Registered number:Ā NI602986
For the Year EndedĀ 30 September 2025
Ulster Weavers Home Limited
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Company Information
Ulster Weavers Home Limited
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Contents
Ulster Weavers Home Limited
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Strategic Report
For the Year Ended 30 September 2025
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The principal activities of the company are the design, development, sourcing and supply of home furnishings, household textiles, linen and giftware.
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The company had a difficult trading year as sales growth has incurred additional unforeseen costs, together with initial teething issues upon implementation of a new warehouse management system.Ā
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Turnover for the year amounted to Ā£59.2m (2024: Ā£56.84m) an increase of 4.2% compared with the prior year. The gross margin percentage remained broadly consistent with the prior year at 33% (2024: 33.2%) reflecting the strong relationships maintained with customers in the period and on an ongoing basis. The operating position for the year reflects a loss of Ā£0.27m for the year (2024: profit of Ā£1.03m).
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The Directors remain committed to design, product innovation and competitive pricing and firmly believe that the emphasis on customer quality and service will maintain market share in the changing household textiles and retail sectors. The Directors believe that the company is well placed to take advantage of opportunities as they arise.
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Turnover for the year amounted to Ā£59.2m (2024: Ā£56.84m) an increase of 4.2% compared with the prior year. The gross margin percentage remained broadly consistent with the prior year at 33% (2024: 33.2%) reflecting the strong relationships maintained with customers in the period and on an ongoing basis. The operating position for the year reflects a loss of Ā£0.27m for the year (2024: profit of Ā£1.03m).
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The Directors remain committed to design, product innovation and competitive pricing and firmly believe that the emphasis on customer quality and service will maintain market share in the changing household textiles and retail sectors. The Directors believe that the company is well placed to take advantage of opportunities as they arise.
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The Directors' consider the key performance indicators to be turnover and operating profit. The performance is noted on page 12. Ā
EmployeesĀ Ā Ā
All individuals wishing to join the company are considered on an equal basis and due recognition is given to both social and legal obligations in respect of disabled persons. The company has continued to put great emphasis on good safety performance, and the emphasis Ā on quality throughout all aspects of its business. The benefits of such a policy are now being realised and will continue as appropriate systems evolve.
The company aims to encourage and assist all individuals in the business to fully develop their potential. There is a strong belief in the value of training and the need for good communication within the company.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health & SafetyĀ
The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human Resources
The company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested in relevant employment training and development and has in place appropriate incentive and career progression arrangements. Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā
EmployeesĀ Ā Ā
All individuals wishing to join the company are considered on an equal basis and due recognition is given to both social and legal obligations in respect of disabled persons. The company has continued to put great emphasis on good safety performance, and the emphasis Ā on quality throughout all aspects of its business. The benefits of such a policy are now being realised and will continue as appropriate systems evolve.
The company aims to encourage and assist all individuals in the business to fully develop their potential. There is a strong belief in the value of training and the need for good communication within the company.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health & SafetyĀ
The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human Resources
The company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested in relevant employment training and development and has in place appropriate incentive and career progression arrangements. Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā
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Ulster Weavers Home Limited
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Strategic Report (continued)
For the Year Ended 30 September 2025
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Financial risk management
The company's operations expose it to a variety of financial risks that include the effects of changes in
commodity prices, foreign exchange risk, liquidity risk and interest rate risk. The company has in place a risk
management programme that seeks to limit the adverse effects on the financial performance of the company by
monitoring levels of financial risk exposure and the related finance costs.
Given the size of the company, the directors have not delegated the responsibility of monitoring the financial risk
management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the
company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits.
The directors will revisit the appropriateness of this policy should the company's operations change in size or
nature. The company has no exposure to equity securities price risk as it holds no listed or other equity
investments.
Foreign exchange risk
While the greater part of the company's revenues and expenses are denominated in sterling, the company is
exposed to some foreign exchange risk in the normal course of business, principally on purchases and sales in
Euros and US Dollars. Company policy is to hedge such transactions using forward contracts.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors.
