Holyhead Boatyard Limited 00724907 false 2023-04-01 2024-03-31 2024-03-31 2024-03-31 The principal activity of the company is the provision of administrative services to the other companies in the Group. The principal activities of those other companies include the hire of vessels for civil engineering projects, support of offshore energy projects, dredging support, marine towage, and other non-conventional marine work, and the building, repairing and refitting of vessels and marine engineering. Digita Accounts Production Advanced 6.30.9574.0 true true true true false false false true false false false false false false false false false false false 00724907 2023-04-01 2024-03-31 00724907 2024-03-31 00724907 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2024-03-31 00724907 bus:Consolidated 2024-03-31 00724907 bus:Consolidated 2 2024-03-31 00724907 bus:Consolidated 1 2024-03-31 00724907 2 2024-03-31 00724907 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-03-31 00724907 core:CurrentFinancialInstruments 2024-03-31 00724907 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 00724907 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00724907 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 00724907 core:Non-currentFinancialInstruments 2024-03-31 00724907 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 00724907 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 00724907 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-03-31 00724907 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-03-31 00724907 core:LandBuildings 2024-03-31 00724907 core:LandBuildings bus:Consolidated 2024-03-31 00724907 core:MotorVehicles bus:Consolidated 2024-03-31 00724907 core:OtherPropertyPlantEquipment bus:Consolidated 2024-03-31 00724907 core:DeferredTaxation bus:Consolidated 2024-03-31 00724907 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-03-31 00724907 core:Warranties bus:Consolidated 2024-03-31 00724907 bus:FRS102 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Audited bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:FullAccounts bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:RegisteredOffice bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 00724907 bus:CompanySecretaryDirector2 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Director1 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Director3 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Director6 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Director7 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:HighestPaidDirector bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:Consolidated 3 2023-04-01 2024-03-31 00724907 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-04-01 2024-03-31 00724907 bus:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 00724907 core:CapitalRedemptionReserve bus:Consolidated 2023-04-01 2024-03-31 00724907 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-04-01 2024-03-31 00724907 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-04-01 2024-03-31 00724907 core:LandBuildings 2023-04-01 2024-03-31 00724907 core:LandBuildings bus:Consolidated 2023-04-01 2024-03-31 00724907 core:MotorVehicles bus:Consolidated 2023-04-01 2024-03-31 00724907 core:OtherPropertyPlantEquipment bus:Consolidated 2023-04-01 2024-03-31 00724907 core:PlantMachinery bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Vehicles bus:Consolidated 2023-04-01 2024-03-31 00724907 core:VehiclesPlantMachinery bus:Consolidated 2023-04-01 2024-03-31 00724907 core:DeferredTaxation bus:Consolidated 2023-04-01 2024-03-31 00724907 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Warranties bus:Consolidated 2023-04-01 2024-03-31 00724907 core:OtherRelatedParties 2023-04-01 2024-03-31 00724907 core:OtherRelatedParties bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary1 2023-04-01 2024-03-31 00724907 core:Subsidiary1 bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary1 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 core:Subsidiary1 1 2023-04-01 2024-03-31 00724907 core:Subsidiary1 countries:AllCountries bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary1 countries:EnglandWales 2023-04-01 2024-03-31 00724907 core:Subsidiary2 2023-04-01 2024-03-31 00724907 core:Subsidiary2 bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary2 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 core:Subsidiary2 1 2023-04-01 2024-03-31 00724907 core:Subsidiary2 countries:AllCountries bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary2 countries:EnglandWales 2023-04-01 2024-03-31 00724907 core:Subsidiary3 2023-04-01 2024-03-31 00724907 core:Subsidiary3 bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary3 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 core:Subsidiary3 1 2023-04-01 2024-03-31 00724907 core:Subsidiary3 countries:AllCountries bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary3 countries:EnglandWales 2023-04-01 2024-03-31 00724907 core:Subsidiary4 bus:Consolidated 2023-04-01 2024-03-31 00724907 core:Subsidiary4 bus:Consolidated 1 2023-04-01 2024-03-31 00724907 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 00724907 countries:EnglandWales bus:Consolidated 2023-04-01 2024-03-31 00724907 2023-03-31 00724907 bus:Consolidated 2023-03-31 00724907 core:CostValuation 2023-03-31 00724907 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 00724907 core:LandBuildings 2023-03-31 00724907 core:LandBuildings bus:Consolidated 2023-03-31 00724907 core:MotorVehicles bus:Consolidated 2023-03-31 00724907 core:OtherPropertyPlantEquipment bus:Consolidated 2023-03-31 00724907 core:DeferredTaxation bus:Consolidated 2023-03-31 00724907 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-03-31 00724907 core:Warranties bus:Consolidated 2023-03-31 00724907 2022-04-01 2023-03-31 00724907 2023-03-31 00724907 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2023-03-31 00724907 bus:Consolidated 2023-03-31 00724907 bus:Consolidated 2 2023-03-31 00724907 bus:Consolidated 1 2023-03-31 00724907 2 2023-03-31 00724907 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-03-31 00724907 core:CurrentFinancialInstruments 2023-03-31 00724907 core:CurrentFinancialInstruments bus:Consolidated 2023-03-31 00724907 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00724907 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-03-31 00724907 core:Non-currentFinancialInstruments 2023-03-31 00724907 core:Non-currentFinancialInstruments bus:Consolidated 2023-03-31 00724907 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 00724907 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-03-31 00724907 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 00724907 core:LandBuildings 2023-03-31 00724907 core:LandBuildings bus:Consolidated 2023-03-31 00724907 core:MotorVehicles bus:Consolidated 2023-03-31 00724907 core:OtherPropertyPlantEquipment bus:Consolidated 2023-03-31 00724907 bus:HighestPaidDirector bus:Consolidated 2022-04-01 2023-03-31 00724907 bus:Consolidated 2022-04-01 2023-03-31 00724907 bus:Consolidated 3 2022-04-01 2023-03-31 00724907 core:Subsidiary1 bus:Consolidated 1 2022-04-01 2023-03-31 00724907 core:Subsidiary1 1 2022-04-01 2023-03-31 00724907 core:Subsidiary2 bus:Consolidated 1 2022-04-01 2023-03-31 00724907 core:Subsidiary2 1 2022-04-01 2023-03-31 00724907 core:Subsidiary3 bus:Consolidated 1 2022-04-01 2023-03-31 00724907 core:Subsidiary3 1 2022-04-01 2023-03-31 00724907 core:Subsidiary4 bus:Consolidated 1 2022-04-01 2023-03-31 00724907 core:UKTax bus:Consolidated 2022-04-01 2023-03-31 00724907 bus:Consolidated 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00724907

