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Company No: 00358801 (England and Wales)

# EMPEE SILK FABRICS LIMITED

### Unaudited Financial Statements
For the financial year ended 30 April 2025
Pages for filing with the registrar

EMPEE SILK FABRICS LIMITED

## Unaudited Financial Statements

For the financial year ended 30 April 2025

Contents

EMPEE SILK FABRICS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 30 April 2025
EMPEE SILK FABRICS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 924,296 |  | 963,120
Investment property | 4 | 977,991 |  | 977,991
Investments | 5 | 55,026 |  | 55,026
|  | 1,957,313 |  | 1,996,137
Current assets |  |  |  |
Stocks |  | 1,739,266 |  | 1,786,569
Debtors | 6 | 1,543,148 |  | 1,264,895
Cash at bank and in hand |  | 82,463 |  | 243,126
|  | 3,364,877 |  | 3,294,590
Creditors: amounts falling due within one year | 7 | ( 1,144,252) |  | ( 1,211,069)
Net current assets |  | 2,220,625 |  | 2,083,521
Total assets less current liabilities |  | 4,177,938 |  | 4,079,658
Creditors: amounts falling due after more than one year | 8 | ( 597,105) |  | ( 518,465)
Provision for liabilities |  | ( 11,467) |  | ( 16,298)
Net assets |  | 3,569,366 |  | 3,544,895
Capital and reserves |  |  |  |
Called-up share capital | 9 | 500 |  | 500
Profit and loss account |  | 3,568,866 |  | 3,544,395
Total shareholder's funds |  | 3,569,366 |  | 3,544,895

For the financial year ending 30 April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Empee Silk Fabrics Limited (registered number: 00358801) were approved and authorised for issue by the Director. They were signed on its behalf by:

R Wiesenberg Director |

18 March 2026

EMPEE SILK FABRICS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025
EMPEE SILK FABRICS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Empee Silk Fabrics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 88 Crawford Street, London, W1H 2EJ, 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 £.

##### 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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings 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 for goods provided in the normal course of business, 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### 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 Statement of Financial Position 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### 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:

Land and buildings | 50 years straight line
Plant and machinery etc. | 4 years straight line
| 15 - 25 % reducing balance

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.

##### Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.
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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 the director | 22 |  | 22

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 May 2024 | 1,307,428 |  | 392,907 |  | 1,700,335
Additions | 0 |  | 2,323 |  | 2,323
Disposals | 0 |  | ( 251,259) |  | ( 251,259)
At 30 April 2025 | 1,307,428 |  | 143,971 |  | 1,451,399
Accumulated depreciation |  |  |  |  |
At 01 May 2024 | 409,499 |  | 327,716 |  | 737,215
Charge for the financial year | 19,500 |  | 15,795 |  | 35,295
Disposals | 0 |  | ( 245,407) |  | ( 245,407)
At 30 April 2025 | 428,999 |  | 98,104 |  | 527,103
Net book value |  |  |  |  |
At 30 April 2025 | 878,429 |  | 45,867 |  | 924,296
At 30 April 2024 | 897,929 |  | 65,191 |  | 963,120

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 May 2024 | 977,991
As at 30 April 2025 | 977,991

The directors deemed the value of the investment property at the reporting date to be equal to the cost of acquisition plus subsequent cost of development.

#### 5. Fixed asset investments

| Other investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 May 2024 | 55,026 |  | 55,026
At 30 April 2025 | 55,026 |  | 55,026
Carrying value at 30 April 2025 | 55,026 |  | 55,026
Carrying value at 30 April 2024 | 55,026 |  | 55,026

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 459,274 |  | 394,294
Amounts owed by related parties | 1,064,880 |  | 851,231
Other debtors | 18,994 |  | 19,370
| 1,543,148 |  | 1,264,895

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

| 2025 |  | 2024
| £ |  | £
Trade creditors | 229,293 |  | 417,290
Amounts owed to parent undertakings | 457,860 |  | 457,860
Amounts owed to related parties | 306,019 |  | 132,713
Other taxation and social security | 108,018 |  | 118,262
Other creditors | 43,062 |  | 84,944
| 1,144,252 |  | 1,211,069

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to related parties | 597,105 |  | 518,465

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
500 Ordinary shares of £ 1.00 each | 500 |  | 500

#### 10. Related party transactions

At the reporting date, the company was due £1,062,330 (2024 - £795,031) from Zolger Developments Limited and owed £123,800 (2024 - £56,200 was due from) to Wiesy Investments Limited, companies in which R Wiesenberg is a director.
At the reporting date, the company was due £2,550 (2024 - £nil) from Needleberry Limited, a company in which R Wiesenberg is a beneficiary.
At the reporting date, the company owed £2,511 (2024 - £2,511) to Pearl Property Holdings Limited, a company in which R Wiesenberg is a director.
At the reporting date the company owed £776,812 (2024 - £648,667) to its pension scheme. The loans are secured against the Company's freehold land and buildings, repayable in instalments by March 2030 and bear interest at 8% per annum.

#### 11. Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

| 2025 |  | 2024
| £ |  | £
| 7,605 |  | 14,452

#### 12. Parent company

Empee London Limited, registered in England & Wales, was regarded as the company's parent company at the Statement of Financial Position date.
The registered office address of Empee London Limited is 88 Crawford Street, London, W1H 2EJ.

#### 13. Events after the reporting date

After the reporting date, the Company's freehold and investment properties were transferred to a fellow subsidiary.
After the reporting date, the Company's ultimate parent company became Empee Holdings Limited, a company incorporated in Jersey. The registered office of Empee Holdings Limited is 44 Esplanade, 3rd Floor, St. Helier, Jersey, JE4 9WG.