Silverfin false false 31/05/2025 01/06/2024 31/05/2025 J Antliff 15/04/2020 M Antliff 19/10/2009 C Barnett 06/07/2016 23 December 2025 Following the group restructuring, the group will focus on the retail of specialist footwear, the holding of investment property and working with our key clients we continue to operate a third party logistics and distribution function. SC365088 2025-05-31 SC365088 bus:Director1 2025-05-31 SC365088 bus:Director2 2025-05-31 SC365088 bus:Director3 2025-05-31 SC365088 2024-05-31 SC365088 core:CurrentFinancialInstruments 2025-05-31 SC365088 core:CurrentFinancialInstruments 2024-05-31 SC365088 core:ShareCapital 2025-05-31 SC365088 core:ShareCapital 2024-05-31 SC365088 core:CapitalRedemptionReserve 2025-05-31 SC365088 core:CapitalRedemptionReserve 2024-05-31 SC365088 core:RetainedEarningsAccumulatedLosses 2025-05-31 SC365088 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC365088 core:OtherPropertyPlantEquipment 2024-05-31 SC365088 core:OtherPropertyPlantEquipment 2025-05-31 SC365088 core:CostValuation 2024-05-31 SC365088 core:CostValuation 2025-05-31 SC365088 bus:OrdinaryShareClass1 2025-05-31 SC365088 2024-06-01 2025-05-31 SC365088 bus:FilletedAccounts 2024-06-01 2025-05-31 SC365088 bus:SmallEntities 2024-06-01 2025-05-31 SC365088 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-05-31 SC365088 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 SC365088 bus:Director1 2024-06-01 2025-05-31 SC365088 bus:Director2 2024-06-01 2025-05-31 SC365088 bus:Director3 2024-06-01 2025-05-31 SC365088 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-06-01 2025-05-31 SC365088 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-06-01 2025-05-31 SC365088 2023-06-01 2024-05-31 SC365088 core:OtherPropertyPlantEquipment 2024-06-01 2025-05-31 SC365088 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 SC365088 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC365088 1 2024-06-01 2025-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC365088 (Scotland)

# THE WORKS FACTORY LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH THE REGISTRAR

THE WORKS FACTORY LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025

Contents

THE WORKS FACTORY LIMITED

## BALANCE SHEET

AS AT 31 MAY 2025
THE WORKS FACTORY LIMITED

## BALANCE SHEET (continued)

AS AT 31 MAY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 50,913 |  | 67,823
Investments | 4 | 465,163 |  | 465,163
|  | 516,076 |  | 532,986
Current assets |  |  |  |
Debtors | 5 | 371,932 |  | 599,592
Cash at bank and in hand |  | 11,031 |  | 109,608
|  | 382,963 |  | 709,200
Creditors: amounts falling due within one year | 6 | ( 218,077) |  | ( 511,925)
Net current assets |  | 164,886 |  | 197,275
Total assets less current liabilities |  | 680,962 |  | 730,261
Net assets |  | 680,962 |  | 730,261
Capital and reserves |  |  |  |
Called-up share capital | 7 | 857 |  | 857
Capital redemption reserve |  | 143 |  | 143
Profit and loss account |  | 679,962 |  | 729,261
Total shareholder's funds |  | 680,962 |  | 730,261

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

Directors' 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 directors acknowledge 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 The Works Factory Limited (registered number: SC365088) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

M Antliff Director |

THE WORKS FACTORY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025
THE WORKS FACTORY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025

##### 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

The Works Factory Limited (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 19 Law Place, Nerston Industrial Estate, East Kilbride, G74 4QL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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 credited or charged to profit or loss.

##### 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 Account.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

##### 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 3 |  | 3

#### 3. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 June 2024 | 137,522 |  | 137,522
At 31 May 2025 | 137,522 |  | 137,522
Accumulated depreciation |  |  |
At 01 June 2024 | 69,699 |  | 69,699
Charge for the financial year | 16,910 |  | 16,910
At 31 May 2025 | 86,609 |  | 86,609
Net book value |  |  |
At 31 May 2025 | 50,913 |  | 50,913
At 31 May 2024 | 67,823 |  | 67,823

#### 4. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 June 2024 | 465,163
At 31 May 2025 | 465,163
Carrying value at 31 May 2025 | 465,163
Carrying value at 31 May 2024 | 465,163

Investments in shares

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Group undertakings | 103,637 |  | 103,637
Other debtors | 268,295 |  | 495,955
| 371,932 |  | 599,592

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Other creditors | 218,077 |  | 511,925

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
857 Ordinary shares of £ 1.00 each | 857 |  | 857

#### 8. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts owed to related parties | 212,568 |  | 511,346
Amounts owed by related parties | (265,428) |  | (490,833)

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.
Amounts included above are unsecured, interest free, and repayable on demand.

#### 9. Ultimate controlling party

The immediate parent company is Skye 25 Limited (SC763584), a company registered in Scotland at 19 Law Place, East Kilbride, Glasgow, G74 4QL.