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Weidmann Whiteley Limited
Registered number: 01531157
Annual report and
financial statements
For the year ended 31 December 2025
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WEIDMANN WHITELEY LIMITED
COMPANY INFORMATION
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Patrik Gareus (appointed 18 November 2025)
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Alexander Boeni (appointed 1 January 2026)
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Chartered Accountants & Statutory Auditor
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WEIDMANN WHITELEY LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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WEIDMANN WHITELEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors are pleased to present their Strategic Report and the financial statements for the year ended 31 December 2025.
Principal activities and business review
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The Company's principal activities are the manufacture and conversion of multi-ply paper and board, principally in the electrical and transformer and distribution industry, as well as other specialty markets.
The Company saw strong demand for its insulation papers during the year, offset by reduced demand for its non electrical paper. This aligns with the Weidmann Group strategy to focus on meeting growing global demand in the electrical market. Performance was helped by greatly reduced energy costs as fixed contracts placed during global peak prices came to an end.
Personnel costs increased significantly as part of an overall strategy to increase production capacity, as well as capital investment to improve production efficiencies so that the business is well positioned to take advantage of continued strong demand for its products in the coming years.
Principal risks and uncertainties
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Strategic, financial, commercial, operational, social, environmental, and ethical risks are all considered as part of the Company's controls, which are designed to manage rather than eliminate the risk of failure to achieve business objectives. Such controls can therefore only provide reasonable, rather than absolute, assurance against material misstatement or loss.
Although at present there are no immediate risks considered likely to have a significant impact on the short- or long-term value of the Company, the principal risks identified are as follows:
Foreign currency risk
A substantial portion of the Company's sales are made in US Dollars or Euros and there is therefore an exposure to the movement of the pound against these currencies. This risk is mitigated through natural hedging through the purchasing of various goods and services in the same currencies.
Price risk
The biggest areas of expenditure are raw materials (pulp) and energy. Costs of both these items can be influenced by global factors beyond the Company's control and the Company is therefore exposed to potential cost increases. This risk is mitigated by placing forward contracts for pulp for deliveries up to 12 months ahead and the Company is supported on energy purchasing by a reputable broker. Gas and Power are almost fully hedged through to the end of 2026.
Pension scheme risk
The Company's defined benefit pension scheme shows a funding deficit at the Balance Sheet date. More details are given in note 24. The Company has agreed a schedule of contributions with the scheme trustees to address the deficit.
The scheme is closed to both new entrants and new pension accrual.
Business funding
The Company's working capital requirements are supported by a mixture of bank overdraft and group loans. Details of these amounts are given in notes 17 and 18.
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WEIDMANN WHITELEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
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Key performance indicators (KPls) used by the Board to monitor performance are listed below:
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Total sales, net of VAT, discounts and rebates
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Loss before interest and taxation
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This report was approved by the board on 30 June 2026 and signed on its behalf.
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WEIDMANN WHITELEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,253,509 (2024 - £4,653,372).
The director does not recommend a final dividend (2024 - £nil).
Research and development is concentrated on the development of new products and the improvement of existing products produced on the Paper Machine.
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WEIDMANN WHITELEY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to price and foreign exchange movements are described in the strategic report.
The Company (and the Weidmann Holding AG group that the Company is a wholly owned subsidiary of) has considerable financial resources and a good number of customers and suppliers spread around the world. The parent undertaking has agreed to provide financial support for a period of at least 12 months from the approval of these financial statements and not to recall the amounts advanced to the Company which as at 31 December 2025 amounted to £817,471 (2024 - £5,064,937) until all other creditors have been met. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.
During the year, the holding company invested an additional £17.5m share capital (see note 21) into the Company, confirming its commitment to the long term financial sucess of the Company.
After making enquiries, reviewing cash flow projections and confirming that adequate financial support is available from the Parent Company, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis continues to be adopted in preparing the annual report and financial statements.