Holyhead Boatyard Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Holyhead Boatyard Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 11

Consolidated Profit and Loss Account and Statement of Retained Earnings

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 35

 

Holyhead Boatyard Limited

Company Information

Directors

J M Meade

M B Gould

A Darroch

I A Gray

S M Graves

Company secretary

M B Gould

Registered office

Newry Beach Yard
Holyhead
Anglesey
LL65 1YB

Auditors

Aston Hughes Limited
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

Holyhead Boatyard Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is the provision of administrative services to the other companies in the Group. The principal activities of those other companies include the hire of vessels for civil engineering projects, support of offshore energy projects, dredging support, marine towage, and other non-conventional marine work, and the building, repairing and refitting of vessels and marine engineering.

Fair review of the business


Despite the uncertainties caused by the Holyhead Boatyard Company Shareholders’ decision to sell the Company, it is a tribute to the dedication, perseverance, and skill of the Holyhead Group’s personnel that the Group increased its turnover with a profit of £2.3M.

The Group operates worldwide and has delivered another excellent trading performance with positive prospects of work in 2024-25. The effects of Brexit remain a challenge, but the Group has been able to trade in Europe successfully, and indications are that it will continue to do so.


Towing Division
The Towing Division continues to benefit from significant marine-based infrastructure upgrading work and the outlook for 2024-2025 is very positive with a high level of confirmed charters from pre-existing and new customers. Forecast utilisation rates for the existing Towing Fleet look promising, and the Division made a profit of £1.37M.

Vessel values continue to be accounted for on the basis of their 2016 valuation less depreciation over 26 years from build date, and, given the increase in costs and shortage of materials for newbuild vessels, the market value is very significantly in excess of net book value as evidenced by previous independent valuations and sales of vessels.