Interest rate risk
The company has both interest-bearing assets and interest bearing liabilities. Interest bearing assets consist of
cash balances which earn interest at variable rates. Interest bearing liabilities consist of various financing sources used by the company on which the company pays interest at variable rates. The company has a policy of maintaining debt at a mixture of fixed and variable rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The company's operations expose it to a variety of financial risks that include the effects of changes in
commodity prices, foreign exchange risk, liquidity risk and interest rate risk. The company has in place a risk
management programme that seeks to limit the adverse effects on the financial performance of the company by
monitoring levels of financial risk exposure and the related finance costs.
Given the size of the company, the directors have not delegated the responsibility of monitoring the financial risk
management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the
company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits.
The directors will revisit the appropriateness of this policy should the company's operations change in size or
nature. The company has no exposure to equity securities price risk as it holds no listed or other equity
investments.
Foreign exchange risk
While the greater part of the company's revenues and expenses are denominated in sterling, the company is
exposed to some foreign exchange risk in the normal course of business, principally on purchases and sales in
Euros and US Dollars. Company policy is to hedge such transactions using forward contracts.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors.
Interest rate risk
The company has both interest-bearing assets and interest bearing liabilities. Interest bearing assets consist of
cash balances which earn interest at variable rates. Interest bearing liabilities consist of various financing sources used by the company on which the company pays interest at variable rates. The company has a policy of maintaining debt at a mixture of fixed and variable rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
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Ulster Weavers Home Limited
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Strategic Report (continued)
For the Year Ended 30 September 2025
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The Directors' of Ulster Weavers Home Limited ('the company') acknowledges its responsibility under section 172(1) of the Companies Act 2006 and below sets out key processes and considerations that demonstrate how the Directors promote the success of the company.Ā
The below statement sets out the requirements of the Act, section 172(1), and notes how the Directors discharge their duties.Ā
The Directors meet on a monthly basis with papers circulated in advance to allow the Directors to fully understand the performance of the Company in respect of various matters including Health & Safety, HR, Finance, Operations, Sales & Procurement. Each decision that is made by the Directors is supported by detailed papers which enables decisions to be made which best promote the success of the Company and considers the impact on the wider stakeholder group. Factors (a) to (f) below are all taken into account.Ā
The below statement sets out the requirements of the Act, section 172(1), and notes how the Directors discharge their duties.Ā
The Directors meet on a monthly basis with papers circulated in advance to allow the Directors to fully understand the performance of the Company in respect of various matters including Health & Safety, HR, Finance, Operations, Sales & Procurement. Each decision that is made by the Directors is supported by detailed papers which enables decisions to be made which best promote the success of the Company and considers the impact on the wider stakeholder group. Factors (a) to (f) below are all taken into account.Ā
(a)The likely consequences of any decision in the long term
The company has annual strategic plan which is reviewed in detail on an annual basis. This strategic plan will promote the long term viability of the company and the impact, both financial and non-financial, of this plan on all stakeholders will be considered. The performance against the strategic plan is reviewed at the monthly board meeting. As decisions are made at the Board meetings, the Board are given access to management papers which set out the impact of these decisions as well as the impact on the company strategy.
(b) The interests of the company's employees
The Directors consider the interest of employees in all major decisions, with a particular focus on their health, safety and wellbeing. Regular employee forums are held both at head office and site level, the purpose of which is to keep employees abreast of developments within the company and to receive their views and suggestions regarding workplace improvements. The company also engages with management throughout the business, in respect of the strategic direction of the business, in order to ensure their engagement and recommendations on same. HR and Health & Safety are regular items on the Board agenda with staff turnover and retention receiving regular focus.
(c) The need to foster the company's business relationships with suppliers, customers, lenders and others
The Directors have identified the stakeholders in the company and ensure adequate communication and engagement is ongoing with each group. Our Commercial team are focused on the importance of maintaining constant communication with our customers across the globe. Similarly, our Procurement team has responsibility for maintaining strong relations with our supplier base. Prompt payment of our suppliers is a key metric within the business. We also maintain regular communication with our lenders and bankers, as key stakeholders in our business. Detailed updates are provided to our bankers on a monthly basis and regular on-going dialogue is maintained to ensure that they are fully briefed on all current developments within our business.Ā
(d) The impact of the company's operations on the environment and on the community
The company places a strong emphasis on its environmental responsibility, which is reviewed on a regular basis by the board. Reducing our carbon footprint and limiting our impact on the environment are key focuses of the company.
