2025	2,182		2,182
At 31 March 2024	1,113		1,113

5. Debtors

	2025		2024
	£		£
Trade debtors	25,961		25,723
Corporation tax	12,236		16,597
Other debtors	53,325		69,568
	91,522		111,888

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	8,826		27,131
Trade creditors	3,699		4,781
Amounts owed to associates	0		445
Other creditors	5,399		24,428
	17,924		56,785

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	323,672		323,633

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary shares share of £ 1.00	1		1
165,000 Redeemable Preference shares shares of £ 1.00 each	165,000		165,000
	165,001		165,001

9. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Key management personnel	51,068		51,068

The loan is unsecured with no fixed repayments terms and interest was charged at a rate of 2.25%.

Other related party transactions

	2025		2024
	£		£
Armadillo Merino NZ	0		445

At the year end, the loan has been fully repaid (2024: £445 - owed by the Company). The loan was unsecured, interest free with no fixed repayment terms.