The Directors who served during the year were:
Jurg Brunner (resigned 18 November 2025)
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Patrik Gareus (appointed 18 November 2025)
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The Company has professional indemnity insurance covering the Directors and Officers.
Matters covered in the Strategic Report
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Please refer to page 1 of the Strategic Report where the Company's key risks and uncertainties have been discussed.
2026 is expected to see a continuation in the very strong growth in the demand for the Company's electrical insulation products. With the ongoing transformation of Global electricity distribution networks which will be required for the transition to net zero, this demand is forecasted to continue to increase in the medium term.
2026 will continue to see an increase in capital spending following the approval from the Weidmann Group of a large scale investment project aimed at developing paper production capacity at the UK site to meet forecast demand over the coming years. This involves improvements to the performance, availability and quality of the paper machine across a number of interlinked smaller projects.
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WEIDMANN WHITELEY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year-end.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 30 June 2026 and signed on its behalf.
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WEIDMANN WHITELEY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEIDMANN WHITELEY LIMITED
Opinion
We have audited the financial statements of Weidmann Whiteley Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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WEIDMANN WHITELEY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEIDMANN WHITELEY LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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WEIDMANN WHITELEY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEIDMANN WHITELEY LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, environmental regulation, data protection regulation and the Bribery Act 2010.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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WEIDMANN WHITELEY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEIDMANN WHITELEY LIMITED
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular in relation to stock valuation and provisioning, the defined benefit pension scheme assumptions, the existence of fixed asset impairment indicators, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Ashley Barraclough (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
30 June 2026
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WEIDMANN WHITELEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Exceptional cost of sales
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Interest payable and similar expenses
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Loss for the financial year
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Other comprehensive income:
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Unrealised deficit on revaluation of tangible fixed assets
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Actuarial gain on defined benefit schemes
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Total comprehensive income for the year
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The notes on pages 13 to 40 form part of these financial statements.
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WEIDMANN WHITELEY LIMITED
REGISTERED NUMBER: 01531157
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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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 excluding pension liability
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Defined benefit pension plan deficit
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2026.
The notes on pages 13 to 40 form part of these financial statements.
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WEIDMANN WHITELEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Actuarial gains on pension scheme
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Depreciation transfer for land and buildings
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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Comprehensive income for the year
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Actuarial gains on pension scheme
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Depreciation transfer for land and buildings
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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The notes on pages 13 to 40 form part of these financial statements.
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Authorisation of the financial statements and statement of compliance with FRS 101
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The financial statements of Weidmann Whiteley Limited ("the Company") for the year ended 31 December 2025 were authorised for issue by the board of directors and the Statement of Financial Position was signed on behalf of the board by P Gareus. Weidmann Whiteley Limited is a privately owned company, limited by shares and is incorporated and domiciled in England and Wales, registered number is 01531157. The address of its registered office is Pool Paper Mills, Pool In Wharfedale, Otley, LS21 1RP.
These financial statements were prepared in accordance with the Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards. The Company's financial statements are presented in Sterling and all values are rounded to the nearest pound.
The Company's principal activities are the manufacture and conversion of multi-ply paper and board, principally in the electrical transformer and distribution industry, as well as other specialty markets including calendar bowl.
The principal accounting policies adopted by the Company are set out in note 2.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions (continued)
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∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Weidmann Holding AG as at 31 December 2025 and these financial statements may be obtained from Neue Jonastrasse 60, 8640 Rapperswil, Switzerland.
The Company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to price and foreign exchange movements are described in the strategic report.
The Company (and the Weidmann Holding AG group that the Company is a wholly owned subsidiary of) has considerable financial resources and a good number of customers and suppliers spread around the world. The parent undertaking has agreed to provide financial support for a period of at least 12 months from the approval of these financial statements and not to recall the amounts advanced to the Company which as at 31 December 2025 amounted to £817,471 (2024 - £5,064,937) until all other creditors have been met. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.