(e) The desirability of the company maintaining a reputation for high standards of business conduct
The company have developed a reputation of high standards of business conduct over its many years of trading. Ā The board regularly reinforces the ongoing need to maintain these standards and ensure that the staff have sufficient resources to be able to continue to demonstrate these in all aspects of the business.
The company has annual strategic plan which is reviewed in detail on an annual basis. This strategic plan will promote the long term viability of the company and the impact, both financial and non-financial, of this plan on all stakeholders will be considered. The performance against the strategic plan is reviewed at the monthly board meeting. As decisions are made at the Board meetings, the Board are given access to management papers which set out the impact of these decisions as well as the impact on the company strategy.
(b) The interests of the company's employees
The Directors consider the interest of employees in all major decisions, with a particular focus on their health, safety and wellbeing. Regular employee forums are held both at head office and site level, the purpose of which is to keep employees abreast of developments within the company and to receive their views and suggestions regarding workplace improvements. The company also engages with management throughout the business, in respect of the strategic direction of the business, in order to ensure their engagement and recommendations on same. HR and Health & Safety are regular items on the Board agenda with staff turnover and retention receiving regular focus.
(c) The need to foster the company's business relationships with suppliers, customers, lenders and others
The Directors have identified the stakeholders in the company and ensure adequate communication and engagement is ongoing with each group. Our Commercial team are focused on the importance of maintaining constant communication with our customers across the globe. Similarly, our Procurement team has responsibility for maintaining strong relations with our supplier base. Prompt payment of our suppliers is a key metric within the business. We also maintain regular communication with our lenders and bankers, as key stakeholders in our business. Detailed updates are provided to our bankers on a monthly basis and regular on-going dialogue is maintained to ensure that they are fully briefed on all current developments within our business.Ā
(d) The impact of the company's operations on the environment and on the community
The company places a strong emphasis on its environmental responsibility, which is reviewed on a regular basis by the board. Reducing our carbon footprint and limiting our impact on the environment are key focuses of the company.
(e) The desirability of the company maintaining a reputation for high standards of business conduct
The company have developed a reputation of high standards of business conduct over its many years of trading. Ā The board regularly reinforces the ongoing need to maintain these standards and ensure that the staff have sufficient resources to be able to continue to demonstrate these in all aspects of the business.
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Ulster Weavers Home Limited
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Strategic Report (continued)
For the Year Ended 30 September 2025
(f) The need to act fairly between members of the company
The Directors regularly meet with shareholders in order to provide updates on the progress of the Company. These updates are supplemented with regular information packs providing detailed updates on the current position of the business.
The Directors regularly meet with shareholders in order to provide updates on the progress of the Company. These updates are supplemented with regular information packs providing detailed updates on the current position of the business.
This report was approved by the board onĀ 25 March 2026Ā and signed on its behalf.
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Ulster Weavers Home Limited
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Directors' Report
For the Year Ended 30 September 2025
TheĀ directorsĀ presentĀ theirĀ report and theĀ financial statementsĀ for theĀ yearĀ endedĀ 30 September 2025.
TheĀ directorsĀ areĀ responsible for preparing theĀ Strategic Report, the Directors' Report and theĀ financial statementsĀ in accordance withĀ applicable law and regulations.
Ā In preparing these financial statements, the directors are required to:
āselect suitableĀ accounting policies for the Company's financial statementsĀ and then apply them consistently;
āmakeĀ judgmentsĀ and accounting estimates that are reasonable and prudent;
āstate whether applicableĀ UK Accounting StandardsĀ have been followed, subject to any material departures disclosed and explained in the financial statements;
āprepare theĀ financial statementsĀ on the going concern basisĀ unless it is inappropriate to presume that the Company will continue in business.
TheĀ directorsĀ areĀ responsible for keepingĀ adequateĀ accounting records that are sufficient to show and explain the Company's transactions andĀ disclose with reasonable accuracy at any time the financial position of theĀ CompanyĀ and to enableĀ themĀ to ensure that theĀ financial statementsĀ comply with the Companies Act 2006.Ā They areĀ also responsible for safeguarding the assets of theĀ CompanyĀ and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TheĀ lossĀ for theĀ year, after taxation, amounted toĀ Ā£120,182Ā (2024 -Ā profitĀ Ā£713,675).