Holyhead Marine Division
The Holyhead Marine Services Team has performed well to achieve an increased turnover and a profit of £0.93M.

There was a positive contribution from both the boat building and the boat maintenance sectors. A healthy order book, covering at least the next two years, should enable the Company to maintain healthy levels of profitability.



 

Holyhead Boatyard Limited

Strategic Report for the Year Ended 31 March 2024

Principal risks and uncertainties


Towing Division Trading Risks
Vessel utilization and profitability both individually, and on an overall basis is the key indicator for the Towing Division. These are monitored closely by the Board both at an actual and forecast level. A significant proportion of the Towing Division’s turnover arises from oil industry related activities particularly in the Gulf. There are several associated risks including the effect of oil price movements, political instability in the region, environmental risks and customer related risks. However, the Division has been operating in the region for many years building up significant knowledge and expertise, and closely monitoring the situation to ensure that any necessary actions can be taken in a timely manner.

The greatest risk for the coming year is the continuing worldwide economic uncertainty caused by such regional challenges as Ukraine and in the Red Sea. Nonetheless, as previously mentioned, the Company has still been able to make a good recovery in a difficult market.

Marine Division Trading Risks
Whilst the Company's forward order book is at a healthy level, the business model for a significant part of the turnover is transactional in nature. However, because of the long lead times involved, any necessary remedial action can be taken in a timely manner. Boatbuilding contracts can extend over many months, or even years, and the final profitability may be uncertain until near the end of the contract. The Company adopts a conservative approach, and only recognizes profits when they can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

EBITDA (defined as earnings before interest, tax, depreciation and amortization)

£ '000,000

4.47

5.90

Vessel utilisation

%

86.00

82.00


Liquidity Risks
Financial instruments are used to fund vessels appropriate to the Company's business opportunities and are tailored to be repaid from a vessel's charter income well within the life of the vessel. Historically, Group profits are mostly retained so that opportunities can be exploited when they arise. Financial agreements for working capital, and loan repayments, are in place with the Company’s Lenders to provide a stable financial platform with sufficient headroom for the operations of the Group.

Currency Risks
As a result of the world-wide nature of the Company’s operations, a significant percentage of the Company’s income is received in US dollars and Euros. Where foreign currency surpluses are foreseen, appropriate actions are taken including, where necessary, selling forward those foreign currency surpluses.
 

 

Holyhead Boatyard Limited

Strategic Report for the Year Ended 31 March 2024

Cashflow Risks
The Group monitors cashflows very closely with short term and annual forecasts produced on a regular basis so that appropriate corrective action can be taken in a timely manner.

Interest Rate Risks
The Group’s borrowings are on a fixed interest basis.

Credit Risks
The Company has a very active Credit Management System and, where appropriate, advance payments of charter are received, and guarantees may be secured.


 

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Boatyard Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the group

The directors who held office during the year were as follows:

J M Meade

M B Gould - Company secretary and director

A Darroch

I A Gray

S M Graves

Strategic report

In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013 the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the strategic report.

Financial risk management objectives and policies

Information concerning price risk, credit risk, liquidity risk and cash flow risk affecting company have been set out in the strategic report.

Future developments

The focus for the coming year is to continue the strong recovery. Forecast utilisation rates for the existing Towing Fleet look promising, and the Directors have produced a vessel development programme which, given the appropriate investment by new Owners, would substantially boost the Company’s profits. It is to be hoped that a sale will be completed shortly, but in the meantime, it is very much business as usual from a committed Board and Management Team.

Going concern

The Group's forecasts and projections, taking into account reasonably possible changes in trading performance, show that the Group is able to operate within the level of its current facilities. The current facilities and related covenants are agreed through to 2025.

The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Holyhead Boatyard Limited

Directors' Report for the Year Ended 31 March 2024

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Boatyard Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

Opinion

We have audited the financial statements of Holyhead Boatyard Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.


The audit team discussed areas that may exist within the organisation for fraud or non-compliance with laws and regulations. We identified and assessed the design and effectiveness of controls management has in place. Where we considered the risks identified may have a direct material effect on the financial statements or operations of the company audit procedures were carried out.

We discussed matters with key management and inspected board minutes. We have undertaken further enquiries into environmental and health and safety controls, reviewed risk registers and reviewed contracts.