During the year, the holding company invested an additional £17.5m share capital (see note 21) into the Company, confirming its commitment to the long term financial sucess of the Company.
After making enquiries, reviewing cash flow projections and confirming that adequate financial support is available from the Parent Company, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis continues to be adopted in preparing the annual report and financial statements.
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Right of use assets
For any new contracts entered into on or after 1 January 2019 the Company will consider whether a contract is, or contains, a lease. A lease is defined as "a contract, or part of a contract, that conveys the right to use an asset ("the underlying asset") for a period of time in exchange for consideration". To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:
∙The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company;
∙The Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and
∙The Company has the right to direct the use of the identified asset throughout the period of use. The Company assesses whether it has the right to direct "how and for what purpose" the asset is used throughout the period of use.
The Company depreciates the right of use assets on a straight line basis from the lease commencement date to the earlier of the end of the useful life of the right to use asset or the end of the lease term. The Company also assesses the right of use asset for impairment when such indicators exist.
- 16 -
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|
WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Measurement and recognition of leases as a lessee
At the lease commencement date, the Company recognises a right of use asset and a lease liability on the Statement of Financial Position. The right of use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease and any lease payments made in advance of the lease commencement date (net of any incentives received).
At the commencement date the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company's incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in insubstance fixed payments.
When the lease liability is remeasured the corresponding adjustment is reflected in the right of use asset or in profit or loss if the right of use asset is already reduced to zero.
The Company has elected to account for short term leases and leases of low value assets using the practical expedients. Instead of recognising a right of use asset and lease liability, the payments in relation to these are recognised as an expense in the income statement on a straight line basis over the lease term.
In the Statement of Financial Position right of use assets have been included in plant and machinery and lease liabilities have been included in trade payables.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
- 17 -
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|
WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other taxation and social security as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the Company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the IFRS fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
- 18 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
- 19 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
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Assets under construction
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Over the life of the lease
|
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.
Assets under construction are not depreciated until they are in use.
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Revaluation of tangible fixed assets
|
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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Impairment of fixed assets
|
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
- 20 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
- 21 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
- 22 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
- 23 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates and judgments. It also requires management to exercise judgment in the process of applying the Company's accounting policies.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The critical judgments that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(1) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
(2) Stock valuation & provisioning
Finished goods and work in progress represent a significant amount in the Statement of Financial Position. The finished goods & work in progress are valued using the raw material as well as absorbed labour and overhead costs. There is estimation uncertainty surrounding the allocation of overheads between direct and indirect activities. Management also apply a provision to stock to ensure that stock is correctly valued at the lower of cost and net realisable value. As such management use judgment to estimate the required stock provision based on the information available to them.
Key sources of estimation uncertainty
(3) Defined benefit pension scheme assumptions
The cost of the defined benefit pension plan is determined using actuarial valuations. These involve making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. In determining the appropriate discount rate, management consider the interest rates of sterling corporate bonds with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The underlying bonds are further reviewed for quality and those having excessive credit spreads are removed from the population of bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rates are based on the publicly available UK mortality tables. Future salary increases and pension increases are based on expected inflation rates. Further details are given in note 24.
- 24 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Turnover, which is stated net of value added tax and discounts, represents amounts derived from goods supplied to third parties.
Analysis of turnover by country of destination:
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The operating loss is stated after charging/(crediting):
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Auditor's remuneration - audit services
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Auditor's remuneration - taxation services
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Auditor's remuneration - other services
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Depreciation of tangible fixed assets
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Depreciation of right-of-use fixed assets
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Exceptional item - impairment of tangible fixed assets
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Defined contribution pension cost
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- 25 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs were as follows:
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Cost of defined benefit scheme
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Office and management (including the director)
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The Directors of the Company are also directors of the parent undertaking and fellow subsidiaries. The Directors did not receive any remuneration for the year (2024 - £Nil) in relation to their qualifying services as Directors of this Company and there were no payments made in respect of pension contributions (2024: £Nil).