A dividend of nil has been paid (2024 - Ā£nil).
TheĀ directorsĀ who served during theĀ yearĀ were:
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Ulster Weavers Home Limited
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Directors' Report (continued)
For the Year Ended 30 September 2025
The auditors,Ā Sumer Auditco NI Limited,Ā will be proposed for reappointment in accordance withĀ section 485 of the Companies Act 2006.
This report was approved by theĀ boardĀ onĀ 25 March 2026 Ā and signed onĀ itsĀ behalf.
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Ulster Weavers Home Limited
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Independent Auditors' Report to the Members of Ulster Weavers Home Limited
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WeĀ have audited theĀ financial statementsĀ ofĀ Ulster Weavers Home Limited (the 'Company')Ā for theĀ yearĀ endedĀ 30 September 2025, which compriseĀ the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in EquityĀ and the related notes, including a summary of significant accounting policies.Ā The financial reporting framework that has been applied in their preparation is applicable lawĀ and United Kingdom Accounting Standards,Ā including Financial Reporting Standard 102 āThe Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements,Ā weĀ have concluded that theĀ directors'Ā use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the workĀ weĀ have performed,Ā weĀ have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on theĀ Company'sĀ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
OurĀ responsibilities and the responsibilities of theĀ directorsĀ with respect to going concern are described in the relevant sections of this report.
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Ulster Weavers Home Limited
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Independent Auditors' Report to the Members of Ulster Weavers Home Limited (continued)
The other information comprises the information included in theĀ Annual ReportĀ other than the financial statements andĀ ourĀ Auditors' ReportĀ thereon. TheĀ directorsĀ areĀ responsible for the other information contained within theĀ Annual Report.Ā OurĀ opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report,Ā weĀ do not express any form of assurance conclusion thereon.Ā OurĀ responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements orĀ ourĀ knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. IfĀ weĀ identify such material inconsistencies or apparent material misstatements,Ā weĀ areĀ required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the workĀ weĀ have performed,Ā weĀ conclude that there is a material misstatement of this other information,Ā weĀ areĀ required to report that fact.
WeĀ have nothing to report in this regard.
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InĀ ourĀ opinion, based on the work undertaken in the course of the audit:
āthe information given in theĀ Strategic Report and the Directors' ReportĀ for the financialĀ yearĀ for which theĀ financial statementsĀ are prepared is consistent with theĀ financial statements; and
ātheĀ Strategic Report and the Directors' ReportĀ haveĀ been prepared in accordance with applicable legal requirements.
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In the light of the knowledge and understanding of theĀ CompanyĀ and its environment obtained in the course of the audit,Ā weĀ have not identified material misstatements in theĀ Strategic Report or the Directors' Report.
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Ulster Weavers Home Limited
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Independent Auditors' Report to the Members of Ulster Weavers Home Limited (continued)
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OurĀ objectives are to obtain reasonable assurance about whether theĀ financial statementsĀ as a whole are free from material misstatement, whether due to fraud or error, and to issue anĀ Auditors' ReportĀ that includesĀ ourĀ opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of theseĀ financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.Ā WeĀ design procedures in line withĀ ourĀ responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to whichĀ ourĀ procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry
in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and
regulations, including fraud. We considered the opportunities and incentives that may exist within the Company
for fraud and identified the greatest potential for fraud in the following areas: management override of controls
and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our
audit procedures included: enquiries of management about their own identification and assessment of risks of
irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals
posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch
documentation.
Because of the inherent limitations of an audit, there is a risk thatĀ weĀ will not detect all irregularities, including those leading to a material misstatement in theĀ financial statementsĀ or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in theĀ financial statements, asĀ weĀ will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description ofĀ ourĀ responsibilities for the audit of theĀ financial statementsĀ is located on the Financial Reporting Council's website at:Ā www.frc.org.uk/auditorsresponsibilities. This description forms part ofĀ ourĀ Auditors' Report.