The engagement team challanged assumptions and judgements made by management in its significant accounting estimates which included vessel depreciation and profit recognition on contracts.

A number of entities in the group are either not subject to an audit, or are audited by another auditor. We have designed and performed audit procedures on the relevant components to provide reasonable assurance for the group financial statements.

In common with all audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk of fraud and error through management override of controls and in response we incorporated testing of journal entries within the main accounting system and the manual entries made in the client financial reporting system.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any instances of fraud or irregularity likely involve collusion, forgery, intentional representations or the override of controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Holyhead Boatyard Limited

Independent Auditor's Report to the Members of Holyhead Boatyard Limited

Use of our 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.

......................................
Gareth Lowe BSc ACA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

29 July 2024

 

Holyhead Boatyard Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

28,054,366

25,472,757

Cost of sales

 

(21,823,490)

(19,246,356)

Gross profit

 

6,230,876

6,226,401

Administrative expenses

 

(3,624,301)

(1,829,936)

Other operating income

30,725

29,286

Operating profit

5

2,637,300

4,425,751

Interest payable and similar charges

7

(268,968)

(521,470)

 

(268,968)

(521,470)

Share of loss of joint venture

 

-

(116,442)

Profit before tax

 

2,368,332

3,787,839

Taxation

11

(273,085)

(697,055)

Profit for the financial year

 

2,095,247

3,090,784

Profit/(loss) attributable to:

 

Owners of the company

 

2,095,247

3,090,784

Retained earnings brought forward

 

15,766,508

12,675,724

Retained earnings carried forward

 

17,861,755

15,766,508

 

Holyhead Boatyard Limited

(Registration number: 00724907)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

18,692,403

20,295,566

Current assets

 

Debtors

14

9,034,024

8,613,760

Cash at bank and in hand

 

2,461,116

2,478,380

 

11,495,140

11,092,140

Creditors: Amounts falling due within one year

16

(9,209,538)

(9,363,906)

Net current assets

 

2,285,602

1,728,234

Total assets less current liabilities

 

20,978,005

22,023,800

Creditors: Amounts falling due after more than one year

16

(253,207)

(3,728,378)

Provisions for liabilities

17

(2,514,670)

(2,180,541)

Net assets

 

18,210,128

16,114,881

Capital and reserves

 

Called up share capital

19

253,462

253,462

Capital redemption reserve

20

44,731

44,731

Other reserves

20

50,180

50,180

Retained earnings

20

17,861,755

15,766,508

Equity attributable to owners of the company

 

18,210,128

16,114,881

Shareholders' funds

 

18,210,128

16,114,881

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Boatyard Limited

(Registration number: 00724907)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

-

209,000

Investments

13

292,861

292,861

 

292,861

501,861

Current assets

 

Debtors

14

7,032,451

7,621,328

Cash at bank and in hand

 

25,083

-

 

7,057,534

7,621,328

Creditors: Amounts falling due within one year

16

(275,886)

(627,667)

Net current assets

 

6,781,648

6,993,661

Net assets

 

7,074,509

7,495,522

Capital and reserves

 

Called up share capital

19

253,462

253,462

Capital redemption reserve

44,731

44,731

Retained earnings

6,776,316

7,197,329

Shareholders' funds

 

7,074,509

7,495,522

The company made a loss after tax for the financial year of £421,013 (2023 - profit of £7,183,268).

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
M B Gould
Company secretary and director

 

Holyhead Boatyard Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,095,247

3,090,784

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,839,825

1,823,883

Profit on disposal of tangible assets

4

(2,538)

(297,202)

Profit from disposals of investments

4

-

(59,560)

Finance costs

7

268,968

521,470

Share of loss/(profit) of equity accounted investees

 

-

116,442

Income tax expense

11

273,085

697,055

 

4,474,587

5,892,872

Working capital adjustments

 

Increase in trade debtors

14

(485,229)

(1,370,172)

Increase in trade creditors

16

602,994

839,498

Increase/(decrease) in provisions

17

439,416

(507)

(Decrease)/increase in deferred income, including government grants

 

(30,265)

7,485

Cash generated from operations

 

5,001,503

5,369,176

Income taxes paid

11

(378,371)

(524,442)

