Company Registration Number: SC272146
31 DECEMBER 2025
W & J KNOX LIMITED
COMPANY INFORMATION
W & J KNOX LIMITED
CONTENTS
W & J KNOX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report of the company for the year ended 31 December 2025.
The Company’s principal activities are the service, manufacture and design of fish farm cage nets, and sports and camouflage netting.
There have been no changes in the Company's activities in the year under review. The Company’s strategy is to ensure the long term future of the business. It pursues that strategy through the objectives of profitable operations and prudent management.
Turnover in 2025 decreased by 22.7% (2024 - 24.0% decrease) on the previous year, and the operating margin for the group was 0.1% in 2025 (2024- 2.1%).
We are confident profitabilty will increase in 2026.
There have been no events since the balance sheet date which materially affect the position of the Company.
There have been no changes in the Company's activities in the year under review. The Company’s strategy is to ensure the long term future of the business. It pursues that strategy through the objectives of profitable operations and prudent management.
Turnover in 2025 decreased by 22.7% (2024 - 24.0% decrease) on the previous year, and the operating margin for the group was 0.1% in 2025 (2024- 2.1%).
We are confident profitabilty will increase in 2026.
There have been no events since the balance sheet date which materially affect the position of the Company.
The market for the Company’s products and services is competitive, and the Company seeks to maintain and where possible improve market share by the provision of added value services to customers, improving response times and the handling of customer enquiries, and by maintaining strong relationships with key customers and suppliers. Where appropriate, the Company seeks to minimise exposure to certain future risks of cost increases.
The Company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, and by monitoring customers' payment patterns. The Company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.
The Company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, and by monitoring customers' payment patterns. The Company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.
The financial key performance indicators are turnover and operating margin, as referred to in the business review above, and net margin, as evident from the statement of comprehensive income on page 8 of these financial statements.
This report was approved by the board and signed on its behalf.
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W & J KNOX 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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 profit for the year, after taxation, amounted to £16,366 (2024 - £143,357).
No dividends were declared or paid in the year (2024 - £1,526,093).
The Directors who served during the year were:
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W & J KNOX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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W & J KNOX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF W & J KNOX LIMITED
We have audited the financial statements of W & J Knox 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 the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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.
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W & J KNOX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF W & J KNOX LIMITED (CONTINUED)
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.
In the 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.
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W & J KNOX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF W & J KNOX LIMITED (CONTINUED)
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 Auditors' 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 these financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
• tested journal entries recorded on the Company’s finance system to identify unusual transactions that may indicate override of controls;
• reviewed key judgements and estimates for any evidence of management bias; and
• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
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W & J KNOX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF W & J KNOX LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation and
• enquiring of management to identify actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Glasgow
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W & J KNOX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
REGISTERED NUMBER: SC272146
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 27 form part of these financial statements.
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W & J KNOX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
W & J Knox Limited is a private company limited by shares, registered in Scotland. The Company’s registered office address is 1 Mill Road, Kilbirnie, Ayrshire, Scotland, KA25 7DZ. The Company’s registered number is SC272146.
The principal activity of the Company for the year under review was the sale, service, manufacture, and design of fish farm cage nets and sports and camouflage netting.
The financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
The principal activity of the Company for the year under review was the sale, service, manufacture, and design of fish farm cage nets and sports and camouflage netting.
The financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company 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":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Macrocom (1030) Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
IIn preparing these financial statements, the directors have given careful consideration to current and anticipated future solvency requirements of the company and its ability to continue as a going concern for the foreseeable future. The directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that, taking account of reasonably possible downturns, the company will have sufficient funds from its operating cash flows and existing cash reserves to meet its liabilities as they fall due over that period.
In addition, the company has received a formal letter of support from its parent company confirming that it will provide financial assistance to the company, as required, to enable it to meet its obligations as they fall due for at least the next 12 months from the date of approval of these financial statements.
Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
In addition, the company has received a formal letter of support from its parent company confirming that it will provide financial assistance to the company, as required, to enable it to meet its obligations as they fall due for at least the next 12 months from the date of approval of these financial statements.
Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue from the sale of goods sold under bill and hold arrangements are recognised when the following conditions are satisfied;
• It is probable that delivery will be made;
• The item is on hand, identified and ready for delivery to the buyer at the time the sale is recognised;
• The buyer specifically acknowledges the deferred delivery instructions; and
• The usual payment terms apply.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, 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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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the Company after the deduction of all its liabilities.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors,including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.
Management have concluded that there are no significant judgements or estimates in these financial statements.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The scheme assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £64,729 (2024 - £63,153). Contributions totalling £659 (2024 - £51,473 ) were payable to the fund at the reporting date and are included in creditors.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
28.Other financial commitments
At the balance sheet date a floating charge was active over the company's assets. This charge relates to security against deferred consideration owed on the acquisition of the majority of the immediate parent company's ordinary share capital during the year ended 31 December 2025. This charge is expected to be satisfied during the year ended 31 December 2027.
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W & J KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is a wholly owned subsidiary of Macrocom (1030) Limited which is incorporated in Scotland. The ultimate parent company is Selstad Holdings AS which is incorporated in Norway. At the balance sheet date the ultimate controlling party was Hans-Petter Selstad .
The largest group in which the company is consolidated are that headed by Selstad Holdings AS . Copies of the financial statements can be obtained from Øyna 39, 6700 Måløy .
The smallest group in which the company is consolidated are that headed byMacrocom (1030) Limited . Copies of the financial statements can be obtained from Companies House.
The smallest group in which the company is consolidated are that headed by
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