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Ulster Weavers Home Limited
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Independent Auditors' Report to the Members of Ulster Weavers Home Limited (continued)
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This report is made solely to theĀ Company'sĀ members, as a body,Ā in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Ā OurĀ audit work has been undertaken so thatĀ weĀ might state to theĀ Company'sĀ membersĀ those mattersĀ weĀ areĀ required to state to them in anĀ Auditors' ReportĀ and for no other purpose. To the fullest extent permitted by law,Ā weĀ do not accept or assume responsibility to anyone other than theĀ CompanyĀ and theĀ Company'sĀ members, as a body,Ā forĀ ourĀ audit work, for this report, or for the opinionsĀ weĀ have formed.
Ā Ā
for and on behalf of
Ā
Statutory Auditor
Ā Ā
Glendinning House
6 Murray Street
Antrim
BT1 6DN
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Ulster Weavers Home Limited
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Profit and Loss Account
For the Year EndedĀ 30 September 2025
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Ulster Weavers Home Limited
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Statement of Comprehensive Income
For the Year EndedĀ 30 September 2025
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Ulster Weavers Home Limited
Registered number:Ā NI602986
Balance Sheet
As atĀ 30 September 2025
TheĀ financial statementsĀ were approved and authorised for issue by theĀ boardĀ and were signed onĀ itsĀ behalfĀ onĀ 25 March 2026 .
The notes on pages 15 to 33 form part of these financial statements.
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Ulster Weavers Home Limited
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Statement of Changes in Equity
For the Year EndedĀ 30 September 2025
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
The principal activities of the company are the design, development, sourcing and supply of home furnishings, household textiles, linen and giftware.
The company is a private company limited by shares, incorporated in Northern Ireland and domiciled in the United Kingdom. The address of the registered office is 3 Portman Business Park, Lisburn. BT28 2XF.
The company is a private company limited by shares, incorporated in Northern Ireland and domiciled in the United Kingdom. The address of the registered office is 3 Portman Business Park, Lisburn. BT28 2XF.
2.Accounting policies
TheĀ financial statementsĀ have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance withĀ Financial Reporting Standard 102, the Financial Reporting Standard applicable inĀ the UK and the Republic of Ireland and the Companies Act 2006.
The preparation ofĀ financial statementsĀ in compliance with FRSĀ 102Ā requires the use of certain critical accounting estimates. It also requiresĀ management to exerciseĀ judgmentĀ in applying theĀ Company'sĀ accounting policiesĀ (see note 3).
The following principalĀ accounting policiesĀ have been applied:
TheĀ CompanyĀ has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
āthe requirements of Section 7 Statement of Cash Flows;
āthe requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
āthe requirements of Section 11 Financial Instruments paragraphsĀ 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
āthe requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
āthe requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
āthe requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements ofĀ John Hogg & Co, LimitedĀ as atĀ 30 September 2025Ā and these financial statements may be obtained fromĀ Companies House.
TheĀ CompanyĀ is a parentĀ companyĀ that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law ofĀ any part of the United KingdomĀ and is therefore exempt from the requirement to prepare consolidated financial statements underĀ section 400 of the Companies Act 2006.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
The directors have a reasonable expectation that the Company has adequate resources available to it to continue operations for the foreseeable future and, accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants of a revenue nature are recognised in theĀ Profit and Loss AccountĀ in the same period as the related expenditure.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Ā The estimated useful lives range as follows:
DepreciationĀ is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,Ā using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. TheĀ Company'sĀ cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Basic financial liabilities
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 theĀ CompanyĀ after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loansĀ andĀ other loansĀ are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
2.Accounting policies (continued)
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
(a) Critical judgements in applying the entity's accounting policies
There are no critical judgements in applying the entity's accounting policies.
(b) Key accounting estimates and assumptions
The key accounting estimate in the preparation of the financial statements is the valuation of stock provisions. Ā The company hold a number of stock lines and these may be held for a number of years. Ā At the year end stock is reviewed on a product / line basis and criteria are applied to arrive at the provision depending on the age of the stock, the level of demand, and other relevant factors. Management have considered the criteria applied at 30 September 2025 and are satisfied that these are appropriate and the resulting provision value is reasonable.
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Ulster Weavers Home Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2025
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Ulster Weavers Home Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2025
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Ulster Weavers Home Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2025
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Ulster Weavers Home Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2025
Ā
11.Taxation (continued)
There were no factors that may affect future tax charges.
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PageĀ 26