Net cash flow from operating activities

 

4,623,132

4,844,734

Cash flows from investing activities

 

Acquisitions of tangible assets

(236,662)

(169,209)

Proceeds from sale of tangible assets

 

2,538

988,444

Dividend income

-

175,000

Proceeds from disposal of investments in joint ventures and associates

 

-

600,000

Net cash flows from investing activities

 

(234,124)

1,594,235

Cash flows from financing activities

 

Interest paid

7

(268,968)

(521,470)

Repayment of bank borrowing

 

(3,507,094)

(4,507,093)

Repayment of other borrowing

 

-

(1,015,000)

Net cash flows from financing activities

 

(3,776,062)

(6,043,563)

Net increase in cash and cash equivalents

 

612,946

395,406

Cash and cash equivalents at 1 April

 

1,848,170

1,452,764

Cash and cash equivalents at 31 March

 

2,461,116

1,848,170

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The nature of the Company's and the Group's operations principal activities are set out in the strategic report.

These financial statements were authorised for issue by the Board on 29 July 2024.

The address of its registered office is:
Newry Beach Yard
Holyhead
Anglesey
LL65 1YB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Except for;

Departure from requirements of FRS 102
The group has departed para 30.7 of FRS 102 requiring the transaction to be reported at the spot exchange rate at the date of the transaction. Instead the group uses a standard exchange rate which is updated periodically. The company adopts this policy to allow operational performance to be assessed in a more consistent manner. The use of a standard exchange rate, while having no impact on net profit, contributed to a smaller exchange rate gain of £289,745 (2023; £1,082,534), though with a commensurately lower turnover, than would have been the case had the FRS 102 standard accounting treatment been applied.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Holyhead Boatyard Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the group operates. The consolidated financial statements are also presented in pounds sterling.

Summary of disclosure exemptions

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:

- Exemptions from paragraph 33.1A from disclosing transactions entered into between two or more wholly owned members of a group..

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

No Profit and Loss Account and Statement of retained earnings is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £421,013 (2023 - profit of £7,183,268).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Jointly controlled entities are accounted for using the equity method.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including budgets and future cashflows in making their assessment. Based on these assessments the directors have concluded there is a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Vessel hire contracts are generally stated on a rate per day basis and income is recognised in accordance with the contract terms.

Contract revenue recognition

For ongoing maintenance contracts and vessel building contracts, revenue represents the value of work done up to the period end taking account of any anticipated losses on contracts. Profit is recognised on vessel build contracts when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability. Profit on maintenance contracts is recognised when separate elements of the contracts have been completed.

Government grants

Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account.
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at a standard functional currency rate. Once a receipt or payment is made the profit or loss on exchange is recognised in the profit and loss account at the prevailing rate on that day.

Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and current liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Tangible assets

Tangible assets are initially stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives taking into account expected residual values at the end of the depreciation period, as follows:

Asset class

Depreciation method and rate

Freehold buildings

50 years

Vessels and floating equipment

15 - 26 years

Plant and machinery

5 - 15 years

Motor vehicles

5 years

Impairment of fixed assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment impairment losses are recognised in the income statements as described below;

An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less cost to sell and its value in use.

For assets carried at cost less impairment the impairment loss is the difference between the assets carrying amount and best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist of a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the reversed recoverable value does not lead to a revised carrying amount being higher than the carrying value had the asset impairment not been recognised.

Investments

Initial recognition of investment in associates or a joint ventures is recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition and the investor’s share of the investee’s profit or loss is recognised in the investor’s profit or loss.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Critical accounting judgements and key sources of estimation uncertainty

The Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed and updated regularly. The critical accounting judgement and key source of estimation uncertainty is considered to be;

Critical accounting judgments

The following judgments, apart from those involving estimates, have had the most significant effect on amounts recognised in the financial statements.

Assessment of the carrying value of vessels
Following an impairment review and change in accounting method in 2020 vessels are depreciated on a straight line basis over their remaining useful economic life. The directors consider that the current book value of the vessel are prudent, however, directors will continue to monitor the position closely.

Periodic vessel surveys
Vessels are required to complete periodic surveys, capitalisation of these costs is permitted under the financial reporting standard, however, the Group expenses the surveys as the expenditure is incurred because the nature of the emergent work is uncertain.