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Interest payable and similar expenses
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Loans from group undertakings
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Interest on lease liabilities
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Other finance cost - pension (Note 24)
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- 26 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Tax on loss on ordinary activities. The tax charge / (credit) is made up as follows:
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Fixed asset temporary differences
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Losses and other deductions
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of25% (2024 -25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Adjustments to brought forward values
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Movement in deferred tax not recognised
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Total tax charge for the year
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- 27 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
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Factors that may affect future tax charges
|
The Company has tax losses arising in the UK of £38,342,635 (2024: £31,694,021) and unutilised capital allowances of £1,553,298 (2024: £1,894,266) that are available for offset against future taxable profits. Deferred tax assets have been recognised in respect of these losses only to the extent that they are available to relieve future capital gains as there is uncertainty over the recoverability via future trading profits.
No deferred tax asset has been recognised on the pension deficit of £6,035,000 (2024: £6,170,000) as it is not forecast to be recovered in the next three years.
The current tax charge set out above is based on a corporation tax rate of 25% (2024: 23.52%).
Deferred tax has been provided at 25% (2024: 25%), being the rate at which timing differences are expected to reverse, using the rate of corporation tax that had been substantially enacted at the Statement of Financial Position date.
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Impairment of fixed tangible asset
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- 28 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Assets under construction
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Freehold land and buildings were valued on 12 January 2024 by Avison Young, Valuation Surveyors. The valuation was on an existing use basis as defined by the Royal Institute of Chartered Surveyors, except that surplus properties were valued at fair value.
Freehold land valued at £3,330,000 (2024: £3,330,000) has not been depreciated.
These assets have been assessed as level 2 in the fair value hierarchy. The critical assumptions made relating to the fair value of the land and buildings are set out below:
Land and building would be sold at similar prices to comparable land and building in the area.
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- 29 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Tangible fixed assets (continued)
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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All right-of-use assets are categorised as plant and machinery.
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Number of right-of-use assets
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Average remaining lease term
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Number of leases with extension options
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Number of leases with options to purchase
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Number of leases with variable payments
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Number of leases with termination options
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- 30 -
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|
WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Freehold investment property
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The Company's investment properties were valued on 12 January 2024 by Avison Young, Valuation Surveyors, on a market value basis. These values have been adopted in these financial statements. The historical cost of investment properties included at valuation is £1,000 (2024: £1,000).
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Direct operating income/(expenses) (including repairs and maintenance)
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Gain/(loss) arising from investment properties carried at fair value
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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- 31 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The bank overdraft is secured by fixed and floating charges over the assets of the Company.
Lease liabilities are secured against the leased assets to which they relate.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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- 32 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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Creditors: Amounts falling due after more than one year
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The bank overdraft is secured by fixed and floating charges over the assets of the Company.
Lease liabilities are secured against the leased assets to which they relate.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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During the year, the Company has allotted share capital for the settlement of the inter-company debt owed to the Parent Company. Please see note 21 for further details.
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- 33 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The Company has entered into commercial leases on certain items of plant and machinery. These leases have an average duration of 2 years and contain renewal options. At 31 December 2025 the undiscounted maturity analysis of lease liabilities under non-cancellable leases is as follows:
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Lease liabilities are due as follows:
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Between one year and five years
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The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
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Interest expense on lease liabilities
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Depreciation charge for right-of-use assets
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Total cash outflow for leases
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Carrying amount of right-of-use assets at 31 December
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- 34 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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42,900,000 (2024 - 25,400,000) Ordinary shares shares of £1.00 each
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Each ordinary share carries the right to receive dividends and one ordinary vote in shareholders' meetings.
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On 21 January 2025, 5,500,000 Ordinary shares were issued at £1.00 each. These shares have been allotted in consideration of the settlement of intercompany debt to Weidmann Holding AG.