Critical accounting estimates

The group makes estimates concerning the future, the estimates are likely to vary from the related actual result, the following estimates are considered to be key areas of estimation uncertainty.

Profit recognition on work performed under contract.
Profit is recognised on vessel build contracts when the stage of completion of a vessel is sufficiently advanced to provide strong evidence of the likely profitability. Profit on maintenance contracts is recognised when separate elements of the contracts have been completed.

Discounts
Discounts are agreed with some customers, the group estimates a liability for potential discounts based on the level of activity with those customers.

Deferred tax;
In group companies where the tax write down values are greater than the net book value of plant and machinery deferred tax asset are not recognised as their recovery is uncertain, in group companies where the tax write down values are lower than the net book value deferred tax liabilities are recognised.
 

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Revenue

2024

2023

£

£

Vessel hire

19,269,800

18,916,200

Sales of Services - Vessel building and maintenance under contract

8,778,818

6,528,807

Other income including Government grants

36,473

57,036

28,085,091

25,502,043

The analysis of the group's turnover for the year by market is as follows;

2024

2023

£

£

UK and Europe

12,854,850

10,366,644

Rest of World

15,199,516

15,106,113

28,054,366

25,472,757

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

2,538

297,202

Gain from disposals of investments

-

59,560

2,538

356,762

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,839,825

1,823,883

Foreign exchange gains

(289,745)

(1,082,534)

Profit on disposal of property, plant and equipment

(2,538)

(297,202)

6

Government grants

The amount of grants recognised in the financial statements was £30,265 (2023 - £28,826).

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

268,968

462,512

Interest expense on other finance liabilities

-

58,958

268,968

521,470

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

5,975,533

5,936,398

Social security costs

246,166

232,439

Pension costs, defined contribution scheme

298,893

185,607

Other employee expense

90,172

57,625

6,610,764

6,412,069

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Boat repair and engineering

44

39

Administration and support

33

38

Vessel crews

66

50

143

127

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

254,403

327,958

Contributions paid to money purchase schemes

187,051

83,828

441,454

411,786

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

5

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

80,505

82,596

Company contributions to money purchase pension schemes

21,801

20,595

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

46,479

26,400

Other fees to auditors

Taxation compliance services

4,000

4,000


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

378,372

79,527

UK corporation tax adjustment to prior periods

-

192,120

378,372

271,647

Deferred taxation

Arising from origination and reversal of timing differences

(105,287)

425,408

Tax expense in the income statement

273,085

697,055

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,368,332

3,787,839

Corporation tax at standard rate

592,083

719,689

Increase from effect of joint-ventures and associates results reported net of tax

-

22,124

Effect of expense not deductible in determining taxable profit (tax loss)

124,846

436

Effect of tax losses

(19,012)

56,774

Decrease in UK and foreign current tax from adjustment for prior periods

-

(192,120)

Tax (decrease)/increase from effect of capital allowances and depreciation

(412,239)

86,647

Tax decrease arising from group relief

(12,400)

-

Tax increase arising from overseas tax suffered/expensed

-

20,431

Other tax effects for reconciliation between accounting profit and tax expense (income)

(193)

(16,926)

Total tax charge

273,085

697,055


The amount of double taxation relief at the balance sheet date is £378,372 (2023: £443,336).

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Timing differences on plant and machinery

-

2,026,997

-

2,026,997

2023

Asset
£

Liability
£

Timing differences on plant and machinery

-

2,132,284

-

2,132,284

There are £517,918 of unused tax losses (2023 - £643,566) for which no deferred tax asset is recognised in the balance sheet.

A deferred tax asset has not been recognised in respect of those subsidiaries where the tax written down value of assets is in excess of the net book value of those assets. The unrecognised deferred tax asset, in respect of these timing differences at the balance sheet date is £1,759,380 (2023: £2,175,801).