On 20 August 2025, 6,000,000 Ordinary shares were issued at £1.00 each. These shares have been allotted in consideration of the settlement of intercompany debt to Weidmann Holding AG.
On 18 December 2025, 6,000,000 Ordinary shares were issued at £1.00 each. These shares have been allotted in consideration of the settlement of intercompany debt to Weidmann Holding AG.
Each share having the same rights as the existing ordinary shares.
Equity share capital
The balance classified as equity share capital includes the total net proceeds on issue of the Company's equity share capital, comprising £1 ordinary shares.
Revaluation reserve
The revaluation reserve relates to the revaluation of freehold land and buildings.
Retained earnings reserve
The retained earnings reserve represents the cumulative profits and losses of the Company.
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At 31 December 2025 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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- 35 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a Defined Benefit Pension Scheme.
The defined benefit scheme was closed to new members with effect from 2 October 2002. Contributions to the scheme are made by reference to the recommendations of the actuary and no significant increases are expected.
A valuation was carried out at 31 December 2025 by a qualified independent actuary for the purposes of IAS 19. The overall expected rate of return on assets is established by combining the proportions held in each major asset class with expected returns for each class derived from market yields and consideration of inflation and economic growth expectations.
The total contributions to the defined benefit scheme in 2026 are expected to be £466,000 (2025: £451,000).
In June 2023 the High Court ruled in the case of Virgin Media Limited v NTL Pension Trustees. The ruling was that certain pension scheme rule amendments were invalid if they were not accompanied by the correct actuarial confirmation.
This High Court ruling was appealed. In a judgment delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court.
At the date of approval of these financial statements, while it is known there is potential for additional pension liabilities to be recognised as a result of this ruling, the impact in monetary terms is not known and it is reasonable to form the view that it is not reasonably estimable. Accordingly, no adjustments to reflect the impact of the ruling have been made in these financial statements.
In accordance with IAS 19 the following information relates to the scheme:
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Reconciliation of present value of plan liabilities:
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Reconciliation of present value of plan liabilities
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At the beginning of the year
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- 36 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24.Pension commitments (continued)
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Reconciliation of present value of plan assets:
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At the beginning of the year
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Composition of plan assets:
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Liability Driven Investments
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Fair value of plan assets
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Present value of plan liabilities
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Net pension scheme liability
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- 37 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24.Pension commitments (continued)
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The amounts recognised in profit or loss are as follows:
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Amounts included in the Statement of Comprehensive Income are as follows:
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Experience (losses) / gains
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(Loss) / gains from changes in demographic assumptions
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Gains from changes in financial assumptions
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Deficit on scheme assets excluding interest income
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Closing defined benefit obligation
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Principal actuarial assumptions at the reporting date:
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Rate of increase in prices (RPI)
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Rate of increase for deferred pensioners subject to statutory valuation
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Rate of increase of pensions in payment subject to LPI increases
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female member aged 45 now
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- 38 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24.Pension commitments (continued)
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Amounts for the current and previous four periods are as follows:
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Defined benefit pension schemes
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Defined benefit obligation
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Defined Benefit Obligation
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Inflation Assumption (RPI/CPI)
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Sensitivity
3.10% / 2.65%
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Defined Benefit Obligation
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Sensitivity
10% qx reduction
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Defined Benefit Obligation
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- 39 -
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WEIDMANN WHITELEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company has claimed exemptions from the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
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Post balance sheet events
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There have been no significant events affecting the Company since the year-end.
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Ultimate parent undertaking and controlling party
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The Company's immediate and ultimate parent undertaking and controlling party is Weidmann Holding AG which is incorporated in Switzerland. The Company is included in Weidmann Holding AG group financial statements, copies of which are available from its registered office at Neue Jonastrasse 60, 8640 Rapperswil, Switzerland.
- 40 -
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