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,755,913

198,487

151,048

51,784,943

54,890,391

Additions

-

-

41,495

195,167

236,662

Disposals

-

-

(35,886)

-

(35,886)

At 31 March 2024

2,755,913

198,487

156,657

51,980,110

55,091,167

Depreciation

At 1 April 2023

816,628

198,487

118,053

33,461,657

34,594,825

Charge for the year

54,118

-

16,195

1,769,512

1,839,825

Eliminated on disposal

-

-

(35,886)

-

(35,886)

At 31 March 2024

870,746

198,487

98,362

35,231,169

36,398,764

Carrying amount

At 31 March 2024

1,885,167

-

58,295

16,748,941

18,692,403

At 31 March 2023

1,939,285

-

32,995

18,323,286

20,295,566

Restriction on the title and pledged as security

All fixed assets have been pledged as security for bank loans and overdrafts provided to the company and the group.

Included within the net book value of land and buildings above is £1,885,167 (2023 - £1,939,285) in respect of freehold land and buildings.
 

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

350,000

350,000

Transfers

(350,000)

(350,000)

At 31 March 2024

-

-

Depreciation

At 1 April 2023

141,000

141,000

Transfers

(141,000)

(141,000)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

209,000

209,000

Included within the net book value of land and buildings above is £Nil (2023 - £209,000) in respect of freehold land and buildings.
 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

292,861

292,861

Subsidiaries

£

Cost or valuation

At 1 April 2023

292,861

Provision

Carrying amount

At 31 March 2024

292,861

At 31 March 2023

292,861

Joint ventures

Cost

Provision

Carrying amount

At 31 March 2024

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Aggregate financial information of joint ventures

2024
£

2023
£

Profit or loss

-

(116,442)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Holyhead Marine Services Limited

Newry Beach Yard
Holyhead
LL65 1YB

England and Wales

Ordinary

100%

100%

Holyhead Towing Company Limited

Newry Beach Yard
Holyhead
LL65 1YB

England and Wales

Ordinary

100%

100%

Ynys Mon Windfarm Vessels Limited

Newry Beach Yard
Holyhead
LL65 1YB

England and Wales

Ordinary

100%

100%

The company's interest in the joint venture was wholly disposed of on 28 March 2023.

Subsidiary undertakings

Holyhead Marine Services Limited

The principal activity of Holyhead Marine Services Limited is Boatbuilding and repair.

Holyhead Towing Company Limited

The principal activity of Holyhead Towing Company Limited is Vessel operator.

Ynys Mon Windfarm Vessels Limited

The principal activity of Ynys Mon Windfarm Vessels Limited is Vessel owner.

Turbine Transfers Limited and Church Bay Limited have claimed exemption from audit under S394A Companies Act 2006.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Turbine Transfers Limited

Newry Beach Yard
Holyhead
LL65 1YB

Ordinary

100%

100%

 

England and Wales

     

Church Bay Limited

Newry Beach Yard, Newry Beach, Holyhead, Anglesey, Wales, LL65 1YB

Ordinary

100%

100%

 

England and Wales

     

Holyhead Towing Company (Cyprus) Ltd

Anastasis Sioukri & Olympia
Themis Tower, Floor 6
3035
Limassol

Ordinary

100%

100%

 

Cyprus

     

Holyhead Towing (Guernsey) PCC Limited

PO Box 112, St Martins House, Le Bordage, St Peter Port, Guernsey, GY1 4EA

Ordinary

100%

100%

 

     

Holyhead Towing (Guernsey) PCC Limited is a protected cell company limited by shares and incorporated in Guernsey. In August 2023, Holyhead Towing Company (Guernsey) Limited, was converted to Holyhead Towing (Guernsey) PCC Limited.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Turbine Transfers Limited

The principal activity of Turbine Transfers Limited is not active.

Church Bay Limited

The principal activity of Church Bay Limited is not active

Holyhead Towing Company (Cyprus) Ltd

The principal activity of Holyhead Towing Company (Cyprus) Ltd is chartering of vessels.

Holyhead Towing (Guernsey) PCC Limited

The principal activity of Holyhead Towing (Guernsey) PCC Limited is that of an employment agency.

14

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

6,128,359

6,417,058

115

-

Amounts owed by related parties

25

-

-

6,847,777

7,564,575

Other debtors

 

316,760

302,991

179,938

-

Prepayments

 

595,045

417,304

4,621

56,753

Gross amount due from customers for contract work

 

1,615,489

1,033,071

-

-

Corporation tax asset

 

378,371

443,336

-

-

 

9,034,024

8,613,760

7,032,451

7,621,328

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

29,601

32,413

-

-

Cash at bank

2,431,515

2,445,967

25,083

-

2,461,116

2,478,380

25,083

-

Bank overdrafts

-

(630,210)

-

(332,485)

Cash and cash equivalents in statement of cash flows

2,461,116

1,848,170

25,083

(332,485)

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

3,443,467

4,137,304

-

332,485

Trade creditors

 

2,132,608

1,487,315

35,619

20,291

Amounts due to related parties

25

-

-

75,751

188,893

Social security and other taxes

 

242,506

130,098

135,570

23,631

Other payables

 

384,642

257,744

-

-

Accruals

 

1,804,022

2,109,428

28,946

62,367

Corporation tax liability

 

381,736

446,700

-

-

Deferred income

 

30,265

28,826

-

-

Payments received on account

 

790,292

766,491

-

-

 

9,209,538

9,363,906

275,886

627,667

Due after one year

 

Loans and borrowings

21

-

3,443,467

-

-

Deferred income

 

253,207

284,911

-

-

 

253,207

3,728,378

-

-

17

Deferred tax and other provisions

Group

Warranties
£

Deferred tax
£

Other provisions
£

Total
£

At 1 April 2023

48,257

2,132,284

-

2,180,541

Additional provisions

14,511

(105,287)

424,905

334,129

At 31 March 2024

62,768

2,026,997

424,905

2,514,670

Warrantee provision is an estimate of the costs which may be incurred on products dispatched but still within their warrantee period.

Other provisions - a customer has paid a cancellation charge for two vessels, 50% will become re-payable if the contract commences within twelve months and those vessels are used on the contract.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £298,893 (2023 - £185,607).

19

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

253,462

253,462

253,462

253,462

         

20

Reserves

Group

Profit and loss account

Represents the cumulative profits or losses net of dividends paid and other adjustments.

Capital redemption reserve

Was created from the company repurchasing its own shares.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

21

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

3,443,467

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

3,443,467

3,507,094

-

-

Bank overdrafts

-

630,210

-

332,485

3,443,467

4,137,304

-

332,485

Group

Bank borrowings

Bank loans and overdrafts are denominated in Sterling with 5.11% fixed. The carrying amount at year end is £3,443,467 (2023 - £7,580,771).

All fixed assets of the company and the group are secured against bank loans and borrowings.
The assets of the company are subject to a Cross-Company Guarantee securing the liabilities owed by all other group companies with the exception of Church Bay Limited and Holyhead Towing Company (Cyprus) Limited.
There is a composite banking arrangement, under the terms of the agreement and the guarantees the bank is authorised to allow set-off for interest purposes and in certain circumstances to claim credit balances and apply them in reduction of liabilities including debits balances within the composite accounting arrangement.
All Group Companies are ultimately owned by Holyhead Boatyard Limited.
The termination date of the loan is March 2025.

 

Holyhead Boatyard Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

22

Commitments

Group

Other financial commitments

There are cross-corporate guarantees securing the liabilities owed by Holyhead Towing Company Limited, Holyhead Marine Services Limited, Turbine Transfers Limited and Ynys Mon Windfarm Vessels Limited to Barclays Bank and ABN AMRO Based Finance NV. Holyhead Towing Cyprus Ltd guarantees the other Group companies’ obligations to ABN AMRO Asset Based Finance NV.

The group has committed to contracts for services at the balance sheet date of £nil (2023; £263,000).

23

Financial instruments

The carrying amount of group and company assets and liabilities classed as financial instruments are measured at undiscounted amounts receivable and payable.

24

Parent and ultimate parent undertaking

In the opinion of the directors' there is no ultimate controlling party.

25

Related party transactions

Group

The Company has taken advantage of exemptions in FRS102 not to disclose related party transactions between wholly owned Group entities.

Summary of transactions with other related parties

A company which has director's in common with the entity. The company is charged for maintenance work carried out by the related party.
 The balance owed to the company at the year end was £134,139 (2023: £nil), the total value of transactions during the year was £155,466 (2023: £173,620).
 

Company

Summary of transactions with other related parties

A company controlled by a director of the entity. The company is charged for professional services carried out by the related party.
 The balance owed to the company at the year end was £8,801 (2023: £7,033), the total value of transaction during the year was £56,132 (2023: £51,543)